Someone once told me you have to have no fear of loss in life. That really changed my whole perspective in the sales world when I heard that.
Until then, my philosophy was to get the sale, no matter what. Any sale was better than no sale, right? I’m here to tell you that philosophy works for the short term, not the long term. What do I mean by that? I’ll tell you.
Loan Officers come into this business to make money, right? No one comes in this business because they want to “help people”, I’ll get into that topic at another time.
To make the most money in this business, gaining a following and having a referral source is the key, right? If that’s the case, what do you want your referral base to be?
Oh sure, some folks say they want it all, but is that what you want to be known for? Doing everything for everyone? Most Mortgage Broker shops that I know that do FHA loans usually have one or two FHA specialists within their ranks. Most Mortgage Broker shops that I know of have one or two people that really understand the Option Arm. I’m saying that because those folks specialize in those type of products even though they are able to sell the others.
For those Loan Officers to get to that place in their business, they have to be willing to say “no” to the clients that want something different. BUT, they refer those clients to another Loan Officer they know and trust. They had “no fear of loss” because they want to be known for being the expert on something else.
I’m sure there are Loan Officers out there that make good money being everything to everyone, so I applaud you for that. But, if that’s not want you want, you have to set your standards to a level that is consistent to what you want and you can’t fear losing a deal if it doesn’t meet those standards.
Here’s a statement for all you Loan Officers out there, and I’ll leave you with this to understand in your own way…”If this is your “yes”, what do you have to say “no” to to get your “yes”?
And now I would like to invite you to get “Mortgage Info With An Attitude” with Free weekly answers about the mortgage business in the Mortgage Mailbag. As a Bonus, you’ll receive the Special Report “The 5 Biggest Myths about the Pay Option Arm and the Real Truth About Them”. You can access this free service and the bonus at http://www.MortgageMailbag.com
Tags: andrew poletto, loan officer, loan officer training, mortgage broker, mortgage training, option arm
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