Culture is the lifeblood of a successful business. Putting our clients and Partners first is why we celebrate the longest tenure of any local mortgage company in Georgia.

www.southeastmortgage.com Phone: 770-279-0222

Largest Mortgage - Real Estate Partnership in Georgia History (2026)

Two similar Cultures Aligned

www.southeastmortgage.com Phone: 770-279-0222

Eye Sight vs. Hindsight - Plan for a strong finish.

The mortgage industry is in the most challenging market of our lifetime. No matter what the industry does to you, or your company does, your worth remains intact. It’s up to you how you monetize it. Put yourself first and find a team that lets you participate in ownership. Be a shareholder!

If your CEO who represents the shareholders, or your LLC Owner who represents himself or herself, do not focus on the data balancing the equation, losses will mount crumbling the foundation of your path.

Prior to July 2022, I monitored accounting daily with no eyeglasses. Today, I need glasses to see the same screens due to the intensity and frequency needed to adapt and remain profitable for the last 11 months. Southeast Mortgage’s 62 Shareholders (1/2 Mortgage Originators 1/2 Operations Professionals), expect their fiduciary to steer carefully in storms. Huge value awaits those left to fill the voids of this cycle.

Do you know if your company is profitable? If it is not, put your career first and make your own choice to find a profitable company. When companies close, don’t let others make your choice.

One distress sale after another lately, employees post “happy to announce I have a new position with the company that bought what was left of their prior company.”

Put yourself in a position to prosper when the market turns north. Good deals are hard to find when a resume reflects poor choices.

Good profitable companies need competent good Mortgage Originators and Operations Professionals.
Since 1993, Same Name and Expanding Ownership.

www.southeastmortgage.com Phone: 770-279-0222

2008 - Sub-Prime was unsustainable, 2023 - Bond Duration bets are unsustainable. Similar Outcomes

The mortgage industry is currently undergoing a significant transformation due to the rapid increase in the Fed Funds Rate since mid-2022, coupled with the industry's lack of compliance with prudent profitability objectives. 

All mortgage companies must comply with GAAP accounting and meet financial covenants to remain listed on stock exchanges, retain funding from banks, and maintain approval with Fannie, Freddie, and HUD "The GSEs."

When mortgage companies incur losses due to below market pricing believing it creates volume or they react slowly to align expense with margins, the equity on the balance sheet pays for the loss and misjudgment. 

The result?  Banks cease funding agreements and GSEs revoke approval status to sell mortgages once the tangible equity and financial covenants are not met.

Eventually, the balance sheet equity (shareholder's equity or LLC owner's cash reserves) will reach zero and the business closes or must sell its assets to a competitor for pennies on the dollar.

Housing Wire and other mortgage news outlets have been reporting these realities recently.

This shift is similar to the transformation that occurred in 2008-2009, albeit for different reasons.

Remember, prior to today the last highest Fed Funds rate was in 2007. We all know what happened after that. Poor business decisions were exposed as volumes fell 34%. Today you have a higher Fed Funds rate and volume has fallen 50% industry wide. Both were fueled by assuming risk using unsustainable assumptions in an effort to keep their volumes up. 

The upheaval has begun and has already forced many companies to close their doors, and one large mortgage originator is projected to lose $2 billion dollars in 2023, with only $500 million of their common equity remaining. Accounting matters no matter what size company they all will be held accountable.

Every company in the mortgage industry is unique, with different costs, margins, and opportunities. A one-size-fits-all pricing strategy "Follow the Joneses Strategy" is unsustainable, especially when it is based on bad or incompetent assumptions. Companies should balance pricing with the costs associated with their individual business to avoid another calamity like the one in 2008-2009. Does a Can of Coke cost the same at the Baseball Game as it does at a Convenient Store or Costco? No! they all have different cost structures and levels of service. While it may be too late for some lenders, it is never too late to take a prudent path.

“What gives you opportunities is other people doing dumb things.” Warren Buffett

Easy Read Summary:

The mortgage industry is changing because interest rates have increased too fast and many companies are not making enough profit due to one size fits all pricing. All mortgage companies need to follow financial rules and keep their finances in order to stay in the mortgage business. If a company loses money because they priced their loans too low or didn't manage their expenses well, they have to pay for it by using the money shareholders and LLC Owners saved up. This can lead to problems remaining approved by banks and government agencies that help mortgage companies provide mortgages to consumers. The result, companies have to sell their assets or close down.

