It seems every conference and industry newsletter discusses the latest technology that will make sales organizations more successful. Whether it is the integration of Ellie Mae with Blend or Day One Certainty, a technological solution is often touted as the cure-all for the industry’s issues. Certainly, speed and efficiency are important when providing a […]
The Impact of a Level Playing Field in Sales Technology Read More »
As a sales organization “fixer,” I see first-hand how companies are defining their current sales problems in terms of external events such as rising interest rates, compressed margins and too many regulations. In my opinion, this outward focus masks the real issues why a company fails to implement essential changes. Too often, change
Are You Willing to Be a Disruptor? Read More »
Since time immemorial, selling has been defined by having a physical location. Whether in movies, books or on TV shows, the salesperson has typically been portrayed as someone who travels to a market and physically visits a customer or potential prospect. Similarly, a sales manager’s primary job has been to take the map of a
Redefining Market Presence in Mortgage Banking Read More »
While sales results have not been stellar this year, many mortgage banking managers believe that if their originators would just work harder, production would turn around. Unfortunately, working harder won’t make an appreciable difference amid our dramatically changing marketplace. What will? Succeeding in today’s difficult sales environment requires working smarter and adopting new selling
Working Hard is Overhyped! Read More »
One of my colleagues recently observed that mortgage bankers are facing difficult decisions regarding the fundamentals of their business. Caught between a rock and a hard place, these firms are trying to implement critical fixes while generating volume and revenues to fund the necessary changes — not an easy task! According to my colleague, the
Why Mortgage Banking Should Be \”Open While Renovating\” Read More »
One of my colleagues recently observed that mortgage bankers are facing difficult decisions regarding the fundamentals of their business. Caught between a rock and a hard place, these firms are trying to implement critical fixes while generating volume and revenues to fund the necessary changes — not an easy task! According to my colleague, the
Why Mortgage Banking Should Be \”Open While Renovating\” Read More »
While watching the annual Macy’s Day Parade, a yearly tradition for many families including mine, I thought about a recent New York Times article that noted Macy’s real estate ($16 billion) is worth more than the company’s market value ($6 billion). It is no secret that Macy’s has been battered by e-commerce competition. Its sales have
The Signs of a Troubled Lender: When to Make a Change Read More »
In the 1960’s, Hanna-Barbera produced an animated sitcom TV show called “The Flintstones” depicting family life in the pre-historic days. In this fantasy version of the past, cavemen co-exist with dinosaurs and other long-extinct animals such as saber-toothed cats, and woolly mammoths. Like their mid-20th century counterparts, these cavemen listen to records, live in split-level
Are Your Originators Jetsons or Flintstones? 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 »
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 »
