Loan Officers, Get Rid Of The Poison!

July 11, 2020
From: The Desk of Carl White

Loan Officers Grow Your Business - Loan Officer Freedom - Carl White

Are You Too Busy?

To all of my loan officers, remember busy is the poison of growth. Let me say that again, “busy is the poison of growth!” 

If you’re “too busy right” now, I’ve got news for you…you need to hire help. You need to hire help because you simply can’t do it all yourself.  

So many in our industry are nearly drowning in business right now, which on the surface sounds like a good thing, but the comments and conversations I continue to have with loan officers is that they are just too busy to go out and get even more business. 

As the loan originator, it’s your job to do the “loan getting” activities, like meeting with referral partners and generating leads. You focus on bringing in the business. From there, you have a team in place who chase conditions, put out fires, etc. Without you, nothing else comes through the pipeline. So if you’re not sourcing and generating leads right now, what are you focusing on? If you’re “too busy” to source new business right now, what will your pipeline look like 30 days, 60 days, even 90 days from now?  

To get off the loan officer roller coaster, that is one month you’ve got all the closing in the world and the next month you’ve got none, you have to have help. 

“But Carl, how do I hire someone, and who do I hire to come on to my team? And can I even afford to hire someone right now?” 

Finding The Right Solution To, “Too Busy”

First things first, you can’t afford NOT to have someone on your team if you’re too busy. The cost of inactivity is always greater than the cost of taking action. The first step is knowing what needs to be done. When you know what needs to be done in your mortgage business, you can assign certain tasks to certain people. After that you can begin to hire the right person (or people) to help you carry out those tasks. In my branch, we use an assessment test called, The DiSC Profile. It helps us understand what someone’s strong suit is. Because we understand that, our branch runs like a well oiled machine because everyone knows what they’re good at and they are operating in their highest and best use. 

We have our Loan Officer Assistants and Loan Partners, Processors, Assistants, and others on our team take the DiSC Profile. Incorporating this assessment into our hiring process has been the catalyst for hiring what we like to call our “A” team!  

Want more information about understanding and implementing the DiSC Profile in your hiring process? [Click here to schedule your complimentary walkthrough session], we’ll show you exactly where you can get even more information about hiring and building your A team.

See ya on the inside,

A Personal Holiday Message From Carl White

During the season of cheerfulness and giving, it’s important that we support one another. I wanted to share this message of gratitude and encouragement and let you know that I support you the way you’ve supported me over the years. Thank you & happy holidays, my friend!

The Best Marketing Ideas For Mortgage Loan Officers

So often I hear people talking about how loan officers should market or advertise themselves. Typically, it’s half & half…half of ’em say to market strictly online using Facebook ads, Google, Zillow leads, etc. and the other half talk about marketing strictly offline using referral partners, teaching classes, in-person relationship marketing methods, etc. What do you think? Is it better to market online or offline?

The one thing I don’t hear loan officers talk too much about is marketing to their database. Let me ask you this if I told you, you could get an extra 2 – 3 loans per month from talking to people you’ve already done business with, would you believe me? I’ve found that one of the most effective ways to get more deals, like, right now is to market to your database using both online AND offline marketing methods!

In this video, I literally walk you step by step on how I personally market to my database in my branch and how we average 1 – 3 closings PER MONTH for every 100 people in our database. So if you have, let’s say, 300 people in your database you could potentially see 3 – 9 closings per month just from marketing to your past database. Click here or the image above to watch the video, and I’ll see you on the inside.

Should You Build a Team or Plug Into One?

As a loan officer, once you realize the power of leverage, you ‘get’ why it’s so important to have a team. But should you build a team or plug into an existing team? There are pros and cons to each approach – one has greater initial expense while the other is turn-key. I actually don’t know if there’s a right or wrong answer to this question because I’ve experienced both and been very successful with each method. That said, it’s important to explore this topic for your business so here goes.

Here’s the first reality of being a loan officer – you have to be a good salesperson to succeed. As a general rule, you are great at what you do because you’re keeping food on the table. (If that’s not the case, we need to talk – please DM me immediately!). 

However, just because you’re good at sales doesn’t mean you make a successful human resources (HR) officer — that’s an entirely different skill set. Just because I think I’m a darn good salesperson doesn’t mean I’d be good at knowing how to hire and fire people. Granted, some people have both skill sets, but that’s not typical. 