This is similar what happened in 2008-2009 except mortgage volume is down 50% in 2023 versus 34% in 2008, when companies made risky assumptions and caused problems for themselves and the economy. It's important for mortgage companies to price their loans based on their own costs and profits to avoid making the same mistakes. Some companies have already gone out of business and others are too far down the road to be saved. Those that are left have to decide if they will choose to make better decisions.

Cal Haupt

Chairman and Chief Executive Officer

www.southeastmortgage.com Phone: 770-279-0222

AMBA Discussion - How to Navigate Margin Compression and Best Practices

Although I rarely share our view of the Mortgage Industry in public due to the strategies we build around them.  When Shaun Graham and Rick Guerrero ask me to participate, I am happy to oblige.

Some raw footage from our discussion.

Happy to be on stage with  Fowler Williams (right) and Josh Moffitt (left).

The industry is in a perpetual expansion and compression cycle which requires certain strategies to remain in the sweet spot and grow no matter what the economic cycle suggests.

www.southeastmortgage.com 
770-279-0222

GooRu Video Preview "The Future of Origination"

GooRu is a Smart, Easy, and Efficient automation assistant created by Southeast Mortgage for our MLOs, Realtors, Builders, and home buyers.

Realtors, Builders, MLOs, and home buyers now have an Easy Fast way to get a Mortgage or provide a Mortgage with no uncertainty and updates all the way to a fast closing

We just changed the game.  Experience the Future.

www.southeastmortgage.com

770-279-0222

GooRu is here...

It has been 2 years in process to design and integrate the Mortgage Origination Game Changer we call GooRu.  One more roll out to our team and their families and its live for our Team, Partners, and Client's to enjoy!

Cal Haupt, Chairman & CEO

Loan Originators and Home Buyers will see what easy really means and our Clients, MLOs, and Partners will all be informed every step of the way.

If you buy your airline tickets online or book hotels online GooRu is your channel with the expertise of a Licensed Mortgage Originator to provide the trusted competent advice you need.

The future is now!

www.southeastmortgage.com

770-279-0222

Origination Game Changer is Coming....

Southeast Mortgage held its 13th annual Officer Luncheon and 2018 Strategic Plan Launch with its 32 Officers in attendance.

Cal Haupt, Kathy Gyselinck, JD Crowe

GooRu and the game changing MLO origination Platform supported by its best in class Mortgage Application Tracking App was the center of attention.

Taking Applications at Point of Sale, Instant Approvals, Asset Verification and Income Verification all without additional documentation in most cases.  SEM's best in class CRM that keeps MLOs in front of their clients for 5 years after the close is also incorporated in our one device solution.  Access your clients any time with unique messaging to develop business.  One click and you can update your client base with your message.

Clients, Partners, Realtors, and MLOs will stay informed real time via SEM's Award Winning mobile App. https://itunes.apple.com/us/app/southeast-mortgage/id1115070771?mt=8

MLOs with these innovative automation tools will be the future.

"We have been developing this concept for two years.  I do not believe the MLO can be taken out of the equation like Quicken and a few other automation channels attempt to do; however, I do believe there are significant efficiencies we can pick up with automation.  Our task was to make the application process EASY for our MLOs and keep all parties updated on the progress of a file real time.  The Solution we are launching this month exceeded my expectation and will expedite the application process eliminating redundancy and uncertainty for all.  This will Amaze our MLOs, Partners, Clients, and will Change the Game in Mortgage Origination."  Cal Haupt, Chairman, Southeast Mortgage of Georgia, Inc.

Headline: Realtors Can Be Registered & Not Licensed

The headline is shocking and luckily fiction today; however,  it is a Hidden Reality in the Mortgage Industry today and most Realtors and Clients do not know.

What if a large Hedge Fund decided to enter the Real Estate Business and found a loophole to only Register Realtors exempt from State licensing.  Imagine they only have to pay Registered Realtors 1/3 what a Licensed Realtors make pocketing the difference.  Registered Realtors are not required to comply with Continuing Education, or State Regulation?

