Whether you’ve been a loan originator for 10 days or 10 years, running a successful mortgage business should be at the top of your to-do list. Your mortgage business is a lot more than the number of loans in your pipeline or your yearly volume.
In order to have the most success that you possibly can, check out these tips for best practices in your mortgage business!
- Focus on the Foundation
- Build Relationships
- Find Your Team
- Invest in Software and Tools
- Keep Learning
Focus on the Foundation
As a loan originator, you handle many different types of tasks, from document management to marketing to borrower communication. However, when it comes down to it, your job is about sales. Selling mortgages is the reason that your doors stay open, so you first need to think of yourself as a sales professional.
This mindset will drive your success, because you’ll be focused on the #1 priority. Handing out your business card at social events, building your online presence, and calling potential realtor partners are all methods that you can use to strengthen your mortgage business.
A major component of selling more mortgages is building stronger relationships. You know how critical a strong network of partners and customers is. Your relationships will provide you valuable resources, as well as new business. By building trust with like-minded partners, you’ll all be stronger and more successful in your businesses!
Communicate with your leads, borrowers, and partners the way that you would like to be communicated with. This means regularly checking in with phone calls, loan status updates, and helpful tips and tricks.
Find Your Team
Many loan officers get started in the mortgage business as an independent originator, or a part of a larger team. Either way, finding your team is critical to sustainable growth.
Even if you’re not a manager or supervisor, you can work on improving your team relationships. Clear communication, collaboration, and defined expectations are all needed for a group to work efficiently together.
Invest in Software and Tools
A loan originator’s day is dominated by the technology and software we have available to us. Whether it’s a CRM, LOS, marketing automation platform, or lead capture website, you probably spend the majority of your work day in front of a computer.
Luckily, in today’s digital age, the software available is better than ever. Investing in high-quality software will be an integral step to building your mortgage business. When you’re first getting started, simple and inexpensive tools, such as Microsoft Excel could work for you. However, in order to keep track of all the details of a thriving mortgage business, you will probably need to invest in more powerful tools.
Focus on finding tools that will streamline your processes. Integrate multiple tools in one login. This will save you time, and will ultimately make you more money, because you won’t be wasting time on inefficient software.
No matter how long you’ve been in the loan business, it’s critical to never stop learning. Although your state may mandate continued education to maintain your loan officer license, don’t stop there! There are many invaluable workshops and conferences that will increase your knowledge and spark marketing and origination ideas.
Or, you could invest in your future through a mortgage coaching program. Coaching provides accountability, planning and strategy, and support from highly successful mortgage professionals. Top producers say that coaching is a fundamental key to their success.
Running a great mortgage business is a complicated task. However, by focusing on these five basic concepts, you’ll be well on your way to an incredible career. Just remember, remaining flexible in the face of change is one of the most important skills you can implement. Otherwise, you’ll be left behind when technology, trends, or the market changes. By staying up to date on what’s working for other top producers, you’ll be able to continue to close more loans in less time.