Do you ever wonder why some originators do really, really well with a system or strategy and you struggle with the same stuff?
Which system, strategy, or program is right for you? How do you choose?
What will really make you successful? Listen to today’s Originators Guide podcast to find out what 3 key ingredients you will need to have to very successful in life and business.
Known as one of the mortgage industry's premier coaches, Tim brings marketing savvy and sales acumen to the Top of Mind Blog. He's a heck of a lot of fun too.
Today’s consumer is looking for an expert. They want a loan officer they can place their trust and confidence in to get their deal done.
The question is…Are you that loan officer?
Do you have the confidence you need to win today?
Do you have the credibility within your market?
Do you have influence in the purchase money market with agents?
Listen to my interview I did with a loan officer who wanted all of these things and more and how he discovered how that writing a book would open many doors in his business. You will be blown away, encouraged, and inspired!
Known as one of the mortgage industry's premier coaches, Tim brings marketing savvy and sales acumen to the Top of Mind Blog. He's a heck of a lot of fun too.
So much talk has been going around about the future of the mortgage business. Some brokers have been questioning the wholesale business and if it will still be around, while some originators at banks have dealt with the fear of being shut down by the Feds. Where is the truth and what does the future really hold for the loan officer?
Should you be a broker, banker, or candle stick maker? Is there a safe place to hang your hat?What can you be doing to secure your future?
These are the types of questions I am getting a lot lately, so I devoted an entire podcast to what I think today’s loan officer should be doing.
If you are in need of some hope, real life strategies, and a clear vision for your business then be sure to listen to this podcast.
Known as one of the mortgage industry's premier coaches, Tim brings marketing savvy and sales acumen to the Top of Mind Blog. He's a heck of a lot of fun too.
Wow! we have seen a lot of changes and more are on the way. Many people are questioning, what is coming next, how do I handle it, and what should I do with my business and career. I have found that it really all comes down to 4 simple strategies that the top people do to get, keep, and maintain success.
Here they are…
1. Determine your commitment level. Are you all in or all out. It just isn’t possible to get half pregnant so you either are or you are not. There is the story of having eggs and bacon for breakfast that really drives this point home. In the story, the chicken was available, but the pig was committed. There are a lot of opportunities in today’s market, and how you see them is based on your level of commitment.
2. Be Consistent! It is really hard to gain traction and everyone wants something now. I hear it all the time…What is working now? What people really mean is how can I get a loan that will close today so that I can put a paycheck in the bank. When you determine to be committed, you also have to realize that success is built over time, not all at once. You will meet failure face to face on your journey, but you must remain consistent throughout.
3. Be Memorable! If you go to an agents office, speak at a chamber event, or network at BNI are you someone people will remember? You’d better be if you want to succeed. Develop your brand, your image, and your hook and think outside the box. Make it a part of who you are as a person. Stand out or sit down. People are too distracted today to think of you unless you are truly rememerable. Gitomer says, it is not who you know, but who knows you!
4. Develop Quality Relationships! At the root of every successful person is a rolodex of quality realtionships that they worked to develop over time. When you meet an agent, client, or referral partner what system do you have to build the relationship? Remember you must invest 100% of you into the relationship for it to be a success because you can not control the investment of the other party. Choose your relationships carefully and then give them all you got!
Think about how these apply to you. Are you being your best? If not, then improve, the choice is yours!
If you need help with your sales, then check out our new book! It is a real kick in the pants and guaranteed to help you bust out of a sales slump!
Known as one of the mortgage industry's premier coaches, Tim brings marketing savvy and sales acumen to the Top of Mind Blog. He's a heck of a lot of fun too.
So often I hear the statement, “What can you give Realtors to get them to do business with you?”
The answer is simply this…find their problem and solve it. In fact that is the answer for getting anyone to do business with you.
“When you have a solution to their problem, they will come to you rather than you chasing them!”
The challenge is in finding the problem. In order for you to find the problem here is what you have to do…
1. Have a professional meeting with the agents. As them questions about their business. Do not go in looking to get deals, go into the meeting looking to present yourself as truly interested in their challenges
2. Do not try and problem solve at the meeting. Take good notes and then think about solutions during a quite time away from the office.