Trades (Realtors, Mortgage Lenders, Attorneys, Appraisers, Etc.) should support and insist on working with State Licensed Professionals who have met State Standards of Education, Credit, and Ethics.  Would you use an unlicensed Architect, Attorney, Doctor, Electrician, Plumber, Teacher, Appraiser, etc.  I certainly would not!

Does anyone ask if their Mortgage Originator is State Licensed?  That should be one of the first questions for a Realtor before referring a client and a client before applying with a Mortgage Originator. Just check if they are licensed at http://www.nmlsconsumeraccess.org/ .  Registered Mortgage Originators do not have a GAR or DBF for client complaint resolution.  Clients and Realtors can only file a complaint with their employer which is a Bank.

Southeast Mortgage works with Licensed Attorneys, Appraisers, and Realtors.  Support the integrity of State Licensing and only work with Licensed Mortgage Originators.  Protect the integrity of the Real Estate Industry and ensure we do not see another 2008-2009.  Everyone knows what and who caused it.

770-279-0222
www.southeastmortgage.com 

(Transcript) Does anyone in the Georgia Mortgage Industry Retire?

Does anyone in the Georgia Mortgage Industry Retire?

I have been active in the Georgia Mortgage Industry since 1993 and responsible for the acquisition and combination of 14 mortgage companies in Georgia.   I have seen a lot during my due diligence and research.  To me it seems nobody retires in the mortgage industry?  I have seen a few companies sell at market tops that benefit one or two people, but most of what I see are sales professionals that cycle around from company to company with no plan for their own exit strategy or retirement.  One trend that REALLY baffles me is why people follow a sales leader that has a record of failure due to poor judgement and or strategy.  You can always stay friends with sales leaders that cant get it right, but your career is your business and has a finite life.  You have to align with a company that will help you achieve your long term goals and retirement.  

This is a great wealth building industry and people who devote their lives to working in it should have the opportunity to retire comfortably at a reasonable age as a reward for their dedication and work serving clients.  

Market tops are opportunities for mortgage companies to expand through acquisition.  Growth is much easier and more efficient when they can buy a mortgage lender that has a great reputation and a secure market share. Unfortunately for the masses in the Georgia mortgage industry, most companies are organized as LLCs.  An LLC has an Operating Agreement that defines who gets paid.  There is no equity like a Southeast Mortgage and the sale is an asset sale not the purchase of employee or owner shares.  The rank and file employees do not benefit in an asset sale, and to date, I have not seen an LLC member cut a big check or any check for that matter to those employees that got them paid.  Why they don't or did not is beyond me and not right.  Employees and the team that create the value should share in the monetization of that value when sold.

Limited liability company (LLC) An LLCs has a number of disadvantages, especially in relation to the structure of a corporation. An LLC has to be dissolved upon the death or bankruptcy of a member, unlike a corporation, which can exist in perpetuity. Also, a LLC may not be a suitable option when the objective of the founder is to eventually become a publicly listed company. An LLC is not a corporation; it is a legal form of a company that provides limited liability to its owners in many jurisdictions. LLCs do not need to be organized for profit.
^{http://www.investopedia.com/terms/l/llc.asp}

I truly believe if people would listen to their logic and believe in themselves, they would be in a position to get their fair share of what this great industry has to offer.  

Are you loyal to a company or a person that continues to move or benefits from changing companies.  Did they share the big upfront draws with you that your originations will pay for?  Are you expecting that behavior to change?  Hoping it will is not a plan for success.  A zebra does not change its stripes.

Most owners who who evolved from being great sales people never obtain the skills to manage the growth of a company which is the foundation of your career.  Sustainable growth rates, the dangers of stripping a balance sheet, cash flow, and organization structure design are foreign to most leaders and owners.  The majority of the owners that tend to be flashy and make deals that are not equitable or not financially viable in the hope they can buy business rather than earn it from service.  They also tend to be unsophisticated with respect to financial analysis and believe origination volume is profit?  I cannot tell you show many of them ask me "what is your volume". My response is always revenue pays the bills not origination volume.  Source and mix are critical post 2009.  Understanding why - is the key to converting volume to revenue.  The other disturbing trend is they tend to buy business rather than focus on service delivery and their employees’ futures. 

