And as any plan that takes time, the formulation of time-management ideas will facilitate the implementation of all your training plans.

[caption id="attachment_9654" align="alignright" width="268"] Dave Hershman[/caption]

Management does not have to be responsible for all training. Using your senior level staff to effect field training and classroom training has several advantages:

• The task can be “spread around” so that it is a burden on no one person.
• It empowers your staff to help reach company objectives.
• It may help your staff reach their personal objectives. Participation in training might help prepare them to be a manager.

Additional time management ideas which will help implement training programs consistently and effectively are:

• The utilization of training from outside sources. These sources may have different vehicles for training delivery–from classroom to online courses.
• The combining of training systems for several branches in a region. For a larger company, the corporate office might hold training in regions of the country on a regular basis–saving travel costs.
• Utilizing outside trainers. There are ways to accomplish training with lower costs, for example, using the support of vendors such as mortgage insurance companies, appraisers, credit bureaus and title companies.
• Participation in association events. Your local and state mortgage and realtor associations sponsor training sessions on a regular basis. If you get involved in these associations, you may help build the training agendas, as well as put yourself in position to further your recruitment goals.

As indicated, a balanced training program contains elements of both field and classroom training. While classroom or online training tends to be more structured, the definition of field training is quite broad. We should survey our staff to determine general training needs, to aid in the development of individualized and group training plans. If one person needs appraisal training, it is likely that others will as well. If you are giving a classroom session, it is just as time effective to present it to 20 in your office, as it is one.

While assessing the need of new loan officers is quite easy, it is not always easy to assess the need of experienced loan officers, even with the use of competency testing. Here is an example of a “sales funnel” approach of a loan officer who is not producing enough in a self-generated lead environment.

Most managers would say they need to “get out there and sell more.” But this direction isn’t significant enough. Here is what the funnel tells us:

• If the loan officer is bringing in 10 leads per month and closing two of these leads, why are there not enough closings?
• Is it because their sales skills are deficient which can also lower their conversion rate?
• Or are they being converted but they are falling out of the pipeline, which may point to deficient qualification, application and/or pipeline management skills?

You can see that the answer to each of these questions leads to a different need for training. “Getting out there and selling more” will not help them, unless the conclusion is that they need only to increase their present number of leads and not make any other adjustment.

Thus, a sales manager can’t just send the loan officer to a course and expect them to come back and succeed. Some will and some won’t.

Dave Hershman is Senior VP of Sales of Weichert Financial and the top author in the mortgage industry. Dave has published seven books, as well as hundreds of articles and is the founder of the OriginationPro Marketing System and Mortgage School – the online choice for expert mortgage learning and marketing content. His site is www.OriginationPro.com and he can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it..