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what's going on everybody cullen gandy coming at you with another video about personal finance and mortgage finance and everything to do with getting you down the road to where you want to be today i'm going to come at you with another mortgage origination related video and that is how to maintain a stable business as a mortgage loan originator you've done everything that you need to do at this point to get in the position of the mortgage loan originator and now you're just asking yourself well how do i make like a set amount of money or kind of near a set amount of money every month so that i can count on that a couple years down the road when i want to get my own house so if you're watching me chances are you're interested in becoming a mortgage loan originator and this is generally a question that has to do with what's called pipeline management or sales pipeline management this is the things that you can do with your leads and your prospective clients that can ensure that you can have a sustainable profitable business month after month year after year and there is a little bit of a trick when it comes to pipeline management because some folks are really really good at the beginning of the process and then they fall apart during the middle and end of the process and that can kind of leave them a little bit frustrated thinking oh man this started out so strong and now i just feel sort of pulled down in a quagmire and maybe this isn't even for me and this has happened to a lot of people including you know me at a certain point i was like man i've got so many things to do so many emails to respond to do i even really want to do this follow these steps and you're going to be sure that you're going to have both a profitable pipeline sales wise but also you're gonna preserve your own sanity too because at the end of the day if you have an unruly sales pipeline if your clients are all over the place then you're gonna have a bad time you're gonna wish you're gonna be doing something else and usually how you're going to interact with those people is going to be through what's called a crm or client relationship management type of software so understanding your crm is key and when you do understand it these are the ways that you can maximize on your early pipeline management when you're just getting started as a mortgage loan originator now there are different ways that you can interact with people on a crm and there are multiple different crms some that people swear by and some people don't like so much i personally have a lot of experience with things like hubspot salesforce things like that things where everything is sort of metered out for you and you can really be organized about knocking out your day-to-day activities so the first thing you're going to want to do is really become very intimate get a really good knowledge of your crm system because it's going to be your best friend it's going to make your life easier if you can learn the tricks if you can learn the tips around your crm maybe it's going to cut your time where you're having to figure things out on the fly in half if not even better and so you're going to get a lot more done in the same amount of time usually this can be provided to you as the salesman whether or not it is on youtube like if you're finding things on on my channel or on the crms themselves i've found on both salesforce and hubspot i've found that there are entire courses listed to do each individual process with all of your clients interacting with each of the types of clients and even with the operations staff from your you know directly from your crm now if you work for a large online lender that sort of pays you in a very traditional model based on units or based on a you know a tiered pay structure with commissions over a draw chances are you're getting some leads fed into you if not most of your leads are being fed into you through you know lead aggregators like bank rates or lending tree or something like that this can make pipeline management a lot more streamlined because you're not having to hunt for the leads you already have the leads in your crm you just kind of have to parse through them that leads me to my second a way of managing a good pipeline which is to say you have to kind of triage what your leads are and how you're interacting with them as an early and your career mortgage loan originator you want to be spending most of your time hitting those leads hard right calling each of the individual leads that you're assigned or that you get is really quite important obviously you want to sort of prioritize those leads that have you know come to you more recently so if you have a lead that's come to you in the last day or so that's going to take priority over some leads that might have been touched by other officers in the past or leads that have kind of gone stale because maybe nobody got to them you know not everybody's industrious as you are when we're hitting the new leads make sure to follow a formula so you're never forgetting how you're interacting with these new leads what i like to do is i like to do the old three three and then one rule how does that work well the first day that i receive a new inbound lead that's a same-day lead i hit it three times during the course of the day with phone calls so once if i get in the morning or if i received it the earlier evening i'll hit it that morning if i don't get an answer i will hit it again in the afternoon and perhaps probably leave a message and then i'll hit it again in the evening right after work say 6 or 5 30 in the evening that way you've sort of covered all your bases to see when your possible client could be engageable and so you can go back and try it again the next day also what you're going to want to do is you're going to want to send one email you know that very first day as soon as you get the lead into your pipeline to make sure that you've made contact in every possible way that you can