Jamie Dimon, Chairman and CEO of JPMorgan Chase Bank and respected banking industry guru recently said in an interview that bankers lack imagination when it comes to envisioning what their customers need. He noted that Fintech companies in particular, “are making great strides in building both digital and physical banking products and services. From loans […]
Are You Hiring Radical Change Agents? Read More »
In my recent conversations with mortgage executives, many are considering reducing their sales staff now that volume has slowed. The consensus is that now is a good time to cull bottom-tier producers who are only generating 20% of the total volume. However, because mortgage lending is characterized by perpetual “boom or bust” cycles, I believe
Culling the Herd: A Smarter Way to Reduce Your Sales Staff Read More »
In mortgage banking, it is commonplace for originators to adopt the practices of successful producers. If one salesperson rises at 4:00 a.m., everyone else feels they must follow suit. If a top producer is active on LinkedIn, other originators will incorporate the platform into their own marketing strategies. Likewise, lenders are copycats too. If a
Are Your Originators Just Following the Herd? Read More »
During a recent industry webinar, a discussion about reducing time to close a loan boiled down to a single question: What would it take to have a 3-day close? One attendee asked, “Can mortgage bankers even conceptualize a 3-day close?” The event speaker weighed in, adding, “some practices are so ingrained in mortgage banking that
Are Your Sales Leaders Unable to Envision Change? Read More »
During my recent conversations with sales leaders, managers across the board expressed concern about their originators adapting to the new environment of rising interest rates and the shift to purchase money. The decline in refinance business is a reality with mortgage applications dropping 43% in the last week, according to the MBA. This raises
Facing a New Reality: Five Ways to Win in a Purchase Money Market Read More »
In the last few weeks, nearly every conversation I’ve had with senior mortgage executives has centered on one of two issues: finding sales and processor talent; and delivering an excellent customer experience throughout the loan process. To be sure, getting the human capital side of the mortgage business right when volume is through the
Lenders’ Biggest Dilemma: Invest in Training or Be Replaced Read More »
The recent deep freeze and power grid failure in Texas has raised questions about why state government did nothing to plan for the inevitable, even after receiving years of warnings and experiencing a similar cold snap in 2011. While there are differing opinions on exactly why the Lone Star state failed to take precautions, it
The Two Biggest Issues for Mortgage Bankers in 2021 Read More »
For years, the Golden Rule has been applied to the realm of marketing and selling. Treating people like you would like to be treated seems not only morally right but a good practice in the business world. Throughout history, this maxim has been upheld as a key to professional and personal success. But, when
The Golden Rule Doesn’t Apply in Marketing Anymore! Read More »
In mortgage origination, declining interest rates can result in overwhelming volume, as the industry experienced in 2020. While companies and producers alike racked up record profitability last year, a robust refinance market can distract lenders from focusing on critical long-term success strategies. When business is humming along, it is easy to become complacent and
Lenders: Are You Focused on What Matters Most? Read More »
Traditional selling as we know it has been dead for a long time but the global pandemic was the nail in the coffin for the order-taker sales model. This strategy is rooted in the days when salespeople went door to door fulfilling customer demand for products. In that era, products were limited and information
7 Lessons from the Year 2020 Read More »
