What exactly does a Loan Officer do? Put simply, a Loan Officer’s job is to make the phone ring. As successful Loan Officers, we bring in the business and our team helps us by taking applications through the closing process – while we go out and sell, sell, sell!
Whether you’re a Loan Officer, Mortgage Broker, or a Producing or Non-Producing Branch Manager, there are certain skills and best practices you need to master to be successful.
Let’s talk about 4 of the processes you should make a part of your business each day…
1. The Half-Way Survey
Are you waiting too long to ask your clients for feedback? If you don’t send out a satisfaction survey until after a loan has closed, the answer is yes, you are!
After all, you can’t fix a problem you don’t know about, and you can’t know if you don’t ask.
At the Mortgage Marketing Animals, we recommend using the Half-Way Survey. Reach out to your clients midway through the loan process to see how things are going.
Ask for specifics of how you’re doing as their Loan Officer. Would they give you 5 stars?
If not, find out how you can make things right, and do it ASAP. If they would, take the opportunity to ask for referrals from their friends and family.
PS: If you’d like access to our Half-Way Survey script (or get help creating one of your own), we’d love to chat with you about it!
2. The “I Choose” Mentality
Do you find yourself complaining about not closing enough loans? Or maybe it’s a less than ideal relationship with your loan processor?
No matter what negative thoughts you might be having about any part of your business, you can make one quick change to turn things around – put an “I choose” in front of them!
For example, instead of saying “I’m only closing 4 loans a month,” change it to “I choose to only close 4 loans a month.”
This one tweak will take you from complaining about a situation to owning it. When you see it from the perspective of choosing to be in every situation, you’re in control of your own destiny and your profitability. This is the mindset of successful Loan Officers.
Ditch the victim mentality and choose to put yourself in a new situation – one where you go from complaining to winning. Your bottom line will show just how powerful the “I choose” mentality is!
3. The Delegate, Delegate, Delegate
If you feel like there’s not enough time in a day to make the income you want, you need to step back and reevaluate things. It’s time to let go and trust your team!
When it comes to the day-to-day running of your mortgage business, you should be asking yourself “who,” not “how” about almost everything that isn’t getting the phone to ring.
That’s what successful loan officers do, right? We sell, sell, sell, so delegate out everything else. This gives you the time to do what only you can do – focus on selling and let your team do the rest.
Whether it’s finding a better mortgage CRM, running FB ads, or any other administrative task, it doesn’t matter who does it, but it does matter that it gets done.
Delegate it out and give a deadline, and then get back to doing what you do best!
4. The Employee Multiplier
Do you think of payroll as overhead? Man, you’re missing out! You need to make the switch to seeing payroll for what it really is – investing in ink to print out $100 bills.
We already talked about how delegation is one of the best ways to smooth out your processes and boost your bottom line. But with the Employee Multiplier mindset, you get so much more.
Each employee brings new and unique experiences to your business. They’ll have thoughts and ideas that you most likely have missed – and they just might be better than yours!
Plus, every team member brings their own personal database to work with them. That means even more mortgage marketing leads for your business. And you’ll be giving your employee’s network of family and friends a trustworthy resource for home loans.
After all of the hard work, great ideas, and sales you get from each one of your team member’s personal networks, your employees end up paying their own salary. That’s some serious ROI!
Ready to close more loans in less time? Here are 3 ways we can help…
1. Listen to the #1 mortgage marketing podcast in the world at Loan Officer Freedom
2. Learn how to earn more while working less with the Mortgage Marketing Animals
3. Schedule your complimentary coaching session at Loan Officer Strategy Call