Mortgage lending is a fast-paced world.
Even the most experienced Loan Officers can fall into certain traps that leave them in the dust and hinder their success...
But whether you’re just starting out or you’ve been in the industry for years, absolutely everyone needs to be vigilant about steering clear of these 4 common mistakes.
It can dramatically improve your performance and client satisfaction.
Here’s what you need to watch out for:
Loan Officers show up only when there’s a transaction to be had.
Loan Advisors also show up when there’s NOT a transaction to be had.
Imagine if your Financial Advisor only called you when it was time to invest more money or you only spoke to him or her when you needed something…
…it would be a huge turnoff.
Just this past week, I assigned all my Elite Level coaching community members to invest 2-3 hours tightening up their Focus 50 Client list.
From there, they were all directed to call every single one after being equipped with a powerful script.
I have zero doubt they’ll all gain 2-3 referrals AND 2-3 connections to Financial Advisors from these calls so they can network with them.
My tip: time block Thursdays from 10am to 11am entitled “Power Hour: Database” where you CALL (not email) every recently transacted customer (commit and stick to it).
Most Loan Officers work so hard to get new clients, they forget to keep them, don’t be that type of Loan Officer.
Building a forever follow up (flow) system with your hard earned database of transacted customers (transacted once) and clients (transacted twice and/or referred you a lead) is what every Loan Advisor should be working on right now.
Few have this built out and most of the ones that do have some fancy email, text message or snail mail system.
That won’t cut it.
Having LIVE calls is the most effective.
Pick up the damn phone.
You just learned to time block an hour on Thursdays to call your closed database 7 days after closing, well what else should you do?
I am glad you asked.
Call every transacted borrower that has a home birthday coming up the next 7 days (home anniversaries) AND select borrowers with an actual birthday the next 7 days.
Calling people a few days BEFORE their actual birthday is powerful because you’ll be first and will stand out.
Calling people for their home anniversary will give you the opportunity to educate them about anything home related (property tax exemptions, recasting, HELOCs, etc.)
My tip: You’ll need to carve out time to build out a CRM to help you manually track these key dates but always keep a backup spreadsheet or an autonomous CRM so if you leave your company, non sensitive data stays with you.
Stay in flow with your database to get a massive inflow of leads.
Your comfort zone can also be a danger zone.
The mortgage industry is always evolving, with new laws, technologies, and market dynamics.
Nothing irks me more than a Loan Officer who thinks he or she Knows It All aka KIAs.
If you are not part of a coaching community or a mastermind group, you think too highly of yourself.
And I can always spot those type.
Never asking questions, only offering advice.
Never admitting mistakes, only raving about success.
Humble yourself, invest in yourself.
My tip: Book a ticket to the next major mortgage event, sit in the front row, ask tons of questions and stop bragging.
Be more interestED, than interesting.
In today’s digital age, not using technology to streamline processes can put you at a competitive disadvantage.
Consumers want to learn through “crayons”, not spreadsheets.
The tools you used to conduct your initial loan consultations to how you keep up with your transacted customers and clients is critical.
Tip: Utilize CRM systems, mobile apps, and automated marketing tools to enhance your productivity and client engagement. I personally love using Big Purple Dot, Shape or Bonzo.
In a future email, I’ll lay out my absolute favorite tools and resources for you. Stay tuned.
I hope this helped you today.
GO! Get ‘em.
-Amir
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