Most mortgage lenders operate on a commission-only basis, making consistency an almost non existent term in relation to paychecks. However, with a solid business plan and good networking skills, a dedicated mortgage loan officer can do well, even in this economy. Hard work, dedication and consistency are the keys to success, as in any job.
Battling between the K and HomeStyle rehab loans? Some are very successful, but many more are just average, which I define as those originators that after a solid year or two — or more — in the business, can never seem to break above a three loans a month average or loans a year, even during extreme rate or purchase markets.
The successful originators seem to all share a few common traits, such as drive, systems, and discipline etc. But there is more to it than that. So I set out to discover what keeps these few top performers successfully producing year in and year out, and enjoying a successful and lucrative career.
After careful research and observation, I have recognized eight habits and traits all these successful performers have in common. They Have a High Level of Drive Plain old-fashioned desire and a healthy self-image are key traits of the mortgage officer business plan performers in any industry.
Before LO Comp, the 1 -3 mortgage officer business plan a month performers still did okay financially, and we all know why. With the changes in compensation these folks are now being pushed to higher levels of performance, and it can be a difficult, if not impossible, transition. The top performers always have their motor on high.
If the customer picks a different lender, the loan officer goes back to the drawing board and analyzes what he or she can do to get a better result next time.
Competitiveness, drive, ambition and a healthy self-image count … big time. They Maintain Systems and Disciplines Everyone talks about them, everyone wants them; few companies possess them, and sadly even fewer originators have the time or skill to develop them.
The best performers follow a strictly defined sales process with a sales funnel to keep clients moving forward in their system. They are scripted with professional sales presentations and templates that are used consistently at every step. There are defined standards and systems for file quality so the customer experience is predictable.
The best underwriters follow strict checklists to do their work, and the best loan officers typically do as well. They originate in a very proactive working environment, rarely needing to request more documentation.
Their goal is to originate loans that will be clear to close on the first submission. They know that reactive work cripples their productivity. They master a database or CRM system and never let anyone or anything fall through the cracks. The ball is never dropped.
There are no stacks of Realtor business cards sitting on their desk wrapped in rubber bands, as if some day they are going to go through them. Every call is returned in a defined time frame.
There is a follow-up plan and discipline that makes sure every possible opportunity is maximized. This can be easily accomplished with a disciplined, determined approach to leveraging a system with a strong database, CRM tools and calendar process.
They Follow a Business Plan It seems pretty obvious that a plan of some kind would help most people achieve a better result. Yet ask the average originator what their business plan is, and you get a blank stare, or a very unconvincing explanation of what they are trying to do.
I believe this is a result of the holdover from LO Comp, where before the new rules, a good-sized government loan could make your month. Closing one loan used to pay — and sometimes still pays — entirely too much income for any one person to dedicate themselves to executing a specific business plan.
The best performers follow a work plan and measure their results against that plan. They adjust and adapt so that the business is not running them, they are running their business. They have bulletproof relationships with a select group of agents that refer them exclusively.
Now, I have nothing against any of these specialty programs ReverseK, ks, state-sponsored etc. I do believe it takes a commitment to becoming excellent at your craft, to be able to deliver the best borrowing experience for the clients.
After all, they are picking up the tab. And doing one reverse mortgage a year will never make you an expert. They like to use the assembly-line analogy. Ask an originator how many leads, credit report pulls, appointments, pre approvals, contracts and applications, and closings he or she has in a specific time period.Oct 05, · Are you a Mortgage loan officer looking to promote your business?
Our 3 Simple and Easy Mortgage Loan Officer Marketing Ideas will help you stand out in your industry. Buying a house can be a stressful process, particularly for a first-time buyer.
Getting approved for a mortgage loan Reviews: 5. Eight habits and traits of successful mortgage originators. They Follow a Business Plan.
Management’s direction and the loan officer’s business plan can usually be summed up in 5 or 6. Claremont Funding mortgage broker business plan executive summary.
|Eight habits and traits of successful mortgage originators||Buying a house can be a stressful process, particularly for a first-time buyer. Getting approved for a mortgage loan can be one of the greatest sources of anxiety.|
|A Sample Mortgage Brokerage Firm Business Plan Template||Most mortgage lenders operate on a commission-only basis, making consistency an almost non existent term in relation to paychecks. However, with a solid business plan and good networking skills, a dedicated mortgage loan officer can do well, even in this economy.|
|Be a Teacher, Not a Salesman||How to Create a Business Plan for a Mortgage Producer by Charles Crawford - Updated September 26, Every new business needs a plan and mortgage originators or producers are no exception. Writing the business plan for your mortgage company forces you to consider important subjects early on, before they can develop into serious mistakes that may not be correctable.|
Claremont Funding is a mortgage brokerage serving the lending needs of real estate . A Loan Officer with a well-constructed Business Development Plan that accurately forecast their sales targets, allows you to spend more time developing your own business rather than reacting to.
Oct 05, · Are you a Mortgage loan officer looking to promote your business? Our 3 Simple and Easy Mortgage Loan Officer Marketing Ideas will help you stand feelthefish.coms: 5. A Sample Mortgage Brokerage Firm Business Plan Template Business Overview Mortgage Brokerage firms are established with the sole aim of providing a convenient platform in form of long term loan to those who want to buy their own property.