Last week at the NY Secondary Market conference, most of the sales executives I met with asked, “What is the most important issue going forward for the industry?” My response I think will be surprising to many. While improving the manufacturing part of the process is important and long overdue, I believe our real challenge […]
The Changing Role of Loan Officers Read More »
Prospecting is more difficult than ever because of all the filtering devices that exist. Yet salespeople still must prospect for new customers if they want to be successful in the long run. Unfortunately, originators who use phone calls or emails to prospect are experiencing record low response rates. Can you blame people for not answering
How to Cut Through the Clutter with Prospecting Efforts Read More »
I just watched the Oscar and BAFTA award-winning documentary “Free Solo” which follows Alex Honnold as he climbs Yosemite’s El Capitan, a 3,000-foot granite monolith, without ropes. This is an incredible story as Honnold becomes the first person ever to accomplish the feat. The film is breathtaking and gives viewers the feeling that you are
What “Free Solo” Can Teach Mortgage Originators Read More »
Last week, Macy’s and J.C. Penney announced plans to turn around poor performance for their respective businesses. This is not a new issue for either firm. Both former retail giants have been in a downward spiral for many years. Executive management changes and different strategic directions — from everyday low prices to mobile checkout stations
A Legacy of Bad Decisions and Mortgage Banking Read More »
In last week’s blog, I discussed the role of technology in mortgage banking and where the originator position is heading. I believe that in the not-too-distant future, artificial intelligence technology will be integral to the operational side of the business and will usurp functions that originators have traditionally performed. No longer will originators determine product
The Future Role of Originators is Micro-Influencing Read More »
As anyone in the mortgage banking industry knows, loan origination is a hard job. The emotional roller coaster that originators go through on a daily basis is not for the faint of heart. Today, in our more difficult marketplace, this is especially true. Whether it is coming from the company or the individual, the pressure
Three Reasons Originators Fail at Lead Generation Read More »
Originators know that their database of closed transactions and referral sources represent a gold mine for future business. Obviously, people with whom you have already done business are easier to sell to than prospects you don’t know. This is not news. In fact, I would argue that originators who have the largest number of people
The Answer to “What Have You Done for Me Lately?” Read More »
It seems that every time production gets more difficult, originators and their managers request training on how to increase their sales results. While it is reasonable to think that originators simply need to work harder to generate better results, this often isn’t enough to correct a sales slump. In my experience, the real solution is
The Fallacy of Doing More in Origination Read More »
During a recent sales audit for a mortgage lender, I asked originators if they marketed to previous customers. They responded that their company sent out birthday and anniversary cards automatically through a CRM system. Everyone felt this effort was enough to generate referrals. Many of the producers also said they didn’t have time to do
Are You Marketing to Past Clients Effectively? Read More »
Today, many sales training firms advise originators to adopt a “teaching” sales model as a way to win with a more knowledgeable customer. While this seems like a logical, reasonable approach, the sales process can be anything but. Therein likes the rub. Let me explain. Originators who operate as teachers believe that if they simply
Do Your Originators Sell as Teachers or Leaders? Read More »
