Industry Trends – Page 6

Why Conventional Wisdom About the Processor Career Path is Flawed

Conventional wisdom in our industry assumes that the next step for mortgage processors is the underwriter position. In the past, this seemed logical when the processor role was primarily administrative. But today, many lenders expect processors to communicate with borrowers, vendors, and other parties in the loan process. As the processor role has evolved, so […]

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Sales Success in the Best of Times and the Worst of Times

During a recent training session on recruiting originators, I described our current mortgage environment as the “best of times and the worst of times.” The famous quote from Charles Dickens’ “A Tale of Two Cities” offers fresh insights for managers and originators trying to determine the best course of action for sustainable sales success. It

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Winning in a Period of “Optimum Warning”

While lenders are super busy now, many in our industry are wondering what mortgage lending will look like after the pandemic is over. Will we return to “business as usual” or will the environment be completely different? I believe it will be the latter. For managers with 20 years or more left to work

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Restarting vs. Resetting Your Business Sales Model

Amid the COVID-19 global pandemic, where every day is unpredictable — coupled with extreme financial market fluctuations — it feels like being on a roller coaster without any guardrails. The best way to describe today’s financial marketplace is simply as an economic upheaval. This reminds me of the 1987 stock market crash when I

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Successful Selling in a Volatile Market

We are living in interesting times where fact is fiction and fiction is fact. Whether it is COVID-19 protocols or the idea that everything will go back to “normal” after this upheaval, there are a lot of assumptions and misconceptions that will impact our future course. The new reality for mortgage bankers and all businesses

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Does Your Sales Group Only Encourage “Unicorn” Feedback?

In recent conversations with mortgage sales managers, many lamented that senior managers at their companies don’t want to hear the truth about potential issues. According to the sales managers I spoke with, senior executives only want to hear how wonderful everything is and that nothing needs to be improved. Furthermore, these sales managers said

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Are Your Originators Still “Telling and Selling”? They Need to Stop!

Every salesperson has personally experienced how dramatically selling has changed in the last five years. Prospects don’t answer their phones or respond to emails as they once did. This is a daily fact of selling life and is very frustrating, especially for veteran originators. Considering the difficulty accessing prospects in the current marketplace, it is

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What will YOU Do if Refinance Lending Falls by 24%?

According to the MBA industry forecast for 2020, refinance volume is projected to drop by 24% from last year. The MBA predicts that refinance volume will decline even further in 2021 and 2022 with a decrease of up to 29% from 2019. These numbers are eye-opening and should serve as a wake-up call for sales

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A New Decade is Here: Change will be Fast and Furious

This week as a new decade begins, it makes sense to forecast what the next ten years will look like for originators and lenders. Many predictions have common themes such as interest rate fluctuations; the rollout of industry regulations; and the emergence of new technologies in mortgage banking. While these are important concerns, today I

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Social Selling is a Game Changer!

Sales leaders fall into two distinct groups when it comes to what they think about social media use in mortgage origination. One camp believes that it is a time-waster and a compliance nightmare and don’t want their originators actively using it for business. The other group understands that selling has changed and originators must engage

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