I often hear from managers asking about training their underperforming originators. With the marketplace shift to purchase money, leadership teams have put underperformers on their radar as they try to address lower volume. When the market was hot last year, underperformers were there but overlooked because refi volume was off-the-charts. Now, with a less […]
When Does a Training Investment Make Sense? Read More »
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 »
The “do whatever it takes” sales strategy — a common mantra in mortgage banking — is often promoted as the best way to be successful in selling. This is no surprise when originators are on 100% commission and sales results drive their income. Many managers believe that each producer determines his or her own success
Why Doing “Whatever it Takes” Isn’t Enough to Improve Sales Results Read More »
In recent conversations with mortgage sales managers, many lamented that senior managers at their companies don’t want to hear the truth about potential issues. According to the sales managers I spoke with, senior executives only want to hear how wonderful everything is and that nothing needs to be improved. Furthermore, these sales managers said
Does Your Sales Group Only Encourage “Unicorn” Feedback? Read More »
Every day, sales professionals experience how the customer’s buying journey has changed. This is not unique to mortgage banking but is true across the entire retail landscape. Whether a company is selling widgets or lending products, the world of customer purchasing has undergone a dramatic transformation. As a result, the traditional sales techniques for
Strategic Inflection Points: What is the Best Strategy? Read More »
In just 39 days, 2020 will be here. For many in mortgage banking, 2019 was great; for others, not so much. In the year ahead, sales organizations will need to address the challenges inherent in a marketplace characterized by the resurgence of purchase money and the reduction of refinance volume. It seems like some originators
Five Questions You Need to Ask Yourself Before the New Year 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 »
In today’s volatile financial marketplace, lenders and their originators must position themselves as different from their competitors if they want to be successful. This reality is challenging everyone to abolish a “being average mindset” in delivering their services from prospecting to closing. Not doing so is a ticket to becoming irrelevant. Obviously, differentiating yourself
If Nothing Changes, then Nothing Changes Read More »
In a recent conversation with a veteran mortgage banking trainer, he commented that invariably in every class, there are adopters of the new selling techniques and those who plainly reject what is being taught. In my consulting practice I’ve seen this time and again. I find that top originators are more than willing to learn
Are Your Originators “Training Fakers\” or Resisters? Read More »
In a recent conversation with a veteran mortgage banking trainer, he commented that invariably in every class, there are adopters of the new selling techniques and those who plainly reject what is being taught. In my consulting practice I’ve seen this time and again. I find that top originators are more than willing to learn
Are Your Originators “Training Fakers\” or Resisters? Read More »
