Selling – Page 9 – Pat Sherlock

How Customer-Centric is Your Sales Organization?

Many mortgage managers consider their companies to be originator-centric. These senior executives believe that sales employees drive success and they feel that their lender’s originator support is a competitive advantage. I certainly understand this viewpoint, especially in such a difficult recruiting environment. However, I would argue that focusing entirely on the originator experience can lead […]

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Quicken and its 25% Market Share Goal

Last week, Quicken shared its third quarter 2020 results with analysts, reporting record volume. While this is not surprising considering our recent historically low interest rates, Quicken’s numbers are truly extraordinary. The company is closing $1 billion in mortgage loans a day! This is impressive by any standard but there were a few revelations

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What Mortgage Originators Can Learn from Chess

In my training classes for originators, I often compare selling to sports to help students understand key concepts. The analogy works because students can easily relate to the similarities — the competition; the emotional highs and lows; and the identification of clear winners and losers at the end of a game. While all of

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The Real Reason Why Originators Lose Customers

In the current marketplace, with borrowers still coming to originators in droves because of low interest rates, losing referral sources or former customers doesn’t seem like a big deal. There is always someone else to replace them in a hot market. But if the MBA 2021 forecast is correct, lenders and originators will experience

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Delusions and Excuses Regarding Video Selling

While 2020 has been a banner year for mortgage origination, 2021 may prove to be a different story. The latest MBA forecast predicts that the year ahead will be great for purchase money, but total volume is expected to drop by 23% due to a reduction in refinance business. This should be a wake-up

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How to Master Remote Selling Skills

With recent interest rates at historic lows, originators haven’t had to worry about perfecting their selling skills because customers have come to them in droves. At the same time, Covid-19 restrictions have prompted consumers to shop remotely for food, cars, and everything in between. In response, businesses have quickly rolled out applications and delivery

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What Mortgage Bankers Can Learn from Netflix

As we approach the end of the year, it is a good time to reflect on strategic challenges facing mortgage sales groups. While the housing finance industry has had a terrific year in terms of volume, it is clear that the consumer’s home loan buying journey has forever changed. In my view, if lenders

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Four Keys to Working Smarter

Last week, I spoke to a leading sales group in mortgage banking on what it will take for lenders and originators to succeed in 2025. I realize that it is hard to focus on the future when the present is so hectic in mortgage origination but, 2025 is only 1,500 days from now. It will

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Why a Convenient Loan Process Matters More Than Ever

On September 2, 2020, Quicken Loans announced its first earning results as a publicly traded company. While the lending giant’s performance was terrific, there were a few things that I think were especially noteworthy: their gain on sale was a whopping 519 bps; and they are serious about obtaining 25% market share. It was no

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$3 Trillion in Mortgage Volume and its Unintended Consequences

Last week, the MBA reported that 2020 has been the best year in the industry since 2003 and that the volume generated to date is already $1 trillion more than in 2019. One of the few positive spots in the economy has been the housing market where there are not enough real estate sellers and

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