then you do it again it's the three three and one rule right so the second day we're doing three calls again we're hitting it hard we're not you know we're not sort of relenting on these folks they asked for it you got to give them permission to get that mortgage right so we're doing three calls maybe mix it up but try to divide it up into thirds of the day right maybe late morning this time and then early afternoon and then late evening why not right chances are if you get six calls in within the first two days maybe they'll be pissed about so many calls but chances are you're going to get them and you're going to be able to pitch them for you mortgage loan originators who are self-gen related uh you know on the lead end that is to say that you have to go out and sniff out the leads things get a little bit more complicated you can't necessarily rely on the crm from the get go you have to rely on your own productivity and your own skills for organization that means that you're going to have to sit down and map out all of your initial lead possibilities right sniff them out see who might be interested and then hit them the exact same way and you can do this either by contacting directly you know feeling the waters out and if they're interested stick them in the crm right say hey look i've got a deal that might be good for you when is a good time to call and then just hit him hit him like any other lead right make sure that you're making as much contact as you can within the law right you can't call somebody who hasn't solicited you for you know the call unless you know there's a reasonable expectation that you're going to be able to sell them something so uh definitely you know follow the law but that being said you know if you get a lead coming in you want to hit it as hard as you can so three this goes along with you folks who have you know obviously getting your own mortgage leads in you're going to want to hit that initial stage which is to say you're going to market yourself right that is the biggest part of the initial pipeline of the self gen or self lead generation mortgage loan originator what i like to do is i got a map of my area where i conducted business and i drew a two mile radius circle around it and i hit every single real estate office in that circle until those people never wanted to see me again and you know on the off chance that one of them had a deal that they wanted to throw my way because you know you've got to take into account these realtors have heard from probably several other loan originators and you're just one in a field of thousands right so you need to be persistent but chances are maybe you'll hit somebody and they'll throw you a new lead and then you can gen leads that way and those sort of compound over time the more persistent you are the more initial leads you're gonna get those those realtors to give you another way you can market yourself is just by doing it on social media this is something that i like to do and i incorporate my artistic side you know as an opera singer and a former actor i would get your headshots done i would also set up like advertisements on you know facebook or something just saying you know whatever it is that you need if i can help you with anything don't don't hesitate i'm a mortgage a loan originator i can help answer any questions you have get yourself out there and be persistent about it make a marketing budget stick to it whether that means you're going to coffee houses in your era and engaging with people directly that way by maybe paying for their coffees which is something that i've done also or just meeting people on the street asking them about themselves and then just sort of steer the conversation the direction that you think it could go based on the information they get back people generally want to connect with other people and it's uncommon especially in the united states for people to reach out to people that they don't know so once you do that you've already broken a really really big barrier and you've sort of possibly forged a relationship with somebody who could give you not only their business but all the business that they have access to with their friends and family just from the fact that they now know you and they know you as somebody who is uh sort of forthcoming right somebody who is a go-getter all right so now you have set up your initial pipeline you're making the calls hopefully you're just such an adept salesperson that you are converting those leads into clients into closed deals into cash into your pocket now how does that translate into repeat business how does that translate into predictable amounts of closings and fundings every month well this is where it can get kind of hairy right because the more you are focusing on generating business converting potential clients into engaged clients the less you are actually engaging with already current clients or clients that are later on in the loan process right so you're gonna have people eventually emailing you or calling you asking you questions about the process or asking for updates and if you don't have a team underneath you which is the case in a lot of companies this could become a lot of time sort of spent on the wayside sort of going through your operations to your clients and i know this is something that i particularly struggled with one thing that's really important to note is that you really kind of want to measure how much business you are generating on that front end you know if you get a hundred new clients and they're all super psyched about you and they all have their own individual financial profiles that all really kind of need your specific attention uh then you're gonna have a bad time when you need to generate more business but you have a hundred individual very uh singular problems that you need to solve don't generate more business than you can handle throughout the entire phase of the pipeline right that's that's rule number one in my book if you want to just start out you think