TEAM: A group of people with a full set of complementary skills required to complete a task, job, or project.
Without
efficiency and
service there is very little opportunity to expand or even maintain your mortgage business. The primary foundation of mortgage industry success is teamwork. There are very few occupations in the world today that do not require a team. Doctors need RN’s’; top Chef’s need wait staff; Loan officers need underwriters; Part of being successful at ANY job, is having a good team behind you. What makes each team unique is their awareness of, and trust in, each other. This is probably best demonstrated with the term
“Ubuntu,” which translates to ‘I am what I am because of who we are’. Considering the amount of work it takes to close a mortgage today, it is imperative that everyone in the group work together, as a team.
There are four defining characteristics of cohesive and productive teams:
Communication from Start to Finish: From Application to Funding, there are multiple members of every company’s team that must be involved. A loan officer must “Tee” up the ball with a thorough and complete application and then depend on his teammates to effectively complete the rest of the process. Expectations and communication must be clear and understood for a team to operate to its potential, allowing the loan officer to serve with confidence that each customer will receive a consistent and dependable experience.
Team Environment: This team mentality should be a core value of producers and mortgage lenders. Any mortgage company that focuses on their team is sure to create efficiency and a better experience for their customers and referral partners. There are thousands of lenders in the US today, what do you really think makes a borrower choose you or your competitor? Perceptions begin when they first encounter a member of your team or when they walk through the front door of your office. Customers easily size up the atmosphere and vibe of people working in your office. It starts over the phone and extends to the lobby and throughout your work space. They hear what kinds of experiences previous borrowers have had working with you and with your team. An effective team focuses on consistency and predictability.
They are Players: This means TEAM players! Being a team player means that you never expect someone else in your team to work any harder than you. Lead by example and help set the tone overall. While each person is responsible for his or her own tasks, it is important to understand that they each require hard work. Everyone is working hard; acknowledge individual effort and try to help when you can.
They Value Their Team: As a Loan Officer, your team is part of your value proposition to your customer and referral partners. . Your assistant, coordinator, processor, underwriter, and funders are those pleasant voices over the phone, and those smiling faces that welcome them back each time. Your closers are the ones that make sure they get their new keys! Acknowledging and respecting your team, will make you a better teammate and producer. It will also allow each person to perform and contribute with more impact.
Let’s face it; we are in the business of solving problems. From the time an application is received, it is your job working with your team to solve every problem that comes up throughout the process. Everyone in this industry has an opportunity to succeed because someone else does their job effectively. It will require commitment from everyone involved, but if you all work together to create a loan process that is as positive as possible for the borrower, you will have successfully employed
Ubuntu.
Let me know how this topic IMPACTs your business. Hammerhouse — a leading strategic and development growth partner — will continue to strive to create value by reporting on the trends and best business practices in our industry. If you want to find out more, give us a call. If someone has forwarded this IMPACT to you and you would like to start receiving these personally, please visit our website
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