Leigh Brown: Crazy Shit In Real Estate Podcast

Podcast: Crazy Sh*t In Real Estate TM

Crazy Shit In Real Estate

Summary:

Today, I’d like to introduce you to the longest-surviving mortgage person I’ve ever met! Marilyn Richardson has been in the mortgage industry for 52, yes, 5-2 years! She became the first female partner of Mason-McDuffie in 1979 – and she did it despite the resistance she received from many people at the time. Marilyn was never afraid to ask for what she wanted, work hard, and seek mentorship from the best– and she recommends the same to anyone wanting to up-level their life. Listen in to learn how Marilyn lasted and what she does every day to stay sane.


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Time Stamped Show Notes:

  • 01:00 – Introducing Marilyn
  • 01:20 – She’s been in the mortgage industry for 52 years
  • 01:30 – How Marilyn has evolved with the times
  • 01:50 – She’s flexible to change and goes with the flow; she knows what it takes to prevent stress 
  • 02:15 – Marilyn’s journey
  • 02:30 – She started as a receptionist, when new openings would come up, she’d ask for them; she worked shipping, closing, processing, underwriting, etc.
  • 03:00 – All the jobs were “female jobs” until she started getting management jobs; they saw her potential and were willing to give her a shot
  • 03:25 – She had a mentor and helped make departments more efficient; a senior partner (mentor) insisted she get partnership
  • 04:20 – She became the first female partner of Mason-McDuffie in 1979; they had to have partnership meetings in a new location that allowed women
  • 04:40 – Her mentor appreciated her value and fought for it
  • 05:38 – In the late 70s there weren’t many female loan officers; women had the supporting roles and fit a certain “look”
  • 06:20 – Until 1974, to use a woman’s income to qualify for a loan, the woman had to write a letter stating her intention for having children
  • 06:44 – The Fair Housing bill put a stop to that
  • 07:30 – Other changes she’s seen in the industries
  • 07:42 – When she started they could only do FHA loans
  • 08:00 – There are more services and programs now; applications had to be handwritten by the borrower
  • 08:22 – Documentation is much easier and now there were no brokers then
  • 09:00 – Lessons from market downturns 
  • 09:20 – Look at the risk factor and what the implications are of risky loans; be prepared to change quickly
  • 10:05 – When the crisis hit in 2007-2008 they switched immediately to FHA loans and it was easy because they had already been doing them elsewhere
  • 11:25 – Marilyn’s tips for finding a mentor
  • 11:45 – Find someone who’s successful and offer to help them, shadow them, and learn from them; be of value 
  • 13:20 – Get a mentor who is the best and thrives on your success; mentorship is a two-way street and the mentee has to do the work, too
  • 14:50 – What to do if you’re bored in business
  • 15:10 – Look for different ways to do things; spend a lot of time learning new techniques to stay fresh
  • 15:45 – Take ownership 
  • 17:00 – The legacy Marilyn wants to leave
  • 17:10 – She wants people to remember her as a teacher, especially to females
  • 17:55 – One thing to practice daily to have a happy life
  • 17:57 – Meditation
  • 18:18 – Remember, you’re responsible for your own success
  • 19:40 – How to contact Mason-McDuffie
  • 19:50 – Click here to visit their website


3 Key Points

  1. Be flexible to change and go with the flow. 
  2. Don’t be afraid to ask for what you want. 
  3. You are responsible for your success. 


Credits

Crazy Sh*t In Real Estate #181: Marilyn Richardson

Aired on:
January 9, 2020

Today, I’d like to introduce you to the longest-surviving mortgage person I’ve ever met! Marilyn Richardson has been in the mortgage industry for 52, yes, 5-2 years! She became the first female...

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