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 […]
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 […]
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 […]
During a recent conversation, a senior executive shared how hard it’s been for some originators to transition from the easy business of the refinance boom to the tougher grind of purchase money. While managers and originators alike readily acknowledge that selling tactics need to change if they want to survive – and thrive – […]
In every conversation I’ve had regarding the 2022 mortgage banking forecast, it’s clear that the year ahead will be challenging for lenders and originators. For those new to the industry, this might be a shock but experienced producers are all too familiar with the industry’s boom-or-bust cycles. To be sure, interest rate fluctuations, housing supply […]
Over the course of my career — as a salesperson, a sales manager, a senior executive and now, as a sales trainer — I’ve watched selling undergo dramatic changes. Prospecting is harder, competition is fiercer and closing is never a sure thing. One of the most monumental changes is that the balance of power has […]
Every originator knows that selling is not easy. Competition is intense with thousands of originators basically offering the same products. This is the mortgage landscape in 2021 — a commodity business. When originators are asked to distinguish themselves from their competitors, is it any wonder that their reaction is disbelief when the products and […]
The most common selling mantras are based on the concept of “doing more.” Managers have forever emphasized that if originators simply work harder, knock on more doors or make more calls, sales success is guaranteed. While this sounds reasonable, it is not correct. It takes something else to succeed in origination. In selling, the “doing […]
Traditional selling as we know it has been dead for a long time but the global pandemic was the nail in the coffin for the order-taker sales model. This strategy is rooted in the days when salespeople went door to door fulfilling customer demand for products. In that era, products were limited and information […]
With recent interest rates at historic lows, originators haven’t had to worry about perfecting their selling skills because customers have come to them in droves. At the same time, Covid-19 restrictions have prompted consumers to shop remotely for food, cars, and everything in between. In response, businesses have quickly rolled out applications and delivery […]