How to Create a Business Plan for a Mortgage Producer by Charles Crawford - Updated September 26, Every new business needs a plan and mortgage originators or producers are no exception. Writing the business plan for your mortgage company forces you to consider important subjects early on, before they can develop into serious mistakes that may not be correctable. The steps for creating your plan will differ from the sequence of the written plan. For example, the executive summary of the plan appears first, but you should write it last.
Battling between the K and HomeStyle rehab loans? Some are very successful, but many more are just average, which I define as those originators that after a solid year or two — or more — in the business, can never seem to break above a three loans a month average or loans a year, even during extreme rate or purchase markets.
The successful originators seem to all share a few common traits, such as drive, systems, and discipline etc. But there is more to it than that. So I set out to discover what keeps these few top performers successfully producing year in and year out, and enjoying a successful and lucrative career.
After careful research and observation, I have recognized eight habits and traits all these successful performers have in common. They Have a High Level of Drive Plain old-fashioned desire and a healthy self-image are key traits of the best performers in any industry.
Before LO Comp, the 1 -3 loan a month performers still did okay financially, and we all know why. With the changes in compensation these folks are now being pushed to higher levels of performance, and it can be a difficult, if not impossible, transition.
The top performers always have their motor on high.
If the customer picks a different lender, the loan officer goes back to the drawing board and analyzes what he or she can do to get a better result next time. Competitiveness, drive, ambition and a healthy self-image count … big time.
They Maintain Systems and Disciplines Everyone talks about them, everyone wants them; few companies possess them, and sadly even fewer originators have the time or skill to develop them. The best performers follow a strictly defined sales process with a sales funnel to keep clients moving forward in their system.
They are scripted with professional sales presentations and templates that are used consistently at every step. There are defined standards and systems for file quality so the customer experience is predictable. The best underwriters follow strict checklists to do their work, and the best loan officers typically do as well.
They originate in a very proactive working environment, rarely needing to request more documentation. Their goal is to originate loans that will be clear to close on the first submission.
They know that reactive work cripples their productivity. They master a database or CRM system and never let anyone or anything fall through the cracks. The ball is never dropped. There are no stacks of Realtor business cards sitting on their desk wrapped in rubber bands, as if some day they are going to go through them.
Every call is returned in a defined time frame.
There is a follow-up plan and discipline that makes sure every possible opportunity is maximized. This can be easily accomplished with a disciplined, determined approach to leveraging a system with a strong database, CRM tools and calendar process.
They Follow a Business Plan It seems pretty obvious that a plan of some kind would help most people achieve a better result. Yet ask the average originator what their business plan is, and you get a blank stare, or a very unconvincing explanation of what they are trying to do.
I believe this is a result of the holdover from LO Comp, where before the new rules, a good-sized government loan could make your month. Closing one loan used to pay — and sometimes still pays — entirely too much income for any one person to dedicate themselves to executing a specific business plan.
The best performers follow a work plan and measure their results against that plan.The SAFE Mortgage Loan Originator National Exam Study Guide: Second Edition - Kindle edition by Patricia O'Connor. Download it once and read it on your Kindle device, PC, phones or tablets.
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Comment by TED MUNDA - May 12, at am. Start a vineyard/winery in Newberg/Dundee Oregon. I know your rules state that the business must break even in 60 days, profit in but these guys are making a killing! QCommission Sample Plans Mortgage Broker Industry Introduction Processing Fee is at a standard rate of $ for every loan.
Loan Officer Plan 01 This is the simplest and most straightforward plan. This loan officer has a single commission This incentive helps drive business towards certain providers.
Apr 29, · mortgage loan officer business plan template A NEW Loan Officer Roadmap For Rapid Success by Casey Cunningham free business plan template.
Simple outline with 20 planning tips. The individual loan originator learns the specific needs of his or her marketplace.
Instead of learning to sell loans, template systems are used to provide solutions for referral business partners. The originator customizes his or her plan based on what he or she has been successful doing in the past.