Leverage Coaching and Mortgage Technology to Build a Better Business
When most loan officer’s set their professional goals for the year, you can be sure that the list probably looks a little like this:
- Grow my mortgage business
- Increase my income/wealth
- Gain freedom, or work less
These are great goals to have, but without a vetted plan and action steps for achieving these goals, the unguided loan officer is still likely to fail. The good news is that there is a great source of information and advice to tap into on how to grow a mortgage business: mentors and coaches who have done it before.
The value of mortgage coaching
Many of the highest producing loan officers we’ve ever spoken with give lots of credit to the role that coaching and mentorship had in their ability to develop a high-performing mortgage branch. This is especially relevant to loan officers who are still in “stage one” of their business, which involves nailing down their process, developing their product (competitive differentiation), and identifying the technologies that would most positively impact their workflow.
To a person trying to find their way in the mortgage industry, answering those initial questions is a daunting task with many pitfalls. Rest assured, there are others who have already made the mistakes that are common in this stage, and others. If you want to fast track your business, lean on those that have already broken the trail.
What could you expect to gain from a relationship with a mortgage coach? First, is the expertise in the industry to help guide you to structure your business in a way that will allow you to reach your goals. Second, is the motivation and assurance necessary to make changes and get out of your own way. Third, is accountability to follow-through on the plan that you created. Finally, you get trusted advice on how to handle different situations and circumstances.
Scale business with mortgage technology
Whether you are in stage one of your mortgage business chasing down every lead you can, or in stage three with a defined niche and sizable team, mortgage technology becomes necessary in order to scale your business. This doesn’t mean just the ability to do more loans, but also to keep your business operation running efficiently and lean.
In the early stages of your mortgage business, when you’re a one or two-person show, there’s not enough time in the day to handle all of the processes involved in mortgage origination without the aid of technology. Once you’ve scaled your business, the right mortgage technology becomes even more important in keeping staffing and overhead costs down, while also allowing you to free up time by automating repetitive tasks or communications.
Floify recently hosted a webinar called The Path to $100M in Loan Volume with high-performing LOs Lisa Wells and Andy Zemon, who together produce over $120M in volume. Of the many influences on growth and expansion, coaching and technology were two of their most important ones. Want to hear more about coaching, technology, and scaling your business? Get your recording of The Path to $100M in Loan Volume now!