In December, 2019 McKinsey & Company’s article “Competing on Customer Experiences in US Mortgage,” they sited reassurance, transparency, simplicity, and speed as the four dimensions of a mortgage experience. The #1 priority; GETTING THINGS RIGHT, THE FIRST TIME! Speed and simple processes are up there, but what do you have to know to get it right the first time?
Consumers still like advisors; someone to run things by, ask questions, review the numbers with and rely on when things go awry. If you have fallen prey to “faster and easier” then it may be time to rethink your career or get ready for extinction!
What if I told you that one competency based, mortgage loan origination course with 1,200 pages of content covered more than 1,000 concepts? And that doesn’t even count the 1,200 pages of the SAFE Act pre-licensing education.
Success for originators is two knowledge tracks. The first; knowing the law so well, that you practice its intent is and comply!. The second is knowing what it takes to be considered an expert.
If you broke down every task, every communication, every document, every guideline not to mention the marketing and sales side, you would agree that every step from origination to closing is itself…a concept to be mastered.
In a world of technology, the path of least resistance can easily overtake the need and desire to learn and then educate consumers…afterall, everything is automated. Automation could make originators extinct UNLESS…they are willing to figure out how to be valuable, knowledgeable and indispensable in every transaction.
You can STOP READING now, if you and all of your originators have the ability to handwrite (yes I said handwrite) a complete application, manually (OMG) prepare a fee sheet and L.E., structure every loan for only get three conditions on the first underwrite, calculate the same income the underwriter uses, price the loan for the “sweet spot,” and provide timely, consistent, updates to clients and referral sources.
Start today. CLOES.online comprehensive courses cover detailed explanations of over 1,000 concepts that every expert originator should know.
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