I just returned from the MBA conference and as mentioned in Rob Chrisman’s blog, attendees were generally positive as a whole and many were having a good year and felt that the TRID issues were pretty much behind them. Certainly that was my impression as well, but I also thought on a deeper level that […]
MBA Annual Conference: The Fight between the Old Guard and the New Guard Read More »
With the pro football season finally underway, the enthusiasm for my team — the Philadephia Eagles — is high. When you haven’t won a championship since 1960, every year could be THE year. This season, I find it interesting that the Eagles head coach Chip Kelly has replaced 40% of his team, even though he
Is There a Leadership Shortage in Mortgage Banking? Read More »
It seems since time immemorial, organizations have been faced with deciding whether to position themselves as a lowest cost seller versus a provider of value. In fact, just last week, I had this same discussion with an executive regarding a fairly new mortgage start-up. It came as no surprise that the new company believes they
The Continuing Debate of Selling Price vs Value Read More »
In a recent MBA webinar, economist Mike Fratantoni made the point that the mortgage banking industry has had 45 years of refinancing volume and would not see another wave like this for many years. Fratantoni estimated that moving forward, origination will be 65% purchase money and 35% refinance — nearly a reversal of what it
What Drives Future Success in an “Irrational” World? Read More »
Every salesperson knows the metaphor of low-hanging fruit. In sales origination, it means the easiest or simplest way to generate volume. These are the most obvious opportunities because they are readily achievable and do not require a lot of effort. In mortgage banking, refinances have provided low-hanging fruit for a long time. The problem is
Do You Know the Number One Problem in Mortgage Origination? Read More »
Since the 1980’s the most popular sales training method has been on needs-based selling. Even today, many mortgage companies teach this approach to originators as a tactic for prospecting for brokers or referral sources. The trouble is that needs-based selling is no longer effective in a world where buyers have unlimited access to
Still Using Needs-Based Sales Training? Read More »
It is no secret that that all phases of mortgage origination are undergoing dramatic change. Whether its new regulations or customer buying habits, everything is in a state of flux and the old ways of origination are under scrutiny. For example, does it make sense to have a distributed sales model when customers want answers
The Importance of Quality Processors Read More »
Whether you manage a team of originators or run a mortgage company, the critical issue is always how to move the group to the next level or scale the business. Of course, riding the wave and hoping for the best might work for a while but at some point, selecting a strategy becomes the most
Scaling your Sales Team for Growth Read More »
In the mortgage industry, the rate of change has been unprecedented in recent years. From regulations and CFPB audits to acquiring referral sources and customers, the business environment is constantly changing and managers can no longer play it safe or settle for the status quo if they want to succeed. As Buckminster Fuller, who created
Does Your Sales Organization Have Enough Change Agents? Read More »
During sales training, when I ask originators to define selling, many reply that their job is to decide what customers want or need and then persuade them to buy it. This sounds reasonable and most sales people will agree that this is what they experience when making their own purchases. Certainly, most sales training is
Is Your Sales Force Pushing or Pulling Customers? Read More »
