Is Your Attitude Killing or Driving Your Business

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A Guide for Mortgage Professionals
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"The Loan Officer with the most friends wins!" -- Bill Hillestad

Having been called on numerous occasions an originators originator, it should come as no surprise I love being around mortgage professionals. Fortunately my job allows me to talk to literally thousands of mortgage originators each and every year. That said, I have developed an ability to predict with uncanny accuracy the production level of an originator after speaking with them five minutes or less (without broaching their production numbers).

Do I have a sixth sense...heck no. Rather, it's a recognized pattern how an originators attitude plays a critical role in either their success or failure. I call it "The Attitude Factor."

The Attitude Factor

The Attitude Factor denotes the correlation between ones attitude and the level of success they are experiencing. Additionally, "The Attitude Factor" is most evident during down markets like we are now experiencing.

When talking about having a winning attitude in a down market, I'm not asking originators to put on their rose colored precious moments glasses and ignore the realities of the market. Rather, I'm asking them to:

1. Get over it, accept it and expect it
2. Recognize the loan opportunities the market IS presenting
3. Change their business and marketing activities accordingly and then
4. Work their new plan with gusto and a charged positive attitude

If you can successfully implement the four steps noted above, you will instantly put yourself in the top 50% of originators in the marketplace.

Why do I say that?

To say that at least 50% of originators are struggling is an understatement.

According to Dave Savage;

"For about 50% of the loan officers in the marketplace, to say they are struggling is an understatement. The stress behavior and the mindset they embody are creating a self-fulfilling prophecy for these folks that they’re going to be out of business soon. The reason: They’re not focusing on the best strategies in the market. They’re all over the place. If they could just adjust their attitude and get a very clear game plan — that is, the right game plan — they could all be successful.

Another 45-47% or so of these loan officers are not having a good year, but they’re okay with it. They have a ‘cool’ attitude and talk about riding out the year and things will be better next year.

Then the last 3-5% I speak with are having a great year. They’re having the best year they’ve ever had…and a big part of that is attitude. But with that attitude, they’re also mastering the strategies necessary for being successful in this market. If you can master those strategies, you can absolutely kill it and become a multi-millionaire in a future market."

Whether managing, coaching or lecturing loan originators, I have three goals for them:

1. To reach and maintain the top 3-5% level
2. To understand, embrace and become professional mortgage planners
3. Improve the quality of their lives spiritually, personally and financially

Nevertheless, it’s a sad truth that most loan officers are too transaction-focused. Rather than building future business and creating long-term relationships by providing advice and ongoing services to clients, most have become focused on closing transactions. It’s no wonder that most loan officers are perceived as commodity providers rather than financial experts.

Fortunately, there’s a simple way to overcome the commodity trap and negative borrower perception—become a Mortgage Planner.

Mortgage Planners are mortgage professionals who look at their clients’ lifetime financial goals and integrate their mortgage into their overall financial plan. They have the unique power to earn the trust and respect of their clients and secure their patronage not only for one transaction, but for many throughout their clients’ lifetime. By helping homeowners to increase their savings rate, stop wasting money on the wrong debt and position them into strategic mortgages, Mortgage Planners have the power to help homeowners reach their “Freedom Point” faster—the magical moment in time when a homeowner is either debt free or when their assets exceed their debts and paying off their mortgage becomes a strategic financial planning decision.

Mortgage Planners change the game on typical application-taking loan officers. They do this by taking on the professional responsibility of helping homeowners to make informed decisions that ultimately increase their tax benefits, increase their wealth, and help them reach their Freedom Point faster.

If you help your clients, they will help you. By building trusting relationships with your clients and giving them advice and services that are clearly superior to what other loan officers are offering, your clients’ business will generate tremendous residual income for you. Where a typical loan officer depends on new leads and quick, generic service to create business, Mortgage Planners get the lion’s share of their business from ongoing client relationships and valuable referrals from clients and referrals sources.

As a result of this strategy, Mortgage Planners typically experience predictable and growing income streams.

So the ultimate question is, what comes first; "A Winning Attitude" or Mortgage Planning success?

ANSWER - "A Winning Attitude"

"The Loan Officer with the most friends wins!" -- Bill Hillestad

Having been called on numerous occasions an originators originator, it should come as no surprise I love being around mortgage professionals. Fortunately my job allows me to talk to literally thousands of mortgage originators each and every year. That said, I have developed an ability to predict with uncanny accuracy the production level of an originator after speaking with them five minutes or less (without broaching their production numbers).

