Written By: Kelly McGuinness, President, United Mortgage, CT. Everyone can read.
In my last article I discussed the importance of a daily ritual to keep myself focused on the most important business task on every loan officer’s daily to do list: find more business!
I shared with you the importance, for me, of managing my mindset and implementation of my “One A Day” plan. I committed myself to continuing my day, (staying at work) until I connect with at least one of each new business sources each day: Corporation, Local Hero, previous customer (can be substituted with personal contact), Realtor, affinity source (defined as an attorney, financial planner, builder).
I am also committed to being honest with you when I didn’t hit my objectives. I left for a two-week vacation to Ireland and returned to an amazing thing - volume. My first week back to work I originated 7 loans for $1,982,000. And the great news is that I originated 7 of the 8 leads I received that week! The following week I originated 4 out of 5 leads I had received.
In my first article I published my income and production goals and factored a 25% lead-to-loan conversion rate. My actual conversion ratio this month was 85%. So I am really excited to say the least and my confidence is bursting!
I wonder…Is it rates? Is it me? Five of the eleven transactions are purchases. The business has flowed from personal referrals, previous customers and professional sources.
Of course interest rates and media attention are having an impact but I also really believe that my commitment and new enthusiasm have opened some really important doors for me. When I expect business; it comes!
Managing my new pipeline (let’s call it what it really is: babysitting my loans) and subsequent issues (low appraisals but not deal killers!) has distracted me from my business development activities. THIS HAS TO STOP! I definitely do not want roller coaster production based on an ebb and flow of focus, and distractions from moneymaking activities.
So with mindset (I expect business) and clarity of purpose (babysitting loans costs money); let me report my progress on my previous initiatives and review my next 30-day plan!
Corporate program: www.CorporateBenefitsKit.com
I approached ten companies about the corporate benefits plan with little interest. I also approached two unions: a laborers union and a police union and have appointments for both (and they look promising).
- Karen suggests targeting 5 new corporations each month. I’ve trimmed this back to one per week (4 each month) as it’s easier for me to manage. Simply said I can ask myself each week “What new corporation/union is going to be sending me business now?”
- I am also offering new applicants our “corporate discounts” if they can get me signed up with their employer while their loan is in process.
Credit Repair:
Per Karen’s instructions I signed up for the USCCRA system. I have not received any leads to funnel into the credit repair system and have “postponed” marketing this until slower months.
Niche, Niche, Niche:
This has been the mantra of successful loan officers for as long as I’ve been in the mortgage training circuit (over 20 years). The reason so many loan officers talk about it is because it works. The first question to ask when developing a niche is “What clients do I like working with?” and then “How do I get more of them?” Over the next couple of months I plan to launch marketing and sales directives around several key niches.
My Plans this Month
- Niche market development: Veterans and seniors. I have developed brochures and am finishing up a website/blog with one of my loan officers for VA loans. It should be operational within the next month and I’ll be excited to see how the site operates and generates business. This year I have done several loans for older (late seventies; early eighties) seniors who live alone and want to remain independent and in their homes. They have needed to subsidize their social security benefits and I have discovered I have a very high trust factor. (Well deserved because I involve relatives and need to be convinced myself this is their best option). All of the seniors have come to me via referrals from family members so I am launching a marketing blitz to let everyone know I am available for reverse mortgage financing.
- Commitment to daily “One A Day” business targeting: previous customer, corporation, local hero, Realtor, affinity source. 5 new places every day to get more deals!
I will be reviewing my production goals and income results with you each quarter as you follow me on my $100k marathon.
When I started this endeavor, returning to “significant” personal loan production after 20 years of managing loan officers, I knew it would be a marathon.
The first two months have been exciting to test my skills and develop endurance and like many new “runners” I’ve found I’m stronger and better than I originally thought and I’m loving the adventure of the road less traveled.
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