The most common selling mantras are based on the concept of “doing more.” Managers have forever emphasized that if originators simply work harder, knock on more doors or make more calls, sales success is guaranteed. While this sounds reasonable, it is not correct. It takes something else to succeed in origination. In selling, the “doing […]
In mortgage origination, declining interest rates can result in overwhelming volume, as the industry experienced in 2020. While companies and producers alike racked up record profitability last year, a robust refinance market can distract lenders from focusing on critical long-term success strategies. When business is humming along, it is easy to become complacent and […]
In mortgage banking, it is commonplace for originators to adopt the practices of successful producers. If one salesperson rises at 4:00 a.m., everyone else feels they must follow suit. If a top producer is active on LinkedIn, other originators will incorporate the platform in their own marketing strategies. Likewise, lenders are copycats too. If […]
Traditional selling as we know it has been dead for a long time but the global pandemic was the nail in the coffin for the order-taker sales model. This strategy is rooted in the days when salespeople went door to door fulfilling customer demand for products. In that era, products were limited and information […]
In a recent Inman article, a Keller Williams executive discussed the challenges facing the company in 2021, noting that like other large legacy firms, “while we have a profitable business, it takes time and effort to adapt to some of the industry’s big changes such as compressing commissions and increased competition pushing agent splits […]
Once LOs reach a certain level of success, they will inevitably face the decision of whether to form a team or operate as an individual contributor in their lender’s organization. What success looks like for each originator is different. For some, it is generating over $20 million in annual loan volume. For others, it […]
A senior executive at an independent mortgage firm recently confided how hard it is to interest branch managers in taking executive-level positions. What he hears most frequently from branch managers is, “I wouldn’t want your job! Too many headaches!” I have heard similar remarks from other executives who believe employees are no longer interested […]
Last week, Warner Bros. announced that all of its 2021 movie releases —17 in all – will be available on HBO Max (a streaming service) on the same day they debut in movie theatres. This is a major break from previous practices that had given movie theatres a competitive advantage by delaying a film’s […]
In my 25+ years in mortgage banking, one thing that has remained constant is that most lenders recruit sales professionals who are experienced in mortgage origination instead of hiring rookies. These companies hire experienced “C” players rather than potential “A” producers who need to be trained and developed. There are two main beliefs that […]
Many mortgage managers consider their companies to be originator-centric. These senior executives believe that sales employees drive success and they feel that their lender’s originator support is a competitive advantage. I certainly understand this viewpoint, especially in such a difficult recruiting environment. However, I would argue that focusing entirely on the originator experience can lead […]