Interview With Winner:
Dave King
Dave King, CTX Mortgage, Greenwood Village, CO
2002 Origination Volume: $62.6 Million
2002 Average Loan Amount: $200,000.00
Projected 2003 Volume: Just over $65 Million
Software: Outlook, Excel, Marketer Pro (London Bridge), TMO
Referral Source Mix: 60% previous clients, 40% Realtor referrals
Boni Lonnsburry: How did you get started in the mortgage business?
Dave King: In 1985, as a senior in college, I was looking for an internship just kind of fell into the mortgage business.
Boni: Were you an immediate success?
Dave: My first six months in 1985 were not very successful, but I did pretty well the first full year, closing 226 units in 1986.
Boni: To what do you owe your quick rise?
Dave: I received great training from a Branch Manager who took me under his wing and taught me how to do it right. Other than that, I attribute my success to a sincere desire to help people and knowing the mortgage industry inside out and backwards.
Boni: When you look at other loan officers, what mistake do you think rookies most often make?
Dave: They lack the knowledge necessary to do their job well. This is a hard mistake to avoid as a new loan officer, because you've got to put in the time to get the knowledge. A lack of knowledge may lead the rookies to over promise and disappoint their clients.
Boni: What mistakes do you think veteran loan officers make?
Dave: For ten years, I've worked in one of CTX's biggest offices, managing loan officers and helping to educate them. I also write a daily column for all of CTX (published on our Intranet). I've seen veteran loan officers who fail to keep their knowledge current and get passed by their less experienced peers. They should be maintaining and improving their knowledge of products, sales, personal finance and general business.
Boni: If you had a son or daughter entering the business, what advice would you give them?
Dave: I would tell them that you have to be committed to the business because it takes time for everything to come together so you can be as comfortable and successful as you'd like to be. It's a long-term process.
Boni: How would you advise them to get started?
Dave: See people. Get out and make sure everyone knows who you are. Build a good base of friends and acquaintances by joining different clubs, boards and associations. Participate in anything where you can meet, and network with, people with similar interests. These people will become your best source of business and referrals.
Boni: What was your most successful marketing campaign?
Dave: Marketing to my past clients through our media center at CTX. They receive something from me about once a month.
Boni: Do you have a turn key sales or marketing idea, a script or a letter that you'd like to share with our readers?
Dave: I'll email you one of my daily articles to share with the readers of Top Producer Strategies.
Boni: Who or what was the biggest contributor to your success?
Dave: Me. I'm diligent, honest and I work hard. The thing that most sets me apart from other loan officers is the extent of my knowledge. I've always had a thirst for learning, but now I have the responsibility of sharing it with thousands of other CTX employees. I'm pretty tenacious in communicating it - by the time a potential client hangs up the phone after speaking with me, they're afraid to take their business anywhere else because of what they might miss.
Boni: If you had a magic wand, what would you change about your current business?
Dave: I'd improve the Denver resale market. This is a tough question because I'm pretty good at developing my business systems and getting them to work the way I want. If something was broken, I would have fixed it by now.
Boni: What are your current goals?
Dave: I've been in this business long enough to know that we're all graded on a curve based on where the market is. I don't go into any one year saying, "I want to close 100 million," or some other figure, because I understand the realities and limitations of the market. My goal is always to be in the top ten at CTX. As long as that happens, everything else will fall into place.
Boni: Is there anything else that you would like to leave in the minds of other loan officers who aspire to the kind of success that you've created?
Dave: Be patient. Be tenacious. Understand that success is not going to happen overnight. And, more than anything else, educate yourself.