Coming of Age in the Mortgage Business - Entrepreneurial Spirit

I was so proud of my brother Shannon, who actually has a much stronger entrepreneurial spirit than I do, and I think I'm pretty stark-raving entrepreneurial. He came out of college and went right into working for himself, essentially, bird-dogging M&A leads for a small VC for 3 years before going out on his own.

It reminded me of how I came to run my own business.

I worked in corporate mortgage banking after training as a closer, then transitioned into sales, where I thought I would make the big bucks. Citibank, Chase, and several Independent Mortgage Bankers. After being recruited as a top producer to a branch manager position... I thought I was on track for executive leadership. SO PROUD!

But I learned I was caught in between... a. My team - mortgage loan originators like me - whom I was trying to recruit and help, and b. the operational challenges of agency lending. Trying to bridge the two drove me over the edge, all for a paltry 7-basis-point override. I lost customers, my own referral sources, and felt like I was living in a war zone... That's how bad the stress was. 

Looking back, my decision to work for a broker, open my own branch, and live with just a little less tyranny fueled my entrepreneurial instincts. Yes, there were bad times and stress, too. But within 2 years, I had opened my own mortgage brokerage and was experiencing the kind of income I dreamed of when I first entered the industry. 

Since then, I've never looked back. On several occasions, the lure of some of the benefits of corporate work has pulled me back into employment situations, but the veneer quickly fades, and I'm back there - high stress, less pay. Now, I look for ways to work that do not involve me becoming a wage slave. 

Honestly, I still have a lot to learn about running a business. I lack the discipline and follow-up skills required for management, so I keep it small. I make impulsive decisions because of a short attention span. But I have created value for my customers and my family, even if I'm not the best businessman.

There is truth to the idea that some people, like me, just chafe on the bit of corporate management. Finding an industry that allows you to plant an entrepreneurial seed and grow it, such as the mortgage broker business, can offer a career of happiness and prosperity.  

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