One of the most talked-about topics in mortgage banking is how managers can motivate employees to improve sales results. This perennial issue comes up often in executive meetings and is frequently on the agenda at annual sales rallies. At these events, motivational speakers typically recount their rags-to-riches stories in hopes of inspiring sales professionals to […]
All sales professionals know that their main objective is to persuade potential buyers to select them over their competitors. In mortgage banking, this is a monumental challenge considering the vast number of originators chasing after a finite group of prospects. The Bureau of Labor Statistics estimates that there are 322,000 loan officers in the […]
As an avid football fan, I am amazed at Tom Brady’s incredible performance week after week in a sport where the average career for most professional players is just 2.5 years (Chron.com). Athletes in the quarterback position average about 3 years on the playing field. Brady’s phenomenal success in one of the most competitive […]
In every conversation I’ve had regarding the 2022 mortgage banking forecast, it’s clear that the year ahead will be challenging for lenders and originators. For those new to the industry, this might be a shock but experienced producers are all too familiar with the industry’s boom-or-bust cycles. To be sure, interest rate fluctuations, housing supply […]
During a recent conversation, a mortgage banking executive shared how difficult it is for some originators to transition from the easy business of borrowers shopping for lower interest rates to the arguably tougher sell: Convincing prospects that financing a home loan for 30 years is in their best interest. Even when producers recognize and admit […]
The latest MBA industry forecast indicates a precipitous 62% drop in refinance volume for 2022. I think that all managers knew this day would come and it has finally arrived. The refinance party is over. The key question for leaders: What strategies will they implement to generate loan volume in a purchase money environment? […]
During my training classes, I always ask students to check online ratings to see how borrowers feel about their lender’s customer experience. I also review a lender’s Glassdoor ratings to gain insight on employees’ experience with a company. I was curious whether borrower ratings were similar to employee ratings or not. Did consumer ratings correlate […]
During a recent conversation with a mortgage banking executive, we discussed the sales behaviors that separate top producers from the rest of the pack. The senior manager observed that the best originators always personalize their interactions with former clients. Indeed, top originators set aside time to regularly contact past customers in a way that deepens […]
Last week’s Ryder Cup golf tournament was exciting to watch and certainly a terrific win for the U.S. While team captain Steve Stricker has played on losing teams in his own career, he knew things had to change if the U.S. team was going to turn it around this year. So, how did Stricker build […]
A senior manager recently confided he is considering training to keep his sales team busy now that volume has dropped since the refi boom. He also revealed that many of his peers share a similar concern: If originators aren’t kept busy, they will jump ship for another company. In mortgage lending, the prevailing wisdom […]