Written By: Mike Baker
Mike Baker is CEO of the Mortgage Coach, as well as an industry speaker and author of "Mortgage Power" and "Loan Officer Recruiting." He can be reached at (949) 608-3006 or visit his website at www.MortgageCoach.com.
They seem to do the impossible...Year after year top producers in this country create staggering levels of production and commission income.
Some of these master originators generate 60, 90, 100 and even several hundred million dollars a year in personal production. That means that they are generating personal commissions ranging anywhere from $300,000 to $2 million a year or more! If you are like me, you have three reactions to those numbers...
- Wow, how do they do that, or
- No thanks, or
- They must have a bunch of assistants working for them.
A common perception is that these lenders are working horrific hours, have no life and probably are destroying their families. Yet, a five-year study into the practices and strategies of these loan officers reveals some fascinating facts. For example, our research uncovered the following discoveries:
- FACT: These top pros actually close 9 out of 10 rate-shoppers.
- FACT: On average, these mortgage pros earn at least a 10% higher commission on each loan.
- FACT: They receive far more referrals than the industry average.
- FACT: They have more professional referral sources so that they do more loans with fewer people referring them leads.
Most importantly, master originators accomplish these strategies and still spend less time and effort working on each loan than the average loan officer. Simply put, these top producers are working less and earning more - far more - than the average lender.
Think about it.
What are you worth? What value have you placed on your time? How much do you currently make an hour? Some loan officers are barely making minimum wage while top originators are making hundreds and even thousands of dollars per hour!
So what's going on here?
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