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 »
As we move further into the second quarter of the year, it is a good time to reflect on changes needed to kick-start sales performance. Certainly, rising interest rates, changing regulations and new technology can seem overwhelming at times. While these external factors can pre-occupy originators and their managers, the truth is that change needs
Bill Belichick’s Four Success Strategies for a Winning Team 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 »
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 »
Last week, I had a dozen phone conversations with lenders who are concerned about the future of mortgage banking. Some managers believe looser financial regulations are coming back. Others contend that we are in a more transformative period. Whatever comes to pass, one thing is clear: the mortgage banking landscape of the future will not
Mortgage Sales Transformation: Stepping Up to the Plate Read More »
One of the top issues in mortgage banking is the question of how new technology will impact mortgage origination. In previous years, the back office has received all the technological focus and now it is time to shift that attention to the front-line. Certainly, agencies and vendors are finally coming out with products to address
Are Your Originators Digital Exiles? 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 »
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 »
For any business, failure to change and adapt to new marketplace conditions can be fatal. One recent example of this was Nokia’s acquisition by Microsoft. A LinkedIn article referenced Nokia’s CEO lamenting that “they did nothing wrong, but somehow lost the battle” when announcing that their company had been acquired. While Nokia had been a world
Failure to Change is Fatal Read More »
