Not unlike winter-weary gardeners eager for signs of spring, mortgage managers and LOs are keeping watch for better days in the housing marketplace. According to recent research from Redfin, housing recovery may be in the air. Let’s take a closer look: • Taylor Marr, Redfin chief deputy economist, noted that the company’s Homebuyer Demand Index, […]
I’ve long held that success in mortgage origination requires implementing the right sales tactics on a daily basis. This sentiment is echoed by Dustin Owen, Vice President, East Division Sales at Waterstone Mortgage Corp. and the host of “The Loan Officer Podcast,” who recently discussed his winning sales strategy, “Dominate the Ones,” in a HousingWire […]
In an economic climate dominated by fear and uncertainty, here’s the Number One sales strategy originators need to know to stay in the game: Don’t stop prospecting! Why it matters: It’s a proactive approach vs. a reactive approach. Originators may not be able to control interest rates, housing inventory and other external factors that can […]
Originators who want to connect with Gen Z – the next group of prospective homebuyers – will need to cultivate a robust online presence on social media platforms. Why it matters: According to a March 2022 Bankrate survey, nearly 60 percent of Gen Z respondents associated homeownership with achieving the American Dream. In a June […]
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 volatile conditions continue to dominate the mortgage marketplace, many lenders and LOs are struggling to hit production goals. While there is no quick fix for the myriad of challenges mortgage managers are facing, there are definitive steps LOs can take to build market share and stay in the game. They are: Select a […]
Many managers believe that improving originators’ product knowledge is one of the most important investments they can make. Granted, qualifying borrowers and slotting them into the appropriate loan is key to an originator’s success. But, managers tend to overlook another critical element that is mandatory for origination: excellent communication skills. In general, managers fail […]
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 I’m conducting sales reviews, less experienced originators will often lament that they really connected with a prospect but that their pitch didn’t translate into a sale. “What went wrong?” they ask. The reality is that just because a prospect and a seller have a good conversation is no guarantee that the sale will happen […]
We’ve all been there. Whether it’s purchasing a vehicle, negotiating a pricey home repair or yes, shopping for a home loan, at some point in time, you will find yourself in the middle of an endless sales pitch. Rambling on is the number one turn-off for home loan prospects and LOs must guard against it […]