Why did I quit being a loan officer?

Stacy Wayman is a XINNIX performance specialist who works with first-year mortgage professionals through ORIGINATOR, XINNIX's training program for new loan officers. According to Wayman, "First-year loan officers don't always realize that prospecting is the most important factor in building their business."

Once rookie loan officers start to get activity with clients, they tend to slack on calling and meeting with potential partners. They forget that they need to continue to have clients in the pipeline and that prospecting needs to be their top priority. This is true even for seasoned loan officers.

Wayman also claims that rookie loan officers are more hesitant to make phone calls because they lack the confidence to talk with clients. This is particularly true for loan officers who have come into the business from a different industry. They may feel like they don't have the knowledge or skills they need to be successful.

To that end, it is up to the company to provide the education they need and give them the confidence to talk to their clients. Some rookie loan officers reported being nervous about talking with clients because they feared they would not know the answers to potential questions.

She has also seen firsthand how sales call reluctance can be especially difficult for new originators. "Most rookies are hesitant to make phone calls because they're not confident yet. They might have come out of another industry where they were the resident expert.

Loan officers must be taught the foundations of the mortgage industry. They cannot effectively go out into the marketplace and have important conversations that will land business deals if they don't confidently know what they're talking about. They also need to practice speaking with clients.

Role play and mock meeting sessions can help new loan officers learn to speak with clients more effectively. There is a method to holding an effective mortgage sales conversation, which must be learned and practiced. It is more than just knowing about the products.

If organizations take the time to develop their new loan officers and give them the support and mentorship they need, they are more likely to attract and retain quality employees.