I often ask, “How many cold calls did you make this week to top producers (realtors, financial advisors?) in your market?” Eight times out of 10, the answer is zero.

In a perfect world, you would get warm introductions from your current referral partners. But what if you have a list of last quarter’s top producers and you decide you want to work with people on that list? Then you need to call them. Here are some tips for cold calling effectively:

• Create a target list — Don’t take a shotgun approach; be a sniper. Spend a little time up front and get a good list together.
• Use social media to identify targets and mutual contacts you have in common who could provide an introduction
• Time block —Two to three days a week, block off one hour of uninterrupted time to focus on making the calls.  Get this on your calendar and hold yourself accountable.
• Create a great opener — In the first 15 seconds, clearly articulate who you are and why you are calling.
• Practice your opener; you may even want to write a script. Control the conversation and tone with your cold calls by establishing that you want to learn about their business and create value for them.
• Be prepared for rejection — If you cold call knowing it is a process of multiple calls to the same people, it’s easier for you to accept that your first call might produce no immediate results.
• Needs analysis — Build your own questionnaire of everything you would want to know about someone you do business with and fill it out over the course of your initial or subsequent calls. Take great notes during the conversation by asking questions about how they do business today, what they appreciate and what they don’t appreciate from their referral partners. Construct your value proposition around the areas of pain and then focus on those  points.
• Follow up — Before ending the call, make sure you have an email, mailing address and cell phone number. Set an action that you will follow (assuming you don’t set a meeting) within 45 days. After the call, send a card or email with your contact info. Thank them for their time and let them know you will follow up on the date you said you would.
• Ask for permission to connect via social media. This connection will enable them to read your profile information, posts and to learn more about you on their own without pressure from you.
• Don’t give up — Don’t give up! Too many people get rejected on their first few calls and stop. It’s a numbers game. If you get rejected on your first two of 20 calls, get through the other eighteen before forming an opinion. If you think it’s your delivery, practice with a peer or manager. Cold calling is more about a technique and catching people at the right time.

Cold calling is a game — so make it fun. You may end up finding your next great referral partner.

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 www.teamhammerhouse.com and sign up under our Contact Us page.

Are you Model-Matched With Your Current Mortgage Lender?

The mortgage industry is on the verge of a new chapter, characterized by lower overall production volumes relative to years past, greater compliance burdens and lower product-based differentiation among participants. However, lost in this seemingly depressing news are the seeds of real opportunity for firms and individual originators well-suited to the new environment. A much smaller pool of players has created a need to achieve greater production with fewer originators. No, that is not a contradiction—due to the shrinking of the mortgage industry, the loans closed per originator figures are actually headed higher. This reality has put originators with a documentable track
record of strong production in great demand. Could this be the time for you to consider a move to a mortgage lender in which you are better model-matched?  Read More

January 30th, 2012  |  by Alyssa Gerace Published in Data, News, Reverse Mortgage

Further oversight or legislation surrounding the mortgage industry will be the biggest challenge to loan originators in 2012, according to Hammerhouse’s Second Annual Survey of Originator Opinions.

More than half of respondents, at 51%, believe the emergence of more regulations will be a critical issue facing the mortgage industry.

Working with a committed and financially stable mortgage lender (29%) was voted the second biggest challenge, followed by product flexibility (12%) and rising interest rate environment (8%). Read More

Thu, 2012-01-26 14:28

Hammerhouse LLC has released the results of its Second Annual Survey of Originator Opinions. This 14-question survey was completed by a statistically significant sample of approximately 400 active mortgage loan originators and asked originators for their opinions on critical issues facing the mortgage industry and impacting their job performance. Originators responses indicate a strong preference to: Read More

“The law of work seems unfair, but nothing can change it; the more enjoyment you get out of your work, the more money you will make.”

This adapted version of a Mark Twain quote is great in theory, but is it reality?  Most people would like to make more money, as well as get more enjoyment out of work. Which prompts us to ask: “How do we achieve this?” Here are a few questions to help you discover where you stand with your career right now.

• Do you enjoy what you do, or do you just go through the motions?
• Why did you choose this profession as a career?
• Are you in this business to make money, or is money a result of work you have a passion for?
• Is the money you are making from your current work sufficient to support your family and goals?
• Is this what you want to do?

