Next week, I am speaking at the Calyx Software conference on how to recruit and retain Millennials. While preparing for this session, it struck me that while Gen Y is the most talked about generation, not much is really happening at the ground level to attract these individuals to mortgage banking outside of Quicken’s efforts. […]
Only 2,600 Days Until the Dominance of Gen Y Read More »
As science fans know, the Drake equation is a formula for predicting the number of active, communicative extraterrestrial civilizations in the Milky Way galaxy. This math-based equation is a generally accepted tool used by the scientific community to identify specific factors thought to play a role in estimating the number of technological civilizations that may
The Seven Deadly Sins of Sales Groups Read More »
During a recent conversation, a mortgage executive expressed concern about installing a structured hiring and selling process even though the organization had a 40% turnover rate. In his opinion, the company’s claim to fame was centered on allowing managers to hire who they wanted and to implement their own sales process. The company’s role was
The Importance of a Structured Hiring and Selling Process Read More »
This year, a projected 20% reduction in volume is forcing many sales organizations to address difficult issues in order to improve sales results. Traditionally, mortgage firms have attempted to increase production by hiring more originators. Others are counting on technology to make the difference in reducing costs and generating more business. In my opinion, the
Two Sales Metrics that Really Matter in Origination Read More »
Since there has been so much discussion this past year on whether technology will replace originators, I thought I would share my niece’s experience purchasing her first home. What made all the difference? Her loan officer! My niece got married last June at age 36. She has wanted to own a home for a while
What First-Time Home Buyers Need Read More »
This year, prospecting for new referral sources or brokers has been one of the most frequently requested topics in my sales training sessions. There is no question that lack of referral sources is directly linked to low volume for originators. Having a handful of referral partners is no longer enough to succeed in the current
Convincing Prospective Referral Sources: “Why Change Now?” Read More »
When I ask executives about the role of the loan officer, many answer that the originator’s job is to take the loan application and match the customer with the right product that the consumer qualifies for. There is no question that this is an important function but in my view, originators must do more to
Do Your Originators Sell Supply or Create Demand? Read More »
While watching the annual Macy’s Day Parade, a yearly tradition for many families including mine, I thought about a recent New York Times article that noted Macy’s real estate ($16 billion) is worth more than the company’s market value ($6 billion). It is no secret that Macy’s has been battered by e-commerce competition. Its sales have
The Signs of a Troubled Lender: When to Make a Change Read More »
In the 1960’s, Hanna-Barbera produced an animated sitcom TV show called “The Flintstones” depicting family life in the pre-historic days. In this fantasy version of the past, cavemen co-exist with dinosaurs and other long-extinct animals such as saber-toothed cats, and woolly mammoths. Like their mid-20th century counterparts, these cavemen listen to records, live in split-level
Are Your Originators Jetsons or Flintstones? Read More »
At its annual conference, the MBA released more distressing stats for mortgage retail origination. Last week, I discussed the fact that 60% of originators are not productive. This week, I am discussing data concerning profitability. According to the MBA, the retail business line is generating only 8.5 bps in profitability per loan. Other business lines did
Retail Apocalypse Part 2: The Grim Reality of 8.5 BPS Per Retail Loan Read More »
