“Huge Weekend Opportunity”

Happy July 5th! With a big holiday on a Wednesday, it isn’t uncommon for people to stretch it out into the weekend. That said, this opens the door for a great deal of real estate activity. Here are a few steps to take in order to maximize your opportunities this weekend!

  • Get out and be visible!
  • Leave documented material at offices!
  • Tell those that are there that you are available to help them if their regular person is unavailable to serve your people!
  • Call from the parking lots before you leave!
  • Get to as many Open Houses as you can!

Many people are off or are taking off, that goes for realtors and mortgage people as well. Get out and get in front of your market, let them know you are working!

Have something in writing in an envelope with each agents name on it to leave at their office so there is something physical for you to direct them too! Talk about the back to school count down and how many days there are left for you to accept a loan application and close before the kids go back to school!

I expect that most of the agents you are trying to get in front of won’t be in the office; it doesn’t matter. It only matters that you were in the office, had some information about an opportunity strategy in an envelope, with their name on it, so you can leave it for them to pick up later! It’s also important that the few other people in the office see that you were there! Let them know you can help them too should they be ready to look or move to make an offer on a property!

Calling from the parking lot before you go to your next stop is critical! Making that call and talking to that person to let them know you were at their office is a really big deal. Even if you get voice mail, leave a nice message about missing them and that you are available should they need you.

Last but not least is to hit every open house you can find and follow through with the open house strategy! Talk to everyone! Pick a key feature of the house or the property so you can write a note to the seller applying for the job of being their next loan officer or to offer a second opinion on their next transaction!

This weekend is a huge opportunity to make new relationships, solidify old relationships, and to generate a few opportunities to do a few deals you never would have seen if you just sat home!

Get up, get out, and connect!

Questions or comments: Mike@IMTcoaching.com

“Orchestrate your Outcome”

Change makes some people crazy and others wealthy. Change can be traumatic or exciting. When change is an option, people will often put off making a clear choice as long as possible. When change has a date, it will often be challenged and asked for more time. We have begun to see all of this with TRID. We really need to look at this and choose. The choices are pretty clear. Do we all get better and surround ourselves with the better professionals in our area that embrace the change and adapt themselves to improve their level of execution to provide a higher level of service to the customer; or do we make the excuse that these changes are too hard to deal with and as an industry it is acceptable to make people add fifteen or thirty days to the transaction times because we choose not to do the work to get better?

I have spent the last year sharing the outlook, the options, and the plan to successfully deal with TRID and still close transactions in thirty days or less if everyone wants to get it done. The option is yours. Get better and surround yourself with better people and become elite, or join the masses and just kick the can down the road and blame the “stupid law” or “dumb rules” for not getting your deals done. The choice is yours and you have the plan all out there in front of you.

The key to success is to know how to pull all the pieces together. The one way I like to describe the process is orchestration. The components of a transaction are like all the instruments and musicians in the orchestra. If you ever gone to see an orchestra perform, you know at the very beginning, all of the individual musicians are randomly playing their instruments with no clear direction and without any form of continuity. It all just sounds like noise.

Then a person walks in from the side of the stage and moves toward the podium. The room goes quiet as the conductor takes a spot at the front of the stage facing the musicians and taps his baton and raises his hands. The group raises their instruments ready to go. As the conductor begins his movements the once noisy group of scattered sounds now becomes music. From side to side and faster and slower movements of his hands, the conductor coaxes, instructs, demands, and exudes performance from each and every member of the group. Not everyone playing the same note at the same time. Not everyone playing all the time, just a blending of individual talents set to a score, prepared in advance, and practiced and gone over time and time again. As individuals, and as a group, everyone knows their place, their part, and has practiced to be the best they can be for the part they play!

At the very conclusion of the performance, the conductor signals to conclude, and the crowd erupts in applause. It is the conductor that turns to face the crowd and accept the accolades on behalf of the entire group. It is the conductor that accepts the appreciation of the patrons for a job well done. It is the conductor who is recognized as the virtuoso. It is because it is the conductor that wrote the score. It was the conductor that understood each instrument and musician for their needed contribution to the entire piece and trained and practiced each member to be able to do their part when their part was needed. It was the conductor that had the plan to turn the noise into music.

