Good as gold. That's what I call a processor that knows how to get the job done, and quickly. I'm met many loan processors in my career, and I can honestly say that many of them were not very good. It's not that they didn't "work hard". They did. It's just that although they were extremely busy "working hard", it didn't matter. They didn't close the loan—meaning I didn't get paid. Boo hoo! ;-) I learned this lesson very quickly.In the...more
One of the most common objections a loan officer hears is "Your fees are too high!". All too often, customers become fixated on price and closing costs alone, as the determining factor in making their decision. But price is just one small thing to consider when shopping for a mortgage.Here are some of the best responses/methods I've used to overcome the "price" hurdle.1. The first time you hear a price objection from a customer, ask them which...more
Every year around this time, my business increases. Loan officers, mortgage brokers, and branch managers--in a flurry to set goals and make resolutions for the New Year-- look for training services to improve their skills. They have high expectations for the year ahead, and rightly so. Everyone wants to succeed in their business. But, what happens on January 2nd? How about by February? March? April? Eeeeeek!!! Momentum starts to slow down and we all fall back into our old habits. We get too comfortable and our sales pipelines suffer. Remember, the loans you originate this month, are the ones that will close next month. In the mortgage business, we must not look just at today's "sales" figures, but at tomorrow's loans that are slated to close. How many loans have you had fall-out or die because of a stupid, little reason? Too many. And that is money out of your pocket. If I added-up all the loans I have "lost" over my career, it would be in the many thousands, likely hundreds of thousand of dollars in lost commissions. If the average loan is worth about $3,000 to $6,000 each, you don't have to lose many before you begin to take notice. Not every loan will be a...more
With every year, come new opportunities. And astute loan officers are quick to capitalize on what the new year brings, raising their commission levels and catapulting to top producer status in no time. I ask you one simple question, "Are you doing everything you can to maximize your income?"Anyone who has been in the mortgage industry for at...more
With interest rates rising rapidly, it is more important than ever to make the most of every loan. As refinances begin to dry up and you begin to deal more with purchases, you will undoubtedly encounter new roadblocks and hurdles on the way to the closing table. It's a fact--purchase loans are far more time consuming and stressful than their...more
Let's face facts. The mortgage business isn't for the faint of heart. It takes guts and relentless determination in order to succeed. You won't become a top producer overnight and your early months of being in this industry will be hell. There is so much to learn as a broker not only with the mechanics of the loan process, but also learning how to deal with difficult customers and balancing the demands of lenders and other outside third parties. It really is a juggling act. Picture the man at the circus with the 15 spinning plates and you'll have a pretty good idea of what being a loan officer is really like.If you are thinking of going into the loan business or know someone who is, here are some questions you should ask yourself before committing to this new career. Don't be blinded by the commission---take a step back and look at the big picture.Ask yourselfÂ…1. Do you have a full 8-10 hours a day to devote at a minimum to your new career?2. Do you have time in the evening between 5 and 8 pm to call people and free time on the weekends to follow-up?3. If you intend to originate loans part-time, do you have the sufficient knowledge and education to know what you are...more
During my public speaking and private coaching sessions, I cover many unconventional strategies that have helped me become a top producer in the mortgage industry. I've always been one to think out of the box, and my mind is always focused on how I...more
When I was a new loan officer, one of the most difficult things I had to learn was that not every loan that walked in the door was a good loan. Some loans were bad. Really bad. And like time bombs waiting to go off, they usually exploded right...more
Generating Good Faith Estimates (GFE's) can be extremely time consuming, especially if done the wrong way. I remember when I was first starting out in the industry, it seemed like all I was doing all day was filling out GFE's, and getting no where. ...more
One of the toughest things as a loan officer to do is to know when to keep or kill a deal. Of course, we all want as much business as we can handle. But, spending time on loans that don't close, wastes more time and leaves you with nothing to show...more
On every loan, there are a number of hurdles that must be overcome before the loan is "cleared to close" by the underwriter. One of the most important hurdles is the appraised value on the property. A deal can be dead on arrival, if the property...more
Every day I hear from loan officers across the country who are fed-up with low commissions and dwindling paychecks as the reality of the new mortgage economy sets in. They've had it and many can't hold on much longer. Others take a more balanced view...more