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Another branch manager that I hadn’t seen or spoke to in a few years called me up the other day.

“Carl, who turned off the “more loans” switch?” he asked me in a panic.

First of all, we have to have clarity of the current situation.  Here’s the truth:

2022 is expected to be the best year ever for purchase mortgage business.

Yepper, you heard that right… 2022 the purchase business is expected to be $1.739 TRILLION.  Just for comparison, 2021 was $1.646 Trillion in purchase mortgage business (2^nd only to this year’s projections).

So what in the heck is everybody worried about?  This is going to be the best year EVER for purchase mortgage business (just in case you forgot I said that just 1 minute ago).

Ahhhhhhh, oh, I see, some LOs haven’t been doing our referral partner marketing as part of their weekly routine.

Ok, here’s the thing, It’s not your fault, I see this kind of thing all the time.  Many of our mentors just shared what worked for them way back, and it did work for them way back.

No big deal, it’s going to be ok, we just need to map out how to get agents to refer to us, and it’s not buying Zillow or online leads and dumping those things that will never close on their desk like a pile of rotting fish.

The reason I focus on referral partner marketing is the CLV (client lifetime value) is soooo much higher with them.  You see, with each dollar invested and with each hour invested, the return on investment is so much higher with referral partners than consumer direct.

Focusing on “consumer direct” is like trying to fill an empty lake by buying buckets of water.  It would cost a fortune and likely evaporate faster than you could fill it that way.

If we want to fill a lake, we need to dig a well, and then run a hose from that well to the lake.  In short order, we will be ready to enjoy the fruits of our smart (and wayyyy easier) activity.

While I do some consumer direct, for market research purposes for ongoing loan officer training that I offer and for research for my own mortgage branch, I can tell you that the referral partner marketing is what has made my branch one of the most successful in the entire United States industry… and without overly exerting myself.

So that’s where you and I together want to spend the majority of our time.  When we do, all the stress of “what am I going to do” all goes away. ☺

As the famous hockey player said, “Go to where the hockey puck is going, not where it’s currently at..”

It’s a purchase game, and the next two years are slated to be the best purchase market ever, let’s just go there together. ☺
Focus on referral partner marketing and the good news is, we just have to put into place a simple, easy to implement, predictable process to make that happen.

If you need help mapping out a plan to get more purchase loans that are referred to you, without ever buying another lead, let’s get on a 1 on 1 zoom call here.  <no charge>.

Talk soon.

If you want to make and sell shoes, you have to buy leather…

When changes are happening in the mortgage world, this is not the time to “Hunker Down”.
This is the time to DOUBLE DOWN.

It’s times like these when I have had my biggest growth, and I’m expecting it again this year.

Somebody asked me earlier this week:
“How do I build my mortgage business without spending money (investing in it)?”

Look, we are running real businesses here.  Even kids running a lemonade stand understand that they have to buy Kool-Aid or lemons if you want to sell lemonade. 

If you want to make and sell shoes, you have to buy leather.  It’s as basic as business gets.

Here’s the thing though, we have to invest in things that actually work, that have a proven track record, you know, things that actually bring loans in the door.
The things that “get your name out there” <wherever “there” is..> and things that “brand me”, well, I have found those things to be pretty lame and makes me “feel famous”, but does nothing to bring in more loans, help more families, and make me more $$$.

If I want to try to compete with the companies that put their names on stadiums and blimps with “branding”, last I checked, they can outspend me on those things…

Evaluate where you are spending money.  The things that you invest in that you can actually track that brings you in not just a few more loans, but WAYYYY more loans, it’s time to double down on those things.   I can tell you that I sure am.

The things that you can’t actually track for how many more loans you closed because of them, well, I would shut those things down, and frankly I DID shut those things down years ago…

ONLY FOCUS AND INVEST IN THE THINGS THAT MAKE YOU MONEY!

If you want me to show you the activities my mortgage team does that makes us more money, I’ll totally hook you up.  This is the exact conversations we are having with the top LO’s in the nation that are part of our Loan Officer Freedom Club.

I’ll show you how much we can help you “move the needle” in just one 45 minute 1 on 1 call.

