Category Archives: Mortgage Business Tips

Jul 27
1

How to Pin-Point Opportunities with Potential Referral Partners

By | Mortgage Business Tips | No Comments

coffeemeetingtodayGetting comfortable with facilitating VALUABLE face to face meetings with potential referral partners such as, Realtors, Financial Planners, CPAs, Attorneys & Insurance Agents is the key to opening up opportunities and quickly identifying if the person with whom you are meeting, is a good target for you for cross-referral purposes or not.

It’s important to have a set of open-ended questions prepared that will allow the other person to be in the spot light and share their business growth goals, hopes, ideas and challenges with you so that you can pin-point ways in which you can help them and vice versa.

Here are two sets of questions that I hope will aid you in this extremely important endeavor, which is a key pillar to growing your business…

Questions for Financial Planners, CPAs & Insurance Agents

  1. What types of marketing methods or lead-generating type activities are you engaging in this year to grow your business?
  2. How are you hoping to separate yourself from the competition, your brand, your special services, tools or systems you offer, etc?
  3. Where do you network or what groups or memberships or associations are you a part of that helps you to meet people and add them to your database?
  4. Do you ever give presentation or, “Lunch-n-Learns” for your clients or for the general public?
  5. If you felt zero fear, what would you do in order to build-up your business?

Questions for Realtors

  1. What types of marketing methods or lead-generating type activities are you engaging in this year to grow your business?
  1. How are you hoping to separate yourself from the competition, your brand, your special services, tools or systems you offer, etc?
  2. Where do you network or what groups or memberships or associations are you a part of that helps you to meet people and add them to your database?
  3. What do you feel are some of the biggest mistakes you’ve seen Realtors make, that you want to make sure to avoid?
  4. What types of scenarios have been creating hiccups for you and your clients in terms of closing deals and working within today’s mortgage loan processing environment? (This is how we get them to open up about “complaints” “gripes” “mishaps/disappointments” with other Lenders)
  5. Is there any type of home buyer situation that has been tripping up your team, such as condos, 203K, VA buyers, buyers from overseas, down payment assistance issues, etc.?

Come prepared to your face to face meetings, ready to facilitate, ready to inquire, ready to listen!

Jul 11
0

Will YOU Benefit from Hiring a Coach?

By | Mortgage Business Tips | No Comments

CoachsCornerclearfearNot everyone is ready or in the right frame of mind to truly benefit from engaging with a partner whose whole purpose, drive, expertise and mission in life is to help you achieve exactly what you really, really want!

Seems odd to think that someone might not be ready or willing to receive everything that they really, really want, right? However, to get those things that we set our sights on, that seem challenging at the least and impossible at the worst, we have to be willing to change and possibly, change a whole lot!

Obviously there is something keeping us from getting what we want and if nothing needed to change, well…we’d already be living the life we envision or in possession of the things we covet, right?

Change is the most difficult experience to embrace and enact. Hence the reason why there are a million different varieties of coaching: business coaching, life coaching, executive coaching, relationship coaching, creativity coaching, wellness coaching and the niches go on and on…

But at the very core of each coaching discipline, you find one person or persons helping another person or persons to change in some capacity.

Here are four questions to ask yourself prior to reaching out to a Coach:

  1. Do you know what you want to change?
  2. Are you passionate about what you want to change?
  3. Are you willing to do things differently in order to bring about change?
  4. Is the change you seek, something worth failing to achieve at, over and over again until the change happens?

If you can answer Yes to all four questions, then you’re ready to investigate coaching.

If you answered No to any of the questions, then the return on investment you hope to gain from a coaching relationship will likely take A LOT LONGER to achieve as you and your Coach whittle away at deeper issues that may be better suited to discuss with a licensed therapist or clinical psychiatrist skilled at deeper-rooted challenges.

If this is something you suspect you might need, it’s important to ask the Coaches you interview if they have those credentials.

Please don’t misinterpret what I’m saying here, just because you don’t get everything done on your to-do list in a day and you feel fear at the thought of calling on prospects sometimes or speaking in front of a group, or you get down in the dumps because the industry can be challenging, does not mean you need a shrink necessarily.

