If you’re a mortgage broker or loan officer, market conditions may have made you want to pull out your hair and scream. In spite of the negative and painful consequences of this fallout, there are positive steps you can take right now to improve your situation. There are also lessons each of us can learn that will prepare us for the future.

What actions can you do right now?

1. Be aware of lenders who are discounting mortgage rates. Ask yourself — “What’s making the lender discount rates so much?” The lenders who are most likely to be around tomorrow are also less likely to discount.

2. Stay up-to-date with which loan products are available and what their requirements are. Thanks to the continual changes in today’s marketplace this will require putting in extra time, but the time spent is an investment that could spell the difference between closing a loan and not closing it. Your lenders should have product guidelines available for your use, and might provide training on their loan programs.

3. Become conscious of your attitude and how you talk to yourself. Some things can be changed and some cannot. A pessimistic and gloomy attitude does not improve the things that cannot change. Positive self-talk and a happy, hopeful attitude, however, can improve a situation. For starters, you’ll feel better. You’ll also have less stress, a clearer mind, and the ability to make better decisions. Your positive attitude will rub off on your clients and they’ll be more likely to close a loan with you than if you had a bad attitude.

How can you get ready for the future?

1. Stay out of personal debt and keep business debt to a minimum. Pay off your house as quickly as possible. Purchase a car you can afford. Spend less than you make. You’ve heard it before, and there’s a reason — because it’s good counsel.

2. Create a financial reserve. Saving money for emergencies both in your business and personal life will help you weather market maelstroms, will bring peace of mind, and will give you a better chance of surviving and making decisions based on long-term consequences.

3. Make decisions with a long-term perspective. This includes maintaining your integrity, focusing on quality loans, and looking out for the best needs of your borrowers. A good reputation with both lenders and borrowers is priceless and will benefit you now and in the future.

In summary, look for quality lenders, stay educated on the market, and keep a positive attitude; keep debt at a minimum, create an emergency (or opportunity) fund, and make decisions based on long-term consequences. Following these steps can protect you against difficult times in the future and help you weather today’s storm.