Mistakes That Loan Officers Make
To be a successful loan officer, you must master the art of timing. For example, closing deals during the holidays can be almost impossible. Most leads postpone signing the contract until after the festivities. Second, getting your facts right regarding the interest rates, terms, and conditions will save you lots of surprises at the negotiating table. What other mistakes should you avoid to excel as a loan officer? Here is a list:
Not capitalizing on your current deals
Most loan officers tend to relax when they get a sales lead. Yet, they should use this opportunity to add value to their offering by checking-in on the prospect, providing additional reading material that could help clarify any concerns and making sure that they make themselves easily accessible. It is this added effort that makes them stand out in a competitive lending market.
Failure to follow up on in-house deals
As deals go through the administrative process, loan officers should follow up on every step, ensuring there are no issues. Sort out any problems with the documentation, pending loan appraisals, and underwriter queries and concerns. Call the borrower and get all the missing documents to sort out queries. Clarify how changes in rates will affect the refinancing plan.
Failure to Network
Loan officers can gather lots of knowledge and resources as they interact with clients and other professionals. In off-peak seasons, they can share this knowledge with colleagues and other stakeholders in seminars, talks, and dinners. These networking sessions generate more leads when the market improves.
Finally, loan officers should always strive to update their skills to keep up with emerging trends. A slow market leaves ample free time to take up a new course or attend a webinar on areas that they have difficulties. Taking time to invest in learning pays off during the busy seasons. The loan officers can use new information to dominate negotiations.
With everything that’s going on in the world and a potential market slow down, loan officers should use their free time to touch upon their skills and sales strategies. It will keep the mind healthy and maintain a steady career progression.
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