Mortgage loan officer business plan

Thenichereport) -- as a twelve-year owner/branch manager and colorado regional manager for fairway independent mortgage corporation (the eleventh largest correspondent lender in america), i get to meet loan officers from all over the country. Some are very successful, but many more are just average, which i define as those originators that after a solid year or two – or more – in the business, can never seem to break above a three loans a month average or 30-40 loans a year, even during extreme rate or purchase markets. Before lo comp, the 1 -3 loan a month performers still did okay financially, and we all know why. They are always asking for the business, and “no” just means “not yet” to them.

Loan originator business plan

If they can’t get business from a realtor, they determine that the realtor is simply making a mistake, or the lo believes they have yet to show enough value. If the customer picks a different lender, the loan officer goes back to the drawing board and analyzes what he or she can do to get a better result next time. The best underwriters follow strict checklists to do their work, and the best loan officers typically do as well. Their goal is to originate loans that will be clear to close on the first submission.

Business plan for mortgage loan officer

There are no stacks of realtor business cards sitting on their desk wrapped in rubber bands, as if some day they are going to go through them. There is a follow-up plan and discipline that makes sure every possible opportunity is maximized. By simply never missing another opportunity, i’ve seen loan officers add 2 loans a month to their average production. They follow a business seems pretty obvious that a plan of some kind would help most people achieve a better result.

Yet ask the average originator what their business plan is, and you get a blank stare, or a very unconvincing explanation of what they are trying to do. I believe this is a result of the holdover from lo comp, where before the new rules, a good-sized government loan could make your month. Closing one loan used to pay – and sometimes still pays – entirely too much income for any one person to dedicate themselves to executing a specific business plan. Management’s direction and the loan officer’s business plan can usually be summed up in 5 or 6 words: “just go get another deal,” or “just go get another realtor relationship.

Not what anyone would call a best performers follow a work plan and measure their results against that plan. They adjust and adapt so that the business is not running them, they are running their business. They don’t sell the loan rate and terms because their plan always includes unique selling propositions or usp’s; they are never a commodity. Suppose one could say that having no business plan might include no product discipline, and i would agree with that – except when i meet that slightly above average performer who is still trying to be all things to all people.

The best performers would never consider doing a loan they can’t do 5 times a month, which likely eliminates these specialty loans. Well-managed processing, underwriting and is another trait of the company rather than the loan officer – who likely has little, if any, input into how these departments are run. It’s easy to promise excellent service when you have complete faith in your ability to deliver it every single producers have studied their business, and they know what it takes to turn over a 100% process-able closable loan file. Good loan officers are smart, and they know it is possible to beat the loan condition deadlines, to get the closing figures and documents to title 3 or 4 days early, and it’s even possible to have the wire at the title company the day before the loan is closing.

After all, most got into this business because the reality of a fixed salary income was not going to be the conduit to whatever dreams they had when they joined this dynamic ies could and would do more to help the loan officer grow by having actual prospecting standards, minimum production standards, file quality standards, and so on. Both the loan officer and the company typically have a long-term commitment to excellence and both strive to grow and improve. Worse, no one is having sting observation: 4 of these traits are loan-officer specific and 4 are company are the eight habits and traits i see over and over again. I like asking loan officers if they love what they do, just to see the reaction i get.

It’s sad how many don’t love this business, but stay in it anyway. They must be committed to the outcome and paired with a company that shares the same values, and provides the systems and framework necessary for g association criticizes gop ahead of mortgage tax ge tax proposal peeves me vs. Key media, the world’s #1 global mortgage business ge professional professional investment ght © 2017 key media pty ltd.