Characteristics of Top Producing Loan Originators
A very successful loan originator shares some traits that he links to his ongoing success:
One needs to be self-motivated, extremely competitive, and maintain high energy. In essence, don’t have “low energy” which real estate billionaire Donald Trump points out as well. There will be ups and down so you can’t let problems bring you down and lose your composure. You have to remain dedicated to your goal.
To be successful in this career needs to be your passion and not treated like a part-time job. In fact, HUD does not like FHA mortgage originators who have another job in the real estate industry no matter what field ( HUD Handbook 4060.1 Chapter 2: Section 2-9).
“Full, Part-Time and Outside Employment. A mortgagee may employ staff full time or part time (less than the normal 40 hour work week). They may have other employment including self-employment. However, such outside employment may not be in mortgage lending, real estate, or a related field. Direct endorsement underwriters are included in this provision.”
You need to be aware of loan product guidelines, and compliance regulations, because you want to be an expert in the field so your clients (and their friends) can use you again and again.
You will always be an average mortgage originator and not a top producer if you are not a disciplined person. A top producer will focus on generating new business and not on paperwork or documents for loans in process. There is a reason the industry has processors and loan assistants and that is to handle that part of the business.
Clocking in just five hours a day of low energy and not meeting with referral partners is a recipe for failure. During business the focus should be growing new business.
Potential Motivators
If a mortgage originator is in an environment that gives them challenges: a company with numerous opportunities to flourish, to grow, to emerge as one of the best. Quite simply, a place with many opportunity which is what America is all about. Grow your career and profession with a mortgage banker and broker to take your business to the next level.