Mortgage Transactions Need Game Plans & Options Too
If you watch sports much (and admittedly, I do. Just ask my wife), you've probably seen clipboards and playbooks in the hands of coaches on the sidelines. Those clipboards and playbooks hold the "game plan" for their team and their path to (hopefully) victory ...
By the time the actual game is played, the players have seen, heard, and practiced the game's designated game plan and plays repeatedly. The idea being that their actions and reactions become natural, automatic, rote.
(Vince Lombardi was legendary for his meetings, film-watching, and practice sessions. Enjoy the clip attached to the pic!)
But even with all the pre-planning, preparation, and practice, it's not uncommon for coaches to introduce new plans and last-minute changes to players during crucial or close games ... adjustments and tweaks made to address what's occurring during the game.
Now I know you're thinking, "I bet there's some kind of an analogy coming". So as to not disappoint ...
I've often thought that Mortgage Originators are much like coaches. They definitely need to develop and execute a strong game plan for their clients.
They also need a "playbook" for each of their transactions. One that addresses each step of the transaction.
The playbook should contain the many loan types, loan programs, loan requirements, and underwriting guidelines and "details" regarding the players that could affect the transaction. The variables of each are also within this playbook.
There are many analogies to be made here, but what I'm trying to get at is this: Mortgage Originators need to adopt a game mentality regarding their transactions. They need to prepare themselves (and their clients) just like coaches do for a game.
Practical application, practice, and reinforcement of the game plan should then follow. The preparation should address allowance for last-minute adjustments and changes, just as it does with major league players.
Planning and preparation eliminate the possibility of error. It builds confidence. It results in success.
A Mortgage Originator's Game Plan should include:
- Analysis: A thorough analyzation of their "team" (clients) and their talents, capabilities, and playing options (Credit standing, possible credit improvement, qualifications for differing mortgage programs, etc.)
- Education of client(s)
- Ongoing communication
- Practical application (Gathering of documentation, instruction for completing requirements and tasks, etc.)
- More ...
In other words, no portion of the game plan should be under-analyzed, unknown, or misunderstood by Originator or client. No portion of the game plan should be left to chance.
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