Let’s start with the basics. FOMO. Pronounced “Foh-moh”. That’s textspeak for Fear of Missing Out. It happens when a person is afraid or fearful that they’re missing out on a rewarding or fun experience that other people are having. In other words, you think that something that someone else is doing is better than what you’re doing and that you need to get in on it.
Yes, it’s a trendy new acronym for texters, but something the mortgage industry should not get caught up in.
Let’s face it. This year is squaring up to be a lot like last year — tougher market, tighter lending volume and lower profit. And two years back-to-back of this type of lending environment is causing some people to start to panic and search for unique ways to offset costs and grow their business. Uh oh! Here comes FOMO.
Here’s where the problem sets in. Businesses are trying to solve the pressures of the market, increase margin, diversify and chase the seemingly next, hottest trend in the market. Envy others’ launching a new product or success in another channel of business that you’re not in? Thinking you need to get in on it to change your woes. That’s FOMO. Don’t do it. Invest in what you’re great at. Be the best lender out there. Deliver the best customer experience possible. Invest in your own systems to make them faster, better, simpler. Don’t get distracted. Lose the mortgage FOMO.
There are many great companies who have an entrepreneurial spirit and want a lot of engines revving. And we know the mortgage industry certainly doesn’t fall short from an entrepreneurial spirit. That’s okay, as long as you can afford to do that. However, it’s more difficult to have a lot of balls in the air and invest in new ideas when we’re in a tough market climate of today. You can push through as long as you are the best at whatever you do. Invest in what you do best. Do it better than ever. Don’t lose site because of FOMO.
A great example of not giving in to FOMO is TMS. At the beginning of 2019, TMS made a strategic decision to double down on its correspondent, servicing and subservicing channels. As a top 15 Correspondent investor and the 7th largest Ginnie Mae Correspondent buyer, along with being a fast-growing, servicer/subservicer who is breathing new life to the category, TMS is investing in being the best. Delivering the best customer service to its clients and borrowers. Investing in technology like SIME – Servicing Intelligence Made Easy – that provides the highest level of portfolio oversight, customer retention and a proactive customer service experience. No one in the industry can hold a candle to TMS Subservicing. Why lose focus when TMS can be/and is the absolutely, positively best in the home servicing and correspondent categories. Happy Clients. Happy Borrowers. Happiness all around. And no FOMO.
To thrive this year, lean in on what you’re already great at and stop trying to be everything to everybody. Instead of losing sight to FOMO. Be a G.O.A.T (Greatest of All Time)
Here are some our top 8 to make you the G.O.A.T?
- What is your company’s reason for being? What’s your why?
- How do you do it better than anyone else?
- Where do you make money?
- Where do you lose money? Stop doing that!
- How can you do what you’re do more efficiently?
- Can you invest in training to deliver better customer service?
- Ask your people what they would improve. And then do it.
- Ask your clients what they like/don’t like. Then, make it better