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If You Can't Make Money in this Market......

By
Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

Today, I'm meeting with a loan officer for a review of his production.  Not good.  He's closing 3-4 transactions per month as a full time loan officer.  In this market, if I went downtown Chicago, I could hand out flyers on any street corner and pick up 3-4 deals a day if I wanted to.

Today I laid off a processor at another branch because the branch manager isn't laser like in focus, getting a lot of deals through the door.

Both of these guys have the goods, and, when focused, are as good as anyone in the business.  It's so frustrating to see people wasting their talents.  Both of them have outside interests that take them from doing a full time job here.  One person pursues their passion of coaching, to the tune of $12,000 per year.  One extra deal per month gets them an additional $30,000 per year of income.

There are some people that just aren't cut out for this business.  That's fine, but if you have the DNA, the only thing that's missing is the focus and the drive to make your business as big and as economically profitable as they want it to be.

If you want it....it's there.  Go get it!

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Comments(5)

Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I think it is because of the tighter standards for loan approval that the loan officer did not do as well as he could have done . I was talking to a loan officer the other day about a prospect I referred and he said he could not find an investor for this client because of no credit, though she had 20% down.

Jun 28, 2012 11:08 PM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

I guess everyone has their own barameter of success.....I am happy with  my production and income level, but you can't make others want the levels we want

Jun 28, 2012 11:47 PM
Lehel Szucs
All Seasons Real Estate, Inc. - Covina, CA
REALTOR of choice

you are so right ... I am going to ramp up my business for the rest of the year and beat last year ... it is so easy to get caught up with miscellanous stuff

Jun 29, 2012 12:25 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

These are never easy conversations, as many LO's just don't get it. You can talk until you are blue in the face and it wouldn't make any difference. They have a different view of what is acceptable, you have to decide if it is acceptable to you.

Jun 29, 2012 08:31 PM
Louise Thaxton NMLS 69996
Fairway Independent Mortgage Corp Louisiana NMLS#2289 Equal Housing Lender - Leesville, LA
Military Mtg Specialist - 866-960-9115 VA FHA USDA

AMEN, AMEN, AMEN, AMEN, AMEN, AMEN.

Larry - you are singing my song!  I just don't get it either.  Such opportunities being WASTED because LO's will not just get up and do something - like you said ANYTHING! 

I personally think we have made it too easy for them - and they just accept that 3-4 loans per month - it helps them to get by- maybe we should raise our expections to LO's to 7-8 loans per month? 

Jun 30, 2012 05:50 AM