I just watched the Oscar and BAFTA award-winning documentary “Free Solo” which follows Alex Honnold as he climbs Yosemite’s El Capitan, a 3,000-foot granite monolith, without ropes. This is an incredible story as Honnold becomes the first person ever to accomplish the feat. The film is breathtaking and gives viewers the feeling that you are […]
Last week, Macy’s and J.C. Penney announced plans to turn around poor performance for their respective businesses. This is not a new issue for either firm. Both former retail giants have been in a downward spiral for many years. Executive management changes and different strategic directions — from everyday low prices to mobile checkout stations […]
In last week’s blog, I discussed the role of technology in mortgage banking and where the originator position is heading. I believe that in the not-too-distant future, artificial intelligence technology will be integral to the operational side of the business and will usurp functions that originators have traditionally performed. No longer will originators determine product […]
One of the most talked about topics in mortgage banking is whether the industry will evolve into a self-service business. Many managers are speculating whether purchasing a home loan will become a fully automated, point-and-click business similar to booking an airline flight or obtaining concert tickets. A number of high-level executives believe that digital is […]
As anyone in the mortgage banking industry knows, loan origination is a hard job. The emotional roller coaster that originators go through on a daily basis is not for the faint of heart. Today, in our more difficult marketplace, this is especially true. Whether it is coming from the company or the individual, the pressure […]
Originators know that their database of closed transactions and referral sources represent a gold mine for future business. Obviously, people with whom you have already done business are easier to sell to than prospects you don’t know. This is not news. In fact, I would argue that originators who have the largest number of people […]
Last week on David Lykken’s “Lykken on Lending” podcast, I discussed what it will take for originators and their lenders to succeed in 2019. During the program, a listener asked what to do with employees who refuse to learn new selling techniques. At a time when many companies and originators are struggling, I get this […]
During my webinar for Franklin American/Citizens Bank last week, a manager asked what he could do to motivate his producers in this challenging market. I get this question frequently and my answer is that managers can’t motivate others — originators have to motivate themselves. You can’t motivate salespeople any more than you can empower […]
It seems that every time production gets more difficult, originators and their managers request training on how to increase their sales results. While it is reasonable to think that originators simply need to work harder to generate better results, this often isn’t enough to correct a sales slump. In my experience, the real solution is […]
It seems like every mortgage expert is projecting 2019 to be very difficult for our industry with estimates of flat or negative sales results. What is interesting to me is that there are always originators who succeed in a tougher marketplace while others do not. Are these sales professionals lucky or is it something more? […]