It’s no secret that for the most part,
At Marriott Hotels, front desk clerks receive one full week of on-the-job training and mentoring before they are permitted to register their first guest.
The telephone operators/booking agents at Disney Cruise Lines must complete three weeks of classroom training and role-play monitoring prior to being allowed to take their first in-bound phone call.
Estes Trucking Co. requires newly hired drivers to complete an intensive month-long driving school, written tests, peer review and a comprehensive final exam before taking the wheel for their first delivery.
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Although mortgage loan originators can earn significantly more money than most of the employees at these companies and command the responsibility for lending tens of millions of dollars in home loans each year, the actual amount of training they get is minimal. What’s worse, many originators try to avoid training and learning opportunities altogether when offered by their companies, their vendors or their local mortgage lender associations.
It’s time for a change, and it’s time for you (if you are not already) to become a true student of your noble profession. Mortgage lending isn’t getting any easier anytime soon. Constant changes will affect the industry for the foreseeable future, borrowers are becoming more informed about their options, and your competition is always looking for a clever way to steal your next deal.
Here are some suggestions for keeping your knowledge, skills and sales aptitude fresh throughout the coming year:
Read one major mortgage industry publication from cover to cover every month. Look for news, information and helpful ideas you can adopt. Study the interviews with top producers. Look at the ads to see who the real “players” in the industry are and who out there is moving, growing and hungry for more business.
Buy a good book on sales or marketing or the biography of a successful businessperson you admire. Read two or three chapters each week. Highlight important lessons that you should follow in your own career.
Join your local mortgage lender’s or broker’s association and get involved. You’ll be surprised what you learn from attending monthly luncheons, education events and their annual convention.
Pick a “product of the month” and master it. It’s a fact that most average originators are fluent in only three or four types of financing. Be better than the average originator by knowing more mortgage program options and alternatives than they do.
Listen to audio CDs and/or podcasts. You likely spend a fair amount of time behind the wheel, so turn down time into “sound” time. There are numerous CDs out there sharing helpful practices on time management, sales, building relationships and running a successful loan origination business.
Attend a webinar. Many vendors and mortgage industry service providers invite their lender clients to short 30-minute or 60-minute webinars every month. Stop automatically deleting these invitations from your email inbox and register to attend those webinars you find valuable.
Join (or start) an industry business circle. Some loan originators are members in housing industry discussion groups and “mastermind” groups where ideas and local market information is openly shared by real estate agents, attorneys, title companies, builders, appraisers and others.
If you are a branch manager or company owner, bring in a national mortgage industry speaker to address your group two or three times throughout the year. Their broad exposure and experience can help your originators consider ideas and strategies they would not normally be exposed to and their presence can add that extra spark of excitement to your sales meetings.
Search online content. The Internet is packed with information and news about what’s happening in the housing and finance industry. Set up a Google Alert, join in a mortgage-focused LinkedIn group, subscribe to an online marketing newsletter or just explore sales tips with your search engine once a week. You’ll find plenty of great stuff.
Your first reaction to this advice might be: “I’m too busy for all this; I don’t have time!” The truth is, in fact, you do have the time. Any loan originator can dedicate one or two hours a week to some form of learning opportunity; that’s all it takes to do most of the things listed here. But to do so you must understand how important personal development is to your career and you just have to want to do it.
If knowledge is power, then a lack of knowledge makes you powerless. Borrowers want to work with a smart and well-versed mortgage “expert.” Real estate agents choose to refer their clients to lenders who know what’s going on in the industry and demonstrate professional, contemporary skills.
Added to that, your boss and your peers enjoy the company of a savvy, well-informed colleague, one with whom they can share strategies and brainstorm new ideas and best practices. Be that kind of mortgage originator, the kind with whom you yourself would want to work. ?
Doug Smith is a nationally known industry speaker, author and sales trainer. For more information, please visit www.DougSmithOnline.com or call Douglas Smith & Associates at 877-430-2329.
