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.


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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.