“Is it just me, or does anyone else feel like they’re getting their head stomped on a curb with the recent rate increases?”
This was a conversation that a super cool cat, Tyler Osby had with a few of our Loan Officer Freedom Club members (a group of very high producing LOs and branch managers).
He went on to say…
“Over the past two years I’ve personally had incredible growth. It’s been incredible how friction-free it’s been… you know, loans just falling in my lap.
…And I’m now used to how friction free it’s been.
As I talk to others though, I’m finding everyone’s had the same experience. Even the new folks.
And I’m having to remind myself, “friction free” and “super easy”, is not normal.
As I was sitting here reflecting, I’m realizing many of us loan officers are feeling a little entitled.
It’s true. Painful to say, but true.
I thought I was really doing something special. (And, to some extent, maybe we were… but perhaps we still got too used to it being easy.)
When everyone is battling to just have capacity, they aren’t as aggressive at winning EVERY deal. So my capacity has allowed me to crush the past two years.
Maybe you too? Maybe not. Just sharing my experience here.
The reality: Now, many LO’s “need” loans. Just to pay their bills.
And some LO’s are finally being more aggressive.
I’m noticing it because…
1. Our competitors are actually calling people back.
2. Our competitors are out meeting with Realtors.
3. Our competitors are back to being normal…
The bad news is borrowers are shopping because it’s easier and they aren’t used to hearing a rate that starts with 4.”
Tyler went on to say…
“The good news is I think everyone in this group (Loan Officer Freedom Club) is great at creating more opportunities.
Better than our competitors are.
From a process perspective, my team has started asking for client’s commitment to close their loan with us… AND IT’s WORKING (game changing script, Steve!) — and I’m sure that’ll cut a lot of the resentment and frustration I have in my current lock-calls.
A lot of people will get out of the business this year.
And then, it’ll get easier.
Just remember, you are the prize, and there’s a LOT of deals to get out there. Don’t let the shoppers trip you up — keep that glide in your stride.”
I have to say, as always, I completely agree with Tyler.
The key is to be productive, not “busy” and to surround yourself with a team that helps you become more effective at following up on your leads so that you can focus on lead generation.
If you want to know “who does what” over at my mortgage branch so you can copy what works and implement it in your office, or the scripts we use with the rate shoppers, just give my team a call. (727) 787-2275
Talk soon
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