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 […]
Originators know that their database of closed transactions and referral sources represent a gold mine for future business. Obviously, people with whom you have already done business are easier to sell to than prospects you don’t know. This is not news. In fact, I would argue that originators who have the largest number of people […]
It seems that every time production gets more difficult, originators and their managers request training on how to increase their sales results. While it is reasonable to think that originators simply need to work harder to generate better results, this often isn’t enough to correct a sales slump. In my experience, the real solution is […]
During a recent sales audit for a mortgage lender, I asked originators if they marketed to previous customers. They responded that their company sent out birthday and anniversary cards automatically through a CRM system. Everyone felt this effort was enough to generate referrals. Many of the producers also said they didn’t have time to do […]
Today, many sales training firms advise originators to adopt a “teaching” sales model as a way to win with a more knowledgeable customer. While this seems like a logical, reasonable approach, the sales process can be anything but. Therein likes the rub. Let me explain. Originators who operate as teachers believe that if they simply […]
Recently, I discussed how today’s selling environment requires originators to form a tribe of followers because they are providing important information to improve their customer’s lives. Selling has moved from pushing products to being a valued educator and leader. Smart originators recognize that hawking mortgage products doesn’t create trust; what does is sharing personal passions, […]
Not a day passes when I don’t hear from a manager about how difficult mortgage origination has become. Whether it is battling to recruit top producers or pricing wars regarding interest rates and closing fees, there is no question that competition is fierce. As one sales executive said to me recently, “it is hand-to-hand combat […]
Last week I spoke at a conference where the agenda was dominated by technology presentations. This is fairly typical of many industry events. My topic regarding sales personnel and the future sales organization was the next to last session. After my presentation, one attendee lamented, “I don’t know why there is such emphasis on […]
Anyone who has ever managed in mortgage banking has had a discussion with their supervisor regarding employees who are not working out as planned. The conversation usually goes something like “If we invest more time and money into this underperforming salesperson, he or she will turnaround and improve.” The problem with this approach is that […]
Recently, a mortgage executive told me that an originator had asked to use his personal marketing budget to buy leads from third-party vendors. Fortunately, the executive refused the originator’s request. Unfortunately, these requests are becoming more frequent and are indicative of the poor quality of originators at many mortgage lenders today. Before the internet, I […]