The Rise and Fall of the Two-Unit-a-Month LO

Not too long ago, producers who originated a couple loans a month could make a decent living in mortgage banking. During the subprime years, it wasn’t unusual for originators to work part-time and generate substantial income due to high payouts. Those days have been over for a while but the industry still has many originators […]

What Matters Most: A Keystone Habit

In Charles Duhigg’s great book, The Power of Habit, he recounts the story of Alcoa’s CEO Paul O’Neill who stood up before investors and declared that the company would focus its entire strategy on bringing workplace injuries to zero. The investors were stunned to say the least with his announcement. O’Neill did not discuss profits […]

Seven Strategies for a Great Sales Culture

One of the hottest topics in mortgage banking today is how to implement a great sales culture. While senior managers are talking about sales culture, not many understand what a great sales culture looks like or what is required to create one. Unfortunately, many managers mistakenly believe that a great culture is based on having […]

Micromanaging and Sales Managers

During my recent training session with regional managers, attendees discussed the fatal flaw of micromanaging and cited it as a primary reason originators leave. By letting top producers “do their own thing,” managers felt they were able to spend more time trying to get another loan out of underperformers. While many managers believe that it is […]

Mortgage Banking and Black Elephants

In Tom Friedman’s latest book “Thank You for Being Late: An Optimist’s Guide to Thriving in the Age of Accelerations,” he calls climate change a “black elephant” phenomenon. A black elephant is a cross between a black swan (a rare, low-probability, unanticipated event with enormous ramifications) and the elephant in the room (a problem that […]

Are you a Day 1 Mortgage Company?

Retail stores are closing in record numbers. According to a research report by brokerage firm Credit Suisse, it’s possible that more than 8,600 brick-and-mortar stores will close their doors by the end of 2017. Many well-known brands such as Macys, Sears and JC Penny are not doing well in today’s marketplace. By comparison, the Credit […]