Mortgages are one of the most important parts of the home buying process. The right mortgage can make or break a sale, and people need to put a lot of thought into who they work with when they’re on the market for a home.
The mortgage loan officer is the unsung hero of the real estate market. They act as the go-between for lenders and buyers, and the industry and job market can be much more intense than people think.
Loan officers have lofty quotas to meet along with a duty to the people they help. It can be a difficult industry to break into if you’re unprepared, and the stress can be difficult to deal with. Luckily, succeeding in the industry can be easy once you learn what to focus on.
Do you want to succeed as a mortgage loan officer? Are you interested in learning how to increase earnings as a mortgage loan officer? Then pay attention to this post! Here are our must-follow tips for anyone that wants to succeed in the mortgage industry.
Get in a Selling Time Mindset
Want to know the one thing a million-dollar mortgage for a dream mansion and a small mortgage of a starter home have in common? They both can take the same amount of time to sell.
If it takes the same amount of time to close a deal on a multi-million dollar mortgage as it does one for a few hundred grand, it makes more sense to spend your time on the bigger deal.
In order to really adopt a winning mindset for mortgages, think of every meeting on your calendar as an opportunity to sell your time. Your time is absolutely precious, and you don’t want to sell your time to people that may not be worth it.
Educate Your Borrowers
When your entire career is centered around mortgages you can forget how much insider knowledge you have. The average home buyer knows very little about the market and mortgages as a whole, and that’s especially true when you’re working with first-time buyers.
Successful mortgage officers don’t just focus on closing a deal with clients. They do their best to educate their clients throughout the process.
Educating borrowers adds transparency to the mortgage lending process and can also help create a certain level of trust. Clients will appreciate being in the know and may feel more confident when they work with you.
Education can also help reset client expectations. It can be difficult to close a deal with a client that thinks they make a small down payment and have low interest rates. Managing expectations helps clear up confusion and set everyone up for success.
Stop the Scarcity Mindset
When you’re working in the mortgage world it can be easy to get a little myopic about deals. After you’ve spent weeks or even months trying to hammer out a deal on a mortgage you may think that it’s not only the most important thing, it’s the only thing on your mind.
In general, we’re taught to conserve our resources. It’s natural to want to stock up and save, and while that mindset may be good for survival, it isn’t the best for business.
Treating every single deal or lead like a make-or-break situation makes it difficult for you to thrive. You get hyper-focused on making every little thing work out, and that makes it easy to neglect some of the better deals you should focus your time and energy on.
Nobody likes losing a potential mortgage opportunity, but it certainly isn’t the end of the world. Instead of despairing about the one deal you lost, look towards the future and all of the other things you have coming in.
Self Promote With Confidence
Did you know that there’s one thing every successful loan officer has in common? Having a natural knack for sales or a form of charm can be helpful in the business, but what can really propel you to true success can be your friends and family.
Everyone has a little sphere of influence in their lives. Think about how many people you know through your own personal relationships. Now think about how many people those people know. You have an entire network of potential leads on your hands and it’s time to take advantage of that.
Don’t be afraid to self-promote and let people know about your mortgage expertise. Remember, home buying can be a very stressful and personal process. Being able to work with someone a friend, family member, or co-worker refers can be a huge benefit for people.
View Client Wins as Your Wins
This is one of the most important rules for successful entrepreneurs across all industries know. The more value you’re able to add to your client’s lives, the more value you have as a loan officer.
Remember, it’s possible to make a great commission on a loan and still save the borrower a considerable amount of money in the long run. Focus on doing what you can for customers and you’ll get rewarded for years to come.
Don’t be afraid to remind people of the good you’ve done for them either. Sending a quick email a year after you’ve closed to see how they’re doing and if they’re still happy with their current rate could help you make another deal. They may not need something at the moment, but their friend may be looking for a home and you just reminded them of how much you helped them when they were looking.
Set Yourself up for Success as a Mortgage Loan Officer
Every mortgage loan officer wants to succeed in this business. If you follow these productivity tips for a mortgage loan officer, you’ll find that the workday and dealing with clients gets much easier.
Now that you know what you need to succeed in the mortgage world, are you ready to use a platform that’s designed for people that are hungry for success like you? Schedule a call with us so we can talk about the best way to get you started.