My point is simply that there’s a difference between everyday challenges vs. chronic stalemates and there are the right professionals for each situation so just make sure you align yourself with the proper expert for your situation.

Every Coach has their own unique methods to assisting their clients to achieve MORE from their business and/or personal lives.

In my particular mortgage-specific, business coaching platform, I help my clients to…

  1. turn wishes into goals and goals into calendar-driven action plans
  2. consider alternate perspectives/stretch out of one’s comfort zones
  3. embrace already-proven business growth strategies that fit your personality type
  4. hone-in on your strong points as a sales person and leverage those strong points
  5. incorporate your passions/interests into your business
  6. balance competing priorities between home and work
  7. remain focused on high pay-off activities
  8. determine business growth strategies that fit your current capacity
  9. use solution-based thinking as you approach challenges and make decisions.
  10. identify and eliminate “time-sucking & energy-draining” activities, tasks, people and mindsets from your daily experiences.

To aid you in uncovering the best Coach match for YOU, please download my Coach Interview Questionnaire Knowing the right questions to ask will save you time, money and oodles of frustration and disappointment.

Jul 10
0

Rise Up and Tackle Today!

By | Mortgage Business Tips | No Comments

catinmirroWe all only get one spin around this amazing lifetime and just as our parents would annoyingly tell us, “Time only goes by faster as you get older, so you better enjoy it.” Don’t you just hate how so many of those parental nuggets of truth are dead-on? Darn it!

What’s truer still, though we don’t hear it as often as would be helpful, is that our happiness stems from our choices.

If you think about all your happiest memories, best victories, times when you, “slayed the dragon” so to speak, weren’t they all colored by your choices? And didn’t they feel brilliant because you had somehow risen to the occasion, rose above the challenges, climbed that mountain or pushed that enormous bolder up hill?

It’s no coincidence that our very own cliché’s for happiness and victory involve, rising.

Today is a new day and THANK GOD you made it. Look for one thing you’ve been avoiding in your business and tackle it with gusto and gratitude. Remember, if you weren’t presented with challenges how could you ever know the joy of rising?

Jul 03
0

Three Near & Clear Ways to Grow your Business

By | Mortgage Business Tips | No Comments

getoclasswithcoachvDo you know how to harness the power of the low hanging fruit that is available to you to drive in more business?

Learn the strategies to steer your business towards the top 3 near and clear ways that immediately drive in additional production from an experienced mortgage professionals business coach. Then learn how to actually execute these strategies in a database /CRM tool from a mortgage industry database management and marketing expert.

If you are a mortgage professional, or manage a team of mortgage professionals, this webinar will provide you with the blueprint and the tools that make an immediate upswing to your revenue stream.

SIGN UP HERE for your free limited time access to the webinar

Jun 14
1

Is Your Business Truly Customer Centric?

By | Mortgage Business Tips | No Comments

customercentricMortgage Professionals must keep a keen focus on their customers at all times. If they don’t, the outcome has a direct and immediate effect on their pocket books.

The assurance of a regularly generated paycheck, is simply not part of the Loan Officer package. Every dollar derived is in direct correlation to the Loan Officer’s individual efforts with their customers.

Your answers to the following, highly-specific, customer related questions may be a tough pill to swallow if you’re not ready to tell yourself the 100% truth. However, I believe, if you’re up for the challenge, your answers to these questions will lead you to take actions that will surely have a positive impact on your pocket book in 2017 and beyond.

If you happen to be a Manager, this is a GREAT list of questions to share with your sales team and ask them to submit their answers anonymously (encourages more real, candid answers). The answers will help you to pin-point training, tools and other resource needs you can develop to help your team to improve their performance.

For example if you discover that the majority of your team could not adequately answer question #24, you could conduct a sales call or meeting on how to write a Unique Value Proposition.

