Selling success requires a commitment from LOs to “get better every day” by learning something new and practicing the habits that separate top originators from average or sub-par producers. It is easy for LOs to say I will do it tomorrow or when things slow down or when I have more money to invest in […]
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 […]
Over and over again in my sales training classes, I encounter originators who do not understand their fundamental role as mortgage loan creators. While many producers believe their main purpose is to service their lender’s current customers, they must also generate new business. Originators who fail to create new loan demand are essentially customer service […]
In my sales consulting practice, I have conversations with senior managers every day about sales professionals who are not generating enough volume. At some point during our discussion, executives will often comment, “I don’t have time or the money to train them.” Without an investment of time, money and training, it is highly unlikely […]
The people we surround ourselves with can greatly impact our success – either negatively or positively. This isn’t newsworthy. In fact, your mother probably gave you some version of that advice when you were growing up. In the business world, much has been written about the importance of having an inner circle of mentors and […]
Since 1999, I have analyzed top originators’ practices and personality traits — that’s 22 years and counting! I have conducted numerous validation studies in collaboration with psychologists to pinpoint the innate competencies that drive individuals to succeed in mortgage sales. The simple reality is that mortgage origination is a hard business and not everyone […]
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 […]
The 100% commission pay structure has long been considered the gold standard in mortgage lending as the best way to motivate originators to generate more volume. Implicit in a 100% commission pay structure is that a large reward is available for sales professionals who do well. Lenders assume that originators who fail to perform will […]
Why do sales groups and originators fail? While there are many reasons for poor results, one that I see frequently in my sales consulting practice is the “I am different” rationale for not making necessary changes and adapting to a new environment. Yes, every lender has a distinct customer base and marketplace. But, the […]
In the last few weeks, I touched on the macro-selling strategies that lenders and originators will need to succeed in the new decade. Today, I want to go more in-depth and discuss emerging technology that could be a game-changer for salespeople: voice assistants. Yes, voice assistants! While artificial intelligence is often referenced in the media […]