I got a call from a loan officer in Lansing, Michigan recently and he called to tell me that he was an avid reader of my newsletter but was giving-up and throwing in the towel. He said he was burnt-out, tired of chasing realtors, and dealing with customers that play games. He had had enough!

When I asked him what lead to his decision, he said that he had only been in the industry for about a year, and had to learn everything himself along the way, but didn't feel confident in himself because he wasn't closing many loans. He said that business became a lot tougher and more cut-throat and he just couldn't compete with everyone else out there. (His wife was all on him too!)

When I asked him why he had gotten into mortgages, he said he did it because he heard that there was "big money to be made" and he figured a couple loans under his belt would be more than he made in a year. He said he always had a passing interest in "real estate" but had never bought or sold a home before and didn't know much about the finance side of things. He quickly found-out how complex and difficult this business is.

I had little sympathy for him. With chasing "big money" and having absolutely no training whatsoever, it's no wonder he didn't succeed. He got into mortgages for the wrong reason-to chase a golden ticket. Not, because he was passionate and wanted to help people.

Yes, this business is difficult, but it's the easiest job in the world once you know what to do. (We were all new at one point!) No other industry is so step-by-step and logical. On every deal, you know the end result-close the loan. But, how you get there is where the challenge lies, and why people thrive in this business! They love the challenge and the rewards that come every day. It's exciting!

Over the past few years, mortgage ranks have swollen from 180,000 to over 300,000 people in the industry. That's a whole lot of people who have only known the golden days of the refi-boom. They know how to be an order-taker not a loan officer.

People who have been around for 10 years or more know what it means to ORIGINATE a loan. It means marketing yourself aggressively, building a reputation and generating a steady stream of referrals. They've seen high rates and low rates and they know that this too will pass. In another 8 to 10 years, rates will start to go down again, and they'll be well prepared to take advantage of the next interest cycle. Veteran producers aren't giving-up. Neither should you. Decide now if you have the guts and determination to stick-it out. Do you have a passion for what you do?

Be thankful for the shake-up because it means that a whole lot of unskilled loan officers will go the way of the dodo bird and stop ruining the reputation of the industry. And it means a whole lot more business for you!