4 Key Questions for Every Mortgage Professional

We don’t have to tell you that the mortgage industry is a complex and highly competitive field. The stakes are high for your clients – they need confident and successful mortgage professionals. 

But it’s not enough to have sales training and a good attitude. Succeeding in this industry takes focus and a great deal of intentionality to ensure that every hour you spend working brings you an hour closer to your end goals.

Here are four questions to ask yourself to help jump start your achievements. 

Questions to Guide Your Professional Development

How are you spending your time?

While important for people in every industry, the mortgage business specifically requires that you clearly identify what is important to you. With the pressures of the role and the potential for changing timelines and expectations that you’ll be available whenever needed, mortgage professionals must clearly identify what they want from life and how they want to live. Otherwise, you run the risk of looking back at year-end and realizing you worked hard and were really busy but didn’t actually accomplish what you wanted.

When you sit down to carefully and objectively identify what’s important to you, you may find that you want to make significant changes in how you spend your time. Or maybe you’ll simply identify some opportunities to tweak your days. One thing we know for sure, however, is that if you haven’t made the effort to evaluate your priorities, you are virtually guaranteed to be spending a great deal of time on things that don’t really matter to you.

The Life Plan Guide is just one of the no-cost tools available to help you figure out what’s most important to you and make decisions about the kind of life you want to lead. So, sit down and put some thought into what you really want in life so you can take steps to get there.

Successful mortgage leader reading plans on notepad

What are your true goals?

Whether you want to be the top producer in your firm, grow your business, or retire after a successful 20 years in the mortgage industry, figuring that out is a critical early step. The Loan Officer Business Plan will help you figure out the specific action steps to include in your business plans.

By starting with your financial goals, you can work backward to figure out how to achieve those numbers. When you first understand how much money you expect to make, you can determine how many pre-qualifications you need to complete to reach your income goal, allowing you to set clear goals for the day, week, and month. With this approach, you can more carefully evaluate how each hour of your day is spent and ensure your efforts are focused on the desired outcomes.

Where’s your ideal client base?

While there are certainly a lot of ways for mortgage professionals to find new clients, we know some methods are far more successful than others. 

For example, cold calling has its advantages, but close rate is certainly not one of them. Referrals, however, are much more likely to be successful because you start a little ahead of the game, with some built-in credibility as a mortgage professional. And as a result, you can focus your effort on getting them the best mortgage loan possible rather than spending time showing off your credentials and trying to build trust. 

Mortgage professionals who fail to actively seek out client referrals are missing opportunities to maximize their revenue. To learn more about the “Law of Reciprocity,” download our Guide to Growing Your Referral Business. Learn how to confidently and successfully ask for those referrals and turn each great client experience into multiple opportunities.

Mortgage leader leading team meeting in conference room

What’s holding you back?

These are all critical next steps to help you grow your business, but what else can you do? What steps can you take to move to the next level? 

If you have goals but aren’t 100% sure how to achieve them, consider a mortgage coach. One independent study reported that loan officers coached by Building Champions closed 190% more loans than those who weren’t coached. By investing in yourself with some coaching, you have the potential to dramatically increase your income, meet your business goals, and even improve your quality of life.

What about you as a business owner? If you have revenue goals you aren’t currently meeting, or if you have ideas for your business that you haven’t yet figured out how to implement, then a professional mortgage coach could help you design and execute a business plan to move your organization forward. For example, the owner of Premier Mortgage Group increased their business from $24M in loan origination to over $50M when she engaged her mortgage coach. In her case, she found not just increased business but increased confidence and a greater sense of purpose in what she did.

For many talented people with incredible potential, they get stuck somewhere between the idea of what they want to do and the actual execution. The outside, objective perspective of a coach has the ability to challenge your own ideas about yourself, both good and bad. A coach can help you identify what you really do well so that you can capitalize on those abilities while also being willing to call out your self-limiting actions. Many people need that distanced perspective to help them move beyond thoughts, feelings, and habits developed throughout the course of their life.

The Bottom Line

It’s easy to get excited about ideas, then promptly lose track of the idea in the daily hustle and bustle of just getting the job done. But don’t let the opportunity to grow your mortgage business slip away. 

Download these tools and add them to your arsenal. You might not have time to start work on them right this moment; if not, then put non-negotiable time on your calendar to tackle this work. Consider working on your plans each morning – before the phones start ringing. 


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