  1. Do you do what you say your going to do BEFORE you say you are going to do it?
  2. Do you take a complete application, ask your clients the right questions and get the appropriate information/documentation up front?
  3. Do you know your program underwriting guidelines?
  4. Do your underwriters think you know your underwriting guidelines?
  5. Do your processors respect you?
  6. Do the processors in your office refer their family and friends to YOU?
  7. Do the title/escrow reps think highly of you?
  8. Do you go ahead and do a loan for a client even though you know it is not the best thing for them?
  9. Do you return ALL your phone calls?
  10. Do you return all your emails?
  11. Do you do the things you least want to do first?
  12. Do you complete your “things-to-do” list for the next day before going to sleep?
  13. Do you prioritize your tasks and work on them in their order of importance?
  14. Do you surf the web when you still have calls or tasks to complete?
  15. Do you complain about not having enough business?
  16. Do you keep in contact with all your clients?
  17. Do you have all your clients, prospects and referral partners in a database (ACT, etc…)?
  18. Do you make customer acquisition a priority?
  19. Do you have systems in place to optimize your clients’ mortgage experience?
  20. Do your clients always know where they stand and what they need to close their loan?
  21. Do you withhold information from your clients and let them know “the real story” towards the end of the transaction?
  22. Do you read at least one book a quarter on business development, communication, ethics or the mortgage industry?
  23. Do your clients refer people to you?
  24. Do you have a compelling reason for someone to do business with you?
  25. Do your referral partners and clients think of you as an expert?
Jun 13
0

Are You Sure You’re Hiring Sales-Capable Loan Officers?

By | Mortgage Business Tips | No Comments

Are you tired of filling the seats with warm bodies instead of filling the seats with actual topsalespersonSales-capable Loan Officers?

If you aren’t necessarily focused on recruiting top producers whose production is obvious but instead are willing to bring on individuals whose work history may show gaps of time where they weren’t originating, or who are not as seasoned or come from a different industry, than you need to make sure that you are asking questions that will unearth whether your candidates actually have what it takes to make it in Sales or not!

The fact is that charisma and charm or someone vivacious, honest and good natured cannot be the predominant reasons why you hire them to be a Loan Officer on your team.

Of course we want these positive characteristic in our employees, but my point is just because someone’s personality type seems to fits the mold of what most believe to be a, “good sales person,” does not mean they will succeed in Sales.

Succeeding in Sales has A LOT to do with the following:

  • Discipline
  • Communication
  • Creativity

To uncover if your candidates are actually disciplined in their work lives, communicate their needs and can identify and create opportunities, integrate the following set of open-ended questions into your interview process. You may even want to send these questions ahead of time in order to give your candidates a chance to really think through them prior to the interview.

Discipline questions:

  1. Describe your daily work routine and work schedule.
  2. Explain how you use your calendar and what type of calendar system you use.
  3. What other types of tools or systems or resources do you rely on to stay on task?
  4. Describe the goals you set for yourself at the beginning of this year or last year.
  5. What do you feel are your biggest challenges as a Loan Officer?

Communication questions:

  1. How do you entice new referral partners to meet with you?
  2. When and how do you ask for referrals from your clients?
  3. Describe what you said to a borrower the last time you had to communicate, “bad news.”
  4. Have you ever had to confront a referral partner or discontinue a working relationship with a referral partner? What did you say?
  5. What do you say to a customer who tells you they are going with another Lender?

Creativity questions:

  1. What types of marketing efforts have you engaged in with potential referral partners?
  2. Where and how often do you show up to meet new potential referral partners?
  3. What are some of the ways you have attempted to market yourself?
  4. What groups, associations, charities or organizations do you belong to?
  5. Describe how you go above and beyond for your customers after the transaction is closed.
Jun 13
0

What’s at the Root of Your Time Management Blues?

By | Mortgage Business Tips | No Comments

There’s a million excuses for why we don’t get stuff done, why we don’t start projects or timemanagementbluesfinish them, why we aren’t more productive with our work hours, but at the bottom of this bundled mass of uninspiring justifications lies nothing more than bad daily choices.

It’s not that we don’t necessarily know what to do to increase our chances of a more productive and balanced day, it’s more that we ignore the solutions nagging at us at the back of our minds.

Rolling back in our memories to investigate our choices throughout the day will illuminate those moments of poor decision and put you on a path to curing your time management blues for good!

Here’s the most common excuses for why stuff just doesn’t get done…

  1. I don’t have enough time.
  2. I have too many interruptions.
  3. I don’t have any help.

Here’s the most common daily choices you’re making which lead to the excuses above…

I don’t have enough time:

-You choose not to review your day’s to-dos and work load in order to PLAN out your following work day.