One of the most common scenarios I find in this business is that people are hesitant about adding someone to their team. I’ve been asked, “Carl, what if they’re not the right person and I have to fire them?” People procrastinate on starting or expanding their team because they’re worried the new hire won’t be a good fit. So let’s just take care of this little myth right now – when you hire enough people, you will eventually hire someone who is going to be a wrong fit. It is statistically rare that every hire you make will turn out perfectly. You have to learn how to hire and do it fire fast, because delay can cost you a fortune.

The good news is we find every time someone is added to a team, as long as that team member pulls their weight, it frees up the loan officer or branch manager’s time to get more business. We’ve found the average person who adds someone to their team does an additional 5–7 loans monthly. For the example I’m about to share, we’ll use six loans as an approximate number (but that may vary in your real-world situation). 

Let’s say every employee hired means an additional six loans to you and your business per month. Let’s go a little further with another general assumption and say you make $2,000 per loan. Ultimately, each time you hire a new employee, you’re adding an extra $12,000 of revenue per month, using these hypothetical numbers. 

Of course, you need to pay your employee. To make it easy for our example, let’s say they get $5,000 a month. That’s $7,000 of net profit per month going into your business. Keep in mind that, while you’re bringing in this $7,000, you’re actually doing less of the work because the person you hired is helping you take applications, chase leads and put out fires. All you’re doing is making the phone ring, selling deals, and turning them over to your team to handle the rest.

Now, it might take someone six months before they hire their first team member. Of course, it’s not your fault if you’re not the best HR person. In my organization, someone else does the hiring and firing because that’s not my gift. However, if you force yourself into the HR position and there’s a six-month delay, you miss out on $7,000 of net profit revenue per month. That’s a total potential profit loss of $42,000 from not hiring that new person right off the bat.

You might think getting help is expensive, but not getting help costs you a lot more in money, time and potential opportunities. It’s okay to recognize that building a team isn’t one of your skill sets and that you need to find someone who has that talent for your business. Building a team is a major undertaking and I highly recommend it. Here’s the downside: every minute you spend building your team, you’re not out selling.

This leads into another viable alternative — plugging into a team that’s already in place. You don’t have to leave your company to take advantage of this method. Just find a group already in your company and join their team. I did this early in my loan officer career, and it helped me immensely.

You need to know when you plug into an existing team, they’re going to charge you some basis points. Let’s say that ‘cost’ runs about 25 basis points. If you’re used to making 100 basis points and you plug into that team, you’ll get 75 basis points, and the team will receive 25 points from you. The benefit is that, instead of worrying about the headache of hiring and firing people, you’ll be able to focus on closing more loans and getting revenue for you and the team.

The math will prove the point. Let’s say you’re doing $200,000 loans, closing five loans a month with 100 BPS, and you are earning $2,000 per loan. That’d be $10,000 of revenue as a one-(wo)man band. Now, when you plug into that established team, you’ll drop down to 75 basis points, but you’ll still be doing $200,000 loans — that doesn’t change. What does change is the number of loans you’re doing, which obviously affects your earnings. If you were doing five loans a month by yourself and adding six loans from being plugged into a team, you’d be doing 11 loans a month. So instead of making $10,000 a month, you’d be making $16,500 every month. Even though your basis points are lower, you’ll be closing more loans by having a team.

Again, both methods can bring success. Since they’re both effective, I don’t know which is right for you and your business – only you can make that decision. However, I’m happy for me and my team to be a sounding board for you to work out what’s best for your business. If you want a personal 1:1 strategy session, we’re standing by. 

Carl White, Chief Officer of Coolness
Article Originally Posted on LinkedIn











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The New Reality: Loan Officers Need to Use Online Marketing to be Competitive

There are two ways that loan officers are failing their business regularly… 1) they’re being intimidated by technology, so they don’t use it, and/or, 2) they’re using it like everybody else out there to attract new clients. The reality in business today is that we are operating in a digital environment. While loan officers need to build relationships belly-to-belly, they also need to work smarter vs. harder by using online marketing. 

If you’ve spent any time at all with me, you know I’m a big fan of picking up the phone and beating the street for leads and cultivating prospects. And you also know that, over time, I learned that internet marketing is an entire industry – one that we loan officers can use to our competitive advantage. So I’m here to tell you that you don’t have the luxury of letting your tech fears rule your business results. Instead, it’s time to leverage technology to generate new leads. 

