No. of Recommendations: 1
Hi plantoborrow,

OK... if you want to make the move and actually hit your goals, you're going to need a successful (in the real, current-world) mentor who is generating new business at present, who you can shadow & learn from. It doesn't sound like there are really any quality candidates remaining there at your shop.

Jumping into the origination business "by feel"... or worse, "by procedures manual" is personal economic suicide. You'll have the odds significantly stacked against you unless you have a seasoned veteran (who loves the business enough to be proactively producing at present) to allow you to pester, shadow & duplicate their incremental actions.

Yes, mastering client communications, and learning to set and control expectations, is critical... but before that even matters, you need a consistently systematic way of bringing new business in. If you were hoping to sit in the office, crunching numbers, and pay the bills with the random inbound business that drifts in from the street, you'll starve.

You'll need to (at least initially) focus 100% on generating either purchase loan business, or refinance business. That's not to say you won't have the type you aren't focused on fall into your lap along the way... but if you try to actively generate both, you'll fail at both (again, this is as a starter.)

You'll have to decide whether you want to generate new clients directly, which takes confidence & chudspah, because you have to represent sufficient financial expertise & value to gain the individual consumer's respect and trust.... *OR* whether you want to rely on the hand-over business from other professionals (Realtors®, accountants, lawyers, etc.) who are the ones actually chosen & trusted by the clients. The former is juicier, but the latter is easier.

Crunching the numbers as a financial professional is also critical... but keep the important focus on what is actually important. It is a valuable originator's job to design loan terms that protect and grow the client's net worth the best. It is *NOT* the best use of an originator's time to chase supporting documentation, analyze tax returns, W2s, 1099s and asset statements. *DO NOT* get sucked into the 'patch & sew' business of credit repair... that is a very low valued activity too many new loan officers get suckered into thinking will lead to new business... it doesn't. It simply forces you to focus where the rotting fruit lives.

The difference between successful loan officers & struggling loan officers is as follows;
1. How good are they are consistent fresh, raw, rainmaking? New, unreferred prospect generation trumps everything! You cannot build a business on referrals until *after* you have happy clients.
2. How good are they at jealously defending their time and efforts? You'll *never* find the top producers organizing loan files. Beginners will, to learn the game... but any loan officer that doesn't rapidly evolve away from administrative minutiea is doomed. Every minute you spend double checking rental history is a minute you'll never be able to spend on generating a new client.
3. How deeply are you networked for back-end solutions support? It is impossible for a top-level producer to simultaneously master all the changes in underwriting and regulatory nuances, and also focus all their time on generating new clients (which is what they are actually paid to do.) The best producers have excellent back-end support contacts that they can speed-dial/text/email with their prospective clients' situations to get the answers/solutions that make them look like a genius.

That's pretty much it, in a nutshell.

Dave Donhoff
Leverage Planner
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