NMP - February 2018 - 40

Campus

FEBRUARY 2018 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

40

The Myth About Technology and Origination Productivity
here is not a day that
goes by in which I
don't see a product
or service that is
marketed to Loan
Originators that
promises to make them more
productive and work less. From
claims that an Originator never
has to leave their home, to the
promise that borrowers or referral
partners will be banging down
the doors to do business with
them.
I have been in this business for
more than 30 years. Never, and I
mean never, have I ever
witnessed a borrower or referral
partner begging to do business
with a mortgage professional.
The unfortunate part of all of this
is that the people who promote
these instant solutions, are
banking on the mentality of the

T

same people who will purchase a
diet pill, and believe that they can
eat whatever they want, never
exercise, and the weight will just
fall off.
We all know that these instant
solutions don't produce the
promised results, but yet these
marketers would not be doing
this type of promotion if it didn't
work. They are the ones getting
rich, while the people investing in
these programs are simply
getting separated from their
money.
I am not suggesting that
technology does not play an
important role in the success of
mortgage origination and sales.
The reality is though that
technology is a support tool for
selling and marketing, it is not the
answer by itself. It cannot replace
hard work or knowing how to be

a professional salesperson who
can influence, overcome
objections, and get prospects to
say "Yes!"
The proof in what I'm saying
resides in these facts. In 1984
when I entered the mortgage
business, this was the first
official refinance boom ever in
lending. Phones were ringing off
the hook, and borrowers were
lowering their mortgage rates
from the high teens down to the
high single digits. What many
originators today, who were not
in the business back then don't
know, is that the average Loan
Officer was originating and
closing approximately 2.4 loans
per month.
Here we are now in 2018, and
we have cellphones, mobile
apps, online applications,
automated dialers, CRM's, and

so many other technological
advancements for mortgage
originators to use. However, even
with average loan officer all of
these tools and resources, the is
closing less than 2.5 loans per
month.
So this begs the question, how
come average LO production has
not increased despite all of these
improvements and efficiencies
that are supposed to help an
originator produce more?
The answer couldn't be
clearer. Technology is not the
answer. Technology assists a
mortgage professional to do
more business as long as they
are strong in the key elements of
selling and marketing. No matter
what anyone tells you,
technology does not replace an
individual's ability to develop
referral partner relationships and



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