Tuesday, June 19, 2007

Did you ever wonder what happened to the days when a loan officer walked into the office and there were 10 Internet leads waiting for him/her to call? Well those days are gone. I have spoken to several brokers over the past 60 days who tell me of a re-occurring problem they are having with their younger loan officers; they have made a good chunk of change over the past 5 years and are now resting on their laurels. Depending on their compensation program that may be ok since they are only getting paid for funded deals. On the other hand it sends a bad message to the other loan officers who are coming in the office and hitting the phones. There are hidden jewels in old internet leads. One company I know in particular requires their loan officers to make 50 calls a day to old internet leads and closing them. Face it, you paid for them and we all know that consumer circumstances change from month to month. Loan officers should be using every available resource to drum up new business. This included hitting the phones. The industry has gotten lazy to a certain point and it will be the loan officers that change their mentality who will intimately survive.

1 comment:

Anonymous said...

I am a loan officer and interestingly enough we had that problem in our company....who shal remain nameless but our sales manager got rid of three loan officers one who was really doing well but i guess overall she was hurting the company because many of the other loan officers complained about her me included. We are in the middle of going through a new training program, more towards a customer service role or advisor rather than hard selling. I know from my calls consumers are getting
beat up by lo´s and it makes my job harder.

greg keep up the great work on the site. I sharred much of the info with our boss and he will be giving you a call to help us with some things here

Barry
p.s. I sent you a separate e-mail with my contact info so it will not be posted on your blog