Has your business taken a hike - just like the interest rates?

If you have been in the mortgage business for 2-3 years, I'm sure you realize that the biz has changed.

If you are a rookie, welcome.

If you are a company owner or branch manager, it behooves you to provide your loan officers with the training, guidance and sales tools needed to make more money - so you can make more money.

A lot of loan officers have had the same 3-step training:

1. Here are your business cards.
2. Make up a rate sheet.
3. Deliver it to real estate offices.

Or even worse...the one-step training process:

1. Buying leads!

I thought those days were gone - but within the last few months, I received at least a dozen phone calls from loan originators (from brand new to being in the business a couple of years) whose entire training consisted of these two methods of obtaining business.

You might be saying to yourself - Been There! Done That!

Please don't stop reading this article. I feel that a quick review of some of the basics might help you as a loan originator (and as a manager), will serve as a quick checklist and review of how to get back on track, now that the refinance business has derailed somewhat!

Who is in your sphere of influence? The average person knows 250 people. Write down the names, addresses, phone numbers and email addresses of everyone you know. Family, friends, clubs, church, people you have worked with at your previous job(s), school chums, businesses YOU do business with (dry cleaners, etc).

These are the people who have a vested interest in helping you succeed. The worst thing that could happen is that you find out one of your friends went to another mortgage lender to get their loan - because they did not know you were in the business or couldn't remember which company you worked for!

Training

What training do you need? While most of us immediately think they need to know more about the ins and outs of all the mortgage programs and underwriting issues - the reality is that we need to constantly be face-to-face with prospects, clients, realtors and builders. Learning how to sell and who to market to, will determine which sales training courses you need to take and which mortgage programs you need to know like the back of your hand.

Go back and review your "Sphere of Influence" list. Are there more 1^st time homebuyers on that list? Do they already own homes and could they be your move-up buyers or work with you to buy rental property? Your list should tell you what niche market you should consider.

There are plenty of seminars (both free and fee-based) where you can learn from other superstar originators who have gone before you. Checkout www.MillionDollarBrain.com, www.MGIC.com, www.NewCentury.com and www.LoanOfficerSeminars.com for both blive and online sales and marketing training.

Are you willing to invest in yourself? Way back in 1989, I spent over $2,000 to attend a sales and marketing seminar. My company said they would not reimburse me but I decided to go anyway. ($2,000 is 1989 is about $6,000 in today's dollars.) I doubled my business within 6 months from the sales and marketing tips I received at the conference.

Take control of your future. I recommend that you allocate a certain dollar amount for attending seminars, buying marketing kits, books or CD's. Those dollars are separate from your advertising expense. Don't rely on your company to do it for you.

Hang out! Sit with the processor and underwriter for a day or two. Ask an appraiser if you can tag along. Call a home inspector and learn what they look for when making a house inspection. As a Realtor® if you could accompany them on a listing presentation. Tap your title rep on the shoulder and ask to take a tour of their title plant and attend a closing or two. It's important to know what everyone involved actually does day in and day out.

Which organizations should you join? There are plenty of professional organizations to consider, including your local Board of Realtors®, mortgage broker/banker associations, or home builders association. But, there are others to consider. If you want to get business from CPA's or Financial Planners, join their organizations. Want to setup a Corporate Benefits program? Join the local Chamber of Commerce.

One other thing - don't just join - attend the meetings!

1. Email Address: Get one that's easy to remember. Don't use something like sam1234@aol.com. Not very professional. Include your email address on your business card.



2. Get a calendar...not only for your appointments, but to schedule "marketing time" to create and implement your marketing campaigns. Schedule your free time with your spouse, friends & children or it will never happen.



3. Create post cards with your picture & contact info...keep a stack of 500 on your desk and make it a goal to send out 10 per day. Don't run thru the postage meter - buy a roll of stamps and use these instead.



4. Learn the office procedures. Find out where the forms are kept, who does what, when meetings are held, etc.



5. Write a mission statement for yourself.



6. Write out scripts and practice them for the most common objections you get from prospects, clients, realtors and builders. (See www.LoanToolbox.com).



7. Start a database...even if it's small. Begin with your sphere of influence and try to add 5 people per day.



8. Research technology. Have an understanding of your LOS system but also look at software that will help you in your sales and marketing efforts.

Don't try to do everything at once.

Start with the easier things first.

Don't try to be all things to all people.

Take a good hard look at what you are doing now.

If it ain't working - change it!

Karen Deis,
If all else fails, go back to the basics!

Copyright, 2005, LoanOfficerMagazine.com

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