At the MBA conference in Denver this year, Stratmor and the MBA released their most recent performance data on originators: 40% of the industry’s originators generate 80% of the volume and the remaining 60% are once again unproductive. While this may or may not be surprising to some people (I certainly see it first hand […]
Retail Apocalypse: 60% of LOs are Not Productive! Read More »
In my experience, mortgage lenders fall into two categories when it comes to hiring originators. For one group, hiring is all about enticing producers to join their company without setting any criteria beyond a W-2 and loan reports that show the individual can self-source loans. These lenders view the sales force as hired hands
The $1 Million Decision Read More »
Last week, I wrote about the alarming performance of today’s originators in mortgage banking. The post hit home for many managers who admitted that 2.5 units per month per originator is not enough for their companies to make a profit. In fact, some even lamented that they have originators who are not even producing at this
The Death of Sacred Cows in Sales Read More »
Recent numbers from the MBA and Stratmor show that the average production per originator has fallen dramatically from the refinance era to a new low of 2.5 units a month. Bank originators have a slightly higher average primarily because they receive leads from the company. These numbers are a wake-up call to lenders that improvements
Wake-Up Call: Why are Retail Originators at 2.5 units per month? Read More »
Every manager knows the truism that “what gets measured gets managed.” In the past, analyzing performance metrics with any accuracy was difficult at best. To determine whether an originator was good or not, managers have traditionally relied on month-end loan volume as an indicator. Today, with CRMs and other sales technologies, senior management can
Leading Indicators Provide Real-time Feedback for Success Read More »
Last week, during an MBA webinar series I conducted on recruiting, I asked attendees about the Number One problem hampering their company’s growth. Across the board, participants said that high turnover and the constant need to replace originators was one of their toughest challenges. They also said that finding good originators has become harder and
Is Turnover Contagious? Read More »
Recently, the National Association of Realtors published survey results on broker’s key challenges. I have listed a few highlights that I think have important ramifications for anyone in housing finance: • The top three challenges that real estate brokers anticipate in the next two years are: 1. Keeping up with technology 2. Maintaining an adequate
What Percentage of a Realtor’s Customers come from Referrals? Read More »
During my recent training class on prospecting, participants discussed, “What do Realtors really want from originators?” An excellent place to find answers to that question is on ActiveRain, an online community of real estate professionals who write blogs, exchange best practices and share information. One post from a Texas Realtor revealed important insights on what
What do Realtors want from Loan Officers? Read More »
Right now, sales organizations are heading into the final stretch to make year-end goals. While time is moving fast, it is not too late to look at what might be holding your sales team back from optimum performance. When conducting sales improvement audits, I see three primary reasons why a group is underperforming: Lack of
Three Causes of Weak Sales Performance Read More »
The best salespeople know that positioning themselves as trusted advisors is key to sales success. During consulting engagements when I am reviewing sales calls, I find that originators will often dominate the conversation with talk about themselves and their products and services. The problem with this approach is that it does nothing to build
Why Originators Must Position Themselves as Trusted Advisors Read More »