With respect to loan originators, I see two types at the various organizations I have frequented over the years.  The first is the employee who is loyal to an owner who either sold without sharing the gain or loyal to a sales leader that moves from one company to the next, to the next – either for a flashy, new out-of-state name or promises that have no merit or substance.

The second type of loan originator basically moves to a point of least resistance to avoid licensing which requires them to work for a significantly lower commission structure.  If it were me, I would license myself since it is my profession and adapt to a best in class methodology that earns me 3 times more.  We all have to follow the same rules and the golden key goes to those who adapt and execute the best under those rules.  Those that choose to bend the rules eventually fall into the failed company "poor judgement" example above.  Strangely enough loan originators tend to follow the same leaders that make the repetitive judgement errors rather than seeking a company that has a proven track record and shares equity with its employees.  At the end of the day (or the end of a career), you have to pay your own bills and you should put you and your family first.

Everyone should view their career like an investment.  You deserve a return on your career investment.

Ask yourself?

Is your career in the hands of someone that has a proven track record of success?

Is my company in my market for the long term or are they here for the low hanging fruit and then back to CA, VA, NJ, etc?

Does my company have a generous 401K match?

Does my company share ownership with its employees?

Would my company help me if I were sick and cut a check to help me through a tough time?  Loyalty is a two way street.

I would honestly like to see more people retire comfortably from our industry rather than seeing the same aging faces punching 8 to pay their bills.

As the Chairman and CEO of Southeast Mortgage of Georgia, Inc. (Georgia Corporation since 1993) I know how hard my team works to support their families and me and my Executive Leadership take our fiduciary responsibility seriously to ensure we reciprocate loyalty and trust.  Since 1993 we have added 37 employees to our shareholder list and will add 10 top performing Loan Originators to our shareholder list each year going forward.   

To my knowledge Southeast Mortgage is the only non-bank mortgage company to have retirees that enjoy a substantial monthly income while continuing to own part of our great company they earned during their years of service and contribution to our success.

Cal Haupt
Chairman and Chief Executive Officer
Southeast Mortgage of Georgia, Inc.
770-279-0222
www.southeastmortgage.com

Does anyone retire in the Georgia Mortgage Industry?

Cal Haupt

Chairman and Chief Executive Officer
Southeast Mortgage of Georgia, Inc.

www.southeastmortgage.com

770-279-0222

 

Common stock is a security that represents ownership in a corporation. Holders of common stock exercise control by electing a board of directors and voting on corporate policy. In the event of liquidation, common shareholders have rights to a company's assets
http://www.investopedia.com/terms/c/commonstock.asp
  

Limited liability company (LLC) An LLCs has a number of disadvantages, especially in relation to the structure of a corporation. An LLC has to be dissolved upon the death or bankruptcy of a member, unlike a corporation, which can exist in perpetuity. Also, a LLC may not be a suitable option when the objective of the founder is to eventually become a publicly listed company. An LLC is not a corporation; it is a legal form of a company that provides limited liability to its owners in many jurisdictions. LLCs do not need to be organized for profit.
^{http://www.investopedia.com/terms/l/llc.asp}

OPED: CFPB Fines Prospect Mortgage $3.5M for Alleged Kickbacks

The following news was released at the end of 2016.  IMO when clients are given a choice, they will select value and get a better mortgage fit when allowed to apply with licensed mortgage originators that take the time to understand their client's needs and fit the mortgage product to those needs.  Keller Williams and Remax employ a lot of great Realtors and IMO the actions of a few should not define two super organizations.  Hopefully this action better defines what is acceptable in our industry.  IMO we should stay in our lanes and allow Realtors to do their job advising clients on homes that fit their need and Mortgage Originators should be selected based on Service and Competence.  If these lanes are respected its a win win.  Realtors will get more referrals due to a great Mortgage Experience and Clients win by getting their dream home and a mortgage that meets their needs today and into the future.

Please read the latest CFPB action below.

