Back To The Basics
How Mortgage Loan Officers can take action to grow their business right now.
Mortgage companies are working overtime to fight the market of 2022. Refinances are long gone, and it’s time to get back to the basics of what allowed success in the market. Retail mortgage loan officers may need to rebuild referral relationships and recapture their understanding of the local market to provide the most value. New Lenders may have shown up in the backyard without notice to grab a couple of refi loans. Home listings are being fought over on every street corner as soon as they hit the market. How can mortgage loan officers adequately compete to stay competitive and dominate in 2022?
What would an experienced loan officer say to themselves if they could go back in time and speak to their younger selves just starting in the mortgage industry? Most would say – Relationships are the key to everything. Building relationships has changed drastically over the last couple of decades, and a little insight could help you build new core relationships to navigate the market of 2022. Let’s get back to the basics of building solid, mutually beneficial relationships. Here are three ways you can effectively build more relationships to grow your business.
- 1. Know Who You Are – Not in a soul searching, find my passion, maybe I should paint more on the weekend’s kind of way. More so, what kind of business originated and where? What kind of mortgage products are sold? Where do referral partners operate in the local market? TrustStar provides personalized data to help you understand all these things by simply placing a NMLS# in the application. This understanding is the foundation of how to build the next relationship.
- 2. Know Who You Want to Meet – Speed dating and speed networking are extremely useful to quickly identify if the individual is aligned with the personal objective one has. Understand the NMLS# driven personalized data provides a series of questions about the type of referral partner that would complement a mortgage loan officer’s business. TrustStar’s Realtor Match alerts Loan Officers when a Realtor is a match based on the personalized data. A LO can now effectively prospect referral partners based on aligned productivity and locale.
- 3. Prospect with Purpose – There are only so many coffees and evening cocktail meetings one can have before the burnout flares up. The feeling of swinging at the fences when trying to communicate with new prospective referral partners can be extremely daunting. TrustStar allows Mortgage Loan Officers to build a Referral Partner Pipeline to manage all the contacts that could be a solid match for your business. These initial engagements do not have to be a cold call but an informative discovery about how you can mutually benefit each other based on actionable data in the application.
The mortgage industry is constantly changing, and this season will too. We don’t have to go back in time to instruct our former selves anything. Action can be taken today to change our business lives. TrustStar is a platform built to help loan officers gain a competitive edge through actionable insights that allow them to build meaningful relationships to grow their business. Get back to the basics and let TrustStar help you make it happen.
