In this episode of Mortgage Lending Mastery, Jen is joined by David Lykken who discusses with Jen the importance of looking at profitability and reducing the cost in your business.
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Looking at Profitability and Reducing Cost in Your Business with David Lykken
Hi everyone. And welcome back to Mortgage Lending Mastery. I’m your host, Jen Du Plessis. Thank you so much for joining us today for taking time out of your busy day to listen into this podcast. And we hope that today you are gonna gain some great knowledge and it was all worth it. So without further ado, I want to introduce you to our guests today.
David Lykken is a 47 year veteran. You beat me. I’m telling you. It’s not very often. I find someone who’s beat me. I’m in I’m at 40.
Oh, wow. Good. Yeah. So just I had of birthday, so I crossed over to another we’re at, we’re at 48 now. It’s 40 years.
Yeah. yeah, it’s scary. Um, I’m not saying 50, I’m telling you that right now.
I won’t be saying 50. Uh, he’s a 47 year veteran in the mortgage industry. He’s a founder president and chief transformational officer of Transformational Mortgage Solutions or TMS. He and his team of industry veterans are transforming the way mortgage industry does business. And really what he does is he helps consultant cult and, and coach and, um, various C-suite companies, you know, to start their business, manage their business, exit their business, work on marketing, all kinds of pieces, pieces of that, that we’re gonna be talking about today.
Um, and he has a podcast called Lykken on Lending. Which I love, and I’m gonna be on the show shortly. So you’ll wanna talk over to Lykken on Lending. We’ll have a link to that. Um, and it’s, uh, Lykken on Lending and he talks about, um, leadership all the time. So welcome to the show. We’re happy to have you, David.
I’m so excited to have this opportunity to speak with you.
Thank you, Jen. It’s an honor to be here. KU kudos are the success of your podcast. You are nailing it.
What is it always that, uh, Brian Buffini always says principles don’t change, but strategies and tactics do. And that’s one of the things that we’re talking about here today. Um, and I really wanna hone in on, and we can go in any direction, you know, that you want in a few minutes here, but I really wanna hone in on what’s going on with the hiring and recruiting and things like that right now in the market.
Because as we’re recording this, this is very timely. This is the time of year. A lot of people shift jobs in September, October, November. Uh, some people are chasing rates. Some are looking for better culture. Some are just, uh, it’s a lull right now in business. Well, I say that here in, in Northern Virginia, because August is known as par, uh, well, it’s Paris in, in DC.
Everybody goes to Paris and, um, you know, they just go and so there’s not nobody around in, in this time of year. So. I wanna talk a lot about this recruiting piece of things, even for those that are listening, that are team leaders, right? Those that are regional managers and even our real estate agents, you know, about teams is, um, especially right now with the volume dropping, there are a lot of mortgage companies that are laying off people.
And I think people think, well, that’s great. It’s like fish, you know, shooting fish in a barrel, but. But we have to remember that the first to go is the lowest person on the totem pole. So let’s talk a little bit about that, but before we do, like, I’d like for you to share a story in your 47 year career of a time, we, we laughed in the green room about some speaking stuff, right.
But a time in, in your career that you can remember a client or a situation that can uplift us today, because it was a funny story, or it was somebody that you really helped.
Yeah, I there’s so many wonderful stories. There’s the movement more mortgage story, which is just south you down there. Casey Googled how to start a mortgage company.
Believe it or not. That’s how he started this company. And he found me, we helped him build that. But I think some of the funny stories of that’s, which has actually happened to me, and I think these are important for people to understand. I think the most important thing we understand is find out who we are, why we’re doing it, and find out who we are. I have dyslexia Jen. And so when I started in and as a, as a banker, I struggled adding up a column of numbers and getting the same answer twice. It wasn’t that I was dumb or anything like that, but I just, the numbers moved on the page. How can you add up a column of numbers if the numbers switched back and forth so that finally the compliance department had a real issue with it and they came out to, they, they talked to the president of the bank who had hired me to come out and they said, we need to fire this guy.
He just is, he’s a train wreck. And they said, but he’s our. Producer. In fact, he is a top producer all over at three counties here. And, uh, doesn’t matter, he’s a liability, you know how, when compliance starts talking, it’s always, they don’t always come with it from the right perspective. So anyway, he came into the pressure and he’s really conflicted on this.
We stopped at a friend of his. Now, his friend had a master’s degree in business from the university of Washington. This is up in the Seattle area. And, uh, the president of the bank had a friend who he, he had the master’s, but he loved OTOs. So he worked on an out of body. So he says, Hey, I’m really conflicted.
Can I come see you? I says, I’m gonna let go of one of our top salespeople. And he says, why are you doing that? He says, he can’t add up a column of numbers. He get the same answer twice. He’s driving compliance crazy. And that guy goes, how good is he? He says, well, he’s like really, really good. He’s our top producer.
And. He says you’re about ready, makes your competitor’s day. He says, I know, I feel bad enough about this. What would you do? He says, let’s see what the problem is. Again, he can’t add up a column of numbers, but he’s really good at sales. He goes, yeah, you are. And he said to the president, Hey, you’re an idiot. You can’t figure this one out.
He says, Hey, don’t need to be insulted. I’m already feeling badly. He says I would buy him a car, I’d get him three assistants and tell him he could never touch another column of numbers ever again.
Listen to the Full Episode HERE
Get to know David Lykken!
David Lykken, a 47-year veteran of the mortgage industry, is Founder, President & Chief Transformational Officer of Transformational Mortgage Solutions (TMS). Lykken and his team of industry veterans are transforming the way the mortgage industry does business. This is accomplished thru CONSULTING, executive COACHING, and various COMMUNICATIONS strategies. Additionally, he has been a frequent guest on FOX Business News as well as occasional guest appearances on CNBC & CBS Evening News. He hosts the widely acclaimed weekly “Lykken On Lending” Podcast heard Mondays at 1 pm ET at www.LykkenOnLending.com
David also hosts the “Lykken On Leadership” podcast that can be heard at www.LykkenOnLeadership.com
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