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“What’s happening now in this last week and a half, we’ve seen volume grow in most parts of the country – not all, but most parts of the country. More contracts, more pre-approvals, more people visiting homes,” he told MPA. “Loan officers are going back to the habit of not prospecting because now, there’s more activity. So, all of a sudden, their prospecting urgency is falling backwards.”
He fears loan officers may be finding new laurels on which to rest given the sudden uptick in activity – a tactic he detected from among the 25 coaching calls he’s had this week with clients, he said. “All of a sudden, now the pressure has been diminished,” Vaimberg said. “Because it’s been diminished, the urgency now is gone. If coaching clients are doing this, I know people who aren’t being coached are doing this.”
He uses an analogy of dieting: “I liken this to if somebody goes on a diet because they’re in a situation they’re not happy with – they don’t like the way they look or couldn’t get into a certain pair of pants and had to suck in their gut. So they go on a crash diet, and lose 10lbs in a week but it’s all water weight. Now, the urgency to continue to lose weight is gone because the pain’s gone.”
But here’s the rub: “Diets never work,” he said. “Because what will happen is they’re focused on the wrong thing. In a diet, you’re focused on losing weight, but the only way you keep the weight off is if you make a decision to change your lifestyle. If loan officers keep behaving in a transitional way – which is what they do, chasing the paycheck – we’re not building the business the way we need to in the future. And if there’s any uptick to the economy – whether it’s a geopolitical issue from 5,000 miles away to something that the administration or the next administration does – the market could change from one direction to the other in a heartbeat, and then history can repeat itself. And, all of a sudden, we go from feast to famine.”
The tendency to drop everything to chase that dollar is cyclical, he added: “Our industry never learns from its mistakes,” he said. “We do the same thing over and over again every single time – chase the money. If we don’t learn from our mistakes, then once again we’re being transactional.”
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