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 […]
When I am conducting sales training at lenders, it is clear that originators are asked to perform an inordinate number of duties that are not selling activities. The typical lender expects originators to generate their own business; put a file together; follow up with customers; and retain the customers once the loan has closed. If […]
In today’s ultra-competitive marketplace, being a good salesperson isn’t enough to generate new business. These originators meet expectations but don’t go above and beyond to deliver an exceptional customer experience. They tend to perform well during refinance markets but lose momentum in purchase money markets because they don’t stand out amid their competitors. Good […]
In just 39 days, 2020 will be here. For many in mortgage banking, 2019 was great; for others, not so much. In the year ahead, sales organizations will need to address the challenges inherent in a marketplace characterized by the resurgence of purchase money and the reduction of refinance volume. It seems like some originators […]
During my recent MBA webinar on increasing sales production, many participants raised questions about how to make loan officers more accountable. This has always been a hot topic for lenders and their managers but the issue is especially critical as we approach 2020 and the formidable challenges that lie ahead. Knowing what drives accountability and […]
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 […]