The Consumer Financial Protection Bureau hit Prospect Mortgage with a $3.5 million fine for allegedly paying kickbacks to two real estate brokers and a servicer for referrals of government backed mortgage loans. The bureau also took action against Keller Williams Realty Mid-Willamette and Remax Gold Coast, which were among more than 100 real estate brokers that had "improper arrangements" with the Sherman Oaks, Calif., firm, the CFPB said.

"Today's action sends a clear message that it is illegal to make or accept payments for mortgage referrals," CFPB Director Richard Cordray said in a press release. "We will hold both sides of these improper arrangements accountable for breaking the law, which skews the real estate market to the disadvantage of consumers and honest businesses."

The CFPB said that Prospect created marketing services agreements from 2011 to 2016 and made payments to various companiesthat were disguised as advertising and promotional services. Prospect paid real estate brokers from $200 to $20,000 a month inreturn for borrower referrals, the bureau said.  Prospect tracked the number of referrals made by each broker and also paid various real estate brokers to locate loan officers at Prospect using desk licensing agreements, the CFPB said. Additionally, Prospect allegedly paid brokers to "prequalify" home loan borrowers with Prospect and to "write in" the lender’s name for anyone seeking to purchase a listed property, the CFPB said. The company allegedly split fees with Planet Home Lending, a Connecticut mortgage servicer that it hired to identify and help persuade eligible consumers to refinance into a government-backed loan through Prospect.

Under the consent order, Prospect will pay $3.5 million to the CFPB’s civil penalty fund. Keller Williams Realty Mid-Willamette willpay $145,000 in disgorgement and $35,000 in penalties and Remax Gold Coast will pay $50,000 in civil money penalties, the CFPB stated. Planet Home Lending, a Meriden, Conn., mortgage servicer, will pay $265,000 in redress to harmed consumers for accepting illegal kickbacks for referrals in violation of the Real Estate Settlement Procedures Act, which prohibits making payments or giving kickbacks to anyone in return for a referral to a real estate settlement service provider.

Prospect would not confirm or deny the CFPB's charges."Today's settlement with the CFPB regarding alleged origination practices initiated under the prior management team, closes an important chapter in the company's history," Prospect said in an emailed statement. "Under Prospect Mortgage's new leadership team, the company has rebuilt its legal, regulatory and compliance practices."

A manager at Keller Williams Realty Mid-Willamette in Corvalis, Ore., did not return a call seeking comment. The CFPB did not identify the specific office of Remax Gold Coast. Planet Home did not return a call seeking comment. Planet Home had ordered so-called trigger leads from a major consumer reporting agency to identify customers seeking to refinance, which is a prohibited use of credit reports under the Fair Credit Reporting Act.  Prospect had run afoul of California regulators in 2015. The lender agreed to pay $10.1 million for inflating settlement service fees charged for more than 70,000 borrowers during a four-year period, according to California's Department of Business Oversight.
In November, Prospect, which is backed by the Chicago-based private equity firm Sterling Partners, sold its sales and operating assets, including 150 retail offices, to Homebridge Financial Services, an Iselin, N.J., lender. Many of the Prospect's executives, including Michael Williams, a former Fannie Mae president and CEO, joined HomeBridge.

Source:

http://www.nationalmortgagenews.com/news/compliance-regulat…ge-35m-for-alleged-kickbacks-1096061-1 

Economic Recovery Top - Low Country View by: Cal Haupt

I wrote an OP ED back in December 2011 about the relativity of a recession and the best course of action based on my data supported by 3 recessions.  Now the recovery top view.  http://southeastmortgage.blogspot.com/2011/12/low-country-view-of-recessions-from.html  

As we move into the 8th year of the recovery, a DOW 20116, Commercial Flights Full, Malls Full, Restaurants Full, New Car Dealer Lots Over Flowing, and everyone on your street doing home renovations, everyone should govern their actions by data vs. the euphoric feel of a recovery.

With respect to the Mortgage and Real Estate Industry, I am still confident we are in the 15th month of a 60 – 72 month cycle expansion.  I am confident to the tune of investing millions in a 30,000 sq. ft. operations and life balance center at 3575 Koger Blvd in Duluth.  The growth for the past 15 months is ahead of my projections which provides a large enough sample to proof that my hypothesis is correct.