3. Keep the solutions simple. Don’t attempt to make a 75 step process to solve a problem. Very often a problem can be solved with a worksheet or checklist.
We recently started a Circle of Champions campaign that has literally taken off like wildfire! I just completed an office presentation for a group of agents who I knew were looking for solutions to closing loans in today’s market. After the 20 minute presentation, I offered to come in 2 times per month and coach their team personally because they had said that accountability was their biggest problem. I had 17 agents sign up that day!
Out of that we developed a product called “How to Shorten the Sales Cycle and Get Paid Faster!” in which the agents must sit down one on one with one of our loan officers to get the program. (I purposely did not make it a download, because I want them to call us!)
Known as one of the mortgage industry's premier coaches, Tim brings marketing savvy and sales acumen to the Top of Mind Blog. He's a heck of a lot of fun too.
If you have not woken up to the reality that the purchase money business is where your long term career should be focused now is the time! As rates rise, you need to get out in front of the pack early to win at originating purchase money loans.
Many loan originators suffer from a case of, “I can’t get agents to refer me business”
Here are 3 keys to attract, hook, and get business from agents…
Tell the Truth!
It is absolutely critical that you lay out the truth to your agents about every deal they refer to you. If it will take 45 days to close, let them know. If you have to work with the credit to get them mortgage ready, let them know. They may or may not receive the news well at first, but they will respect you for telling the truth and that will lead to more referrals.
Keep Them In the Loop!
It is critical that you call them more than they call you during the process. I like to keep in touch with my clients and agents several ways..
Email notifications
Faxes
Video
And most important – phone calls!!!
Never let technology get in the way of a phone call.
Close on Time
Now that can be tricky in today’s market, so do yourself, your client, and your agent a favor and set the proper expectations out from the start. If you think a 30 day close is going to cut it short, get them to buy into a 45 day close at the start. It will save you time, grief, and get you more referrals!
Work hard to develop systems for each of thee areas and you will soon become the originating superstar of purchase money loans!
Known as one of the mortgage industry's premier coaches, Tim brings marketing savvy and sales acumen to the Top of Mind Blog. He's a heck of a lot of fun too.
Too often I think we complicate our jobs. We feel we need something new in order to be a successful loan officer, when all we really need to do is make loans. Sure there are many ways to market yourself and your business, BUT the single most important thing you need to do everyday is find a loan. That is what you get paid to do.
I see loan originators get caught up in this or that, the latest system or strategy, and the stray from the simple task – go make a loan.
Now I know you need a customer so that is why the focus of everyday when you get up should be…How can I find someone who needs a mortgage loan today?
This is a great litmus test to every thing you do. If you are going to a networking meeting, you should go looking for a loan. If you call past clients, you should call looking for a loan.
What does this require? One thing. It requires that you ask the folowing question…
Who do you know that is looking to buy, sell, or refinance?
If you get this question down, then the rest will come pretty easy.
Want more sales, marketing and motivational tips? Check out my free podcast, The Originators Guide on I-tunes!
Known as one of the mortgage industry's premier coaches, Tim brings marketing savvy and sales acumen to the Top of Mind Blog. He's a heck of a lot of fun too.
I just started a new free podcast for Today’s Loan Originator called The Originators Guide. Here is today’s episode and notes. Enjoy and go make a sale!
Setting proper expectations in today’s market
You have to accept the current market
It is what it is. Stop living in the past.
Some will some won’t so what
You have to be knowlegable about the current market, this builds your confidence
This requires study from trusted sources
You have to communicate clearly, politely, and with authority
I like phone communication followed up with a written documents, then seared in with video
Do Not talk industry language with clients. They will nod but they do not understand!
Remember facts tell but stories sell. Use stories to illustrate your point!
You MUST get EVERYONE’S buy in. the agents, the buyers and the sellers!
Make sure you UNDERPROMISE and OVERDELIVER!
This is no time for short rate locks to gain an extra 25
Watch your good faith estimates!
