Conversation With A Stuck LO
I had an interesting conversation yesterday with an originator who is stuck.
He worked for a big NAME bank company and had a special niche where all of the other originators in the company sent him deals since they did not like to do these loans or understand the program.
Well this big bank company stopped doing this program one day- out of the blue and he was forced to go elsewhere. He went to work for a big independent mortgage company. But to his horror his deal flow has slowed down to a trickle since he is no longer getting these referrals from other LO’s.
He scheduled a one on one session with me and invested his time and money – so I do respect that since he does want to succeed. During our meeting he explained that he has been calling realtors and visiting open houses and doing lot’s of the things he has been told to do.
Btw- he’s been originating for almost 10 years!!! So he’s not exactly a rookie right?
THERE ARE A NUMBER OF TAKEAWAYS FOR YOU HERE…SO PAY ATTENTION!
1. Calling realtors or going to open houses uninvited is chasing business and DOES NOT WORK!!!
Your goal needs to be getting them to chase you not the other way around.
You can do this by teaching classes, or having pre-approved buyers you can connect them with, or even by being the CELEBRITY originator in your town. ( I do ALL Of these and you should too)
2. He is a perfect case of someone having all of their eggs in just one basket which never ever ends well.
You must diversify and multiple sources of business that come in at all times and you must have a plan and track where they all come from.
Here’s an example from the Top Originator Software and 48 Ways Book Program I developed.
Past Client Referrals
Professionals – Like accountants and attorneys
Direct to consumer via Free PR and direct mail.
Other Loan Officers – YES- other originators can help you if you have a specialty niche!
3. You can only achieve to the level of your own self image.
He’s frustrated and truly can’t even see the forest thru the trees so he is simply going out and begging!
Make sure your business is well diversified – that you have a plan – that you track your progress and that you have multiple tactics/strategies and sources.
Dedicated To Increasing Your Production,
BTW- After our 500 session he immediately invested in the 48 Ways Book and Top Originator Software
and I am sure he will succeed if he creates and follows the plan. I will keep you posted on his progress and if you are interested in seeing what this is all about head over to