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

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.

Please subscribe to this podcast in iTunes or in the Podcasts App on your phone. Never miss a beat from Leigh by visiting leighbrown.com.

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