There is no question that the back office in mortgage banking is rapidly changing with the rollout of e-mortgages and Day 1 certainty products. Faster loan processing is becoming an important competitive differentiator with firms promising closing times of two weeks or less. Lenders who do not respond to consumer demand for speed of […]
Why Digital Personal Branding is Critical for Success Read More »
Not too long ago, producers who originated a couple loans a month could make a decent living in mortgage banking. During the subprime years, it wasn’t unusual for originators to work part-time and generate substantial income due to high payouts. Those days have been over for a while but the industry still has many originators
The Rise and Fall of the Two-Unit-a-Month LO Read More »
One of the hottest topics in mortgage banking today is how to implement a great sales culture. While senior managers are talking about sales culture, not many understand what a great sales culture looks like or what is required to create one. Unfortunately, many managers mistakenly believe that a great culture is based on having
Seven Strategies for a Great Sales Culture Read More »
Recently, Ford Motor Company abruptly terminated its CEO, Mark Fields — a move that surprised many people in the financial sector. Apparently, the board of directors and chairman Bill Ford, Jr. believed that Fields had not done enough to put the company ahead of the curve regarding future technology in its industry, specifically in the
The Firing of Ford CEO Mark Fields and Mortgage Banking Read More »
In Tom Friedman’s latest book “Thank You for Being Late: An Optimist’s Guide to Thriving in the Age of Accelerations,” he calls climate change a “black elephant” phenomenon. A black elephant is a cross between a black swan (a rare, low-probability, unanticipated event with enormous ramifications) and the elephant in the room (a problem that
Mortgage Banking and Black Elephants Read More »
Retail stores are closing in record numbers. According to a research report by brokerage firm Credit Suisse, it\’s possible that more than 8,600 brick-and-mortar stores will close their doors by the end of 2017. Many well-known brands such as Macys, Sears and JC Penny are not doing well in today’s marketplace. By comparison, the Credit
Are you a Day 1 Mortgage Company? Read More »
In my sales training sessions with originators, it is clear that many of our industry’s producers are having a difficult time selling in today’s hyperconnected world. Likewise, management teams are facing similar issues. The big question is how to sell and market products and services when unlimited information, short attention spans and intense competition have
Why Sales Success is like High School Read More »
The refinance market seems to finally be coming to end with the recent interest rate increase. While the writing has been on the wall for a while, it is amazing how many managers and their companies are acting shocked. The most striking thing about it is how many are unprepared for what has been discussed
Black Swans and Mortgage Sales Read More »
Recruiting sales talent has reached a crazy level in mortgage banking. From retail to TPO, originators are being enticed with ever-increasing bps payouts to join new firms. It is a good time to be an originator and a bad time to be a lender. Competition for talent and production has intensified because of leadership’s failure
Show Me the Money: The False Allure of High BPS Payout Read More »
When discussing mortgage retail strategies for 2017, I hear two distinct camps of thought from senior managers generally based on their current responsibilities. Distributed retail managers talk about their branches while consumer direct managers speak about their centralized call centers. In mortgage banking, separate retail structures have been in place at most companies for years.
The Ever-Changing World of Retail Origination Read More »