In the end, it is important to understand the fundamental reasons why we wake up in the morning and go to work. Only by doing a needs analysis on yourself will you truly discover how to implement this law. A needs analysis will inevitably lead to more questions, but once you find your answers, necessary steps can be taken to make more money and find greater work enjoyment.

Call to Action:

Time marches on. Be proactive and realistic about your career  goals and progress. Now is a great time to do a self-check on what you set out to accomplish and what you have accomplished so far. Are you on track? Have you exceeded your goals? Do you need to make adjustments and correct your trajectory? Whether you speak with your manager, a business coach or mentor — or want to discuss where you’re at with one of our Strategic Growth Partners — be objective and evaluate where you are at professionally.

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 www.teamhammerhouse.com and sign up under our Contact Us page.

Over half of the mortgage originators surveyed by Hammerhouse LLC said the No. 1 issue facing them in 2012 is further oversight or regulation for the industry. The Mission Viejo, Calif.-based recruiting company released results from its second annual Survey of Originator Opinions.

Fewer than three in 10 said the biggest challenge would be working with a committed and financially stable mortgage lender, while just 12% said it was product flexibility and 8% cited rising rates.

When asked “What size of organization would be the best fit for you?” regional mortgage banker topped the list at 47%, followed by large national mortgage banker at 24%, regional bank at 15%, mortgage broker at 7%, large national bank at 6% and credit union, 1%.

Just under one quarter of the respondents said they were not licensed, with 14% of those stating they had no interest in getting licensed. Originators who work at depositories are exempt from licensing.

More than half of the respondents said the new compensation rule has not impacted their competitive standing. But 37% felt it decreased their competitive standing while 12% believed the rule increased their standing.

Originators Seek to Work with “Best-in-Class” Lenders

MISSION VIEJO, CALIFORNIA – (January 18, 2012), Hammerhouse LLC, a national recruiting and strategic growth firm for the financial services industry with mortgage sales and leadership placement at its core, today released the results from its Second Annual Survey of Originator Opinions.  This 14 question survey was completed by a statistically significant sample of approximately 400 active mortgage loan originators and asked originators for their opinions on critical issues facing the mortgage industry and impacting their job performance.

Originators responses indicate a strong preference to:

• See clarification of regulatory issues outstanding in the industry.
• Work with regional rather than national lending organizations.
• Find a home with financially secure lending organizations with effective operations and marketing.
• Value the leadership, communication, integrity and culture of an employer.
• Work with a recruiter to identify potentially better matched opportunities.

“Mortgage loan originators have had a difficult couple of years.  The housing crisis and regulatory responses have led to a 50% decline in the ranks of originators according to the US Bureau of labor Statistics, commented Drew Waterhouse, Managing Director of Hammerhouse.  However, those that remain are focused on rebuilding the mortgage industry to make it the best it can be by demanding that lenders are executing effectively for consumers.”

The Survey questions cover important factors from each of the six core business areas identified by Hammerhouse as integral to the model-matching relationship between originators and lenders: Leadership, Culture, Business, Operations, Technology and Geography.  Particularly encouraging for an industry that has experienced such turmoil is the fact roughly one-third (31%) of respondents indicate that they have been in the industry for more than four years.  Moreover three-quarters (76%) indicate that they, or their companies on their behalf, are investing in tools, training/coaching and other resources to improve performance.

The complete 2012 Survey of Originator Opinions results can be viewed at http://www.teamhammerhouse.com/?p=1685

“The results of the 2012 Survey of Originator Opinions are supportive of our recently released mortgage industry hiring forecast,” added Mr. Waterhouse. “2012 will be another difficult year for the mortgage industry, yet as the survey results indicate those on the front-lines, working directly with consumers, desire to improve themselves and work for the best lending organization possible—even if that means making a change.”

Hammerhouse previously released its forecast on the mortgage industry hiring trends for 2012, which include:

• Continued movement of top producers.
• Value propositions for originators by lenders will be enhanced.
• Lender Leadership teams will be enhanced and in some cases upgraded.
• Regulation will continue to play a large role in the mortgage business.
• There will be more consolidation in the market.
• Producers will put much more emphasis on execution.
• Responsible and well capitalized organizations will continue infill and expand.

