172 Hours

We have all heard the phrase “time is money”. We have also heard people explain to us how “busy” they are. But rarely do we see people make the connection between the two. Being “busy” isn’t always being productive. In fact, many of the “busiest” people I come across don’t make a lot of money. They are constantly in motion, but they are not focused or consistent with almost no system, schedule, or accountability.

If we all concede for a moment that we all use a forty hour work week as a standard, and there are 4.3 weeks in the average month, that works out to about 172 hours each month to do what we do and earn what we earn.

Mortgage loans are a result of generating an opportunity and converting it into a closing. How do we measure up? How many combined hours do we work to close one loan? How many hours does it take for our “team” to close a loan? I have found, if we back the numbers out, it changes the vision of what we do and how long it takes. More importantly, when we start looking at a random group of loan originators, we can see huge differences in the time the process takes.

Example, if a loan originator is closing an average of five loans per month, they are consuming 34+ hours of their monthly time for each closed loan. Imagine that? I would venture to say that if you asked a dozen originators, how much time it took to generate a loan opportunity and get that opportunity through their system, none of them would say it took more than 34 hours to do. In fact, depending on most of my observations, the average time it takes to move a client from first contact to closing is about five hours. So if it takes five hours to do that part of the business, could it be that it takes the average loan originator twelve hours to generate a loan opportunity? Well, that can’t possibly be true because the average originator barely spends ten hours a week prospecting. That translates to about nine hours per closed transaction. Really; nine hours to generate the opportunity and five hours to close the loan still only comes down to a total of 14 hours. What happens to the other 102 hours per month? Ah, that must be where the “busy” comes in!

You see, when I track my best people. The ones that close ten to fifteen loans per month, by themselves, month after month, some very interesting patterns begin to appear. First, all of them take and submit outstanding loan packages. The less trailing documents, the less time spent on the file. Second, they double check everything before submission and include a specific cover letter explaining the transaction and attach it to the file. Third, all communication is documented in the file. Every call, email, or message is in the file for everyone to see. Fourth, they schedule their work time free of interruptions. They turn off the phone, ignore their email, and close their doors. They start and finish then schedule the next follow-up task. Last but not least, they do a real good job setting expectations up front. They get everyone on the same page and structure set communication times, establish due dates, and hold people accountable to that schedule. When things are set to a schedule, it is easy to keep on track.

Those “busy” loan originators, the ones scurrying around the office flailing papers, and whining about things, are the one’s losing time working on things that should have been done at the beginning. Taking a few extra minutes up front on a file will save you HOURS on the end of a deal!

Working smarter not harder is something many people talk about, but few people actually do. By looking at your time and activities as they relate to the number of loans you close will provide you with a valuable perspective. So here is the question: How many loans can you close in your 172 hours each month? If you don’t track that number, it will never improve! The best of the best close a loan about every nine hours. What if you are only half as good as the best of the best? Then you would be closing almost ten loans per month.

We all get the same 172 hours in a standard work month. What you do with that time and what the results are can vary widely. You need to seriously look at what you do and how long it takes before you can even attempt to improve. Once you do, productivity can grow exponentially!

For questions or comments please contact me at:


or visit http://www.improvemytomorrowcoaching.com

Published by

Mike White

Improve My Tomorrow Coaching is a company founded by Michael F. White to help mortgage professionals reach their true potential. Based on a belief that working the fundamental principles of the loan origination business combined with a solid system to leverage your day to day business into a self sustaining career! If you are looking to generate consistency in your business, you need to know and implement the fundamentals. Once you know what to do and when to do it, being a mortgage professional is fun, challenging, and profitable. Since the average loan originator in the country closes less than three loans a month, the average originator is unaware that closing seven, ten, twelve or more loans per month is often easier and less stressful than just two or three! If you are tired of the pain and punishment of not knowing where your next deal is coming from; if you spend more time being “busy” instead of “productive”; you need to look and see how we can help you get to a whole new level of business. Take some time to explore this website and read all the free information. If you find some things that cause you to rethink how you are currently doing your business, let us help you! It starts with YOU! There are two programs you can choose, a group program and private coaching. Please look at both before you make your choice.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s