5 Fast Start Tips

5 Fast Start Tips

BY JIM JUMPE SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL

How can mortgage loan originators begin 2021 with substantial momentum? One time-tested strategy is to emulate a successful LO’s daily habits.

MEASURE PROGRESS

Do you know how many of your borrowers are firsttime buyers vs. relo customers from outside your region? In the 2016 book The Millionaire Loan Officer, author Scott Hudspeth takes the idea of measuring progress a step further by asking readers, “Do you know what your monthly expenses are so that you know how many loans you need to close?” LOs often see inconsistent results from month to month, according to an industry blog by Empower Funnels, a lead generation system provider. “The only way to reliably break the cycle of ebb and flow … is to track everything you can and develop systems, processes and habits around the activities that consistently yield positive results.”

WORK YOUR SPHERE OF INFLUENCE (SOI)

Your friends, neighbors, relatives and other real-life connections are your best source for business and referrals. According to the BNTouch Mortgage Blog, family, friends and close acquaintances often represent the easiest-toclose prospects and those deals usually generate the most productive referrals. In many cases, LOs are uneasy about talking about the expertise they can offer friends. Clearly there’s a balance that needs to be struck between a hardsell approach and simply letting friends know you would love to help them with a mortgage, a refi or simply advice.

FIND YOUR NICHE

Become an expert in your market, advises The Mortgage Loan Officer Success Guide. The book states that a loan officer’s niche could be veterans, property investors or first-time homebuyers. “Being a niche lender will help you become an expert in your market. Real estate agents … will think of you first when (that) particular mortgage type is needed,” according to Zuren.

OVER-COMMUNICATE

In 10 Habits of Highly Successful Loan Originators (2016, Amazon.com) author Angelo Christian writes, “Communication is the number one thing you must do to make the sale,” and you must “continue to follow up until they move into the new home.” After the sale, The Millionaire Loan Officer suggests calling former customers three or five times a year to stay in touch — and ask for referrals.

CONTINUOUS LEARNING

According to the BNTouch blog, “serious mortgage experts are constantly expanding their knowledge and improving their skills. Boost your understanding of the finance world and economy, of taxes, appraisals and alternative lending.”

Jim Jumpe is senior vice president and chief marketing officer at ArchMI.