The Death of AIDA and the Rise of Personal Branding

Recently, I discussed how today’s selling environment requires originators to form a tribe of followers because they are providing important information to improve their customer’s lives. Selling has moved from pushing products to being a valued educator and leader. Smart originators recognize that hawking mortgage products doesn’t create trust; what does is sharing personal passions, […]

The Rise of the Zombie Mortgage Banker

A recent National Mortgage News article, “Ripple Effects,” observed that a new era in mortgage banking has emerged and that conventional wisdom no longer applies. While everyone can cite today’s challenges such as rising interest rates and low housing inventory, it seems management teams are still relying on old strategies that are no longer effective […]

How Quicken Is Stealing Your Accounts!

  One of the most common complaints that I hear from managers is how Quicken is soliciting borrowers before the lender’s sales staff is able to do so. By reaching out first, Quicken is able to get loans from bank customers before the bank that owns the account! Lenders are frustrated and upset that their […]

What Mortgage Bankers Can Learn from Tesla

A few short years ago, there was no hotter car company than Tesla who was touted as the next great thing in automobile manufacturing. Recently, the company has fallen on difficult times. In Barron’s last week, Bob Lutz, a former Vice Chairman of General Motors, commented on Tesla’s current situation: “It’s an automobile company that […]

The Oracle of Omaha has Spoken

The hottest question at the executive level is “When will lenders change their compensation packages for originators?” I’ve heard managers say that if someone will be the first to do it, they will follow but the reality is that no one wants to take the lead on this issue. If compensation metrics don’t change, more […]

What Lenders Need Now Are Great Managers!

It seems like every day I receive emails from lenders that want to hire producing branch managers. The job descriptions are usually similar and require the branch manager to be responsible for P&L, lead management and on-time closings; working with processing and underwriting; recruiting and retaining branch sales and support staff; and generating their own […]