Maxwell, a digital platform provider in the mortgage space, recently distributed an ebook entitled 14 Habits of High Performing Loan Officers that highlights the habits, tricks and traits loan offers use to increase performance levels. The ebook offers the results of Maxwell’s outreach to top-producing originators across the country to get their feedback on how they’ve reached such a high level of success. Here are some excerpts.
Establish a Consistent Process
Dave Gallegos, SVP & Banch Manager at Zenith Home Loans told Maxwell “ “The best performers follow a strictly defined sales process with a sales funnel to keep clients moving forward in their system. They are scripted with professional sales presentations and templates that are used consistently at every step. There are defined standards and systems for file quality so the customer experience is predictable.”
“The best underwriters follow strict checklists to do their work, and the best loan officers typically do as well. They originate in a very proactive working environment, rarely needing to request more documentation. Their goal is to originate loans that will be clear to close on the first submission. They know that reactive work cripples their productivity.”
Let Data Drive Your Decision Making
A big problem loan officers have is misunderstanding what a lead measure is and figuring out what to track,” said Bryan Traeger, head of partnerships at Maxwell and former VP of marketing, IT, and business projects at HomeServices Lending. “Most believe an application is a lead measure for getting paid. NO — an app is a lag measure. What do you do that gets an app? Is it social media, coffee meetings with Realtors, community service? Those are what needs to be tracked to measure performance.”
Top performers know exactly how they’re performing and can pinpoint variables that they can experiment with to boost their performance. Selling is both a science and an art — the science portion dictates that you conduct data driven experiments, track your performance, and iterate as you prove (or disprove) your selling hypotheses.
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Be Proactive
Maxwell suggests that “High-performing loan officers are proactive loan officers. They know how to maintain a pristine attention-to-detail without losing sight of the big picture. They hedge their bets. They deeply understand their borrowers, and are always equipped to provide options and sell multiple loan scenarios tailored to the borrower’s need. And if the borrower’s needs change? Top producers are agile and swift, able to accommodate without delay.
“Top producers are proactive. They look ahead. They have foresight and try to steer clear of problems before they arise. [They] make the hard sales calls first. They don’t put off the trouble customers. They take care of issues upfront so that the rest of their day is trouble free.” Too much procrastination can be dangerous in any role, but for originators, it’s particularly deadly.
Great loan officers are those who plan ahead, know their loan files inside and out, and take proactive measures to ensure they’re never surprised at what’s around the corner.
Embody Empathy
As a lender, it’s easy to get into our day-to-day grind and forget how difficult — both literally arduous and mentally anguishing — the mortgage process can be for our borrowers. Stagnant wages, rising costs of living, skyrocketing home prices, and crushing student loan debt are taking their toll on the American psyche.
In fact, the American Psychological Association found that 72% of Americans felt stressed about money in the past month, and 22% reported ‘extreme’ financial stress that impacts their quality of life. So, the average prospective borrower likely experiences at least some degree of regular financial anxiety. Add to that the fact that only 18% of buyers trust and respect salespeople and you’ve got quite a challenge ahead of you.
The quickest way to build trust and foster goodwill is to show you care more about the borrower than you do about your bottom line. Take the time to ask questions and understand their circumstances, and don’t treat them like just another name on a spreadsheet.
Click here to view the ebook in its entirety.
