Have you ever noticed that the part of your job that you like the most is not always the part of the job that actually pays the best, if even at all? Sometimes, among the many duties required to be a consummate, successful lender, we develop a particular skill for one of the duties we really enjoy, which in and of itself doesn’t constitute an entire job on its own. But we still like to do it.
What do I mean? Some lenders love to network and develop new client relationships and referral sources, although they may loath following through with all the steps of getting a loan application put together. I’ve seen some peers who were particularly good at negotiating terms with clients, but were totally indifferent to managing the longer loan approval and closing process.
For me, it was spreadsheets–I found real enjoyment in building Excel spreadsheets to analyze borrower financial information to wring out answers from the varying data found among their due diligence information. By adding form templates to the spreadsheet, I could put applications together quickly that presented all that information and data my bank required for approval.
But unfortunately for all three of these particular skills and duties, standing alone they were inadequate to create economic value sufficient to justify getting paid month over month without directly being connected to transactions that generated fees and interest income.
Sometimes we’re tempted to place too much focus on that part of the minutia that we enjoy, or limit ourselves to the kinds of deals we find easy. Often that leads to ignoring the bigger responsibilities and opportunities that pass by in our job as a commercial lender.
My Daddy used to warn me against “stepping over dollars to get to dimes” when he thought I was ignoring something that would be a more rewarding endeavor in order to avail myself to something that didn’t amount to much.
From my observation, lots of lenders could learn something from that warning.
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