To truly determine what is in your com- pany’s best interest, remember the value of training your team never stops. In good times, it is normally growth and
process-oriented training that is in demand, as the
market drives a lot of the production with advantageous rates that stimulate sales activity.
In higher interest rate times, it is the sales skills
of well-trained mortgage originators that will win
the day in an environment where more people are
competing for fewer available opportunities. Skill
matters in today’s rising interest rate market, and
skills can be developed.
What is the right training in today’s lending
world? To answer that question, you must first dis-
sect what training is truly all about. Let’s look at one
of the many definitions of training: “To make profi-
cient by instruction and practice, as in some art or
As we look at our sales and management teams,
do they have the training to adjust to this new
world? Once again, the mortgage industry has
fallen for the allure of the interest rate driving our
production. So, when rates rise, companies more
often than not panic and cut staff versus adjust-
ing to the market and preparing people for a more
stimulating, challenging opportunity.
This is a great moment to invest in helping your
people to step up to
the challenge and
show their mettle backed
by management support and
direction. As you start to assess
the right training process for your com-
pany, look at these key areas: management
training, sales training and operations training.
Each area is instrumental in getting through a
Quality lending organizations place a high value
on a management-driven culture. By cultivating a
proper sales-oriented culture, managers can truly
drive productivity through promoting the right
behaviors and utilization of selling skills in the field
or on the phone.
Top managers increase the chances of avoiding
major dips in production by coaching and counseling their sales teams to success — not letting
them fret over rates, but teaching them what is
required to adapt to these new market conditions.
Your people are looking for direction and strategy
to weather this storm and training them on how to
do so is paramount to your company succeeding.
Originators who continue to be out in the field
building third-party relationships and using
themselves from the
competition. Real estate agents
and builders are looking for that right originator
who will help their buyers get the financing they
need to complete the purchase transaction.
With your team heavily invested in a consumer-direct selling model, treating every call like it is the
only one they will get today is crucial to promoting
quality dialogue. The borrower today is concerned
about the rates rising. Consequently, ensuring the
conversation is focused on understanding the borrower’s goals and larger affordability concerns is
key to ensuring a conversation doesn’t become
Manager’s play a major role in training their staff
on an ongoing basis, and this role becomes more
of a priority if the training staff is threatened with
downsizing. If managers don’t step up and consider this to be a priority, and if there is no training
group retained, chaos and uncertainty will start to
ripple through the company and turnover of sales
people will follow.
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“Skill matters in today’s rising
and skills can be
<< Rates continued from Page 127