The famous line from the movie Field of Dreams, “If you build it, he will come,” is often quoted in the business world to imply that attracting customers is simply a matter of creating a great product or service and bringing it into the marketplace. However, smart sales professionals understand that having a worthy product […]
Mortgage Sales isn’t like “Field of Dreams” Read More »
Last week, the MBA adjusted its 2022 forecast predicting that refinance lending will account for just 25% of total loan volume vs. the current percentage of 53%. This will be a 28% drop, a significant decline that could put many mortgage lenders on the ropes. While the last two years generated record profit for
The Number 1 Strategy for Surviving the Refinance Decline Read More »
Many managers believe that improving their originators’ product knowledge is one of the most important investments they can make. The reasoning makes sense given that mortgage loan products are the lynchpin of the mortgage selling process. Qualifying borrowers and slotting them into the appropriate loan is essential for an originator’s success. However, managers tend to
Do Your Originators Have the Skills to Move Borrowers to a Decision? Read More »
In my recent conversations, mortgage executives have repeatedly lamented that their top producers are holding them hostage over resources, money and pricing. Especially troubling is that these high-performance sales professionals invariably tend to jump ship after the lender has conceded to their demands. In most cases, lenders have not even broken even before top producers
Overdependent on Top Producers to Hit Volume Goals? Read More »
In the last 24 months, I have conducted more than 60 interviews with senior executives from all sectors of mortgage banking for my top-rated podcast, Mortgage Manager Playbook. With careers in TPO, Retail and Consumer Direct and an average 25 years in the industry, these individuals have done everything from launch phenomenally successful start-ups
The Top 5 Hiring Mistakes in Mortgage Banking Read More »
In a recent investor presentation by Better.com, the digital-first homeownership company deemed the mortgage industry “broken” as “consumers deal with repetitive data requests, high fees and lack of certainty.” If customer satisfaction surveys regarding the home loan process are any indication, Better.com’s assessment is accurate. Better.com’s technology-driven platform offers a glimpse of mortgage lending’s future.
Has One-Stop Shopping Arrived in Mortgage Banking? Read More »
With the mortgage industry’s emphasis on technology as the solution for all productivity issues, it seems that hard skills are mandatory when recruiting and developing personnel. Invariably, companies require employees to have computer and analytical skills no matter what their position. Soft skills such as communication and emotional intelligence are perceived by many managers
The Critical Importance of Soft Skills in Mortgage Banking Read More »
According to NAR’s annual research report on the real estate industry, nearly 75% of home buyers selected a real estate agent after interviewing only one person. The study also found that for the vast majority of customers, the agent was referred by the buyer’s family and friends. While this is no surprise, it confirms
Being the First Contact Matters in Selling Read More »
In my training classes, there is often a lot of discussion about who is responsible for establishing a differentiation strategy in an originator’s territory. Most producers believe that differentiation has to do with their lender’s branding and marketing and not about them personally. Industry research proves otherwise. At the point of sale, customers are
Why Sales Differentiation Matters in a Purchase Money Market Read More »
Jamie Dimon, Chairman and CEO of JPMorgan Chase Bank and respected banking industry guru recently said in an interview that bankers lack imagination when it comes to envisioning what their customers need. He noted that Fintech companies in particular, “are making great strides in building both digital and physical banking products and services. From loans
Are You Hiring Radical Change Agents? Read More »
