Dave: So many have voiced the same concerns, I have tried to summarize your feelings the best I could. While I generally offer marketing and sales advice and insights, you can understand that the advice is moot if the person receiving it is not in a receptive psychological state.

There are two questions to answer here. The first is: is this market contraction different from others we have seen?

I have been in the industry for 40 years and, through my four decades, I have seen plenty of contractions. Each one is different. Most real estate slowdowns are accompanied by lower rates, which enables mortgage companies to feed on refinances. However, the pandemic-fueled refi-boom was so large, it is now feeding into a listing shortage.

Basically, we refinanced so many Americans, it is suppressing listings and refinances as well. This is somewhat of a “double-whammy.”

The longer the slump lasts, the more refinances we will have on the back end when rates finally move down. They will move lower—I just can’t tell you when. But generally you are right, there is no doubt about the fact that this mortgage slump is different than others and it is certainly particularly severe, especially when you observe the heights we reached in 2020 and 2021. When you are flying that high, the fall hurts that much more.

The second question is: how do we deal with it? The answer can be summarized in one word: attitude.

I don’t think anyone would argue that attitude is important in the world of sales. We'll take that as a given. But when you face unprecedented challenges, the importance of attitude is elevated to heights above all other factors. It is tough to get up in the morning and fight the fight to win every day. But when you are fighting a Goliath and your primary weapon is a slingshot, facing the day becomes even tougher.

Each and every day, loan officers and companies pull out because they can’t bear to face the challenge. Big banks use verbiage such as "we are reallocating resources in other areas." And they focus upon credit cards and investment accounts. In reality, when the going gets tough, they shift or get out, just like a loan officer.

So, the question remains: how do you keep your attitude going in the right direction so you can succeed in this environment? More on that in my next column.

Dave Hershman is Senior VP of Sales of Weichert Financial and the top author in the mortgage industry. Dave has published seven books, as well as hundreds of articles and is the founder of the OriginationPro Marketing System and Mortgage School – the online choice for expert mortgage learning and marketing content. His site is www.OriginationPro.com and he can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it..