4 essential skills of effective loan officers



Rates and conditions rarely differentiate one lender from another in today’s increasingly competitive financial market. What means?

Loan officers.

However, not just a loan officer – only those who are called “highly effective”. It is these high performing lenders who provide the valuable advice and personalized customer service that borrowers crave, working more efficiently and effectively than others.

These loan officers have found new, technological ways to get their jobs done. They developed new habits. They threw away what didn’t work. And all this happened just in time.

Mortgage industry $ 3.83 trillion financed in new volume last year, with Zillow forecasting 6.9 million existing homes sold in 2021 – the best year for home sales since 2005. But now it is a completely different mortgage market than it was in 2005 or even last year.

The market today is expected to shrink by 40%. 30 year fixed mortgage rates growth is projected up to 4.4% by 2022. Well-funded lender applicants and financial institutions are looking to grab their share of the booming US mortgage market. And Gen Z buyers and millennials – people with higher, more demanding and digital-centric lenders’ expectations – make up a much larger portion of the homebuyer population.

In general, the competition is about to get very fierce. And it’s the high performing lenders who can teach us what to do and what not to do in order to succeed in the coming months.

Do’s and Don’ts for high performing lenders

Habits are what differentiates high performing loan officers from the rest. It is these habits – or strategies and tactics, or “doing,” if you will – that fuel their continued success.

But just as important as what you need to do to become a high performing lender – perhaps even more important – is what you need to stop or avoid doing.

Here are four of our basic rules, and four of them are not allowed.

1. Make yourself indispensable for realtors.

Loan specialists seeking referrals from realtors can no longer simply send agents a price list and buy them lunch. Realtors today want a symbiotic relationship with lenders: you send leads to them, and they send you borrowers in search of a lender.

This is exactly what high performing lenders do – usually in one of two ways: they identify and direct hot leads to real estate partners and / or help realtors better, market their listings and services more widely.

For example, high-performing loan officers use data to identify and first contact borrowers who are likely to buy a home. Then, having previously approved the borrowers for the mortgage, they refer them to their recommended realtors.

High performing loan officers also work with realtors to help them better market property listings, offer their services to buyers / sellers, and attract leads as they come in. A free tool by Total Expert allows lenders and realtors to jointly manage common interests in one place, track the activity of potential clients, joint market with home buyers the use of fully compatible content and images of the property, automatically filled in from the MLS listings, and the publication of the sites of individual properties on social networks, among other things, using the appropriate hashtags.


Base your realtor strategy on old-school dinners or vague promises to rigorously take care of joint buyers.

2. Make the first contact, identify and convert leads in more modern and effective ways.

High performing lenders are turning to the latest tools and technology to help them do their jobs better, smarter, and faster. By eliminating manual, error-prone tasks that take up a lot of time and money, lenders can focus on providing more value and better service to both borrowers and real estate partners.

Many high performing loan officers use marketing automation to, for example, build trust, personalize interactions, and provide strategic guidance to borrowers at every stage. credit life cycle… Marketing automation capabilities such as travel and automated follow-up help lenders get their jobs done in the most efficient way possible. For example, Momentum Loans generated more than $ 20 million in loan financing from one email in one month as loan officers focused their efforts on their highest priorities while providing more consistent and personalized communication with borrowers.

What not to do:

Rely on manual processes that constrain workflows and hinder high productivity.

3. Be active and motivated on the right social media.

In the USA in 2020, the person spent almost 2.5 hours of his time every day on social networks.
With all consumers today, including borrowers, increasingly relying on the Internet for brand and product information, it makes sense that high-performing loan officers are also active on social media. But they are not just active – they know how to do it.

For example, high performing loan officers prioritize posting frequently on the top performing platforms, which National Mortgage News estimates are Facebook, LinkedIn, and Instagram. They usually post about once a day or five times a week, which experts say is the most effective posting frequency. schedule your publications in advance. They make sure to post about topics that interest the typical home buyer. And they use technology to integrate, automate and optimize it all, helping to ensure that they comply with the industry regulations.

Do not:

Make social media success dependent on your memory and manual tactics.

4. Use data to prioritize your day.

High performing lenders use an extensive borrower database to make the most of their time every day.

With unified, 360-degree data view they can understand the whole story of each potential client. They can build a complete picture of each borrower to deliver personalized messages that resonate at the right time. And they can have one-on-one conversations with potential clients that are considered the highest priority, ie, those that are most relevant to the loan officer’s business goals and are most likely willing to talk to them.

Try to avoid:

Waste time worrying about missed key activities and / or conversations.

Return on investment of high performing lenders

Through their strategic thinking and technological approaches to lending, high performing LOs consistently bring tremendous benefits not only to borrowers, but also to their financial institutions.

Productivity can increase by more than 20% through improved sales, marketing and regulatory compliance. In fact, Forrester research found that an average of six Total Expert customers increased the production of loans per loan officer by 20% in the first year and by more than 40% in the third year.

Lenders using the guidelines and tools listed above have a loan retention rate of over 60%, well above industry standards of 18%, thanks to the keen ability of their lenders to proactively and accurately identify clients who are willing to talk to them.

About Total Expert:
Total Expert is a fintech software company that provides specialized CRM systems and customer interaction for modern financial institutions. The Total Experience Platform brings together data, marketing, sales, and compliance solutions to deliver consistent experiences across the entire customer lifecycle. Total Expert turns customer understanding into action to increase loyalty and drive growth. For more information visit totalexpert.com


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