The loan officer compensation rule, among other regulatory changes, is beating down the entrepreneurial spirit of the loan originator, but at the same time, LOs need to understand these changes and put them into their business plans, said a past president of the Arizona Mortgage Lenders Association.
Amy Swaney, a regional sales executive with Citywide Home Loans, and an active loan producer, said it is difficult for LOs to sell when they don’t even know what products they can offer. Therefore, motivation is tough to muster in today’s environment, she told attendees at the Mortgage Bankers Association’s Loan Production Conference in New York.
But the situation has given today’s loan producers a “unique opportunity” and a clean slate where there is no legacy to draw upon and success in the past does not guaranty success in the future.
Fear in the marketplace is driving a flight to quality and the customer is reaching out for an expert who provides them with a level of comfort, she said.
Among the ways to become that expert is to network and be the authority on mortgages, she advised. But to be the authority, you need to stick to what provides the audience with value-added information and not fluff, Swaney told attendees.
She added that originators should seek to be a source that the media turns to about mortgages. She said holding a leadership role in an industry group only adds to your credibility. In Swaney’s case, she was the president of the Arizona Mortgage Lenders Association in 2006 and was viewed by media outlets as an expert in her field.
Knowledge about what’s happening in the industry is power -- and it combats fear, she said. Hoarding knowledge erodes your power; sharing information enhances it, Swaney concluded.
