Mortgage Software Solutions Blog

5 Ways to Become a Better Loan Officer

 Ways-to-Become-a-Better-Loan-Officer .jpgAs a passionate mortgage professional, you are constantly striving to improve your job performance and gain new, innovative knowledge about your field. This is necessary, considering the competitive nature of the mortgage industry. But what are some tactics and tips available to enable this continuous growth and development? How can you separate yourself from the pack to become a truly superior mortgage loan officer, one that excels in productivity and leaves every customer satisfied?

Read on as we delve into five tips to help you become a better loan officer.

1. Develop a Plan—and Follow It

Planning is essential to success in most endeavors, and excelling as a loan officer is no exception. The top performers in the mortgage loan origination field adhere to a specific plan and use that plan as a benchmark to measure their success (or lack thereof). The ability to be flexible and to adapt to the changing needs and wants of your customers is crucial to ensure that you are running your business, and not the other way around.

By having unique selling propositions (USP's), you don't put yourself in the position of having to sell loan terms and rates; they are standard and not some gimmick or special commodity. A final important point to note regarding a plan involves having the right relationships in place—specifically with a cadre of solid realtors who consistently refer customers to you, and with whom you enjoy a mutually beneficial business relationship.

2. Make the Credit Report a Top Priority

The odds are very good that you will get customers who come to you with questionable or outright poor credit. Regardless of the creditworthiness of the customer that is looking for a loan, you should make a point of sitting down with Mr. and Mrs. Homebuyer to review in detail their credit report.

Explain the six factors that influence a credit score: payment history, derogatory marks, credit utilization, age of credit line, total number of accounts, and inquiries. Make sure that you cover the three different credit bureaus with your customers and, perhaps most importantly, confirm that all of the information on their credit report is accurate.

3. Practice Complete Transparency Regarding Costs

Considering the different costs that are associated with any loan, it is crucial that you take the time to cover each line item with your customers. Spend the extra time it takes to ensure that there are no surprises. It will benefit you in the long run, as it will result in a happy client.

Make sure that you are current with the different loan programs that you are able to offer. The more options that you have, the better. Explore all of the different avenues available with your customers. Ensure that you are completely forthright and honest about all of the costs that will be incurred. If you can't offer the no-cost loan that they were hoping for, full disclosure is always the way to go.

4. Use Technology to Your Advantage

The mortgage loan industry (like virtually every other field) is far different than it was just a few years ago. This is primarily due to the rapid progression of technology. In this respect, you can really differentiate yourself from the competition.

Our MortgageWorkSpace® platform is a necessity for any mortgage professionals looking to set themselves apart from the crowd. From document and software application management to email compliance and Office 365 integrations, MortgageWorkSpace® is tailored exclusively for the mortgage industry and packs 15 years of industry-leading expertise into one intelligent cloud interface.

Concerned about the new FFIEC standards? With DocumentGuardian, you can rest easy and focus on the important thing—your customers' satisfaction.

5. Follow Up and Stay Connected

You've closed a deal. Don't let your satisfied customer become just another number to you. Stay in contact with your clients; advise them of changes in financial markets that could possibly have an impact on their loan. Develop a solid relationship with your happy customers. This will result in not only word of mouth referrals, but it will also allow you to be first on their list should they require your services in the future.

Questions about what ABT offers? Please don't hesitate to contact us today!

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Topics: tips