File This: Get Sales Stars More Support

File This: Get Sales Stars More Support

Mortgage Loan Officers are sales people. Let them sell!

BY RALPH LOVUOLO, SR. | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

Funny, just today I was coaching one of my clients when totally unexpectedly, almost in the middle of a sentence, she raised the issue of maybe making a move to another company. It was obvious when I called her that she was upset, almost exasperated to a fault. When I asked her what was on her mind, she passed it off to something simple. I knew there was more to it, after all, we’ve been working together for quite some time and picking up signals is part of my skillset.

Yet, even with that said, I hate this discussion. It is imperative to never want a client to think there are any negative thoughts or feelings about their employer. Nor do I ever give any clues of favoring one company over another. That’s always my first thought and general attitude when this conversation is broached. My job is to listen, probe, intentionally inquire, with the goal to understand enough to help my client see all the possibilities. Until it is certain to me that the company is making so many mistakes, and just don’t have the imagination, skill, experience or intention to correct the issues that prevent my client from achieving the success they are capable of, my job is to suggest everything I can think of. Having conversations about their frustrations, systems, procrastination, goals, marketing initiatives and more are always my first choice. My job is to help a client hone their mind and skills to a sharp edge, getting the most out of them that they are capable of. These are things I learned very early on in my coaching career. Personal coaching, one-on-one, allows that to happen.

This missive however is not directed to the outcome of what my client and I discussed. We’ll figure out what steps to take, first holding her accountable.

MEETING EXPECTATIONS

So, yes, I had a really important exchange with a client today. She’s terrific, follows my suggestions and finds most of them beneficial. She’s faced fears and was able with some serious self- examinations to overcome them. Right now, after two years in the field, with no previous experience in the mortgage space, taking every advantage of this market, is looking to close a couple of dozen loans in the next couple of months. Money, of course, more than she had expected at this stage based on what more experienced people told her she would do. They even chimed in at sales meetings and let her know how she should be really proud of herself.

Those sales meetings, I really like the format. The sales manager doesn’t let any complaints come up. Why? Because he’s on top of what’s going on and tries his best to solve issues long before they become a serious issue.

But…she’s been talking to other LOs at competitor companies. They tell her stories that need to be explained. They point out what they all wish were true. She listens and thinks: Is the grass greener over there? Is what she hears an exaggeration? My own beliefs have left us at the point where she wants to know what I think. Lots of questions made her satisfied. She’s staying. Why, because now is not the time to be making any major decisions about her life. There is enough turmoil in her personal life. No need to add to it. I told her as much as I could without criticizing her shop.

CORPORATE RESPONSIBILITY

The conversation I had with my client just happened to coincide with the need to write this article. I’m almost at the deadline to submit the article and thought what is better than to face what happened today and the fallout that I felt.

So, here in all of the grit I can muster is what I’m seeing and what I’m about here is to offer advice to the leadership of mortgage companies, branch managers, division leaders everywhere as to the systems they employ, the lack of accountability that exists and my perspective on the developments of what I’m seeing, almost everywhere. It is imperative that I give some perspective from decades of in-depth involvement in the mortgage process or system if you want to use that label.

It seems that there needs to be a shakeup in the relationship between the salespeople I meet and coach, both present and past, together with their processing, underwriting and closing departments. Many of you are not going to like my POV. Many of you will first think “What does he know? He doesn’t live in my shoes. He’s only interested in making things easy for himself.” I cannot stop you from what you think or will think after you read this article. But be aware I have a perspective on your company that is so different and in-depth. There are very few of us anywhere in the U.S. who have seen what I and my peers see today.

Perspective. Ah! There I said it. Let’s review, just a bit of my background, just so you don’t think that what I’m writing is based on opinions formed from conversations. I started most operation units from scratch. Salespeople belonged “in the field” originating business. Salespeople were to keep their fingers out of files. Processors processed. Daily early meetings with processors via phone were expected. For salespeople, their job description was to originate loans, mostly from Realtors. My father was one of the first mortgage brokers in the country. I was ordering credit reports when I was in high school. When I got my driver’s license, I drove bankers around to see the properties my father was asking them to lend on. I’ve started mortgage departments at banks, mortgage banks, brokerage shops, and had my own very successful mortgage brokerage firm. One of my most proud accomplishments is that I went to Washington D.C. to pick up the first GNMA MBS ever issued. Long fun story for another time. Coaching and consulting since 1990 in at least 4 companies.

When I first became a Loan Solicitor in 1971, I had my own processor. This was the norm in our office. Janet and I went over every deal I had in process every day! After my meeting with Janet, I met with Realtors, attorneys and anyone else who could advance my career to be a top producer. When I took applications in person, I turned the paperwork I had collected over to Janet. I was a salesperson. One of six covering much of southern New Jersey and Delaware.

DON’T MESS WITH SUCCESS

When I set up my own company in the mid-eighties, I followed this pattern. Didn’t mess with success. That had been my pattern at two separate banks in the early eighties. It worked, why mess with it. There was a stint of about 7 years at a mortgage company in Brooklyn. About 25 salespeople at the main office specifically assigned to their own processor. We had about 12 processors. Salespeople sold, originated loans, didn’t process loans-were asked, rarely, to stop and pick up docs. Processors processed. Can’t be done? That’s just not true. Loan officers are salespeople who need a connection to someone that works for the company for a salary.

My coaching clients are burdened by all the work that is piled on them because most of the leadership grew up in the last 20-25 years and don’t know the simple tasks that should be performed by processors, assistants, and other people on salary, that now take so much time away from the MLO’s main function. The people I coach all tell me how much time they have to spend following up documentation to satisfy an underwriter or processor.

When are we going to see systems simplified and accountable? Soon, I hope. Because what I see out there is not good.

Please folks, just as an article I read today points out, the computer, internet and all the systems that have been created to make things more simplified are meant to make it easier for the salesperson to originate. Salespeople sell. Let them. MLO= Mortgage loan ORIGINATOR.

Ralph LoVuolo creates a daily video @ www.oneideaaday.com