Now for the Yang to the Real Estate cycle Yin.  The financial markets, various stock markets and other financial derivative instruments, can falter without an impact on the Real Estate Market.  Why?  The primary participants or the 80% of the underlying trades in the above markets are institutions and traders.  When it corrects and it will, the retail consumer in general will not be hit the way they were in the last financial crisis because they are not in the markets as deep as they were in 2008-2009.  As a result, they will be unaltered in their euphoric quest for Real Estate.  Whether their need is trading up, trading down, or new home creation for families this trend has 4-5 years left before a plateau. 

My low country view is we all have to navigate the same rivers in a low tide (2011) that we navigate at high tide (today).  Anyone who has been at the helm of a boat knows rivers can be a mundane transit or a harrowing experience depending on tide and weather.  No matter the size of your boat, the outcome is the same.

 This is relevant in that although there looks like more water and routes to take at high tide, beware that the tide cycle and that route outside the normal river may be mud at a lower tide.   The only constant is the Captain (leadership) must know the tidal pattern and govern voyages based on that data.  Financial Markets are no different.  You just need the tide table. 

Most of the Mortgage Lenders that went out of business in 2008-2009 were all navigating in areas that were not part of the average safe tide and were not paying attention to the data that determines our financial tide table.

My advice to MLOs and other professionals related to the Mortgage Industry is although low score, high LTV, and limited documentation products fit a specific need for a very narrow segment of clients; be careful when a Mortgage Company leads with these unique products.  If they do, be prepared for a change in career. 

The safe river is clearly defined by the regulations and directives of our elected officials.  Fannie, Freddie, FHA, and VA products.  Yes, FHA has some low score parameters and should be ingested carefully given Neighborhood Watch reflects gluttons and common sizes them given low scores correlate to higher default and delinquency.  Prudence dictates moderation and sell to client need which is always a fiduciary's safe path for industry participants and clients at all tides.

 

Cal Haupt

Chairman and Chief Executive Officer

Southeast Mortgage of Georgia, Inc.

www.southeastmortgage.com

770-279-0222

How to survive Mortgage Sales Volume Success

I continue to read posts about "Turning up the volume" "Sales people are on fire" "Companies are setting new record volumes etc." and I scratch my head wondering if people know what is going on?

Unfortunately, the names of most mortgage providers in Georgia are now different than those who were here pre 2009.  Experience navigating a few recessions will clarify what is going on.

First of all, everyone does well in this segment of the economic recovery as long as they focus on good core beliefs and are diligent in a few key areas. 

The best thing management and a company can do during this type of expansion cycle is to get out of the sales teams way and manage service and the balance sheet.

Stimulus / Recovery Creates Crowded Waves

The reason everyone with any plan, good or challenged, are setting volume records is because of the economic consequences of an expansion fueled by stimulus.  This brings me back to those taking credit for merely riding a wave in Hawaii that was created by a tsunami in Japan.

Anyone with a piece of wood or pretty shinny fiberglass board can ride these waves.  Either with style, too fast, too slow, or on their backs as the wave carries everything to the beach or rocks.  The key is which companies can ride the smaller waves in the future with the same efficient board.  Refer to my post http://southeastmortgage.blogspot.com/2011/12/low-country-view-of-recessions-from.html .

Very few can ride a recession

Bad Strategy

The skill for any company and or their management is how they end the ride.  You will either be taking photo ops with your board intact for the next season of tsunamis or not pay attention and destroy your board or even worse hurt yourself and others on the rocks.

My Advice: Manage the balance sheet to ensure it is not stripped.  Cash is king, keep debt and other funding liabilities low.  Keep COGS and Operating expense variable.  Be a steward of our industry by only placing sustainable product.  Volume does not pay the bills, converting volume to profit is what pays the bills.  IMO this is the best course of action during this wonderful cycle we all are enjoying.

