As a leader in your mortgage banking organization, one of the primary responsibilities you have is training your loan originators. Every organization, of course, has a different culture and is faced with different circumstances that the training must take into consideration. But, regardless of the specific training program you are implementing, there are three essential components to every sales training session. Whether you provide the training yourself or you hire an outside trainer, you’ll want to make sure these three things are always covered.
First, you’ll want to make sure your LOs are trained on the products. They’ve got to know the loan options inside and out. They must know the latest industry news and the most current updates in legislation. Being able to understand and adequately explain the way mortgage products work is foundational for being able to sell mortgages to buyers. Even more so than many other industries, the knowledge of a mortgage banker is highly valued by buyers. People want to know that they are dealing with someone who knows their stuff. Whatever training program you are implementing, be sure to include an ample amount of material on bolstering product knowledge. That’s where it all begins.
Secondly, you’ll want to make sure your LOs are sufficiently trained on strong interpersonal communication skills. If your loan originators have all the knowledge in the world but cannot relate on a personal level to buyers, they aren’t salespeople; they’re analysts. Howard Schultz, CEO of Starbucks, once said, “We aren’t in the coffee business serving people; we’re in the people business serving coffee.” Likewise, your loan originators aren’t in the mortgage business serving people; they’re in the people business serving mortgages. Train your people how to be empathic and understanding. Teach them how to listen and express genuine interest in buyers. Just like in any other industry, people looking for mortgages want to business first with people they know, like, and trust.
Finally, you’ll want to train your LOs to maintain a positive mindset. When the economy is bad (and it inevitably will be from time to time), it can be easy for your salespeople to become discouraged. When regulation becomes stricter and fewer people can qualify for mortgages, LOs can easily slip into despair. But, as well as know, such a perspective often becomes a self-fulfilling prophecy. The worse off your salespeople think they are, the worse off they will become. Negative thoughts lead to negative behaviors that validate them. Conversely, positive thoughts lead to positive behaviors that validate those thoughts. As Henry Ford is credited for saying, “Whether you think you can or think you can’t, you’re right.” Always incorporate the importance of maintaining a positive perspective into your training programs.
So, there you have it. Three “P”s: product, people, and positivity. Whatever your circumstances are and whatever your training is about, try to incorporate these three items into your presentation. If your LOs know what they’re talking about, they can relate to buyers, and they stay positive, your organization will continually have what it needs to be successful in a tough marketplace.
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