Tips for Loan Officer Success
Here are the top 9 tips to help loan officers be successful this year and thereafter.
- Be someone with a plan
Lots of experts have been imparting their wisdom about this aspect for years. it will disance you from your competition and should be a wealth builder for years. It’s simple and easy to put into effect. Find 5-10 partners who will refer business to you, especially a real estate agent. Your goal is 5-10 borrowers every month that are looking to purchase a home within the next 6-12 months.
Now it all comes down to conversion. If you become an expert and can convert 25% of those borrower applications and the realtor performs you can close hundreds of loans each year.
- Prospect and make appointments with referral partners
Each business wants customers, and while it’s true you can obtain buyers through lead models through online websites or radio shows, those consumer direct methods have low conversion rates, which becomes Return on Investment (ROI).
One of the best ways to achieve higher ROI is through a referral, the conversions are always higher. So, like it or not, if you want be successful you have to get good at making partners.
- Build a team and delegate everything
This is one tip where there’s no doubt. In order to move up into the top producer category, you need a reliable team. A huge majority of what many loan officers do each day does not generate income. If you don’t have an assistant you are your own assistant. Making appointments and paperwork can be handled by a competent assistant. - Scheduled Weekly Follow-Up with Partners
Here’s a rule many know very well – Out of sight, out of mind. If you are not in your partner’s thoughts on a weekly basis, you will not improve the partnership relationships and what can be gained for both sides.
- Follow-up weekly with Borrowers
Another super important rule is, if you don’t follow-up with the borrower, they won’t follow-through. You must stay in touch to add value to your borrower prospects and boost your conversion as time passes. - Follow-up each week with Closed Customers
Here’s another important tip – If you want your clients to stay with you for life, you need to talk to them throughout their life. It is so commonplace with loan officers that many do not employ a retention system for their past borrowers. This is one of the most valuable pieces of your referral base because it provides income for years to come. - Pipeline Efficiency: The Perfect Loan Application
If you don’t do it right the first time, will you actually find the time to do it over again the correct way? The mentality of a successful loan agent is the loan application has to be one-hundred percent complete. This means all documents are submitted with the loan, no piece submissions today and other pieces later on. A cover letter must accompany to help processing and underwriting understand how the mortgage originator views this loan. If done right, it will be approved. A successful loan officer never submits a loan hoping it will be approved. You want quick clear to closes in this ultra-low rate environment. - Client Survey’s
This is significant and an area far too many loan officers overlook or simply ignore.
All loan officers should ask their borrowers what they expect, so you can exceed those expectations after the application, mid-way through and also a few days after closing. - Closing Gifts
There are countless ways to express your thanks at closing so I will leave it to you to choose but pick something that is strategic and increases your chance to get the best converting clients via referrals. With that being said, if you pick something that brightens the room like a flower bouquet along with 10 of your business cards.