There’s more to being an effective Mortgage Loan Originator (MLO) than being a good salesperson. To be truly successful, MLOs need to be well-rounded – from underwriting guidelines, compliance rules AND sales training.
What does it mean to be a well-rounded MLO?
Well-rounded, aka successful, MLOs are the ones that have taken the time to learn what the underwriting guidelines say and understand what the compliance rules are. They are the ones who use this knowledge to take solid loan applications. Well-rounded MLOs intuitively know when to dig in and probe their client for more information. They know what questions to ask and what documentation to collect so that their loan applications flow easily through the approval and closing process.
Without this level of training and industry understanding, MLOs can get frustrated with their operations team or their operations team can become frustrated with them. They might be a killer salesperson, however, will eventually fizzle out. These MLOs are the ones who end up bouncing from one mortgage company to the next.
Well-rounded MLOs have staying power. They are the ones who continue to take the time to learn the ins and outs of the mortgage industry. These MLOs are loved by their operations team because they take the time to work with the client to get what was needed based on their individual circumstances. They, in turn, love their operations team because they are able to move loans through to closing quickly. Most importantly, their clients and referral partners love them because their knowledge and diligence allow their loans to close on time.
Here are a few ways you can develop well-rounded MLOs at your institution.
5 Tips for Developing Well-Rounded MLOs
Job Knowledge Training
You likely have MLOs of various experience levels on your team. With the way the market has performed over the last two years, new MLOs haven’t had to sell new loans – low-interest rates sold the loans for them. On the other hand, you might have support staff who don’t know the ins and out of their current role or need to be cross-trained. Having engaging job knowledge training is critical to the success of your MLOs and staff.
Searchable Knowledge Center
In today’s still remote or hybrid working environments, employees aren’t able to call over the cubicle wall to ask their colleagues questions. Providing your team access to a searchable knowledge center can provide answers to their just-in-time questions. This empowers your team to be self-sufficient and puts the knowledge they need at their fingertips.
Flexible Learning Tracks
Your busy training administrators are juggling training programs for all different experience levels. Put flexible learning tracks in their hands so they can assign and track training completion with ease. By using Mortgage HQ, you can select a pre-built learning track based on your MLO’s experience or build something that meets a unique training need.
On-Demand Courses
Provide your teams with on-demand training options. The flexibility of on-demand training allows MLOs to take their training at their convenience. Making it hassle-free for your team to take the training that they need.
All-in-One Training Hub
Working in the mortgage industry is tough enough as it is – who has time to track down and piecemeal together various training courses or industry news. Mortgage HQ takes training and learning tracks and puts it under the same roof as industry news, rate trackers, and a robust knowledge center. Your training teams have a single platform to work within – therefore making them better at developing well-rounded MLOs.
Your MLO’s knowledge is the key to their success. It’s reflected not only in their personal financial reward but also in the financial benefit it provides the lender they work for. Follow these five tips to develop well-rounded MLOs and succeed in 2022!
Help Retain Your Employees
by empowering them with the tools to grow, learn and earn
- MLOs can access Mortgage HQ and complete their training at their convenience
- Industry news and trends from mortgage experts is available at their fingertips
- Engaging daily motivational videos include market updates and sales tips
- Comprehensive Searchable Knowledge Base enables employees to become self-sufficient real-time problem solvers
