Every day, we are witnessing changes that many predicted would be coming to the mortgage landscape, but now they have arrived. From online loan processing to video conferencing, our industry is undergoing a fundamental shift. While it is hard to concentrate on the future when the present is so robust with refinance volume, mortgage […]
Since the COVID-19 outbreak, the normal way of doing things is being redefined on a daily basis. Many financial experts consider this global pandemic to be a “black swan” event. From Nassim Taleb’s “black swan” theory, the term refers to rare, unexpected events of large magnitude with potentially severe consequences. While predicting the future […]
Last week, I discussed highlights from Quicken’s IPO and how the company has achieved record growth by having a defined sales process; and training and developing employees. While these are certainly not new concepts, they are rarely practiced at mortgage banking firms. While a number of lenders claim to provide employees with a structured […]
Last Tuesday, the Quicken IPO was finally filed after countless rumors that it would happen. Based on my recent conversations with sales leaders, there is no question that Quicken’s S-1 was read closely by mortgage executives across the board. Much of the material from ISMs was well known in the industry, but some statements were […]
Conventional wisdom in our industry assumes that the next step for mortgage processors is the underwriter position. In the past, this seemed logical when the processor role was primarily administrative. But today, many lenders expect processors to communicate with borrowers, vendors, and other parties in the loan process. As the processor role has evolved, so […]
There is never a perfect time to make changes to your sales process. In the current marketplace, where volume is overwhelming and many lenders are turning away business, it may seem counterintuitive to discuss what it will take to succeed in a 2021 purchase money environment. Nothing could be further from the truth. According to […]
During my recent MBA webinar, “Owning the Customer: Keys to Originator Success,” I asked attendees whether their originators were reaching out to former customers. The overwhelming majority said producers were only using the lender’s CRM system to maintain contact. When asked to rate originators on customer engagement, the same attendees gave their producers a solid […]
I often write about what it takes for originators and managers to succeed in an ultra-competitive mortgage environment. Today, I want to discuss another person on the sales team who is indispensable – the mortgage processor. While mortgage processors are thought of as working behind-the-scenes, they are primary drivers of an excellent customer experience. The […]
During a recent training session on recruiting originators, I described our current mortgage environment as the “best of times and the worst of times.” The famous quote from Charles Dickens’ “A Tale of Two Cities” offers fresh insights for managers and originators trying to determine the best course of action for sustainable sales success. It […]
Selling is an emotional business that requires sales professionals to have a high level of emotional intelligence if they want to succeed. Emotional intelligence refers to originators’ ability to recognize, understand, and manage their emotions as well as those of their prospects and customers. This is not news. While sales candidates might be attracted to […]