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 »
In the last few weeks, I touched on the macro-selling strategies that lenders and originators will need to succeed in the new decade. Today, I want to go more in-depth and discuss emerging technology that could be a game-changer for salespeople: voice assistants. Yes, voice assistants! While artificial intelligence is often referenced in the media
Voice Assistants: The Next Great Tool for Originators Read More »
During my recent MBA webinar on increasing sales production, many participants raised questions about how to make loan officers more accountable. This has always been a hot topic for lenders and their managers but the issue is especially critical as we approach 2020 and the formidable challenges that lie ahead. Knowing what drives accountability and
The Truth About Solving LO Accountability Issues Read More »
Recently, the catchphrase “OK Boomer” has been trending in the media and on the Internet. The saying gained popularity when CNN showed a video of Chlöe Swarbrick speaking about the Zero Carbon Bill in New Zealand. When she was heckled by an older official, she casually dropped a sharp-tongued retort — \”OK Boomer\” —
Three “OK Boomer” Moments in Mortgage Banking Read More »
Last week, a lender reached out to me regarding consulting services because the company’s production was down 20% from the previous year. This is a familiar scenario in mortgage banking where companies that once had high volumes are experiencing lower production and higher costs. The big question is what can lenders do to turn around their
Are You Running Your Business Like an Ostrich? Read More »
As 2018 comes to a close, the most popular strategy used by mortgage companies to address weak production numbers is to hire more originators. This strategy of hoping that more salespeople will increase total production is mostly a disaster. For whatever reason, the gamble of going on a hiring spree is a risk senior executives
Lenders Don\’t Need More Originators — They Need Better Productivity! Read More »
As 2018 comes to a close, the most popular strategy used by mortgage companies to address weak production numbers is to hire more originators. This strategy of hoping that more salespeople will increase total production is mostly a disaster. For whatever reason, the gamble of going on a hiring spree is a risk senior executives
Lenders Don\’t Need More Originators — They Need Better Productivity! Read More »
The recent announcement that General Motors will be closing plants has sent shock waves throughout the economy. The news seemed to be a surprise for many and was originally attributed to the tariff wars. However, a closer look reveals that GM had the wrong products and structure to face changing consumer preferences. In a New
Why GM’s Failure to See Tougher Times Ahead Matters 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 »
The beginning of each year always sparks the desire to make improvements in our personal and business lives. From losing weight to increasing personal productivity, there are an unlimited number of resolutions to consider. Deciding where and how to begin can be difficult. Productivity experts typically suggest outlining goals and listing plans — essentially starting
The First Question All Originators Must Answer Read More »
