During my 27-year career as a loan officer, I have seen many newly licensed loan officers become highly productive and successful. Although most loan officers used a variety of marketing tools and programs to achieve their success, they all employed hard work, determination, self-discipline, integrity, and commitment. There are certain habits and qualities that I have noticed in high-performing loan officers. The following is a list of these traits, practices, and routines that appear to lead to long-term success for mortgage sales professionals.
• Plan Your Day Before It Starts – Create, develop, and continually improve your daily routine to stay on top of your business and cultivate new sources of leads. Consistency leads to long-term stability and eliminates the ups and downs of loan production. Always track, monitor and cultivate your top referral sources. Call them, email us and send them regularly. Schedule a certain number of prospect calls each day to keep in touch with your potential customer sources and solicit new business.
• Network, network, network: Join and contribute to at least two groups of networks and develop win-win scenarios with complementary businesses. You should also partner with real estate agents, insurance agents, attorneys, and contractors to share referrals.
• Become an expert and contributor to social networks: create a blog and post useful material related to your profession. Be accessible to your top partners, past clients, and new businesses.
• Customer service and excellent communication – Your reputation is invaluable. Some of the best attributes a loan officer can have are timely communication, follow-through, and a commitment to superior customer service.
• Detailed tracking system with all leads – Create a system to track all leads and lead sources. Always remember that communication is the key.
• Be a student of the game – Learn about loan products and prepare for upcoming changes in the mortgage industry that will help you stand out from the competition. Accept completed loan applications and send fully documented packages to underwriting.
• Hire Assistants – Top loan officers use the help of assistants to support, maintain, and grow their business. Busy sales professionals can’t do everything. They delegate as much work as possible to free up their time and seek additional business.
Time is an asset; it must be maximized for your benefit. Review and adjust your daily routine to help improve your results. Becoming an expert on certain loan products will have real estate agents and clients turn to you for advice. Refer unfamiliar loan types to another loan officer who is familiar with that product. Don’t get caught taking each and every loan that comes your way. A strong company culture based on efficient processing, underwriting and closing departments is also a key component for sustained success. The best loan officers take pride in complete loan applications and fully documented loan files. They take the time to fully explain issues in advance with their support staff to avoid delays later in the process. Good loan officers are smart and know if closing dates and deadlines can be met.
Effective loan officers manage their time, direct their efforts, create new habits, and develop their expertise. They are committed to communication and customer satisfaction. Determination and self-discipline will lead to long-term growth and success.