-You choose to go to bed late, which leads to waking up late and groggy and don’t get a real start at your work until 9am or later.

-You choose to let others set your appointment times, rather than reviewing your calendar and offering times that work best for YOU.

-You choose not to embrace new tools, methods and technologies.

I have too many interruptions:

-You choose not to communicate boundaries with your co-workers, referral partners and family.

-You choose to solve everybody else’s problems, instead of allowing them to learn from their own mistakes.

-You choose to answer emails and phone calls during the times you set aside for file work or other projects.

-You choose not to set up your home office properly.

-You choose to keep your Smart Phone nearby at all times where you hear the pings of incoming social media feed, texts, IMs, advertising emails, etc.

I don’t have any help:

-You choose not to take the risk and hire an Assistant.

-You choose not to task your Assistant with ALL of your low-pay off activities.

-You choose not to ask for help.

-You choose not to use the resources provided to you.

-You choose to attempt to be the expert on everything.

Remember, everyone struggles with time-management at some level, but that is because everyone struggles with being present in the moment and disciplined in making better choices that many times are tied to insecurities and fears.

Make the choice today to take a good hard look at what you are choosing to do with your time and attention so you can discover what your particular time management “hang-up” is really tethered to.

Jun 07
0

How to Respond Strategically When Getting Dumped for Another Lender

By | Mortgage Business Tips | No Comments

competitionGetting dumped for another lender happens, but responding strategically to the client’s reasons for making the switch is just as important as your script when engaging with the prospect for the very first time.

The majority of the population loathes change and feels quite insecure and hesitant when faced with switching gears for any reason. Once the change is made, the smallest glitch or bump in the road will cause most people to regret their decision and wish they hadn’t made the change at all.

In the case of obtaining a mortgage, there can be plenty of moments of uncertainty and insecurity for the borrower, so the likelihood is when you do get dumped for another lender, there’s a real possibility of wooing your prospect back if you just gracefully and strategically keep the door open and follow-up.

Just recently I helped a client of mine write the following email script to send to her straying customer. In this particular case, the loan officer had given advice, consistently checked-in and been an ear to this prospect’s personal challenges over a significant period of time, yet the prospect decided to go with her credit union based on, “convenience.”

Ouch! Right?

Of course, this is just one way to respond, BUT what I like to remind my clients when responding to rate shoppers or getting dumped for other reasons is…

1.    You are NOT desperate-Let ’em go gracefully and keep the door open.

2.    You are the BEST choice regardless of their reason.

3.    Remember, the prospect has NO idea what they should really be worried about, like actually making it to the closing table and CLOSING.

Feel free to adopt, edit and use the following script as you see fit.

“So happy to hear things in your personal life are just about wrapped up for you. Onward and upward, right? 🙂 Congrats!

Please do keep in mind that not all mortgage services are the same, so if for any reason things start to go sideways with the process or communication with your credit union, do not hesitate to contact me ASAP. Starting the loan process is easy, but getting to the finish line and closing your loan is where experience, solution-based thinking and perseverance is a must. I can honestly say I’ve saved dozens and dozens of deals from falling apart in my 20+ years of lending. 

I’d love the opportunity to help you into your bright future with a brand new home. Again, if anything changes, just call me immediately. I’ll make sure to check in on you in a few weeks to see how all is coming along.

Take care out there and stay in touch.”

Apr 21
0

What My Clients Have Taught Me About Becoming Successful

By | Mortgage Business Tips | No Comments

cropped-address-bar-victoria-fifield.pngToday, I am grateful, humbled and more excited than ever as I celebrate my 10 year anniversary as the mortgage industry’s #1 Business Coach!

Of course, nobody succeeds alone and I have to thank all of my faithful, dedicated and goal-focused clients, both past and present who put their careers in my hands to help them visualize, plan and execute business growth initiatives that have taken them to the next level.

Being witness to the enormous changes my clients experience on the road to becoming the best versions of themselves in their business and personal lives continues to drive me every day to sharpen my own coaching methods and skills, stay abreast of marketing and sales trends, new technologies and track what Loan Officers are implementing in their businesses that is gaining a return on investment and what is not!

