One of the biggest mistakes I see with LOs is that they believe their job is to manage every potential borrower who contacts them. In selling, the best sales professionals understand that not every prospect will match to their product or service. Top producers operate on the premise that real estate agents are their main […]
Are Your LOs Making this Common Selling Mistake? Read More »
Selling success requires a commitment from LOs to “get better every day” by learning something new and practicing the habits that separate top originators from average or sub-par producers. It is easy for LOs to say I will do it tomorrow or when things slow down or when I have more money to invest in
The Secret to Sales Success in Mortgage Banking Read More »
In a more difficult mortgage market, it seems that old, potentially disastrous strategies are surfacing once again. With the decline of refinance lending, lenders are loosening underwriting conditions, relaxing credit guidelines and adding higher-risk credit products. It seems that every day, I’m receiving ads for 100% lending in my inbox. I am also seeing lenders
The Case for Changing How We Measure LO Performance Read More »
Over and over again in my sales training classes, I encounter originators who do not understand their fundamental role as mortgage loan creators. While many producers believe their main purpose is to service their lender’s current customers, they must also generate new business. Originators who fail to create new loan demand are essentially customer service
Do Your LOs Have What it Takes to Generate New Business? Read More »
In my sales consulting practice, I have conversations with senior managers every day about sales professionals who are not generating enough volume. At some point during our discussion, executives will often comment, “I don’t have time or the money to train them.” Without an investment of time, money and training, it is highly unlikely
Three Questions to Ask Before Investing in Sales Training Read More »
The people we surround ourselves with can greatly impact our success – either negatively or positively. This isn’t newsworthy. In fact, your mother probably gave you some version of that advice when you were growing up. In the business world, much has been written about the importance of having an inner circle of mentors and
Three Types of Advisors Every Originator Should Have Read More »
Since 1999, I have analyzed top originators’ practices and personality traits — that’s 22 years and counting! I have conducted numerous validation studies in collaboration with psychologists to pinpoint the innate competencies that drive individuals to succeed in mortgage sales. The simple reality is that mortgage origination is a hard business and not everyone
How Well Are Your Originators Managing Their Most Important Asset? Read More »
Once LOs reach a certain level of success, they will inevitably face the decision of whether to form a team or operate as an individual contributor in their lender’s organization. What success looks like for each originator is different. For some, it is generating over $20 million in annual loan volume. For others, it
The Hardest Career Decision a Loan Officer Will Ever Make Read More »
The 100% commission pay structure has long been considered the gold standard in mortgage lending as the best way to motivate originators to generate more volume. Implicit in a 100% commission pay structure is that a large reward is available for sales professionals who do well. Lenders assume that originators who fail to perform will
The Flaws of 100% Commission Pay Plans Read More »
Why do sales groups and originators fail? While there are many reasons for poor results, one that I see frequently in my sales consulting practice is the “I am different” rationale for not making necessary changes and adapting to a new environment. Yes, every lender has a distinct customer base and marketplace. But, the
The Fallacy of “I am Different” Read More »