My Advice to Licensed Mortgage Loan Originators and Non-Licensed Bank Loan Originators:  As volumes build for the reasons above and as the waves get smaller, look deeper into the company you work for to ensure the reputation and brand recognition you built for yourself does not hit a rock due to poor optics.  The client's you serve today are the people who will keep your volume up during the next downturn.  If your company does not have an automated awareness system that will keep your image and brand in front of your closed clients monthly, find one that will.  This is you and your family's hedge to a stable constantly growing standard of living.  Chasing the next new client each month is great during this type of cycle but when it ends and it will, organic growth built during this time stabilizes your income.  Southeast Mortgage’s profitable navigation of past recessions is a direct result of this strategy.  Of course the best service in Georgia helped tremendously.

As it has in the past, all of these similar cycles end the same way and this one is identical to the last 3 except it is has higher octane fuel.  The when is what changes each time.

 

Cal Haupt

Chairman and Chief Executive Officer

Southeast Mortgage of Georgia, Inc.

www.southeastmortgage.com 

My Career Advice and the basis for my advice

Late in my Junior year at The Georgia Institute of Technology, I began interviewing with companies seeking me out and those I wanted to see based on perception.  Since I paid for my own education at great sacrifice and effort, I thought being paid the most was the definition of success.  Given I would graduate at the top of my class, I had a case of the “big ego”.

After 10-15 interviews and high offers from the top Consulting Firms, I was confident my starting salary and Consultant Title would be in line with my perception of success and status.  I had one

more interview with a bank, First Atlanta, they invented Tillie the Teller “One of the first ATMs”.  My interview was with Roger White, a tenured and Senior Banker at the Operations Facility on Piedmont Rd.

He asked me what I wanted to accomplish with my career.  I told him I would probably accept a Consultant job with one of the big eight accounting firms.  Today I think it is the big four?  He asked me how I was going to consult without any experience?  In my mind, I thought yikes did not think about that. 

Mr. White said no matter what I do, follow these basic principles:

1.       Never get on a crowded elevator
2.       Never drive in traffic
3.       Build your skill set and the money will follow

He told me that he would create a position that would allow me to understand all aspects of banking which will create a core knowledge base to build a career on.

My offer letter from Mr. White arrived and it was my lowest yet by $15,000.  Mr. White created a position, System Wide MA, that would expose me to all aspects of Banking: Retail, Commercial, Cash Management, Bank Engineering, Proof/Sorter Operations, even down to vault operations.  Most college graduates are hired into one area only and become that one discipline for the rest of their careers.  Basically Mr. White gave me a pass to understand banking from A to Z.  Not sure why I decided to listen given I thought I knew what I was doing.  Mr. White had good points and his logic made sense for a long career game.  I accepted and it was the smartest decision I made next to toughing out a GaTech education.

For two years until Wachovia bought First Atlanta, Mr. White governed my career and delivered what he said he would.  He created a fundamental skill set that allowed me to be a step ahead.  The money took care of itself; however, the foundation of skill gave me the ability to create stable

strong profit centers in Banking and ultimately create one of the most stable, profitable, and oldest but most innovative Mortgage Companies in Georgia.  To this day, I help develop others and pay forward what Mr. White did for me.

This is what I would add to Mr. White’s advice above:

·       You do not want to work for someone, you want to work with someone
·       Although being paid your worth is important, build your worth.  Worth is built through knowledge and skill
·       Work with someone with a consistent proven record that will help you learn the right skills
·       If you emulate a zebra, you will wind up a zebra.  Be sure zebra's are successful in your industry
·       You have to trust the person when you put your career in their hands; however, with that trust the person should be your fiduciary
·       People tend to poke at success because they envy “green eyed monsters” and do not understand how to attain it.  Embrace the attention, you earned it
·       Invest in yourself, be patient, and look for that mentor that has a record of helping others be successful.  Avoid users that only want to lift themselves temporarily
·       If a leader truly has this industry or any industry figured out, they do need to move around to enjoy tremendous success
·       Those with success do not move around and are exactly who you want to emulate and build your skill set.  Find your fit, move, then follow my advice
·       Look at the most successful companies in the US, their core teams stay on task and they all win in the end or get promoted to carry on the torch
 

Sincerely yours,

Cal Haupt

Chairman and Chief Executive Officer
Southeast Mortgage of Georgia, Inc.
www.southeastmortgage.com