Mortgage branch business plan

Currently, the economic market condition in the United States is in recession.

Mortgage branch business plan

Battling between the K and HomeStyle rehab loans? Some are very successful, but many more are just average, which I define as those originators that after a solid year or two — or more — in the business, can never seem to break above a three loans a month average or loans a year, even during extreme rate or purchase markets.

The successful originators seem to all share a few common traits, such as drive, systems, and discipline etc. But there is more to it than that. So I set out to discover what keeps these few top performers successfully producing year in and year out, and enjoying a successful and lucrative career.

After careful research and observation, I have recognized eight habits and traits all these successful performers have in common.

They Have a High Level of Drive Plain old-fashioned desire and a healthy self-image are key traits of the best performers in any industry. Before LO Comp, the 1 -3 loan a month performers still did okay financially, and we all know why.

mortgage branch business plan

With the changes in compensation these folks are now being pushed to higher levels of performance, and it can be a difficult, if not impossible, transition. The top performers always have their motor on high. If the customer picks a different lender, the loan officer goes back to the drawing board and analyzes what he or she can do to get a better result next time.

Competitiveness, drive, ambition and a healthy self-image count … big time. They Maintain Systems and Disciplines Everyone talks about them, everyone wants them; few companies possess them, and sadly even fewer originators have the time or skill to develop them.

The best performers follow a strictly defined sales process with a sales funnel to keep clients moving forward in their system. They are scripted with professional sales presentations and templates that are used consistently at every step.

There are defined standards and systems for file quality so the customer experience is predictable. The best underwriters follow strict checklists to do their work, and the best loan officers typically do as well. They originate in a very proactive working environment, rarely needing to request more documentation.

Their goal is to originate loans that will be clear to close on the first submission. They know that reactive work cripples their productivity.

They master a database or CRM system and never let anyone or anything fall through the cracks. The ball is never dropped. There are no stacks of Realtor business cards sitting on their desk wrapped in rubber bands, as if some day they are going to go through them.

Every call is returned in a defined time frame. There is a follow-up plan and discipline that makes sure every possible opportunity is maximized. This can be easily accomplished with a disciplined, determined approach to leveraging a system with a strong database, CRM tools and calendar process.

They Follow a Business Plan It seems pretty obvious that a plan of some kind would help most people achieve a better result. Yet ask the average originator what their business plan is, and you get a blank stare, or a very unconvincing explanation of what they are trying to do.

I believe this is a result of the holdover from LO Comp, where before the new rules, a good-sized government loan could make your month. Closing one loan used to pay — and sometimes still pays — entirely too much income for any one person to dedicate themselves to executing a specific business plan.

The best performers follow a work plan and measure their results against that plan. They adjust and adapt so that the business is not running them, they are running their business.

Confidentiality Statement

They have bulletproof relationships with a select group of agents that refer them exclusively. Now, I have nothing against any of these specialty programs ReverseK, ks, state-sponsored etc. I do believe it takes a commitment to becoming excellent at your craft, to be able to deliver the best borrowing experience for the clients.

After all, they are picking up the tab. And doing one reverse mortgage a year will never make you an expert. They like to use the assembly-line analogy.

Ask an originator how many leads, credit report pulls, appointments, pre approvals, contracts and applications, and closings he or she has in a specific time period.

They know who their top referral sources are and they rank them. They can also tell you how many Realtor prospecting calls and past client calls they take in a given time period. They track ratios because they know they must if they want to excel. We all know why professional baseball tracks every possible statistical measure of performance.Free Mortgage Broker Business Plan Templates.

In this section we list the table of contents for this business plan. Closing one loan used to pay – and sometimes still pays – entirely too much income for any one person to dedicate themselves to executing a specific business plan.

Free Mortgage Banking Business Plan For Raising Capital from Investors, Banks, or Grant Companies! Please note that the financials in this complete free business plan are completely fictitious and may not match the text of the business plan below. Please note that this business plan is a sample. • $, will be used as expansion capital for creating new branch business model ensures that each Branch . Oct 10,  · You can create the business plan on your own or you can enlist the help of a business planner. If you create the Creating a business plan for a mortgage business | Bplans5/5(1).

• Schedule quality time with top producing COMPANY Loan Officers to review their business this presentation at a branch sales meeting. 90 Day Goals – To be Accomplished by (DATE) Microsoft Word - Loan Officer day Sample How Lenders Plan to Grow their Mortgage Business in Topic Analysis January they look to grow, maintain, or exit the business?

What strategies do they plan to use? 2. In terms of consumer segments, what segments will lenders focus on in order to grow their Servicing Business:* Mortgage Servicing Business.

The information, data, and charts embodied in this business plan are strictly confidential and are supplied on the understanding that they will be held confidentially and not disclosed to third parties without the prior written consent of National Mortgage.

National, Inc. will continue to specialize. Claremont Funding mortgage broker business plan executive summary. Claremont Funding is a mortgage brokerage serving the lending needs of real estate professionals, builders, and individual home buyers/5(17).

How to Do Well in the Mortgage Loan Business |