You have an opportunity to become the conductor. I have prepared you for the event. I have written out the score. I have shared with you all the tools you need and the people you need to include and to train. I have shared with you each player’s part and role; along with the timeline you can follow to be sure you close your transactions in 28 days or less from the time of full application. The entire score is written and ready for you to go. Use the webinars, e-books, podcasts, scripts, tools and techniques I have share with you over the past year so you can become that conductor in your market for the smooth and hassle free twenty eight day or less transaction and bring together your team of skilled, trained, and exceptional professionals with you to perform!

You choose between being like the rest and truly being the best. You decide if you are going to become the expert you need to be, and surround yourself with those who also have made the choice to just be better. TRID is here and it is going to cause a huge divide between those than can and will get deals done quickly as the flow of beautiful music; or join the group of noise that just drones on forever? Your choice, orchestrate or abdicate?

Questions or comments: Mike@IMTcoaching.com or visit us online at http://imtcoaching.com

Keeping Connected

Loan originators ask me all the time what I see are the biggest differences between those closing double digit loans each month and those who average less than four.  By far, the answer is keeping connected to opportunities, referral partners, and past clients.

Keeping connected to those you have worked so hard to get in front of sounds simple enough, but is often lacking. I know there are a number of CRM’s you can look at, as well as many companies have systems by which they try and stay connected, but the real truth is, if the originator doesn’t make an effort to remain personally connected to the client or referral partner, then it’s likely that even the best systems will not work as well as they should have or could have.

The best of the best have a clear follow-up plan. These plans ALL include personal phone calls. Emails are okay. Letters and cards are better. But NOTHING replaces getting on the phone and talking directly to the person you want to connect with.

So when you are looking at your systems and procedures, it is important that you diagram the path you need to follow.


*When do you want to talk to someone?

*What form of communication does it need to be?

*What is the content that needs to be delivered?

*How do I make sure it all happens?


In every organization the loan process can be slightly to completely different. One isn’t likely better than any other; the importance is you have thought about your message, your people, your market, and your timing! A great message delivered too late doesn’t help. The best marketing piece left unopened doesn’t improve the number of opportunities you see. So be thoughtful and clear about what you are trying to do and be certain you think about including a few follow-up phone calls to be sure and get feedback and comments from those you are trying to connect with.

As we have just seen with the reversal in the interest rate market, if you didn’t connect in time with the proper message, you and your customer missed the opportunity. Rates may come back to us, but what if they don’t? Did you miss out on five, ten, twenty, fifty or more loans? Did your failure to connect with your client who could have saved a significant amount of money over the life of their loan, or maybe even miss the chance to move into their “Forever Home” with the new value of their old payment; do they remain loyal to you? Do they have the opportunity to talk about what you did to their friends and relatives? Do you now miss out on a number of other possible opportunities because you didn’t connect?

Our industry is constantly changing. In many ways these changes have little to do or impact on our clients. But sometimes they do, and in a big way. You need to look at every aspect of your business and be sure you have a plan to keep connected with your people so they know you are there, and they know that you still care! The best of the best understand that keeping a client and gathering referrals and repeat business from them is just a matter of providing ongoing value through keeping connected.

Look at each process and procedure. Look at each type of referral partner and prospect. Look at every closed client in your database as someone that you need to treat with respect and to provide ongoing value through specific communication that helps keep you connected!

Questions or comments: Mike@IMTcoaching.com

Origination Systems are critical to productivity in the Loan Origination Business

The July 4th holiday is behind us and the heat of the summer buying season is in full swing. Any professional loan originator who isn’t busy right now closing loans has only one person to blame, himself. All areas of loan opportunities are bursting at the seams with activity, rates are at all-time lows, and the ability to get loans closed couldn’t be more specific. So why are some mortgage originators dealing with full pipelines and multiple closings and others are not? Simple, they don’t have a system by which they identify and work on the business that will really close.


