A recent analysis of loan officer performance for a mid-Atlantic state in 2016 revealed shockingly low production numbers. According to the data, the state had approximately 9,000 originators but only 300 originators produced $10 million in annual volume. In the past, $10 million in annual volume was not considered exemplary performance but in a refinance-driven […]
The Hard Reality of Low Production Numbers Read More »
The beginning of each year always sparks the desire to make improvements in our personal and business lives. From losing weight to increasing personal productivity, there are an unlimited number of resolutions to consider. Deciding where and how to begin can be difficult. Productivity experts typically suggest outlining goals and listing plans — essentially starting
The First Question All Originators Must Answer Read More »
Recruiting sales talent has reached a crazy level in mortgage banking. From retail to TPO, originators are being enticed with ever-increasing bps payouts to join new firms. It is a good time to be an originator and a bad time to be a lender. Competition for talent and production has intensified because of leadership’s failure
Show Me the Money: The False Allure of High BPS Payout Read More »
When discussing mortgage retail strategies for 2017, I hear two distinct camps of thought from senior managers generally based on their current responsibilities. Distributed retail managers talk about their branches while consumer direct managers speak about their centralized call centers. In mortgage banking, separate retail structures have been in place at most companies for years.
The Ever-Changing World of Retail Origination Read More »
For any business, failure to change and adapt to new marketplace conditions can be fatal. One recent example of this was Nokia’s acquisition by Microsoft. A LinkedIn article referenced Nokia’s CEO lamenting that “they did nothing wrong, but somehow lost the battle” when announcing that their company had been acquired. While Nokia had been a world
Failure to Change is Fatal Read More »
Recently, I watched an interview with marketing guru Seth Godin by Selling magazine on the New Face of Marketing. Godin is one of my favorite authors on marketing and I highly recommend signing up for his daily blog. In this particular video, he commented that there really is no difference between B2C and B2B sellers.
Being Authentic is More than Just Being Nice Read More »
In the current marketplace, companies are recruiting like crazy in an attempt to improve sales performance. The problem is that hiring top producers is difficult because they are not easily pried loose from a competitor. As a result, companies end up recruiting and hiring middle-of-the-road originators, hoping that CRM systems and marketing will transform
The Impact of Hiring Average Originators Read More »
At the recent annual MBA conference in Boston, Stratmor shared statistics on a shocking mortgage banking trend: sales productivity has dropped from 10.0 closed loans per retail LO in 2003 to 4.8 closed loans per retail LO in 2015. This is a dramatic decrease that has continued for years. Many managers will point to increased
Poor Sales Productivity in the Era of Distraction Read More »
What percentage of your sales executives are good managers? The answer to this simple question can have a dramatic impact on a sales organization’s results. In my consulting practice, I ask senior managers this question and the answers I receive are surprising. While it would be reasonable to expect that 50 to 60 % of
What Percentage of Your Sales Executives Are Good Managers? Read More »
I just returned from the annual MBA conference in Boston where the Number 1 topic was technology and how companies need to implement it quickly or be left behind. One session conducted by Clara Shih even addressed the importance of originators using social media so they are viewed as a trusted advisor in financial sales.
Will Technology Replace Originators? Read More »
