Loan officer business plan templates

Buying a house can be a stressful process, particularly for a first-time buyer.

Loan officer business plan templates

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, such as drive, systems, and discipline etc. 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.

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. 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.

loan officer business plan templates

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. They adjust and adapt so that the business is not running them, they are running their business.

They have bulletproof relationships with a select group of agents that refer them exclusively. Now, I have nothing against any of these specialty programs ReverseK, ks, state-sponsored etc. I do believe it takes a commitment to becoming excellent at your craft, to be able to deliver the best borrowing experience for the clients.

After all, they are picking up the tab. And doing one reverse mortgage a year will never make you an expert. They like to use the assembly-line analogy. Ask an originator how many leads, credit report pulls, appointments, pre approvals, contracts and applications, and closings he or she has in a specific time period.

They know who their top referral sources are and they rank them. They can also tell you how many Realtor prospecting calls and past client calls they take in a given time period.

They track ratios because they know they must if they want to excel. We all know why professional baseball tracks every possible statistical measure of performance.The Loan Officer package is designed for loan officers and mortgage brokers looking for an excellent internet presence at price that doesn’t impact their budget in todays tight market.

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Executive Summary

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Eight habits and traits of successful mortgage originators