Mortgage loan consultant business plan

Loan Options Fixed Rate Mortgages This "traditional" type of loan maintains its original interest rate throughout the entire life of the loan. Any change in monthly loan payments will be due to increases in other charges like insurance or real estate taxes that naturally occur over time. Want the security of knowing that your interest rate will not change and knowing the amount of your required monthly mortgage loan payment.

Mortgage loan consultant business plan

Battling between the K and HomeStyle rehab loans? Some are very successful, but many more are just average, which I define as those originators that after a solid year or two — or more — in the business, can never seem to break above a three loans a month average or loans a year, even during extreme rate or purchase markets.

The successful originators seem to all share a few common traits, mortgage loan consultant business plan as drive, systems, and discipline etc.

mortgage loan consultant business plan

But there is more to it than that. So I set out to discover what keeps these few top performers successfully producing year in and year out, and enjoying a successful and lucrative career.

After careful research and observation, I have recognized eight habits and traits all these successful performers have in common. They Have a High Level of Drive Plain old-fashioned desire and a healthy self-image are key traits of the best performers in any industry. Before LO Comp, the 1 -3 loan a month performers still did okay financially, and we all know why.

With the changes in compensation these folks are now being pushed to higher levels of performance, and it can be a difficult, if not impossible, transition. The top performers always have their motor on high.

If the customer picks a different lender, the loan officer goes back to the drawing board and analyzes what he or she can do to get a better result next time. Competitiveness, drive, ambition and a healthy self-image count … big time. They Maintain Systems and Disciplines Everyone talks about them, everyone wants them; few companies possess them, and sadly even fewer originators have the time or skill to develop them.

Nationwide Mortgage Licensing System & Registry

The best performers follow a strictly defined sales process with a sales funnel to keep clients moving forward in their system. They are scripted with professional sales presentations and templates that are used consistently at every step.

There are defined standards and systems for file quality so the customer experience is predictable. The best underwriters follow strict checklists to do their work, and the best loan officers typically do as well. They originate in a very proactive working environment, rarely needing to request more documentation.

Their goal is to originate loans that will be clear to close on the first submission. They know that reactive work cripples their productivity. They master a database or CRM system and never let anyone or anything fall through the cracks.

Eight habits and traits of successful mortgage originators

The ball is never dropped. There are no stacks of Realtor business cards sitting on their desk wrapped in rubber bands, as if some day they are going to go through them. Every call is returned in a defined time frame.

There is a follow-up plan and discipline that makes sure every possible opportunity is maximized. This can be easily accomplished with a disciplined, determined approach to leveraging a system with a strong database, CRM tools and calendar process. They Follow a Business Plan It seems pretty obvious that a plan of some kind would help most people achieve a better result.

Yet ask the average originator what their business plan is, and you get a blank stare, or a very unconvincing explanation of what they are trying to do.

I believe this is a result of the holdover from LO Comp, where before the new rules, a good-sized government loan could make your month. Closing one loan used to pay — and sometimes still pays — entirely too much income for any one person to dedicate themselves to executing a specific business plan.

The best performers follow a work plan and measure their results against that plan.Starting a mortgage lending business is a great way to create your own business.

You can generate large amounts of revenue every month, enjoy your business and remain worthwhile in the industry. But no business is easy to run, so you need to flow with the necessary trends and outcome. Need Some Mortgage Prospecting Ideas? What's the toughest part of being in the mortgage business?

Finding people who need a mortgage! Without prospects who need to borrow money for a mortgage, your business will be dead in the water. Most loan officers need a bachelor’s degree and receive on-the-job training.

Mortgage loan officers must be licensed. Education. Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Home Loan Basics. Knowledge is power. Start by speaking with a Meriwest Mortgage consultant today!

Where to Start. Information For First-Timers. it may make sense to refinance at a better rate or refinance to consolidate debt or plan a home improvement project.

The Mortgage Process. Jan 04,  · How to Survive as a Mortgage Loan Officer going into ! As we and our prospects slowly bounce back from the Holiday mindset, we walk into .

Joint Venture Manager/Home Mortgage Consultant Exceeded business plan objectives in loan account growth, new merchant development, loan delinquency and profitability.

Recipient of the President's Distinguished Achievement Award and promotion to Sales Director for district performance.

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