The last few years have been really good for the mortgage lending industry. Anyone who got into the business in 2018 or 2019 found it to be a great time to be a mortgage loan officer. Rates were low, homes were selling like crazy, and the phones didn’t stop ringing. The new people who entered the business this year are finding a much different market.
In 2020 and 2021, it was about how much business could you close how quickly? Today, it’s about relationships. How new LOs manage their relationships will determine whether they succeed or fail.
Understanding The Potential
I was working with a couple of the loan officers I mentor and helping put their plans together for the next quarter and there was some concern that loan volumes would be falling so much from last year.
So, I asked if they knew how many loans were originated last year. They weren’t sure, but they knew volume would be down almost 50% this year. I asked if they knew that this year’s number would be. Again, uncertainty.