by Tom Morgan
I have decided to go back to my roots as a loan originator and start making some real money again. The very real question is "Do I have what it takes to re-make myself as a top producer?"
Thoughts of building production also happen to be on the minds of many loan officers. When I talk to mortgage pros I hear "When this refi boomlet is over, how will I generate business?" and "With the changes, do I even want to be in this business any more?"
Day 1 - My Business Plan
It's a lot easier to tell someone how to do something than it is to do it.
In looking at my business plan I realize something else. My choices about where and how to get business are virtually infinite. If I am going to be successful I need a very specific plan. Where do I start?
Begin with the end in mind...
Goals Based Planning
For me, and every other loan originator, the process starts with the basic question - what do I need to earn? Too many loan originators throw out a dollar volume without thinking about the underlying principles. How do I get there? They say "I want to make $300,000" and stop there… NO idea about how to get there.
To get to this number I filled out this worksheet I got from Ralph Massella, who used to run sales at American Home Mortgage.
I substituted out the 2006-2007 numbers and learned that I have to close 6-7 units a month to make my salary goal. This is the first part of writing a plan – a process that goes from understanding the needs of a marketplace to knowing how I will go about meeting those needs. This is the process we outline in “The Loan Officer’s Practical Guide to Marketing.”It answers the question “How do I do that?”
I’ll be walking through this process in real time with you. I hope you'll join me in my quest to revisit what for me has always been the most fun part of the mortgage business - getting new business.
If you'd like to get the original Mortgage Sales Management Process tool ' The Loan Officer's Practical Guide to Marketing" , the download version is currently on sale ($20 off!!).
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