The winners don’t “Hunker Down”, they “Double Down”…

So I did a killer podcast episode the other week, and I was going to send the link out to it today…  But gosh dang it, Steve Kyles put out an episode on his podcast that was better than mine <that silver tongued rascal>.

It’s an episode showcasing a loan officer, Doug Wagner, that went from zero $$ in his bank account, to just a few years later, he has over $1MM in his personal bank account all from just doing loans….  and he’s younger than my daughter…

It would be a very good use of your time to Go Listen To It Here.  Today is a great time to listen.

It’s a true “small town boy does good” type of story. 

He talks about how he pushed through self-doubt and hard times, and how he made more money when he started taking Fridays and weekends off (and how he did that).

After you listen to it, let me know what you think about his method and how he did it.

<OK Steve, you won this round, I’ll give you that, but know that I’m upping my game even more…>

See you guys on the inside.

I’m going to give you one of the best “scripts” to convert a group of prospects into closed clients.

By the way, one of the things that will likely bring you more success than any other one thing is…  “Conversations by design..”   Some people call them “scripts”. 

Having a set way to answer those “Frequently asked questions”, you know, like “What’s your rate?”, knowing exactly what to say, based upon what answer consistently gives you the highest conversion rate… well, it’s just the smart (and profitable) way to do things.

Here’s one that has done me very well over the years…

When you find a client that is in a “pickle” for some reason, say going through a divorce and now is either buying their own home or refinancing out of the ex-spouse, or perhaps their credit report has some things on it that could be affecting their options, here’s the basic “conversation by design” template…

1. It’s not your fault
2. It’s going to be alright
3. Here, let me help you

Let’s walk through that.

#1. “It’s not your fault…”

Look, it’s embarrassing enough to stand financially naked in front of somebody.  As loan officers, we see the good, bad, and ugly.  Remove all judgement, shame, and guilt.  Those are poison to people and totally uncool for them to carry that bag of rocks around.

We’ve all done things and been through things that are tough.  Just be cool with them.  “Hey, it’s not your fault that you are in this situation, I see this kind of thing all the time.”

#2.  “It’s going to be alright.” 

That simple statement will calm the most savage beast down.  And by the way, it IS going to be ok.  Typically we aren’t talking life or death here.  It’s very likely no one is going to sleep outside tonight. 

“Hey, it’s not your fault that you are in this situation, I see this kind of thing all the time.  First of all, I want you to know it’s going to be ok…”

#3.  “Here, let me help you…” 

Now just help them map out a plan and guide them on what to do.  Perhaps they need help restoring their credit.  Find a pro that does that. 

Maybe they don’t need the down payment that they thought they needed.  Perhaps you have “no down payment” or “low-down payment programs” that they qualify for.  Maybe some gift funds solve the problem.  Maybe it’s something as simple as letting them know that while they don’t qualify for that price of homes, they do qualify for these other homes. 

I find on this one it’s just a matter of telling them the truth.

“Hey, it’s not your fault that you are in this situation, I see this kind of thing all the time.  First of all, I want you to know it’s going to be ok.  Here, let’s grab pencil and paper and map out a plan, sound good?”

You’ve taken away the guilt or shame, you’ve comforted them by letting them know you are the expert, and you are going to help them.  That’s a killer “Conversation by design”.

Put this to use, and let me know how that works out for you.

By the way, if you find your loan volume down this year, or it’s not as high as you would like, or you find yourself working more than 32 hours a week…

First of all, it’s not your fault.  Heck, you are likely doing things the way you were taught in the past, by people that didn’t know there was a better way. 

Second thing I want you to know is that it’s going to be ok.  Look, any of us that’s been in the business for any length of time will tell you that the market changes often.  It’s going to be ok as long as we make sure we are adaptable and make the changes that are necessary. 

And finally, I can help you.  I would love to help you map out a plan for, not just surviving, but THRIVING with the changes that we’ve seen recently, and the changes that we haven’t seen yet…

Imagine what it will feel like when you are drastically increasing your business, closing more loans, yet clocking out at 5pm and leaving your laptop at work.  That’s not a fairy tale.  Many of us are doing just that.

Let’s Map Out Your Plan Together Here