Now I’m not talking about doing what everybody else does – slap together a visual that works like a digital brochure. A lot of people are making that mistake. If you’re doing that, you’re competing with every other Average Joe out there for the same low-quality leads. And you’re just not going to win that game. In fact, it will cost you a lot of ad money while you lose that game. 

6 to 8 Touches on Both the Front-End and the Back-End

Customer experience is a term being used to describe what your customer, well, experiences you’re your brand throughout their transaction with you. When you want to upgrade your customer’s experience, there are two stages you need to pay attention to – the front-end (when you’re cultivating the business) and the back-end (when you’re celebrating the business). 

You need six to eight marketing touches to bring people in as a customer on the front-end, and then you need six to eight different marketing touches on the backend to convert them into being a long-term advocate and brand ambassador for your business. It is a lot harder to handle all these communications one by one; this is one way you can see that technology can help you with your customer relationships. 

Each of those marketing touches needs to have a strategy behind it to be effective. Why? Because if they don’t all work together, you’d be directing a band of cats all playing their own tune instead of a harmonious song. 

And when it comes to online marketing, especially through online ads on Facebook, Google, Youtube and Instagram, you need to know how to ‘slice and dice’ the market so you get top-level leads for your business. There is a way to do this fairly easily – even for us non-techies! 

There are four types of online ads. There are three campaigns you want to be running at all times. And there are three advanced strategies you can use with your online target audience once you’ve identified them. The key is to find YOUR target audience! You don’t want the same audience everyone else is talking to for ‘mortgages’; you want the first-time home buyers or reverse mortgage seekers or lifestyle upgrade buyers who are actively looking. And you want to work all the leads your referral agent partners are buying (and aren’t working!). 

Is all this too good to be true? No. Can you learn what all this means in this one blog post? Nope. And, of course, it is not my intention to be coy or hold out on you here. So is there a way to get your hands on this insider info so you can understand and use it to predictably build your business over the next six months? Absolutely. 

Your Key to this New Reality Is Right Here

My buddy and business partner, Chris Johnstone, and I got together and wrote a book to share exactly this information. Chris started helping his dad, a real estate agent, figure out how to use online advertising to generate leads. And he found out he was really, really good at it. In fact, he’s been building his business for the last fifteen years or so and he’s now running a pretty good team helping loan officers get more leads with digital ads than they ever imagined possible in a matter of months. 

Because neither he nor I can possibly teach you everything you need to know in a post like this, we wrote a book together, The Ultimate Guide to Facebook Ad Campaigns for Loan Officers 

How to Use Social Media and Google to Generate More Leads, Build Your Network and Close More Deals. It’s a hot new release that has the latest and greatest inside info we know to share with you so you can get on this technology train too. 

If all this isn’t enough to light a fire under you-know-where, know this… if you don’t take advantage of online marketing, your competitors are doing it. Do not let your business get left in the dust! Do not let someone else help your clients! Get over it and get on it by getting your copy of our book today. Seriously. When you do, you’ll see a valuable bonus in there that you are going to want to take advantage of… sooner than later. You’ll see why when you get the book. 

So go get the book, then let me know what you think… if you have questions or want to share your review on the book in a comment below, great! I want to know what’s in your way of using technology, how you’re using online ads, what your online marketing looks like – the good, the bad and the ugly. Bring it below… let’s talk it out… and if you prefer a 1:1 chat about it, we’ll make that happen too. 

Get the book… then tell me how it’s helped you position your business more competitively (even if only in your mind for now). I really want to know – thanks in advance.

Carl White, Chief Officer of Coolness
Article Originally Posted on LinkedIn











#LoanOfficer #MortgageMarketing #MortgageExpert #LoanOfficers #LoanOriginators #Lenders #MortgagePro #MortgageBroker #FreedomSeeker #Branding #Mortgage #MortgageLoanOfficer #MortgageAdvisor #MortgageBanker #TheMortgageMarketingAnimals #CarlWhite #FreedomClub #LoanOfficerFreedom #MortgageLife #MortgageLifestyle #HomeLoans #LoanOfficerLife #LoanOfficerLifestyle #MortgageBoss #Entrepreneur #MortgageFinanceAdvisor #MortgageAdvisor