During a recent conversation, a mortgage executive expressed concern about installing a structured hiring and selling process even though the organization had a 40% turnover rate. In his opinion, the company’s claim to fame was centered on allowing managers to hire who they wanted and to implement their own sales process. The company’s role was […]
The Importance of a Structured Hiring and Selling Process Read More »
At its annual conference, the MBA released more distressing stats for mortgage retail origination. Last week, I discussed the fact that 60% of originators are not productive. This week, I am discussing data concerning profitability. According to the MBA, the retail business line is generating only 8.5 bps in profitability per loan. Other business lines did
Retail Apocalypse Part 2: The Grim Reality of 8.5 BPS Per Retail Loan Read More »
In my experience, mortgage lenders fall into two categories when it comes to hiring originators. For one group, hiring is all about enticing producers to join their company without setting any criteria beyond a W-2 and loan reports that show the individual can self-source loans. These lenders view the sales force as hired hands
The $1 Million Decision Read More »
Right now, sales organizations are heading into the final stretch to make year-end goals. While time is moving fast, it is not too late to look at what might be holding your sales team back from optimum performance. When conducting sales improvement audits, I see three primary reasons why a group is underperforming: Lack of
Three Causes of Weak Sales Performance Read More »
On LinkedIn, I see an amazing number of mortgage companies advertising for originators. The recruiting pitches are pretty much the same: “our lender has the best and coolest tools so come and work for us.” The perks lenders tout include their mortgage CRM, laptops, the latest from Encompass, personal landing page, social media tools and
Is Recruiting Success about Who has the Coolest Tools? Read More »
Last week on LinkedIn, an originator lamented that he was being recruited by a number of lenders who claimed to be unique but had nearly identical products and technologies. The originator was searching in vain for a company with more to offer than the same old products and payout pitch. In my consulting practice,
Keys to Improving the Hiring Experience for Sales Candidates Read More »
In Charles Duhigg’s great book, The Power of Habit, he recounts the story of Alcoa’s CEO Paul O’Neill who stood up before investors and declared that the company would focus its entire strategy on bringing workplace injuries to zero. The investors were stunned to say the least with his announcement. O’Neill did not discuss profits
What Matters Most: A Keystone Habit Read More »
It is no secret that top producers have long dominated loan production at mortgage companies. In previous blogs, I have discussed the fact that a minority of producers originate a majority of total volume at most mortgage firms. In the past, the top 20% of the sales force produced approximately 80% of the total volume
Do You Have the Right Sales Structure for Your Sales Talent? Read More »
When a salesperson joins a new company, the most critical time period for evaluating whether he or she will be successful is in the first 90 days. This is true whether an individual is a rookie or experienced originator. Why? Because it is easy to be impressed by personable candidates who interview well but
Onboarding is the Best Indicator of Future Sales Success Read More »
The two topics that I am most often asked to train on are prospecting and recruiting. I think this is no surprise since selling in the marketplace is now more difficult than it has been in the past. In many ways, prospecting and recruiting are the same, just with different targets. Both require an individual
Five Keys to Recruiting and Prospecting Success Read More »
