OF
H I G H LY E F F E C T I V E LOAN ORIGINATORS
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Habits of A Highly Effective Loan Originator
W
ith over 25 years in the mortgage business as a top producer and coach, I have compiled a list of qualities and characteristics of top producing originators I have met and mentors that have influenced
my life in order to determine the Habits of Highly Effective Loan Originators who surpass the normal production and excel with extraordinary results. HABIT #1: DAILY PERSPECTIVE IN GOD’S WORD AND PRAYER TO ESTABLISH PRIORITIES IN THE DAY. This first habit took me some time to get used to; in fact, 20 years into my career, my Dad – a great mentor to my personal and business life – reminded me again about setting up my day properly. I often get asked: “How do you get so much accomplished in a day?” For years, it simply wasn’t like this. I worked hard but not in sync with the most dollar productive items to produce results. Some days in the mortgage business can be harder than others – worries of low leads, closing problems, applications you think are ‘good to go’ and then issues arise. When I discovered the power of letting God set up my day, and more importantly my attitude, I found the productivity to excel and the problems became smaller. I didn’t feel overwhelmed because I knew it wasn’t about just the one deal…it was about who I am and the fact that I am not in control of the daily challenges that continue to come up and stress originators. In fact, it was much the opposite. I learned that it was about handling the stress and the issues that arise that make you great. I am the expert and I am the solution, and making the tough call to the client or Realtor when the problems arose was just what was needed to be done. Putting the day in perspective and starting with God’s word continues to set my daily stage to perform with the gifts he has given me. This is the first 15 minutes of my day.
HABIT #2: LEAD FOLLOW UP CALLS FIRST, THEN 6-TIME FOLLOW THROUGH.
Most sales are lost by lack of follow up after the first contact with a prospective client. I remember inquiring about hiring a private mortgage coach awhile back, so I made the initial call and left a message. The representative who worked for the coaching company returned my call and called me several more times thereafter. It took more than 4 calls on the part of the coaching company before I finally got on board and signed up on something I knew “I wanted”. It wasn’t that I didn’t want to sign up right away or move forward, it was that life keeps going and things are happening all around us so we all get distracted. It was then that I realized that it was not just about follow up, follow up, follow up, but it was about making my services easier for a client to use and this became the purpose of my calls thereafter to my clients. Currently, within my team, we alternate and call our clients approximately six times every few days with this mindset and methodology. HABIT #3: CONSISTENTLY EVALUATION OF YOUR PROGRESS. STAT REPORT.
I think most sales people are not clear on this habit. Tracking your leads is not a CRM (i.e., database). Tracking your leads is done by classifying each lead into a few categories detailing the source of the business (just like a professional athlete would do). Just as a basketball player tracks how they shoot from in the paint, free throws and three point shots, we, as professional Originators, should do the same. Track the source – was the source a Realtor, Current Client Referral, Past Client? We use eight total categories that we have established and set up over time so that all leads that come in will fit within one of these categories. Tracking each lead is the first habit, the second is the evaluation. Each week we look at ‘where we are weak’ so we can make sure we focus on the areas that lack the leads and can put effort in before the month is over…the game starts over every month so we check in every week. Look at it like checking in every quarter before the end of the game so you win at the end of the month, every month.
HABIT #4: NEW SALES CALLS WEEKLY
We all get busy, I get it. But why would we sacrifice our main function when that happens? Look at a restaurant… they always have to bring people in to eat, clean the table, reset it, and sit new people in the seats in order to generate revenue. If you are always exclusively working on the customers occupying the tables (i.e., loans in process), you are not working on getting people to know about your restaurant and bringing more customers in. As an Originator I am constantly working to get new people (new referral sources) to try my food! Because some just don’t come back, or didn’t like a meal one time or frankly sometimes just forget about you. This is called rotating the tables in the mortgage business. We, as a team, call a minimum of 15 new referral sources per week for meetings about our services. This has to happen while you work to maintain your current clients and referral sources but cannot be neglected or you will not achieve the momentum to produce big numbers for the month. You have to have a system after the initial meetings so that the “courting period” is impactful and consistent. HABIT #5: DAILY THEME APPROACH
The Daily Theme is something that keeps you on track. It is similar to going to the gym. One day you workout chest, then arms, cardio and so on. In the mortgage business there is a big TO DO list day-to-day and before you know it the day is gone. We start our day with a Theme. Here is an example of an ideal week and what we work on each day from 9am to 10am. Monday-
Calls and emails to existing partners checking in, minimum of 25 for each sales person.
