You Are Only As Good As Your New Collection

You may recall reading in my first book, “The Mortgage Game: The 5 C’s and How to Connect Them”, that my first official job in the United States was Vice President in charge of operations of Helga Howe, a high fashion company. How a new immigrant, trained and experienced as an industrial engineer, and after only two years living in the US became the Vice President of a fashion company, belongs in a separate book. Since I had no practical knowledge about the industry, I had to educate myself, fast.

I remember reading about the great fashion designer Pauline Trigère, who also immigrated to the United States, and built her reputation as a prominent fashion designer. 

The saying, “You are only as good as your new collection” was attributed to her.

Many people are familiar with the saying “You are only as good as your last deal”. In my mind, there is a huge difference.

In the fashion business, a designer needs to prepare new collections for every season. Connoisseurs and buyers are those who typically attend the fashion shows. Some may buy the complete new look, and some not. Many lose their shirt (literally), since there is a huge expense in the preparation and promotion of a new line.

Some people do not realize it, but most of us have to “create a new collection” all the time to stay in business. When I interview potential loan originators for our company, some come and tell me about their past accomplishments and they request compensation based on these past experiences. Unfortunately, this is meaningless.

Last year, the mortgage industry boomed, as so many jumped on the lower rate and refinanced their mortgages. This year, the volume has dropped.

Does the person have the skill, knowledge, and tools to generate a new source of business? The majority do not.

Other candidates refer to their education, which is also meaningless. It is not what you know, but how you use your knowledge that counts. In my life, I’ve learned many new skills, but the most important one is, when change comes, be ready.

When the residential refi business slowed down, I created “Today’s Market Special” to inform my clients about “bargains” and niches. We also decided to focus on helping veterans get VA loans. Veterans can buy property up to $1,500,000 without any down payments. Of course one needs an income to qualify, but the qualified ration can be as high as 60%.