Written By: Kelly McGuinness, President, United Mortgage, CT. Everyone can read.
When I committed to the idea of writing a monthly article chronicling my re-entry into the world of personal production, I knew very well that I was developing leverage for sticking to a plan. I also knew that the “road” for this marathon would be bumpy but with commitment and leverage; I would persevere and triumph.
Multiple responsibilities and time traps, that take my focus away from business development, have challenged me. Like so many other loan officers, I have struggled with keeping my business development activities a priority while managing fantastic refinance volume both as a “new” individual producer and as a “well-seasoned” company owner. While I am thrilled with the income that the current refinance boom will provide, I am far too experienced to expect it to last. I’ll be behind the production curve if I don’t keep my sales and marketing efforts going strong.
Over the last 3 months, I’ve discussed with you the importance of time management and mindset. I’ve committed to introducing new initiatives each month. The first month I developed a corporate benefits program (CorporateBenefitsKit.com) and the second month I focused on niche marketing to veterans, reverse and local community heroes.
I believe in the viability of these programs and will continue to refine and develop them while evaluating lead generation and loan production from these sources.
My goal is to earn $100k in 12 months assuming a 50% commission split. I need to average $3,000 per loan and close 67 loans by July 30, 2011. Further, I assumed I would originate 25% of the leads I receive and close 75% of the loans I originate.
During the first 3 months of this endeavor, I have originated 18 loans. One loan, a purchase, fell apart due to appraised value. I have approvals; appraisals and rate locks on 12 of the loans in my pipeline and 5 are pending. My fallout ratio is well below my assumption of 25% coming in at 6%. My average fee is $4,000, which is higher than my anticipated goal of $3000. Purchases are 50% of my production so I need to keep focused on my business development goals. While I’m ahead of the income curve right now; I’m not settling in and would prefer to exceed my 12-month goal.
Up next:
Social Networking: I am attending the Mortgage Girlfriends Mastermind event this month, which is focusing on social media.
Since the majority of my referrals are coming from clients and personal contacts; I want to be certain everyone is aware of what I do for a living! Social media is by far the best way to make this happen!
I really feel that a marathon is the best comparison to building a loan practice. I’ve had to develop awareness and then a strategy to handle distractions that keep me from “training”.
I have felt the frustration of developing more slowly than I’d like as well as the euphoria of a well-earned deal. I’m enjoying the journey and proven to myself that writing an article each month helps keep me focused on my goal…so thanks to you, the readers, for being the motivation behind my commitment to constant and never ending improvement!
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