Do I have a sixth sense...heck no. Rather, it's a recognized pattern how an originators attitude plays a critical role in either their success or failure. I call it "The Attitude Factor."

The Attitude Factor

The Attitude Factor denotes the correlation between ones attitude and the level of success they are experiencing. Additionally, "The Attitude Factor" is most evident during down markets like we are now experiencing.

When talking about having a winning attitude in a down market, I'm not asking originators to put on their rose colored precious moments glasses and ignore the realities of the market. Rather, I'm asking them to:

1. Get over it, accept it and expect it
2. Recognize the loan opportunities the market IS presenting
3. Change their business and marketing activities accordingly and then
4. Work their new plan with gusto and a charged positive attitude

If you can successfully implement the four steps noted above, you will instantly put yourself in the top 50% of originators in the marketplace.

Why do I say that?

To say that at least 50% of originators are struggling is an understatement.

According to Dave Savage;

"For about 50% of the loan officers in the marketplace, to say they are struggling is an understatement. The stress behavior and the mindset they embody are creating a self-fulfilling prophecy for these folks that they’re going to be out of business soon. The reason: They’re not focusing on the best strategies in the market. They’re all over the place. If they could just adjust their attitude and get a very clear game plan — that is, the right game plan — they could all be successful.

Another 45-47% or so of these loan officers are not having a good year, but they’re okay with it. They have a ‘cool’ attitude and talk about riding out the year and things will be better next year.

Then the last 3-5% I speak with are having a great year. They’re having the best year they’ve ever had…and a big part of that is attitude. But with that attitude, they’re also mastering the strategies necessary for being successful in this market. If you can master those strategies, you can absolutely kill it and become a multi-millionaire in a future market."

Whether managing, coaching or lecturing loan originators, I have three goals for them:

1. To reach and maintain the top 3-5% level
2. To understand, embrace and become professional mortgage planners
3. Improve the quality of their lives spiritually, personally and financially

Nevertheless, it’s a sad truth that most loan officers are too transaction-focused. Rather than building future business and creating long-term relationships by providing advice and ongoing services to clients, most have become focused on closing transactions. It’s no wonder that most loan officers are perceived as commodity providers rather than financial experts.

Fortunately, there’s a simple way to overcome the commodity trap and negative borrower perception—become a Mortgage Planner.

Mortgage Planners are mortgage professionals who look at their clients’ lifetime financial goals and integrate their mortgage into their overall financial plan. They have the unique power to earn the trust and respect of their clients and secure their patronage not only for one transaction, but for many throughout their clients’ lifetime. By helping homeowners to increase their savings rate, stop wasting money on the wrong debt and position them into strategic mortgages, Mortgage Planners have the power to help homeowners reach their “Freedom Point” faster—the magical moment in time when a homeowner is either debt free or when their assets exceed their debts and paying off their mortgage becomes a strategic financial planning decision.

Mortgage Planners change the game on typical application-taking loan officers. They do this by taking on the professional responsibility of helping homeowners to make informed decisions that ultimately increase their tax benefits, increase their wealth, and help them reach their Freedom Point faster.

If you help your clients, they will help you. By building trusting relationships with your clients and giving them advice and services that are clearly superior to what other loan officers are offering, your clients’ business will generate tremendous residual income for you. Where a typical loan officer depends on new leads and quick, generic service to create business, Mortgage Planners get the lion’s share of their business from ongoing client relationships and valuable referrals from clients and referrals sources.

As a result of this strategy, Mortgage Planners typically experience predictable and growing income streams.

So the ultimate question is, what comes first; "A Winning Attitude" or Mortgage Planning success?

ANSWER - "A Winning Attitude"

Comments

[Wade Young]

It's the competitive plane versus the creative plane. People on the competitive plane focus on the pie being only so big ... and maybe they won't get enough. Those who focus on the creative plane have a belief that everything will work out. They focus on the long run, as you said, and they are not as transaction-driven. Nice post.

[Rhonda Porter]

I have found that a Mortgage Planner focuses on the long term goals and develops a stronger bond with their client vs. a transactional Loan Originator. My clients call me whenever they have questions or needs...they know I'm not going to churn them or always be looking on how I can sale or refi them. If a LO is considering using the Mortgage Planner approach, I would encourage them to include an Annual Review with their clients as part of their service. Nice post, Tony!

[VA Refinance]

Tony Great Post, Its all about the scarcity and abundance.