Answer the Call and Ask for the Business: A Key to Success for Loan Originators

In the competitive world of mortgage loan origination, every interaction counts. Recently, I came across some eye-opening statistics that underscore the importance of being responsive and proactive in our industry. A survey revealed that a staggering 79% of loan originators do not answer their phones, and 80% of borrowers end up doing business with the first loan officer they speak to. These numbers highlight a simple yet crucial point: engagement is vital.

As loan originators, many of us are constantly hustling to build new relationships and get in front of potential referral partners. However, there’s one critical step that many of us often overlook: asking for the business. This was further emphasized by another survey I was part of, which identified the number one thing loan originators fail to do – explicitly asking for business.

We go out of our way to meet with agents and referral partners, but we don’t always take that next step. Think about how many opportunities you have during the process of a transaction to ask for business, especially from listing agents. For example, during an appraisal, at conditional approval, and at final approval. These moments are when you have the listing agent’s attention. While the buyer’s agent might have sent you the referral, the listing agent is often a new target for business.

Consider this: as you go through your day and update agents on the status of your transactions, take a moment to ask for the business. It can be as simple as saying, “Hey, is there anyone you’re currently working with who I can help in the same way I’ve helped the clients you’re working with now?” It’s an easy and effective way to ask for referrals.

In addition to these transactional opportunities, there are numerous other chances to ask for business as you network. Whether you’re attending open houses, broker opens, or making follow-up phone calls to a target list, remember the importance of this step. Answering your phone and proactively asking for business are key to why we’re here.

By integrating these practices into your daily routine, you can significantly enhance your success as a loan originator. Let’s make it a habit to not only engage but also to take that extra step and ask for the business. It’s a simple action that can lead to substantial results in growing your mortgage business.

Remember, engagement and proactive outreach are crucial in our industry. Don’t just be present—be proactive. Answer the call, ask for the business, and watch your success grow.