Hammerhouse LLC

Through its unique model-matching process, Hammerhouse helps both mortgage bankers and depositories expand top line revenue by adding experienced mortgage professionals. Since inception in 2008, when the company was founded by a core group of search professionals with over 30 years of combined experience of developing strategic partnerships with mortgage bankers and the financial services sector, Hammerhouse has helped its clients bring on board what equates to approximately $10 billion in annualized production volume. For more information, visit www.teamhammerhouse.com.

As Published in:

National Mortgage Professional

National Mortgage News

Progress In Lending Association

HousingWire

MortgageOrb.com

Reversemortgagedaily.com

Media Contact:

John Lovallo

Levick Strategic Communications

Telephone: 212-823-2002

Email: jlovallo@levick.com

By: Tony Garritano of Progress In Lending Association

The current mortgage market has been unkind for sure. Originators, among others, have been hurt for sure. How much? I just got research from Hammerhouse LLC, a national recruiting and strategic growth firm for the financial services industry with mortgage sales and leadership placement at its core, that is very telling. The company released the results from its Second Annual Survey of Originator Opinions. This 14-question survey was completed by approximately 400 active mortgage loan originators and asked originators for their opinions on critical issues facing the mortgage industry and impacting their job performance. Here’s the findings:

Originators responses indicate a strong preference to:

>> See clarification of regulatory issues outstanding in the industry.

>> Work with regional rather than national lending organizations.

>> Find a home with financially secure lending organizations with effective operations and marketing.

>> Value the leadership, communication, integrity and culture of an employer.

>> Work with a recruiter to identify potentially better matched opportunities.

“Mortgage loan originators have had a difficult couple of years. The housing crisis and regulatory responses have led to a 50% decline in the ranks of originators according to the US Bureau of labor Statistics,” commented Drew Waterhouse, Managing Director of Hammerhouse. “However, those that remain are focused on rebuilding the mortgage industry to make it the best it can be by demanding that lenders are executing effectively for consumers.”

The Survey questions cover important factors from each of the six core business areas identified by Hammerhouse as integral to the model-matching relationship between originators and lenders: Leadership, Culture, Business, Operations, Technology and Geography. Particularly encouraging for an industry that has experienced such turmoil is the fact roughly one-third (31%) of respondents indicate that they have been in the industry for more than four years. Moreover three-quarters (76%) indicate that they, or their companies on their behalf, are investing in tools, training/coaching and other resources to improve performance.

The complete 2012 Survey of Originator Opinions results can be viewed at http://www.teamhammerhouse.com/?p=1685.

Wednesday, January 18th, 2012, 11:58 am

by KERRI PANCHUK of HousingWire

Mortgage originators believe regulatory burdens remain the industry’s greatest concern in 2012, according to recruiting firm Hammerhouse‘s second annual survey of originator opinions.

Hammerhouse is a national headhunting firm that places originators and other financial professionals into positions throughout the industry.

After interviewing 400 active mortgage loan originators for the survey, Hammerhouse claimed a majority of those surveyed, or approximately 56%, believe the correspondent mortgage banker structure is the best system for an originator to tap into, given today’s current market structure.

While 51% cited further oversight and regulation as a top concern for originators in 2012, 29% said finding a committed and stable mortgage lender to work with remains one of the areas of utmost concern. The remaining 12% and 8% said product flexibility and raising interest rates are top concerns.

As for what they expect in 2012, most originators desire further clarification on regulatory issues impacting the mortgage industry. Others want a link to a financially secure lending institutions and to work with regional lenders as opposed to large national banks, the survey said.

“Mortgage loan originators have had a difficult couple of years,” said Drew Watherhouse, managing director of Hammerhouse.

“The housing crisis and regulatory responses have led to a 50% decline in the ranks of originators, according to the U.S. Bureau of labor Statistics. However, those that remain are focused on rebuilding the mortgage industry to make it the best it can be by demanding that lenders are executing effectively for consumers.”

Forty-two percent of those surveyed said they would change their place of employment if they found a firm with a better corporate culture and leadership environment.

Write to Kerri Panchuk.

by MortgageOrb.com on Wednesday 18 January 2012