NMP - April 2017 - 47

Should You
See a
Source?

BY RALPH LOVUOLO SR.

Ralph LoVuolo Sr. has more than 50 years in the mortgage
Industry, with the last 30 as a coach. He is past president and
founder of the New York Association of Mortgage Brokers,
and long-time member of NAMB-The Association of
Mortgage Professionals. He can be reached by phone at
(917) 576-1230 or e-mail Ralph@MortgageMotivator.com.

47

n National Mortgage Professional Magazine n APRIL 2017

you and speak to you "in
person." The hard-rock reason
for my statements are that the
mortgage business is very
emotional, fraught with all sorts
of concerns, both real and
imagined. Part of your job is to
be the psychologist for all the
parties involved. Long distance
therapy doesn't work, as well as
face to face.
With all this said, look
carefully at your list of referral
sources. Of course you do have
such a list, right? Of course their
addresses are listed on either
your new accounts form or your
existing accounts form (which if
you request, I will send to you).
Is one of the reasons you are
not getting business because of
their proximity to you? Is it
difficult for them to relate to you
geographically? Is it difficult for
you? Are you trying too hard to
reach out to areas that you
cannot possibly service with the
attention they need?
This has always been a
common problem for newer loan
officers. They often say that they
know someone, located 50 miles
away, sometimes a relative, who
promised them business when
they start their new job. It has
always seems like such a
letdown for them, when
confronted with the real world of
financing to find that referrals
probably won't happen.
I'm sure that there are areas
of the country that need to
reach out beyond their village in
order to do business. I firmly
believe, however, that the
reason, most of the time, is
because competition forces loan
officers to stray from their own
area. Loan officers need to meet
competition head on, and not
shy away from it. The main
reason most salespeople fail is
because they give up too easily.
They don't go back to the
referral source enough times to
prove they can be trusted.
Do it! Don't just think about it!

NationalMortgageProfessional.com

face in the brokers' office and
asked if they needed me for
anything. Most of the time they
said "No!" Most of the time they
could not wait for me to leave. It
was a very depressing time of my
life. It didn't take me long to hate
getting up in the morning. Only
because I was able to muster the
guts to speak to Bill, and tell him
about my daily experiences, the
number of 20 a day dwindled. I
had explained to him that I
needed more time to actually
engage in a conversation with the
"decision-maker" of the office
and most of the time, that was
the broker/owner. He gave me
some slack. Told me it would be
ok to see 50 a week. That also
lasted a short time. I was less
intimidated by then and we
agreed that the right number, the
number that allowed me to review
my files first thing every day, was
25. Now I had a workable
business plan. The requirement to
continue to write and report
about my conversations
remained. The amazing part that I
haven't yet mentioned is that he
wrote on my reports, in red pencil
and returned them to me with
comments. He was an excellent
teacher.
One of the things I had
discussed at this particular
conference about was where,
physically and geographically,
should loan officers travel. How
far can loan officers go away
from their home and still
adequately service clients? If we
use the generic "client" to mean
both referral sources, such as
real estate offices, attorneys,
accountants, contractors and
financial advisors, and in
addition, people who we take
applications from, then you can
understand my concept.
For the most part, clients need
to be seen. Applications,
although I encourage the use of
online systems, are best when
done face to face.
Referral sources want to see


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