In my 30+ years of mortgage industry experience, I’ve found that almost nothing is more vital to a loan officer’s success than having a defined business plan. When I’m talking to an underperformer and say, “Let me see your plan,” most don’t have one. Nobody’s taught them the importance of mapping out how they will reach their business goals. LO’s have to know where they want to go, but they also have to know how to get there.

Managers, work with your underperformers to make sure they are implementing a plan that is strategically detailed. If they want to go after referral sources to build their business, which ones are they specifically targeting? Are they looking at real estate agents, builders, financial partners, CPAs, stock brokers, or insurance agents? How will they go after these potential partners? How often will they contact them? What time of day? When will they call or email, and when will they go see them in person? What value proposition can they present? When a loan officer has answers to these questions, they are prepared to grow.

Once you’ve helped your loans officers put a plan together, what is your plan for involvement as their manager? Are you checking in daily? Do you encourage them when they fail and celebrate alongside them when they win? Good leaders understand that they have ownership for their team’s performance. By ensuring your underperformers have a strategy in place and holding them accountable for following this strategy, you are truly setting them up to elevate their business.

Casey Cunningham
XINNIX Founder and CEO

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