{"id":18387,"date":"2020-10-13T16:36:06","date_gmt":"2020-10-13T16:36:06","guid":{"rendered":"http:\/\/experience1.wpengine.com\/news\/?p=18387"},"modified":"2023-12-14T19:25:28","modified_gmt":"2023-12-14T19:25:28","slug":"winning-after-the-refi-boom-ends","status":"publish","type":"post","link":"https:\/\/try.experience.com\/resources\/winning-after-the-refi-boom-ends\/","title":{"rendered":"Winning After the Refi Boom Ends"},"content":{"rendered":"\n

Originally Posted on Scotsman Guide<\/span><\/strong><\/a><\/em><\/p>\n\n\n\n

The reality, of course, is that rates will eventually go up. When they do rise, there will be winners and losers across the mortgage company landscape. Collectively speaking, the formulas for success among the nation\u2019s top originators have evolved in recent times, but their major themes for success remain the same. First, pick the right organization to work with. Second, do what you\u2019re good at. Third, you should either love your job or leave it. <\/p>\n\n\n\n

A team sport<\/h2>\n\n\n\n

Being able to serve and impress your clients is a team sport. The loan originator is the quarterback, but blocking and tackling also are important. The offense is comprised of processors, underwriters, the closing desk and several other key players. The right company is heavily invested in team success, which means a lot of highly integrated and automated technologies.<\/p>\n\n\n\n

Interestingly enough, data indicates a vast disparity from one company to another. Client satisfaction measured over time is a prime indicator for understanding how everyone is performing as a team. It is noteworthy that the No. 1 sales professional at Company A might not be among the top 50 at Company B. This is almost always an indicator of organizational inefficiencies.<\/p>\n\n\n\n

Looking at the client\u2019s loan journey, a mortgage company should identify any current friction and roadblocks. Does the company\u2019s technology automate and mistake-proof much of the process? Does the company have the right tech tools for marketing and growth? Client-satisfaction surveys<\/span><\/strong> should offer insights into any needed improvements.<\/p>\n\n\n\n

Find your forte<\/h2>\n\n\n\n

Top sales performers know what they\u2019re good at and understand the concept of sticking to their strengths. For everything else, they refer to their colleagues. Interestingly, those who aren\u2019t top performers<\/span><\/strong> also think they know what they\u2019re good at, but they\u2019re usually missing a vital step: doing it.<\/p>\n\n\n\n

Take, for example, an originator with aspirations of growing his business. When asked what he\u2019s good at, he responds by saying, \u201cI am a relationship guy.\u201d But when asked about the number of one-on-one meetings he had the previous week with existing or prospective real estate partners, his reply is, \u201cNone. I\u2019m too busy.\u201d<\/p>\n\n\n\n

If an originator is good at relationships, then their success hinges on setting up meetings and prioritizing them. If necessary, this means that they delegate other tasks. In order to focus on building relationships, they utilize their co-workers who are good at documentation, processing and every other part of the mortgage transaction. Top performers always seem to have this under control. If they lose a staff member, they find a quality replacement and keep on winning.<\/p>\n\n\n\n

To grow, mortgage companies have to have teams, plans and objectives, and they must measure key results. Even originators who close tens or hundreds of millions of dollars in loans each year may find it difficult to place a dollar value on the importance of their team. Many of these top producers have worked with the same processors and underwriters for years.<\/p>\n\n\n\n

Some companies have a \u201chandoff\u201d system in which the originator finishes their work before passing the loan file to the processor and underwriter, who can engage with the borrower. Other successful companies do it differently, however, by working with the borrower as a team until the loan is closed. Someone then calls the client to see if they need any further help or advice. <\/p>\n\n\n\n

Originators should identify what they\u2019re good at, then ask themselves how many times they did it this week or this month. Are you doing things you aren\u2019t good at? Can you exponentially grow your business with your current processes and team members?<\/p>\n\n\n\n

Motivating force<\/h2>\n\n\n\n

The job of selling mortgages is not always easy, but lives are being changed and improved. Originators who succeed in this profession find a bigger purpose than simply making money. Top producers do well financially, but when they are asked why they toil day after day \u2014 answering emails at night and on weekends while sifting through mounds of paperwork daily \u2014 they don\u2019t say it\u2019s because of the money. They tell a story about why their job is worth it.<\/p>\n\n\n\n

The best stories may come from working with specific types of borrowers, such as military service members and veterans who utilize government loan programs. When these clients locate your mortgage company, they may have exhausted all of their options and have no eligibility left, so an originator and their team should be relentless in identifying solutions. Believe in the borrower\u2019s dream and fight for it. <\/p>\n\n\n\n

Take, for example, an active-duty soldier and his spouse who were so overjoyed at being able to buy their first home against all odds that they wrote an inspiring and heartfelt review about their originator and mortgage company. In this business, originators don\u2019t often get many \u201cattaboys,\u201d so any pat on the back can encourage them and their team so that they\u2019re motivated to do more extraordinary things.<\/p>\n\n\n\n

Among the nation\u2019s top mortgage originators and companies, each and every one consistently has a passion for their team and their clients. There is an internal fire to get things right while doing them quickly and helping borrowers to close on time. They want to be the best at what they do and there is no attitude of \u201cthat can wait till tomorrow.\u201d<\/p>\n\n\n\n

\u25cf \u25cf \u25cf<\/p>\n\n\n\n

There are literally thousands of reasons why mortgage originators strive for success. They have inspiring stories about the lives they\u2019ve improved or borrowers who dramatically improved their credit to make homeownership possible.<\/p>\n\n\n\n

Eventually, rates will rise and this refinance boom will slow down, but the top-performing originators will not have to worry about their business. These people do not get to the top by chance. They find the right company, run their business like a machine, focus on what they\u2019re good at, build a great team and are passionate about the work they do. <\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Originally Posted on Scotsman Guide The reality, of course, is that rates will eventually go up. When they do rise, there will be winners and losers across the mortgage company<\/p>\n

Read More<\/a><\/div>\n","protected":false},"author":1,"featured_media":19393,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"wpb-single-post.php","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[177,191,111,53],"solutions":[100,10],"industries":[7],"class_list":["post-18387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article","tag-brand-reputation","tag-customer-experience-management-software","tag-mortgage","tag-online-reputation-management","solutions-brand-reputation","solutions-customer-experience","industries-mortgage"],"_links":{"self":[{"href":"https:\/\/try.experience.com\/resources\/wp-json\/wp\/v2\/posts\/18387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/try.experience.com\/resources\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/try.experience.com\/resources\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/try.experience.com\/resources\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/try.experience.com\/resources\/wp-json\/wp\/v2\/comments?post=18387"}],"version-history":[{"count":0,"href":"https:\/\/try.experience.com\/resources\/wp-json\/wp\/v2\/posts\/18387\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/try.experience.com\/resources\/wp-json\/wp\/v2\/media\/19393"}],"wp:attachment":[{"href":"https:\/\/try.experience.com\/resources\/wp-json\/wp\/v2\/media?parent=18387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/try.experience.com\/resources\/wp-json\/wp\/v2\/categories?post=18387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/try.experience.com\/resources\/wp-json\/wp\/v2\/tags?post=18387"},{"taxonomy":"solutions","embeddable":true,"href":"https:\/\/try.experience.com\/resources\/wp-json\/wp\/v2\/solutions?post=18387"},{"taxonomy":"industries","embeddable":true,"href":"https:\/\/try.experience.com\/resources\/wp-json\/wp\/v2\/industries?post=18387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}