Mortgage Industry Shock and Awe

August 24th, 2008 Categories: Mortgage Advice, social media

I was on CNBC a few nights ago, slated to do a spot re: dubious mortgage professional practices.  The spot was titled: Confessions of a Mortgage Industry Insider.

-

The Pitch:

Part A.  Talk about the nefarious ways mortgage professionals can, have and will dupe consumers.

Part B.  Enlighten consumers on how to avoid such practices and give advice on how to find and align with honest, ethical and transparent mortgage professionals.

The Reality:

Throw yourself under the bus and come across as a former deceptive con artist (decepticon?)…Shock and Awe, Bombs over Baghdad…

I was supposed to have ample time to cover these issues but instead got crammed into 3 minutes of self-vilification.

For example, question 1:  Whats the worst thing you’ve ever done?-  Ehhhh…

‘Talk about forging documents’-  Ummmm…

The Aftermath:

I received more than a few emails from mortgage professionals calling me names I haven’t heard since grammar school…including an uncomfortable call from my mom.

Nice.

Well it is TV, so the sensational story angle should’ve been expected.  It just felt like ‘Inside Edition’ more than ‘Help The Consumer’.

Anyone who knows me or has read this blog for even a modicum of time knows I am one the most outspoken advocates for industry reform to restore consumer confidence.  I’ve dedicated the last 18 months of my life to developing a product, service and ultimately a community of mortgage professionals who can restore said confidence to a shaken and disjointed industry.

I’m also of the mindset that (almost) any publicity is good publicity if it adds to your Brand.  Too many businesses and individuals fail to recognize how important Branding is, which is highly thoughtful and concentrated marketing.

Controversial, compelling and hard hitting has always been, and always will be, part of The XBroker Brand…Dirty ex-mortgage broker looking for forgiveness for past sins?..no so much.

The spot was extra ironic since two days prior I met Dan Green in Chicago, where over a fantabulous Greek dinner we discussed how important it was to rally the messaging back towards the positive in and around the mortgage industry.  Those who can differentiate themselves under this context will become this down markets shake-out winners.

There are myriad of outstanding mortgage professionals still in the industry and a ton of opportunity for those willing to adopt, adapt and integrate the ways of New Social Media (aka Web 2.0.) into their businesses.  Social media is a potent yet still evolving marketing strategy for the mortgage industry, its early in the game and many traditionalists don’t (can’t) understand it…Do not let that dissuade you!…Create, focus and grow your brand…reinvent, improve yourself and your business continuously.  Create the conversation and move the market.

Who else in and around the mortgage industry is executing a stellar New Media and branding startegy?

Dan Green and his Bring The Blog product and service.

Todd Carpenter, proprietor of Lenderama and pioneer of REBlogWorld

Daniel Martin of Mad Mortgage World

Do you know of any others?  Let me know!

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This entry was posted on Sunday, August 24th, 2008 at 12:48 pm and is filed under Mortgage Advice, social media. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  • clarioun
    You know what my whole problem is with stuff like this? I don't know where you checked your common sense, but my husband and I have been in this industry for 12 years and we've NEVER pulled the crap you admit to in the past. That's bottom line *ethics* and *common sense*!! I'm glad you came around, Jeff, but I don't appreciate all mortgage brokers being painted with your unethical brush, especially when I see WORSE out of the originators at banks...that interview did NOT help mortgage brokers and quite frankly, I am amazed at your naivete and that you answered those questions as asked instead of just going ahead and getting your "true agenda" (whatever that was) across. Sheesh!

    Those of us who came into this industry with our ethics intact and kept them there (and there are many, many of us) are suffering for the rest of the you...not to mention all of the people out there who looked to you people for guidance and got nothing but crap.

    Every penny you make from your book should go to the people you screwed.

    Keep hanging out with people like Daniel Martin - how in the world could anyone think this is an appropriate or even remotely humorous comment is beyond me. We are fighting for our very livelihoods here to be treated as legitimate professionals and you have admirers who are even joking about such sophomoric antics?

    The company you keep is a reflection on yourself.
  • Adam Stuart
    Clarioun,

    Finding a few needle in the haystack of "ethical mortgage brokers" is a joke - who cares! It's like saying that you decided to be an ethical thief.

    Your industry is being crushed as a result of MASSIVE deception and illegal practices, and the FBI is about to take down more people in your sector than in the prohibition days. Unfortunately you've chosen a profession that is dominated by crooks, regardless of your individual practices.

    As for Jeff, he's smart. If I were him I would go back on tv and bury as many mortgage brokers as possible, ride the wave while consumers have pitch forks in their hands, and cash out with RateSpeed and laugh all the way to the bank.

    If appeasing people like you means Jeff keeping friends, I'd rather make more enemies and get rich.

    Sorry, capitalism rules and your sector has created amazing economic opportunity for anyone who wants to go after the majority of your unethical segment, even if people like you must be sacrificed. Start you own blog and talk about how you're going to change the world instead of complain about the people in it.
  • If you read my post you would understand that TV can paint you anyway they want to. For further explanation see:
    http://mediatransparent.com/2008/08/25/how-soci...

    I don't have a book to sell..? and I never 'screwed' anyone. The spot was set-up to identify poor practices and educate consumers on how to avoid them. The final product came across as if I actually engaged in such practices, unfortunate for me, but I knew what I was potentially getting into.

    The only 'less than genuine' practice I engaged in (early in my career) was quoting the lowest interest rate on my rate sheet to consumers who repeatedly demanded to know what my lowest rate was. As I learned the industry, I steadfastly refused to quote a rate until I received required information to do so with far greater accuracy.
    In the end, I educated my clients 10 fold better than most mortgage professionals. I'm sure you could explain 50 different 'sneaky' practices employed by mortgage professionals, yet this doesn't mean you practiced them as well.

    As far as the company I keep, I've personally met Daniel Martin and he understands the state of this industry as well as anyone. The latter part of my post talks of unique branding and marketing...Daniel is part of this new breed, not widely accepted by incumbents...yet I suspect this is just fine with him. Daniel consciously chooses this unique angle to brand and market himself...differentiating himself from the crowd.
    Like it or not, Daniel will identify with large groups of consumers who are tired of the traditionalist mortgage professional.

    The mortgage industry is forever changing, the professional who rides this wave of change will maintain and thrive, those who attempt to hold on to antiquated practices will get swallowed whole and spit out to a different industry, IMHO of course...
  • Jeff - you are still the king of authenticity in my book. It is an honor to call you my friend. P.S. I know where the "gal" from CNBC lives and can easily have vehicle lose tire pressure in the middle of the night. No? Alright... the offer stands however... :)
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