It’s easy to get very busy and never get the “I know I need to do this” items done. I was speaking with a company owner this week who was concerned about the production in his company. I mentioned to him that most originators only ORIGINATE 6 months out of the year.
He was confused and truly didn’t understand what I meant.
So I explained- and think about this in your own production…..
You bring in a bunch of loans- you originate.
Then you spend the next 30 -60 days dealing with the files and the fires that arise. Once everything you originated gets closed – you look up and say.
“OH NO- MY PIPELINE IS EMPTY”
I better start originating again…
Then you go out and repeat this cycle over and over again…
BUT THERE IS A BETTER WAY…
You must have a system- doesn’t even matter if you have a good staff- but it helps if you do.
1. Make sure you get all of the documents you need up front
2. Take the time to turn in a complete app and docs needed.
Have your client sign a document that tells them what items are still needed and when they must be turned in. This way they can never say that “Why Are You Asking For This Now?”
3. PAY ATTENTION TO THE DATES IN YOUR CONTRACT-
We all manage our pipelines by closing date and who is screaming the loudest
But – your contract has 2 dates in it
The closing date and the financing commitment date.
If you get your loan approved by the financing commitment date you won’t have any issue with the closing. I go a step further and created a SUBMIT BY date which is 10 days before contract financing commitment.
That is the time I am looking at the file- seeing what is needed- I am calling the agents and borrowers and telling them that if the items are in by___ they wlll need to get a contract extension.
4. I meet with my processor every Friday at 10 am to go over all of our files and update the listing agents and selling agents on what is needed and the status of the loan. This allows me to also have a game plan so I don’t need to bother my processor all day everyday…
THE REST OF THE TIME CAN NOW BE SPENT ORIGINATING!