How I Funded 432 Loans In One Year
A New Post By The Mortgage Cicerone
A Guide for Mortgage Professionals
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That's right, 432 first mortgage loans! How did I do it? I followed a three step formula that is SO obvious, yet 95% of loan originators across the country refuse to do it well.
Much like the three most important aspects in real estate, the three most important steps to a successful mortgage origination career is:
- Communication
- Communication (and)
- Communication
Now guess what the mortgage industry's number one complaint is with both consumers and real estate agents?
Answer: Poor Communication
Quite frankly, the industry as a whole sucks at calling/emailing clients or referral partners back in a timely matter (much less keeping them updated).
How many times have you heard the importance of calling or emailing people back? Fact is, you're probably even sick of hearing it. Yet it still continues to be the number one customer and real estate agent complaint year after year.
I once asked one of the best originators I know (Greg Clements) how he did over 900 loans in a 12 month period. His answer was the following:
"While I had developed relationships with several referral sources over the years, my secret was that I returned my phone calls quicker than anyone."
If you can live by this standard, you will be well on your way to building a wonderful and prosperous career in the mortgage industry.
NOTE: Part of being a good communicator is knowing your guidelines and sharing them effectively with your referral partners and clients upfront. Yes, you MUST know your guidelines and how to properly package a full doc loan. Let your clients know what is needed upfront and don't nickel and dime them for conditions because you DO NOT know your guidelines!
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