Entrepreneurial Seizures

I believe it was Michael Gerber who said "most business owners are typically just type A individuals with periodic-entrepreneurial-seizures."

Meaning, people do a pretty god job, believe (think) they can do it better than their existing company (boss) and start they're own company.

The mortgage industry's legislative changes that will change the way loan officers' are paid (and how much) plus the ability to do FHA loans without having an FHA approval is going to drive a lot of loan officers to start their own company. Those that have owned their own company before will be a bit cautious but there will be plenty of entrepreneurial seizures in the coming months and the wholesalers are starting to circle their wagons in excitement and preparedness for the influx of new business.

I know of 4 wholesalers expanding in Texas alone and there's no doubt many more. It's going to get lively.

Loan Officers, please beware of many factors in starting and running a company in today's market.

More about that in coming weeks, but what Gerber would say specifically to loan officers is something like this - "if you aren't prepared, if you don't have experience in a lot of areas, or hire that experience, you won't be originating loans and making more money. You'll be spending your time keeping books, paying taxes, dealing with authorities, and a host of other things that go into running a business. Be prepared, be purposeful, have a plan."

To that end....