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Helping Your Loan Officers Plan For 2023

Planning for the future requires you know where you are now

Dave Hershman headshot
Dave Hershman
Plan for 2023

There is no doubt that planning for the future is difficult in this industry because we never know what a year will look like. No one predicted the pandemic, and certainly, no one predicted that our industry would boom if there were a pandemic. Though many predicted that the good times would end, few made predictions as dire as the end turned out to be during the second half of 2022.

Planning for the future becomes even more critical in such a changing world. Many loan officers got lost in 2022, and they need a solid plan. It is a manager’s job to coach and guide them in developing such a plan. Though we have touched on elements of this plan — we think the timing is right to put some of these concepts together to help managers in this regard:

Go back. You must go backward to go forward. Your plan for the future must include some perspective of where you are now. You don’t plan with a blank slate. Let me start with an important question — if you had the ability to do 2022 over, what would you do differently? The answer to this question will give you a basis as to what you need to change for next year. Make a list and see how these factors apply to your future endeavors.

Set specific goals. You can’t arrive at your desired destination if you don’t know where you are going. Saying you want to improve is way too generalized an objective. You must be more specific. Sure, you may want to earn more next year. How much more? What level of production will get you there? Where is that production coming from (targets)? What actions will you need to take to make this happen?

Start Now. These are not new year’s resolutions. These are specific goals you want to achieve in your business. How many times in the past have you said to yourself, “I am going to accomplish this in ___?” And it never happened. If you start the activity now, you will have the equivalent of a running start. This running start will provide momentum into the new year.

Growth Ahead

Looking to grow your database? Spend time adding a certain number of contacts each day. Looking to learn a technology? Take the class now and practice. Want to get active on social media from a business perspective? Stop perusing junk and start posting and sharing valuable information. Don’t’ start next week — start today.

Add Synergy. Now we will add the last tip. From my book, Maximum Synergy Marketing, you can guess that I consider synergy important. Basically, you are already doing many things which are working — at least somewhat. Instead of trying several new things, why not make what you already do more effective by adding several doses of synergy? Adding completely different activities causes you to go in different directions and makes you less effective. In essence, you are spreading yourself too thin. Instead, go deeper with what you are already doing. For example, you are already closing transactions. Why not find more opportunities to market within the process of closing your deals? For example, if your customer has an accountant — meet that person instead of letting your processor talk with them.

Looking back

Eyes Wide Open

When you assess everything you are doing, by opening your eyes wider, you will see additional opportunities every time. Most of them are right under your nose. Stop moving in 10 different directions and stand still with your eyes open. For example, if you go to an office every day, who else is a tenant in that building? Perhaps an attorney who could be an excellent referral source. Just go up one floor and introduce yourself. That is what synergy is all about

There are many additional tips I could present — but if you start with these, you will give your loan officers a good foundation for planning. The last thing you want to do is give them 20 different fundamentals. These four will provide a good basis for their improvement in 2023.

This article was originally published in the NMP Magazine January 2023 issue.
Dave Hershman headshot
Dave Hershman

Dave Hershman is an author for the mortgage industry with eight books and several hundred articles to his credit. He is also senior vice president of sales for Weichert Financial Services, head of OriginationPro Mortgage School and a top industry speaker.

Published on
Dec 28, 2022
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