There are many requirements for great mortgage banking leaders but one of the most important is exceptional communication skills. In his recent Harvard Business Review article, author Carmine Gallo recommends four strategies to level up your communications with your sales team. Here’s a closer look: • Simplify your language when discussing or writing about complicated […]
For those who not only want to survive but thrive in our current volatile marketplace, best-selling author Jeb Blount shared these success strategies for lenders and LOs: • Be Prepared. As Blount noted in a recent podcast, “Winter is coming!” and now is the time for sales professionals to think like a squirrel and take […]
As U.S. demographics shift, it is smart business to ramp up recruiting of non-white sales professionals. Why it matters: • In July 2022, the DOJ settled its first case on modern-day redlining with a non-bank. The settlement penalty was $25 million. • The DOJ cited many factors including the location of branches and the […]
Faced with the grim reality of rising interest rates and lower production, mortgage firms are cutting sales staff in an effort to stay profitable. Unfortunately, this strategy reinforces mortgage banking’s reputation as a boom or bust business that has difficulty adjusting to a changing interest rate environment. This isn’t a new issue. External events […]
When faced with reduced loan volume, there are a number of business strategies lenders can take to navigate the tougher times ahead. But, rarely do I see management teams deciding to manage better and hold employees accountable for their performance. Many managers believe this strategy takes too long to execute and worry that it might […]
Rising interest rates, limited housing inventory and the skyrocketing price of consumer goods have made the last half of 2022 an uphill climb for many lenders and LOs. While mortgage managers struggle to generate loan demand in a more volatile marketplace, I believe that the companies with solid hiring and employee retention strategies in […]
In my recent conversations with senior executives, many sales leaders are panicked about their drop in sales volume and how tough the remainder of the year looks for their organizations. While the refinance boom’s record profits are quickly fading in the rearview mirror, the traditional purchase money market looms large on the road to success […]
Each year, Inman gathers a group of top real estate leaders to discuss the industry’s challenges and predict what the future holds for real estate. Inman’s report is a must-read for mortgage lenders and their sales professionals. Although 2030 seems a long way from now, it is right around the corner in terms of […]
In a more difficult mortgage market, it seems that old, potentially disastrous strategies are surfacing once again. With the decline of refinance lending, lenders are loosening underwriting conditions, relaxing credit guidelines and adding higher-risk credit products. It seems that every day, I’m receiving ads for 100% lending in my inbox. I am also seeing lenders […]
Succession planning is a dirty word in mortgage banking. Many senior executives realize how important their company’s continuity is for employees as well as their personal retirement wealth but developing – and implementing – a plan is another story. Failure to plan for future leadership can be devastating not only for the executives who […]