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How to Close More Loans and Make $4000 with Each Meeting

Every loan officer has good months and bad months, even the veterans among us. It’s that crazy roller coaster that comes with the territory in our industry. But my friend, Scott Hudspeth, has found a formula for “getting lucky,” closing more loans, and making every month a good month. He says it all boils down to three important laws of nature.

Law #1: The Universal Law of Need and Desperation

This law goes something like this: the more you need something, the less likely you are to get it. Why do you think that is? Well, when you feel like you really need something, your desperation becomes a magnifier for failure and stupid mistakes. You might act nervous or overeager, and other people can smell those emotions a mile away. 

You’ve heard of the Law of Attraction, right? It’s the idea of a relationship between the focus on a particular outcome and the occurrence of that outcome. Those who focus on their desired outcome are able to get what they want. But, if you’re focused more on your fear, what you don’t want to happen, that’s what you’ll get instead. 

Of course, you can’t just sit down and visualize something great happening. You have to pair your focus with action. But, if you’re focused on the desired outcome, your actions will be: 

  • less needy
  • less desperate
  • less emotional

People will be more open to what you’re selling, because they’re not repelled by your panicked desperation. If you’re having a bad month, one thing you can do is hang out with loan officers (or other awesome folks) who are having a good month. Let their good vibes and their positive actions rub off on you. Pick up on the way they talk, feel, and act, and you’ll have your groove back in no time.

Law #2: The 30-Day Rule

The 30-Day Rule states that what you do over the next 30 days will affect the next 30 days, the next 60 days, and even the next 90 days. If you spend your time in a “good month” kicking back and relaxing, rather than prospecting, the following month will be affected by that. A good month is almost always a direct result of prospecting or other work that you’ve put in previously.

Think about it this way: you will either thank yourself or kick yourself for the activities you did 60 days ago. If you want to be your own favorite benefactor, you have to be prospecting regularly, even when you’re busy. Have you ever worked out for a month, then quit for a month? It was harder to come back than it was when you were going regularly, right? You lost your momentum, and your body knows it.

If you stop or slow your loan-getting activity for a month, it will lead to a month that reflects that lack of effort, and you’ll find yourself back in that state of need and desperation. Then it’s that cycle of dumb decisions and failure all over again. 

Remember, it takes the whole 30 days to affect the next 60-90 days. Don’t expect your hard work to pay off right away. You have to plant the seeds for success by implementing this rule every single day. This isn’t the time or the place for hum-drum or bare minimum. This is nose to the grindstone, putting it all on the line.

Law #3: The Law of Replacement

The Law of Replacement is all about figuring out your numbers, so you can continue to get business at the rate you want. When one loan is closed, how are you going to get another one to take its place? 

Say you’re trying to figure out how to get five more realtor referral partners for a month. How many agents do you need to meet with to achieve that? For me, I calculated my closing rate at about 16%, and what I found is that, in order to achieve 5 referrals, I’d have to meet with 30 agents over the course of the month. I’ve got to be reaching out to get those meetings every day of the month, so that I can reach my goal. It’s a simple numbers game. 

But here’s the problem with the Law of Replacement: most people are unwilling to have those meetings. They have that fear of meeting people, of making calls, of trying to sell. Listen, everybody feels that way at first. You HAVE to make the decision to push through it. That first step is always the hardest. Making calls is where the most money gets made in our line of work, so you need to do it even when it’s uncomfortable. Do it consistently, and you’ll overcome that fear. 

The basic principle that makes the Law of Replacement work so well is that there’s nothing to lose by trying, and if you exercise it alongside the 30-Day Rule, you’re ahead of the game.

One last thing to remember: If each agent you close with is worth $5,000, that means your total goal of 5 per month is worth $25k. So, if you meet with 30 agents to get your 16% closing, each meeting, each cup of coffee, amounts to $4,166. 


So, do you want to get lucky? Now you know how to close more loans: use the laws, start making calls, and get yourself a $4,000 meeting right away. If you’d like some more loan officer tips and strategies, I’d love to help you out. I love giving this stuff away. Click here to schedule a FREE strategy call with me TODAY

And don’t forget to tell your local coffee shop that Carl White sent you. See if there’s a discount for that.