When faced with reduced loan volume, there are a number of business strategies lenders can take to navigate the tougher times ahead. But, rarely do I see management teams deciding to manage better and hold employees accountable for their performance. Many managers believe this strategy takes too long to execute and worry that it might […]
If you’ve been in mortgage banking for any length of time, you’ve hired at least one salesperson who aced the interview and met production benchmarks – on paper – but failed to perform past the onboarding process. During my management career, I certainly hired my fair share of candidates who talked a good game and […]
Rising interest rates, limited housing inventory and the skyrocketing price of consumer goods have made the last half of 2022 an uphill climb for many lenders and LOs. While mortgage managers struggle to generate loan demand in a more volatile marketplace, I believe that the companies with solid hiring and employee retention strategies in […]
In my sales training classes, I’m always surprised by how many originators aren’t using social media as part of their sales efforts. While some LOs prefer old-fashioned sales methods and others say their lenders prohibit them from being active on social media for business, I find that more often than not, the real reason originators […]
One of the biggest mistakes I see with LOs is that they believe their job is to manage every potential borrower who contacts them. In selling, the best sales professionals understand that not every prospect will match to their product or service. Top producers operate on the premise that real estate agents are their main […]
Mortgage managers and LOs know that capturing repeat and referral business from previous customers is mandatory for long-term success. When selling to former borrowers, the cost of acquisition is much lower than marketing to attract new customers. So, what does it take to keep customers coming back and referring their family and friends? Simply put, […]
Selling success requires a commitment from LOs to “get better every day” by learning something new and practicing the habits that separate top originators from average or sub-par producers. It is easy for LOs to say I will do it tomorrow or when things slow down or when I have more money to invest in […]
During a recent conversation, a senior executive shared how hard it’s been for some originators to transition from the easy business of the refinance boom to the tougher grind of purchase money. While managers and originators alike readily acknowledge that selling tactics need to change if they want to survive – and thrive – […]
There is no question that the pandemic accelerated trends that were already emerging in mortgage banking and as a result, lenders have been super-focused on updating technology in an attempt to stay ahead of the curve. While much of the emphasis has been on streamlining the loan process, the human side of the transaction […]
Anyone in mortgage banking can attest that origination is not for the faint of heart. Like many other industries, our business is cyclical which means LOs must endure the inevitable ups and downs which can be an emotional rollercoaster. So, when a prospect seems receptive to a sales pitch, it is understandable that LOs […]