Marilyn Richardson - Crazy Sh*t In Real Estate with Leigh Brown - Episode #181

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