Last week, shock waves rippled through mortgage banking after 50 basis points were unexpectedly added to refinance loan fees. This action took a lot of lenders by surprise and sent many originators into panic mode. This is yet another example that the business world is filled with events that can seemingly come out of nowhere. […]
What Car Salespeople Can Teach Originators Read More »
Since the COVID-19 outbreak, the normal way of doing things is being redefined on a daily basis. Many financial experts consider this global pandemic to be a “black swan” event. From Nassim Taleb’s \”black swan” theory, the term refers to rare, unexpected events of large magnitude with potentially severe consequences. While predicting the future
Does Your Sales Strategy Align with How Consumers Want to Buy? Read More »
Last week, I discussed highlights from Quicken’s IPO and how the company has achieved record growth by having a defined sales process; and training and developing employees. While these are certainly not new concepts, they are rarely practiced at mortgage banking firms. While a number of lenders claim to provide employees with a structured
How to Conduct Training According to Quicken Read More »
Last Tuesday, the Quicken IPO was finally filed after countless rumors that it would happen. Based on my recent conversations with sales leaders, there is no question that Quicken’s S-1 was read closely by mortgage executives across the board. Much of the material from ISMs was well known in the industry, but some statements were
Two Essential Keys to Quicken’s Success Read More »
There is never a perfect time to make changes to your sales process. In the current marketplace, where volume is overwhelming and many lenders are turning away business, it may seem counterintuitive to discuss what it will take to succeed in a 2021 purchase money environment. Nothing could be further from the truth. According to
It is Never the Right Time . . . Read More »
During my recent MBA webinar, “Owning the Customer: Keys to Originator Success,” I asked attendees whether their originators were reaching out to former customers. The overwhelming majority said producers were only using the lender’s CRM system to maintain contact. When asked to rate originators on customer engagement, the same attendees gave their producers a solid
Owning the Customer is an Originator’s Chief Responsibility Read More »
Selling is an emotional business that requires sales professionals to have a high level of emotional intelligence if they want to succeed. Emotional intelligence refers to originators’ ability to recognize, understand, and manage their emotions as well as those of their prospects and customers. This is not news. While sales candidates might be attracted to
Sales Success Starts with “Know Thyself!” Read More »
The most common selling mantras are based on the concept of “doing more.” Managers have forever emphasized that if originators simply work harder, knock on more doors or make more calls, sales success is guaranteed. While this sounds reasonable, it is not correct. It takes something else to succeed in origination. In selling, the “doing
Why Working Smarter is the Best Bet Read More »
Every crisis provides an opportunity for mortgage managers to put everything on the table and re-examine their LOs’ selling models as they determine the best path forward. One manager recently said to me, the pandemic has changed everything and “inmates are no longer running the asylum in mortgage banking.” Of course, this may not be
Do You Really Want to Be a Successful Originator? Read More »
While lenders are super busy now, many in our industry are wondering what mortgage lending will look like after the pandemic is over. Will we return to “business as usual” or will the environment be completely different? I believe it will be the latter. For managers with 20 years or more left to work
Winning in a Period of “Optimum Warning” Read More »