When you know that issues can come up build that into the time!
You have to establish a frequent communication system
You better be calling them long before they call you!
Known as one of the mortgage industry's premier coaches, Tim brings marketing savvy and sales acumen to the Top of Mind Blog. He's a heck of a lot of fun too.
Let me be brutally clear. This blog post is not for the faint of heart, so read at your own risk…
Why do originators seem to be needing rate lock extensions these days? Is it because they were “caught off guard” with the huge rate spike? But then I ask myself if you are a mortgage professional, shouldn’t you have know that mortgage bonds were over bought and would spike at some point? I mean for goodness sake, even if you don’t subscribe to a rate alert service, you had to have been living in a cave to not know that the market is wildly unpredictable and has been for some time now, so why would any loan officer tell someone they can close in 30 days or worse yet float a rate or even lock for 30 days.
I mean come on gang! No one can possibly predict what conditions an underwriter is going to ask you for. No one can possibly predict what the HVCC appraiser will value the home at or even get the report turned in.
And for those originators who want to say that I don’t understand because clients are rate and fee shopping them, I do understand and the next client who ask you about rates and fess should be educated that that is the wrong question. The right question to ask is, “can you fund my mortgage loan before Jesus returns, or can you even fund it at all?”
That would be a great question for customers to ask, wouldn’t it?
At any rate, let me continue…
Now customers are ticked, loan originators are scrambling, and agents are screaming! There has to be a better way!
At some point in life you have to wake up and realize that having to put out a constant bunch of fires is no way to make a living. At some point we need to wake up and become proactive in our approach. We must set proper expectations with our clients, our agents, and ourselves.
But, Tim, you don’t understand! The clients and agents are pushing me to get it done!
Really? Who is leading who here?
At some point you have to stand up and take charge. Those who are with you will follow and those who aren’t will drift off into the hands of blown rate locks, delayed closings, and mortgage hell. Let them go.
What originators need to do is set proper expectations and here is the plan to do that…
Recognize that the market has changed and you need to let your customers and partners know. Understand that you can not out guess underwriting these days.
Educate them on doing 60 day contracts or 60 day rate locks. Give them horror stories of those who didn’t head this advice and how it cost them.
Bring you confidence to the table. That means that you need to be polite but bold and willing to let the client walk if they won’t line up with the program.
Establish a From app to closing system. Become proactive and make sure you are keeping everyone in the loop on the status. I recommend you call them so much that they want to change their phone number.
Becoming a proactive leader means that you set the rules for doing business with you and you understand that not everyone will jump on board. Some will, some won’t, so what.
Plan for the worse and hope for the best and you won’t get caught in rate lock extension hell.
Known as one of the mortgage industry's premier coaches, Tim brings marketing savvy and sales acumen to the Top of Mind Blog. He's a heck of a lot of fun too.
I love systems. I love strategies. I love marketing and selling, but none of this will work on a terrible, horrible, no good, very bad day.
And that my friend has more to do with how you react to circumstances, rather than the circumstances themselves. Zig Ziglar said that “attitude is everything” and he is right when you take a great attitude and put major action with it.
I have spent a lot of time studying the mental game of selling. How you feel about situations, how you react, and what you believe is possible will manifest itself into your life.
Don’t believe you can do business with the top agent in your city? You are right! Don’t believe you can make your goal? You are right!
But change what you believe and then you change your destiny!
Good news is hard to find. You have to search it out. You have to diligently seek out the positive. That is why I put together a short 21 minute audio called The Maximum Potential Originator. It is too large to upload to a blog, so I made a website for you to get a free copy.
My hope is that it will encourage and inspire you in your business, but that is up to you!
In the meantime you may enjoy a video of one of my favorite books…
Known as one of the mortgage industry's premier coaches, Tim brings marketing savvy and sales acumen to the Top of Mind Blog. He's a heck of a lot of fun too.
Do you ever wonder why some originators do really, really well with a system or strategy and you struggle with the same stuff?
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So often I hear the statement, “What can you give Realtors to get them to do business with you?”
