The current mortgage market starkly contrasts with the booming years of 2020 and 2021. Both borrowers and loan officers face a changed—and changing—landscape. However, success remains within reach for those committed to adapting. The winners in every market know how to take advantage of opportunities, and below I’ve outlined some actionable advice on how to approach this market with that winning mindset.
The state of the market
Even with some rate relief anticipated over the next year, the combination of limited inventory and the lock-in effect means there won’t be a lot of movement. All this is true, but it’s no reason to make excuses.
As we emerge from the downturn, now is a great time to evaluate your company’s support for your business. Does it offer the necessary products, technology, and industry experience to thrive in both busy and slow cycles? If at some point in the past you chose your company based on compensation versus platform or leadership, you might be feeling trapped by your decision. Ultimately, long-term success hinges on having the right tools to streamline your processes and enhance productivity for both your clients and business partners.
What it takes to be a top producer
You want to be a top producer? Great! I want that for you, too. Over my 30 years working with originators, I’ve observed one key difference between top producers and everyone else: consistency. Top performers maintain a steadfast commitment to their goals and stay highly organized. They’ve established systems that dictate their daily activities, ensuring they remain focused and productive. Top producers commit to regular tasks—like sending a weekly economic update—without fail, and they recognize that results take time.
Understanding your market
I often ask new hires a series of questions, and their answers tell me everything I need to know about their current performance. Here’s what I ask (and what you should know): How many transactions have occurred in your market over the last month? The last quarter? The last year? What’s the most common product mix? Are borrowers using VA, FHA, Conventional, Jumbo? Who’s getting the business? Who are the top realtors in the area? The top builders? If you can’t answer these questions, you’re missing vital opportunities. Today you can easily leverage technology to enhance your market expertise and thus position yourself ahead of the competition.
Know your products
Extensive product knowledge is also essential to success. From Fannie and Freddie specialty programs to first-time homebuyer down payment assistance programs to subsidized interest rates, you need to know it all. You also need to know all the specialty programs available in your state as well as your community bond programs—and how they can be stacked. Beyond that, it’s smart to learn the brokerage programs, too. The more knowledgeable you are, the more value you add, and the more confidently you can engage with realtors, builders, and clients.
You are the secret sauce
So now you know the key to becoming a top producer is consistency of effort and knowing your market. But there’s one more thing: you. Emerging from the isolation of the pandemic has been a tricky transition, especially for salespeople. We became efficient on Zoom and discovered how much time we could save by eliminating our commutes. These are great lessons, but the truth remains: If you want to build your business, you need to get into the community. The one thing that no other salesperson has is you.
Attend open houses, connect with local realtors, and engage with potential clients. Hosting first-time homebuyer seminars can also establish your presence and credibility. Today, we see agents and business partners more open to conversations than ever before because people aren’t connecting like they used to. While digital marketing is important, personal connections remain the key to building trust. And remember, your Zoom etiquette may be a bit different than what’s appropriate for an in-person meeting. You only have one shot to make a first impression so dress professionally.
Get an accountability coach (Hint: Look to your manager)
Sometimes we all need a little outside assistance to stay the course. You can have a vision and create a performance plan, but accountability is the key for this entire process to work. When someone is invested in you and actively measuring your performance, you’re going to improve.
A good manager can and should serve this role. When I look back at my career, every successful office I’ve seen started with a great leader in the branch. You can have every sales tool in the world, you can have great rates and great back-end support, but if you don’t have great leadership, you won’t likely see the same level of success. Good leaders create a positive culture within the office. They’re the ones fueling the business, encouraging their teams, and promoting continuing education—all the things you need to thrive.
So, here’s my advice: If your leadership isn’t enthusiastically supporting your development and success, move on.
How do I know your plan will work?
I know this plan works because I’ve seen it in action, time and time again. Here’s one great example: a member of our team increased his production from $19 million to $70 million last year simply by committing to meet a new realtor every day. It wasn’t a new marketing strategy, it wasn’t tripling his social posts, it wasn’t some whizbang new product that no one else had. It was making the effort to connect with his community. That alone changed the trajectory of his business. You’ll find there’s a great sense of energy when you’re around other people. You also learn a lot of new things, which is especially important for rookie loan officers.
Bottom line: Get back to basics
If your goal is to be a top producer, keep it simple: Work hard and be willing to learn. Don’t let self-doubt hinder you. Stay consistent, build your expertise and your connections, and if you need one, get an accountability coach (or change organizations if you aren’t feeling supported). There’s nothing revolutionary about these steps, but it’s amazing how many originators don’t take them. When applied with consistency, they will transform your career.
John Bianchi is the EVP, National Production Manager In Market Retail for loanDepot.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
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