Skip to main content

Forward on reverse: Insights for marketing to maturity: Part V: A different kind of customer

National Mortgage Professional
Jun 22, 2006

Training for major league successJoe AmorosoMortgage training If you're a sports fan who follows baseball, like me, chances are you can't wait for spring training to start. Not only do you get a preview of major league practice in action, but you also get a pretty good feel for who's going to be hot during the season and give your competitors a run for their money. Whether it's baseball or mortgages, spring training makes a whole lot of sense, both from the standpoint of the individual players and for the success of the overall team. Maybe you're just entering the mortgage business. Maybe you've been running your own shop for 20 years. Either way, you still have to have an ongoing training program, if you expect to be at the top of your game in the coming year. Top sales leaders spend two weeks a year in training, while learning new ways to communicate with new buyers.* Two weeks may seem like a lot, but when you invest money and time to effectively train your loan officers, you will more than make up for it. Not only will you better retain your top talent, but you'll also enhance their ability to more successfully sell a wider variety of products and to close loans more quickly. Rookies on the rise Realistically, a new loan officer's enthusiasm will probably carry him for the first couple of innings, but then he is going to have to have the industry know-how, product knowledge and core skills to sustain them, or he'll likely get benched. Rookies need to know and understand the new technology, the products and even such basics as how to read a rate sheet or an appraisal. I've known many brokers with high-potential rookie loan officers who've walked after only a few months because they didn't feel well trained enough to succeed in their job. These companies spent a lot of money to recruit the loan officers and get them in the dugout, but then didn't follow up with any kind of significant training or Mortgage 101 kinds of workshops. Don't let that happen to you. Rookies also need thorough training in basic salesmanship. How do you handle a borrower who is a rate shopper? How do you counsel a borrower with an unrealistic expectation as to what kind of mortgage products are available to him? Veteran all-stars While rookie training is most obvious, you also need to offer training to your seasoned, heavy-hitting loan officers. Lenders roll out new products every day, and your sales team needs to understand which customers they accommodate and how to best position products. Previous experience alone is not enough to keep up with the ever-changing wholesale marketplace, its products and its buyers. A variety of online and webcast training courses are available through the Mortgage Bankers Association of America and the National Association of Mortgage Brokers. In my experience, these tend to be vastly underused educational resources. The same goes for regional training sessions. Take a look at both self-study and group offerings and consider scheduling them on a regular basis. Additionally, remember to take full advantage of your veteran wholesale account executives and put them to work for you. Don't be shy about tapping them for new product or technology training when they're in your office. A winning franchise While it's crucial to focus on your sales team, don't forget to train your operations staff on new loan programs and product guidelines too. Their knowledge of back-office technology—whether offered by the lender or your own in-house systems—helps them more efficiently process loan packages. Further, while it's easy to get wrapped up in the day-to-day, you've got to keep your eye on the ball. With my own staff, I make it a point to talk about broad industry issues and trends. What's happening in the secondary market and how does it affect what we do every day? What's going on with our competitors? What's the mood of homebuyers these days? What's up in the refi market? It pays to become a student of the industry and pass that knowledge along to your entire team on a regular basis. Lastly, subscribe to and read a broad array of industry publications, like The Mortgage Press, Broker, Origination News, National Mortgage News, The Wall Street Journal and National Mortgage Broker. Tear out interesting articles and post them in your break room or circulate them amongst your team. The bottom line is, whether you're a small shop or a large company, if you want to consecutively hit home runs in our business, you simply cannot afford not to train and challenge your players to reach their fullest potential. *Source: Sales and training workshop presented by Hyland Bay, 2005 Joe Amoroso is senior vice president of Opteum Financial Services. He may be reached by e-mail at [email protected]
Jun 22, 2006
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023