The High Powered Originator
By Mike Baker
I classify the high-powered originator as any mortgage loan originator doing more than 50 million per year. I know that there are many great, customer service oriented mortgage originators doing less than that, but my focus in this article is to give you a recipe and some traits that the power-hitters all have.
There are many originators doing in excess of 100 million per year. I also know that many originators have lower goals than 50 million. Whatever your goals are, this information is designed to give you some how-tos on taking your personal business to the highest possible level.
There are three power skills to making this happen. You can also view these as three measures and evaluate yourself accordingly. If you don't do anything else, make sure you're improving in these areas; EQ, IQ, and Customer Empathy.
Power skill number one: Emotional intelligence is defined as a group of mental abilities that help you recognize and understand your own feelings and those of others. In addition, emotional intelligence gives you the ability to motivate yourself. It is the driving force behind performance because it's difficult to develop intelligence (IQ) without the ability to handle personal emotions. In other words, how you feel drives what you do and what you do, drives your result.
Daniel Goleman, author of Emotional Intelligence said, "If you want to know what will make an outstanding performer, don't look at IQ scores or specific technical skills. Look at the people who are the stars and see the abilities they exhibit that aren't found in people who are mediocre." You'll find that they have a high emotional intelligence. It's not merely what you know that counts; it's how you communicate what you know that will make a difference in your outcomes. It's how you come across to Realtors, builders, borrowers, and others that will determine your mortgage fate.
The problem often comes with self-consciousness. Self-consciousness creates a barrier between people and stops all action. It tends to isolate people. Philippe Gaulier, Ph.D. said, "Bore people, and you lose their attention…and permission to lead them." It's a shame that we often walk around being so boring, when we have the potential not to be.
I have found that emotional stability is the single most important personal quality that each of us must manage, develop and access to experience a breakthrough. Only through managing our emotions can we access our intellect and our technical competence. An emotionally competent person performs better under pressure.
Three things you can do to upgrade your EQ.
1. Monitor your moods, evaluate your mood changes and the effects those changes have on other people.
2. Physical exercise is critical to your breathing, your health, stress levels and overall well-being. If things get too hectic during the day, go for a walk around the block or at least do something different to break any negative patterns that may be developing.
3. Stay positive by asking yourself the right kind of questions such as, "How can I make this better?" "What do I have to do, to change how I feel about this situation?"
Here is some information to help you get started on developing your own emotional intelligence. Now it's up to you on what you do with it. For more information on this topic, take a look at the best selling book Emotional Intelligence, by Daniel Goleman, Ph.D.
Power skill number two: IQ, Intelligence Quotient. I'm not referring to IQ in the broad sense of ability to take a test, memory ability, or academic skills. I'm merely referring to your personal knowledge, experience and competency of the mortgage business. You must know your craft. As you know, this business is competitive and customers and referral-based clients are judging you and sizing you up all the time. How they view you is critical to your success. If they perceive you as knowledgeable and experienced, you'll rate much better than a competitor who isn't at your level.
How well do you know the loan programs, underwriting guidelines, property valuation, borrower qualifications, financial strategies, and the mortgage economy?
I believe that you have unlimited potential to take your business wherever you desire to take it if you put the time and commitment necessary to learn all aspects of the mortgage business.
Many people make excuses. "I'm not educated enough. I'm not smart enough. I'm not attractive enough. I'm no good at that. I'm not tall enough. I don't have the opportunities other people have." Some of these may or may not apply. The trick is to find out the truth about your own strengths and weaknesses and make adjustments accordingly. Remember, anything can be learned. If you're not smart enough, get smart and seek business tools that promote your intelligence. You must have top of the line software that allows you to play this mortgage game at the highest level. Your software solutions should consist of CRM, Presentation Software, and Processing Software. Your ability to contact customers, manage your database, present intelligent information, process loans and track and measure referral sources will determine how much volume you will do and be able to handle.
There are several quality and proven trainers, products, resources and coaches. It's critical that you invest in the your personal mortgage intelligence. One hundred percent of the high-powered originators invest heavily in themselves and their mortgage tools. There is no shortage of quality tools on the market today to make yourself extremely smart in the eyes of your clients.
Power skill number three: Customer empathy. To reach the pinnacle of the high-powered production, you must have a strong "caring" for your customers. If they don't feel like you care, it doesn't matter how personable, how smart, how knowledgeable, and how many great tools you have, you'll ultimately loose their business.
You must have a strategy that wields your strong EQ and IQ to making a difference for the people you serve. Serve them well and watch your business grow.
Mike Baker is CEO of Business Development at The Mortgage Coach as well as a speaker, coach and author of Mortgage Power and Hire the Best…Be the Best! He can be reached at (949) 340-0706 or visit his web site at www.mortgagespeaker.com
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