Why Today's Mortgage Downturn is Best Time to Upskill

By Media Mentions | May 2, 2023 | Mortgage

XINNIX in the News...

MBA NEWSLINK: The mortgage industry is going through a rough patch, to say the least. Why is now the best time for lenders to rethink sales strategies?

CASEY CUNNINGHAM, XINNIX: “Time” is the operative word. Right now, with volume slowing down, lenders finally have the time to focus on building their businesses, evaluating what strategies are working and not working, and ultimately determining how they can move from good to great.

Two years ago, when mortgage companies could barely keep up with the volume of purchase and refinance originations, success was evident and largely based on market conditions. This slowdown is shining a light on the gaps in lenders throughout the country. Those who want to thrive in this industry will see the downturn as a time to lean in, retool, and innovate their approach to sales to improve performance—now and in the future.

NEWSLINK: What kind of training—and retraining—do sales professionals need during this period?

CUNNINGHAM: In XINNIX’s 20+ years within the mortgage industry, we have found that the majority of loan officers haven’t received formal training in the fundamentals of business development. This lack of training is more obvious when the market turns, and it typically separates those that can adjust and those that can’t. This is the ideal time to train as the Loan Officers are leaning in to learn. They are typically eager for guidance on how to segment and engage with the potential borrowers in their database, how to sharpen their expertise in strategic business planning and ultimately gain a process on building strong relationships with great referral sources. All of these are skills that can and should be taught.


Read the full MBA article HERE.



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