In the last 24 months, I have conducted more than 60 interviews with senior executives from all sectors of mortgage banking for my top-rated podcast, Mortgage Manager Playbook. With careers in TPO, Retail and Consumer Direct and an average 25 years in the industry, these individuals have done everything from launch phenomenally successful start-ups […]
The Top 5 Hiring Mistakes in Mortgage Banking Read More »
In a recent conversation, a mortgage coach told me she was asked to coach an experienced originator who was considered high potential for a sales team. When the coach met with the originator, she found out the individual was only producing two units a month and only worked four days a week. It was clear
The Dumbing Down of Originator Excellence! Read More »
After working with sales organizations for the past 20+ years, I am always amazed how accurate the Pareto principle (80/20) is when analyzing loan officer production. In every sales group, there is always a smaller number of originators (the vital few) who are successful regardless of market conditions, volatile pricing and the highly regulated lending
Be Obsessed or Be Average! Read More »
During my recent MBA webinar series on recruiting, hiring and onboarding, I polled participants on these topics. Last week, I asked students “What percent of new hires leave the company or are terminated within 180 days of their hiring date?” The answer was shocking. Attendees estimated that 60% of their new hires don’t last
New Hire Turnover is Hurting Production Results Read More »
In the current marketplace, companies are recruiting like crazy in an attempt to improve sales performance. The problem is that hiring top producers is difficult because they are not easily pried loose from a competitor. As a result, companies end up recruiting and hiring middle-of-the-road originators, hoping that CRM systems and marketing will transform
The Impact of Hiring Average Originators Read More »
Conventional wisdom in mortgage banking contends that it is a smart bet to hire experienced originators because they will be able to ramp up quickly; are already trained; and have a book of business. Hiring inexperienced salespeople who need to be trained is viewed as a more risky investment. While this strategy may hold true
Why Conventional Wisdom on Experienced LOs is Wrong Read More »
It is hard to believe, but the first quarter is almost at an end. I think that it is a good time to discuss the falsehood of “getting one more loan” out of average originators. I have discussed this before, but it is such a common belief by mortgage origination managers that I believe it
Is Your Origination Model Ineffective? Read More »
In 2015, the retention of top producers (the top 10% of a sales force) will once again be a critical issue for many sales organizations. Losing top performers has a negative impact on a company that reaches far beyond lower volume. A top performer’s presence in a market is not easily or quickly replaced. Studies
Start the New Year Off Right: How to Keep Your Top Producers Read More »
