Traits and Skills Every Top Producer Needs to be Successful in the Mortgage Business

When I was a branch manager, there were always certain traits and skills I looked for before deciding to hire someone. After years of experience, and learning things the hard way, I know what it takes to be successful. Not everyone is cut out to be a loan officer. The mortgage business is like no other, and it takes a certain type of person to be successful in this industry.

Here are some of the top traits and skills I believe every loan officer must have in order to be successful.

If you want to become a top producer…

1. You need to like the mortgage lifestyle. It needs to be more than just a “job” for you in order to put up with the demands on your time, life and family.

2. You need to be a motivated self-starter. You will either succeed or fail almost entirely based on your own individual efforts and no one else’s. If you are afraid to take the initiative, maybe this isn’t the right career for you.

3. You need to be a hard-worker and be willing to go the extra mile. Selling and closing a mortgage loan is NOT easy work or fast money.

4. You need to be smart worker. You are paid for results, not the amount of hours you put in. Organization, efficiency and productivity are the key words in this business. And a loan officer is only as good as his last loan. If you don’t systematize your business and outsource non-essential tasks, your time will be quickly eaten-up, making you less effective. Hence the reason why I invented my worksheets at http://www.loanclosingsystem.com

5. You need to enjoy solving "people’s problems". As the refinance boom and the easy loans have dried-up, you need to look at other ways you can originate business. Creative financing and thinking outside the box, will get you loans that others leave behind. Interest-only loans, debt consolidation, cash-out divorce loans, reverse mortgages, etc. are all alternative loans you need to be considering if you are to stay in this business for the long term.

6. You must have people skills and be able to interact with customers from all walks of life and economic situations.

7. You must be a good listener. The more you “hear” the customer, the less pushy “selling” you will have to do. Find out what is truly motivating them and offer them something that truly solves their problem, you’ll be more likely to get the sale.

8. You need to be emotionally stable and mature. You can’t play games or mess around with people’s financial situations if you are to maintain the trust and confidence of the other person. You also need to maintain your own sense of balance and fairness.

9. You need to know your product line inside and out. Knowing one lender is not enough, you must know at least 15 to 20 lenders, from A-paper to B-paper and beyond. How else are you going to be able to sell a customer something if you don’t know what you’re selling?

10. You need to be convinced of your product’s value. It should be easy to be enthusiastic about your product when you know you are truly helping somebody.

11. You need to be flexible and agile. The mortgage industry changes everyday in technology as well as fundamental ways of doing business. You must be willing to adapt to whatever is thrown at you.

12. You must be a constant learner. Even after many years originating loans, I still learn something new everyday. That’s why I love the industry so much! It’s an on-going education.

13. You have to persevere and never, ever give-up! Relentless perseverance is the only way you will succeed. When something doesn’t work, try doing something else! You can’t take rejection personally. If someone says “no”, it doesn’t mean they don’t like you. After all, they don’t even know you.

These are the traits and skills I teach my loan officers, and I would encourage you to print out this list and look for it before you decide to hire someone else. Remember, by emulating the qualities of top producers, you are more likely to become a top producer yourself.