A loan officer’s first year in the mortgage industry is one of the most important of their career. This is the time when they develop the habits, practices and strategies that will determine their future success. However, any seasoned manager can tell you that for many rookies, their first year will be their only year in the business. Many executives report a yearly turnover rate of 30 percent, with some reporting as high as 80 percent. Our industry is losing new mortgage professionals faster than we can replace them.
So why are our rookies failing out of the industry at such an alarming rate? According to George Dudley and Shannon Goodson and their book The Psychology of Sales Call Reluctance, 80 percent of salespeople who fail in their first year do so because of a lack of prospecting. New loan officers don’t always realize that prospecting is the most important factor in building their business. When they start to generate a little activity, they put off setting up calls and making appointments with potential clients. They become so focused on their current business that they are not working to build future business.
Prospecting must always be a loan officer’s priority, especially when they are first trying to establish name recognition in the industry. And it’s not a skill that most rookies will inherently possess. Powerful training on how to effectively prospect for business needs to be an integral part of the onboarding process for new originators. By investing in the success of our first year loan officers, our industry can effectively raise up the next generation of mortgage professionals!
XINNIX is committed to developing this next generation. Our XINNIX Certified Originators are the finest trained professionals in the mortgage industry, averaging 4.3 applications during their first month of production. Watch this video from XINNIX CEO Casey Cunningham to learn how.