1) LO's need to decide if they want to be in this business or get out…they may need to leave now. And good luck with that…I understand many employers are relunctant to higher people from the mortgage industry because they are afraid we'll jump ship for “the big bucks” once the market turns around.

2) Once you decide to stick w/it…decide on what “thrive” and “survive” looks like. Re-visit our budgets. Where can we cut our spending? Many of us, myself included, spend thousands of dollars every year to belong to “tools” that have been mentioned by Todd, Matt and Daniels post (referenced above in comment 1). Review your budget…and dump the fluff.

I would add that this is not just a subprime or mortgage crisis, it's a credit crisis. Consumers are having their credit card limits reduced (screwing up their scores)…we need to be available and keep educating the public of whats going on and what to try to avoid. It's like walking through a credit mind-field. Sadly some people, will not be able to be helped.

We should not run away or avoid past clients who have an option arm or alt-a product. We need to be reaching out. I'm encouraging the agents I work with to use this opportunity to reach out to their buyers as well–do they know their mortgage? Do they need help reviewing their note? If their LO is out of the business, you can step in and review their mortgage situation WITHOUT doing a refi (unless one is beneficial).

My business took a huge hit last August. It had evolved to primarily jumbo loans in the Seattle and Bellevue area. We all know what happened at that time. My phone went dead!

If you're not calling past clients and reaching out, use your “dead time” to improve your skills, learn underwriting guidelines, FHA, etc.

Many consumers are frightened and confused about mortgages and our industry. We have the power and ability to eliminate fear by providing knowledge and being educators.

I'll be back…you've got my wheels turning.