College Experiences That Helped a Senior Loan Officer at Peoples Mortgage Company Succeed
Mark, a Sales Manager/Sr. Loan Officer, emphasizes that "complacency kills" in sales, highlighting the crucial need for consistent effort and pipeline building to avoid periods without income. The 2019-2020 boom, where low interest rates created easy sales, underscored this lesson, as many who became complacent during that time struggled when rates rose and "they don't know what to do."
Sales, Mortgage Industry, Financial Services, Career Resilience, Business Development
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Mark Tomaszewski
Sales Manager/Sr. Loan Officer
Peoples Mortgage Company
University of Arizona
N/A
Psychology
Finance (Banking, Fintech, Investing), Real Estate
Sales and Client Management
Took Out Loans, Greek Life Member
Video Highlights
1. Always be building your pipeline; complacency can stall your career.
2. The mortgage industry is dynamic; adapt to changing market conditions (like interest rate fluctuations).
3. Success requires consistent effort and proactive lead generation, not just relying on market trends.
Transcript
What is one lesson that you have learned that has proven significant in your career?
Complacency kills. Once you get complacent and stop building, it's a problem. In all sales, it's great when you get a deal and you need to work to close it, but you must always be building.
If you become complacent and stop, once those deals close, you'll have nothing else in the pipeline. You may not get paid for a while. Getting complacent can kill your career.
I learned early on that I needed to be consistent and continue doing what I knew I had to do to keep things moving. During 2019 and 2020, Covid caused interest rates to drop significantly, to levels we'd never seen, like 2% or 3%.
A lot of people entered the mortgage industry because it was so easy. You'd make one phone call, and that person would refinance because rates were so low. Many people became complacent, thinking they didn't need to sell or build for the future.
They believed they could just call 10 people and get 10 deals that day because they knew people would want to refinance. However, many of those people are no longer in the business.
Interest rates went up, and they didn't know what to do. They couldn't afford anything, and after making all that money, they were back to square one. Complacency can truly kill a career.