Recently, the catchphrase “OK Boomer” has been trending in the media and on the Internet. The saying gained popularity when CNN showed a video of Chlöe Swarbrick speaking about the Zero Carbon Bill in New Zealand. When she was heckled by an older official, she casually dropped a sharp-tongued retort — “OK Boomer” — […]
At the MBA conference last week, I spoke with many senior executives at a variety of different-sized lenders about the state of mortgage banking and their concerns for the immediate future. Out of those conversations, two primary topics emerged: Many senior managers acknowledge that the refinance boom-let has made them profitable, but they also recognize […]
Everyone has heard Woody Allen’s comment that “80% of success is just showing up.” This is true when it comes to originators creating a presence on social media platforms. The challenge for sales professionals is to show up the right way when using social media for lead generation There are several common mistakes I see […]
Lenders and their originators have long used TV, radio, direct mail, and print ads to get their message out to potential buyers. In the past, these standard marketing tools worked well, but today they are overshadowed by social media content marketing that is driving higher rates of engagement and generating more leads. Research indicates that […]
Last week, a lender reached out to me regarding consulting services because the company’s production was down 20% from the previous year. This is a familiar scenario in mortgage banking where companies that once had high volumes are experiencing lower production and higher costs. The big question is what can lenders do to turn around their […]
In a recent conversation, a mortgage coach told me she was asked to coach an experienced originator who was considered high potential for a sales team. When the coach met with the originator, she found out the individual was only producing two units a month and only worked four days a week. It was clear […]
As anyone in the mortgage banking industry knows, loan origination is a hard job. The emotional roller coaster that originators go through on a daily basis is not for the faint of heart. Today, in our more difficult marketplace, this is especially true. Whether it is coming from the company or the individual, the pressure […]
As 2018 comes to a close, the most popular strategy used by mortgage companies to address weak production numbers is to hire more originators. This strategy of hoping that more salespeople will increase total production is mostly a disaster. For whatever reason, the gamble of going on a hiring spree is a risk senior executives […]
After working with sales organizations for the past 20+ years, I am always amazed how accurate the Pareto principle (80/20) is when analyzing loan officer production. In every sales group, there is always a smaller number of originators (the vital few) who are successful regardless of market conditions, volatile pricing and the highly regulated lending […]
The recent announcement that General Motors will be closing plants has sent shock waves throughout the economy. The news seemed to be a surprise for many and was originally attributed to the tariff wars. However, a closer look reveals that GM had the wrong products and structure to face changing consumer preferences. In a New […]