Who is your competitor? There are three types of competitors (in the mortgage industry)—those within your company because you compare yourself to dollar amounts and closed deals.
Next, there are those outside your company, because you are competing for the same deals.
The last competitor is “yourself."
Why yourself? Because the fastest runner in the race is not running with their head turned on the side watching the other people next to them. They get energy from the other runners. They concentrate on race and the finish line. If you look at a “competitor” this way, it’s easier to see the benefits of forming relationships with other originators, regardless if they are in your office or not.
Let’s face it—no LO is all things to all people. That’s why they came up with the word “niche” in the first place. Some would rather eat worms than do an FHA loan. Others hate to work with self-employed clients.
Take a good hard look at your business. Figure out exactly what type of deals you are good at. Develop a list of competitors (both inside and outside your company) who specialize in certain client types or loan programs because in the long run, if you screw it up, it may cost you a relationship, just because you don’t know what you are doing.
Building a network is simple. First of all, take the time to find out the niches that other LOs, within your office specialize in. Let's say that you just got a referral from a self-employed client, and the tax returns are two inches thick.
Another LO was a CPA in a previous life. Seek them out and ask for their help. Or you just may be as simple as agreeing to cover for each other while on vacation.
Within your company, seek out the top loan officers and ask for 20 minutes of their time. Ask how they got started. Their best marketing tip. A mistake they made that they learned from. That’s it. You’ll find that these top LOs are willing to share and will be more than honored to help you succeed.
Building a network (locally) outside your company is a little harder—but there are a number of ways to go about it. Attend your local mortgage association meeting and get to know other LOs. Ask your local title reps for names of people whom they admire. Call those who have a niche, like USDA loans. Meet with them. Tell them about your niche. Ask for and give referrals.
Finally, seek out competitors nationally. What I mean by that is to contact top LOs you heard at a seminar or on a webinar. Or, have written an article or posted a cool blog. Send them an e-mail, mention where you heard of them, and ask for 20 minutes of their time to help you grow your business.
One last suggestion—add your competitors to your database and send them notes, emails, a holiday card, your newsletter, just like you would any other valued business partner. Send a gift or thank you note when they refer a client to you.
Compete with yourself—but work with your competitors—because it can boost your business to a whole new level.
Karen Deis is president of LoanOfficerTraining.com. To get more information, or to contact her, visit