As a Coach you learn some extremely important skills, such as: the art of listening, knowing when to push and how to push, applying accountability tools and tactics that elicit positive action, asking questions that help your clients uncover their own solutions, how to create wins, leverage opportunities and how to encourage people to move past fear, anxiety and perfectionism.

Here is what my clients have proven to me time and time again about becoming successful…

  1. Nobody succeeds alone. What most business professionals lack the most is a trusted advisor, someone invested in their success, who unwaveringly stands in a place of hope and possibility for them when they feel like tapping out.
  2. ACTION secures results. Trying to predict the outcomes, over-analyzing and getting stuck in assumptions stymies the growth process. The old quote still stands 100% true, “Success usually comes to those who are too busy to be looking for it.”- Henry David Thoreau
  3. Discipline defines success. Sticking to a plan of action, embracing time management principles, doing what we set out to do even when we rather be in bed reading a good book ALL boils down to self-discipline. You either choose to be disciplined or you choose not to be disciplined. It’s the biggest choice to how your life will play-out.
  4. Never count yourself out. Whatever errors, mishaps, misfortunes, missed opportunities, failures, embarrassments, etc., have befallen you, DO NOT define you! The human spirit is unimaginably powerful. Our ability to change and grow stays with us forever. I have been witness to people who have lost everything, who have suffered from various health conditions, have been challenged by legal issues, who have left this industry, come back, left again and re-entered, struggled with lack of confidence, lack of experience and then watched as they changed and dug their way out of the mess and confusion to become some of the most successful individuals in this industry.

Ten years of coaching mortgage professionals as a full-time career has gifted me with the unwavering faith that success and happiness and fulfillment are always achievable no matter where you start from!

THANK YOU for these ten years and the many more to come.

Apr 10
0

An Exercise in Striking Out Fear

By | Mortgage Business Tips, Uncategorized | No Comments

What if you were told by an ancient oracle that you would become the wealthiest, healthiest and happiest person in the world, but you first had to fail at least 10,000 times before achieving these states?

Would you allow failure into your life, then? Might you be eager to attempt all that you fear the most in order to live the life that you envision?

What if I told you that ancient oracle actually lives within you, not outside of you, and that the mantras you repeat in your mind every day wield enough power to make whatever it is that you are focusing on an absolute reality?

The following are words from incredibly inspiring people who realized that failure is not to be feared but simply accepted as a stepping stone to greatness:

“Before success comes in any man’s life, he is sure to meet with much napoleonhill

temporary defeat and, perhaps, some failure. When defeat overtakes a

man, the easiest and most logical thing to do is quit. And that is exactly

what the majority of men and women do.” – Napoleon Hill

briantracey“Everyone faces difficulties every step of the way. The difference

between high achievers and low achievers is simply that high achievers

utilize adversity and struggles for growth, while low achievers allow

difficulties and adversity to overwhelm them and leave them discouraged

and dejected.” –Brian Tracy

“Only those who dare to fail greatly can ever achieve greatly.”RobertFKennedy

-Robert F. Kennedy

What do you feel that you have failed at in your life up to this point? Looking back on the situation now, can you discover at least one success that was born from what seemed like a loss at the time?

What characteristics did you display? What did you learn and how did you grow from this experience?

Take about 15 minutes to really think about this. Meditate on how you felt at the time in the face of what you believed was a failure and then move your thoughts to how you feel right now. Can you see that this was simply a stepping stone in your life?

Take out a journal and write down everything that you have been fearing to fail. Your list might look something like this:

  1. I am fearful of speaking in front of a large audience.
  2. I am fearful of developing referral relationships.
  3. I am fearful of not appearing knowledgeable in my industry.

Once you feel that you have released every fear from your mind, go back and strike out the fear and write one small step that you could be excited about taking that would bring you closer to moving beyond the fear. For example:

I am fearful of speaking in front of a large audience. I am excited to take my presentation home and invite two friends over to be my audience.

Commit each month to achieving these small steps and then journaling to discover what each stepping stone on your path looks like for the next month and the next. Before you know it, this accumulation of small victories will bring you to your ultimate goal.