I am a producing manager and never have had any trouble bringing in loans. Unfortunately, some of my loan officers do. Whether someone is too young, or is just not a good sales person, how can I help them increase their production? I really do want to help. Other than feeding them referrals (which I sometimes do). What can I do? I seem to be at a loss here. -- Bryan from New York
Last week we started answering Bryan’s question regarding helping his loan officers increase their production. We first made the point that you must hire the right person and if you spend your time trying to mold your mistakes, you will eventually fail. Now let's move to creating expectations and providing support. The next question is—have you created the right expectations for your loan officers? Here are some prime examples of nailing down expectations:
The constant battle between loan officers and processors. Lenders never seem to adequately define the responsibilities of both positions well enough. What happens is that loan officers feel they are processing loans and processors feel they are originating. Having clear expectations makes sure that you eliminate the argument some of your LOs will make when their production levels are questioned — I am too busy processing loans.
Loan officers expecting their companies to help them produce. They think that they have a “job” instead of a business. If the expectation is that they are reporting to a job, it will be the manager’s job to make sure they work enough hours and return phone calls. If they have their own business, they will realize that if they don’t invest their time, money and energy, that business will fail. This is the most important expectation a manager/owner can set.
When you do hire loan officers, do they have the support they need, or are they expecting more? This support might entail technology, marketing, training, coaching, communication and more. Make sure you know what type of support a loan officer is expecting and if your support levels do not match their expectations, you are much more likely to have a short-term relationship. And there is nothing more costly than loan officer turnover.
Next week we will move into the area of support called coaching. --Dave
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is . If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at [email protected].