This question was asked recently at a Todd Duncan event that I attended. It was an “Aha” question that made one deep dive and asks the difficult questions.
Are you hearing many LOs saying that business is down and it’s not their fault that rates are higher, etc.?
The Numbers Speak!
Shocking statistics from a recent poll of 11,000 Loan Officers over a 90 day period showed a vast difference between the winningest teams and those that are fortunate enough just to coast.
Here is what was discovered:
87% of Loan Officers said that they don’t do a great job following up with their referral partners.
Only about 5% of Loan officers are doing an annual mortgage review or AMR with their clients.
This means that 5X a of a pipeline may be literally sitting in a databank not being nurtured with the most basic outreach!
Why wouldn’t a good Loan Officer make the most of their resources and make it impossible for another professional take it. Expansion, refinancing, and planning with their customers is how they guarantee residual income. If they are only handling new business, they are earning a fraction of what they should be making.
Don’t Overdo It
Conversely, There are a number of Loan Officers, who may be guilty of the above, but make a mistake of talking ad nauseam when the sale or commitment has already been made. If they’ve made their point, Let it lie. Conversions will go up as the professional learns to follow up appropriately and speak like a human.
Here’s What I’ve learned in order to make the most of a Mortgage Industry Pipeline:
We need to cut 90% of the sales pitch! How about this question in ten words or less “What would it mean for you to own a home?” Then stay quiet and listen.
Track Your Results Daily.
Lead by Example. You can’t lead others if you can’t lead yourself.
Your impact is chosen by your choices.
Leaders must confront and deal with reality.
You need to give back to your community with time, money, or both. (Perhaps donate $100 for every loan closed to the breast cancer foundation).
It would be best if you leaned in with your story and not your credentials.
The team should review these questions and statements to determine if they are Solid and Aligned. No one is perfect, and certainly not myself. I am working on all this as I write, but even a little shift could help propel any team to more alignment and success.
Let me know what you think!