As a business coach to some of the best loan originators in the country, I get to see on a daily basis what the best of the best do, that the others don’t. The difference isn’t as big as the numbers would indicate. Here are five very simple things you can do that will improve your ability to work on the deals that will close, instead of wasting time on rate shoppers and wannabe buyers.


1)    Utilize the ten minute rule. If you spend more than ten minutes speaking with a potential client without seeing qualifying documentation, you are wasting your time.

2)    Set clear and specific expectations about what can be done and how long it will take.

3)    Do NOT lock-in a rate or terms of a loan, until you have a deal you know is going to close.

4)    Make sure all your file submissions into processing are “bullet proof” when you submit them.

5)    Keep consistent and scheduled communication with all parties and hold everyone accountable for their obligation to the loan time line.


If you don’t set the value of your time, others will set it for you. You must accept the fact that people want to go at their pace of events, and that you need to lead them toward the path that tracks the result we all want; a closed loan transaction. All the loan scenarios in the world are meaningless without knowing if the people you are talking too can qualify for the money.


Simple Loan Strategy #1 is to be sure you spend no more than ten minutes or so with a prospective borrower until you have seen the five key items:

1)    Tri-merge credit report on all borrowers

2)    W-2s on all borrowers last two years

3)    Paystubs on all borrowers last month minimum

4)    Bank statements showing all funds, even those not needed for the transaction.

5)    Last two years tax returns for all borrowers, all schedules


Why engage in a conversation without know the facts? Some borrowers may want to shop from place to place before they commit to supplying this information. It is up to you to share the wisdom of having a real factual conversation about what they can really do, verses a hypothetical conversation about thing that may, or may not happen. You may “lose” a few opportunities in this process, but the time you save in working “real deals” will far outweigh any you might “lose”.


Simple Strategy #2 is to be very clear about time expectations. All markets and companies are experiencing different time lines to close both purchase and refinance transactions. Between appraisals times, processing times, underwriting times, and the ability to get a closing scheduled, all need to be clear and well within a predetermined set of reasonable expectations. The phrase “under promise and over deliver” comes to mind. If you get a purchase contract into your office for 15 days for a firm commitment, you need to be very clear with ALL PARTIES as to what will be needed and BY WHEN to meet this time frame. If you get a purchase contract calling for a 21 day closing on an RDA loan, and your RDA region is running 9 day turnaround time, you need to get the contract changed on day one, not day 20!


Simple Strategy #3 is to be very careful about when you lock the terms of your deal. Once you tell the customer their deal is “locked”, you lose all leverage in getting that client to supply any additional materials you may need. Also, once you have “locked” the terms of the deal, the client now has full ability to “shop” your terms in a fluctuating rate market. You need to have a clear and specific conversation about rate locks and lock extensions before making the commitment on your terms, if the borrower isn’t as committed as you are.


Simple Strategy #4 is to get your loan files “bullet proof” before submission. Nothing is a bigger waste of time than chasing conditions and documentation. Know what you need and get it before it goes into processing. Create a checklist with your processor as to what they need from you to make the file flow smoother. Solid and complete files take a little more time upfront, but are well worth it down the road. Be a professional and turn in great files!

Simple Strategy #5 is to have a clear and specific communication schedule with everyone in the process. Certain specific points of communication are required and easy to schedule. A few things you want to include would be:


1)    Connecting with both Realtors® on a purchase transaction within 24 hours of file submission to be sure about appraisal issues.

2)    Appraisal review with the client and obtaining all need insurance information so the policy provided meets the requirements set in the application.

3)    Commitment conditions and clear to close dates to be certain everything is tracking the schedule.

4)    HUD-1 review prior to closing.

5)    Wire receipt confirmation with Realtors®

Five simple steps that take you from being busy, to becoming productive!

You can learn more by visiting http://www.ImproveMyTomorrowCoaching.com