Tuesday-
Current file day. We update on files and ask for referrals from clients and agents
Wednesday- Database. We call for annual reviews and check in calls for cross-selling. Thursday-
Listing Agents and new partner calls for meeting
Friday-
Clean up day
HABIT #6: CREATING SYSTEMS FOR ALL ASPECTS OF MARKETING AND SALES FOR CLIENTS DURING AND AFTER THE PROCESS.
In order to generate a lot of loans you need to have systems in place. Take McDonalds or any other successful fast food chain, for example, they all have systems! When you order, when you pay, when you get your food and when you leave. I often comment and share my thoughts about the cleaning checklist on the back of the door at a Wendy’s restroom. The list is easily duplicated every day and everyone on the team knows what to expect daily. We have three systems we use: (i) the Live Loan Board (for current loans in process), the PreApp Board (that tracks leads through the pre-approval process) and the Partner Board (for updating and communicating with referral sources). These three systems are dashboards that we utilize to move a prospective lead or current client through a system…when we meet, the order, the follow up and the close. Consistent use of the Boards allows all of team members to see who is working on what task, and who will do what next. Most importantly, it allows you to track the process and helps you recognize problem areas that may create a backup or delay in the system so you can stay ahead of the problem. This also helps me implement new tasks or procedures in the processes of files for a smoother flow and prompts me to meet with new partners swiftly. Another benefit is that it alerts me to those partners that are not working in an effective or productive manner.
HABIT #7: BE AHEAD OF THE TEAM, DAILY ACTION PLAN
When I was young in the business I was always told “you need to stay ahead”. What that meant was staying ahead of the day. It means being prepared the night before to help your team excel. The coach or leader of the team doesn’t have an effective practice if they don’t have a plan. If you make assignments, priorities for people on your team or even yourself before the day begins, you have a mission and it is putting ‘first things first”. We have a daily team meeting and emails that go out ahead of the team coming in so when they do come in, they have the tasks that are my priority for the day. If you have people working daily on tasks that are the most dollar productive and your priorities, without waiting on you, it provides leverage for your desired results. HABIT #8: STAYING IN FRONT OF EXISTING REFERRAL SOURCES.
Just like it is important in Habit #4 to continue to get new people in to buy your product or use your services, it is likewise important to maintain accounts and classify. We have a VIP list of 15, Top 25, B’s and C’s. We work to move them up the chain and refer more and more business to us through follow up, emails and more. This again is used on the Partner Board and is systemized, if you don’t put a follow up in, you will miss people and deals you already worked to obtain.
HABIT #9: LEVERAGE AND TECHNOLOGY
Invest in technology. Use the tools made available online and in relevant apps to let you work from anywhere in an effective and productive manner. Some examples we use: •
Mobile Payment Calculator for clients and realtors
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BCC emails to past clients
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Drip campaigns to preapprovals, bad credit clients, past clients, new referral sources
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Automated birthday emails
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Social media posts to stay in front of promotions
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Monthly newsletter
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Outlook emails signatures for repetitive emails sent
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Slydial messages to groups
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Personal videos to clients during and after the process
HABIT #10: CREATE A CONSISTENT BRAND
Getting people to know you and recognize your product requires having the same consistent look over and over again…develop a tag line and style you love and use it in variations without changing too much. To get known is to have a look that is consistent and used in every area. Online look, social media posts, printed mailers and more. Our brand is “The Mortgage Planner, A Touch above the Rest” which says we plan for clients and provide more during the process than others; it ties into our goals and processes and stays present in clients’ minds from the moment they see if for the first time, through all the follow-up and well after the conclusion of the deal. HABIT #11: TITHE 10%
I strongly believe that 10% of what you earn should be given in tithe. I have unfortunately tested this and lost. In the Bible, it says “the birds don’t worry about their next meal, why should you?” We must do our part in the deal. It is clear in the Bible that we are to give our first 10% of earnings and He will overflow your storehouse. Even when we have a bad month, my faith is strong to continue to do work, do the right thing, be mindful of honoring Him with my work and this helps me not to worry. This takes faith.
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