you can manage a group of 30 people over the course of a month or two months or three months right just set that in your mind as your limit you got 30 clients you're going to pay attention to those clients until you can either feel like you can responsibly sort of lead them over to one of your processors or one of your associate loan officers and then generate another another batch of leads into potential converted clients until you hit that limit again and then do it again and then do it again that way you're sort of filtering from an initial lead pool that you know is manageable and that you can actually walk all the way through the process if you need to do that and the good thing is is usually you're not going to have to do that but you know that if you need to you can as you become a more experienced mortgage loan originator this is something that you know that you're going to be able to expand over time right so then we know that you know from 30 maybe you can try stretching a 40 and then from 40 maybe to 50 every quarter right and now you're getting to a point where you're making possibly you know thousands if not tens of thousands of dollars in a month because you know what your limit is at the beginning of the pipeline process what i've seen time and time again is really really snazzy really really savvy sales people come into the mortgage industry sort of really knock it out at the beginning of the phase and sell and convert a lot of leads into clients like 150 200 people in the course of like a quarter and then they burn out after about six months seven months eight months because they just don't have enough hours in the day to service all of those clients and then you have clients getting pissed because you're not answering emails and you're not you know answering any calls you're not calling people back so that being said with each cycle whether that be every month or every quarter or you know by quarterly know what your limit is know how many people that you can service in a given time and i'm no stranger to that feeling of being overwhelmed and then stick to it there's no shame in starting small and then expanding slowly over time especially if you're a self you know a lead self-generated mortgage loan originator this is something that you're going to want to get used to anyway because you're going to have to rely on referral business repeat business or if you want to even specialize you could even specialize by getting into particular industries i know mortgage loan originators that only work for you know veterans because they know va loans the best right and they know how to knock it out of the park with those type of folks they know the kind of social cues that work with those kind of folks and they're happy to be you know a part of that industry you can make a killing if you know what you're capable of before you start right so now i want to talk about the later middle and late portion of the sales pipeline with your clients and that is funneling them into the closing process holding their hand through the closing process and getting that loan funded especially if it's a purchase it's very time sensitive often and things can fall apart really very quickly and it could end up you know throwing egg all over your face and you don't want to be the guy with egg on your face when you had three days to close and then something else came up one really great way to manage your pipeline is to be proactive about things i'll give you an example one thing that i always try to do when it becomes a converted lead into a client is i try to get them ready for all the disappointments that they might experience during the later part of the sale right during the closing and funding part of the sale whether that is asking them when their insurance renewal on the house is because that's pertinent to things that they're going to have to pay at closing or whether they understand you know the difference between a 15-year payment on a 2.74 and a 30-year payment because i had one client that came to me cold off of the internet sent in all his paperwork i sent him the you know the email and we didn't really have that much contact over the phone until the the final day when he realized that 2.74 at 15 years isn't going to be the same as 2.74 at 30 years and so even though i called him before and sort of went over all the numbers and send them all the numbers and the loan estimates and closing documents it's really important to get these people clear on what expectations should be and how we can mitigate you know the frustrations that can come about from confusion in the mortgage industry because there is no lacking of confusion in this industry so the more clear you can be in a proactive kind of way the better your chances are of taking that client that you've fostered over the period of months and converting them into a funding and then the final part of the pipeline management process is just babysitting that closing right you really want to babysit the closing now sometimes this can really be more or less frustrating depending on how competent of a team you have on the closing end on the processing end on your management side right and also you know if there's a buyer how competent the buyers side real estate agent is and the seller how you know how competent they are you know so you really want to be in touch with everybody that you can at that last point right this is something that i don't like to leave to assist and loan officers because you know what if something goes wrong if you're the guy that's going to get paid maybe you're the guy that's going to want to make sure these things get done for an example i had closing specialists at my company send out a final closing disclosures without properly adjusting the escrows and things like that or i've had them not add in the particular county's tax structure they added in another tax structure or the title company you know didn't send the appropriate documents in in time and so i'm on the phone with them whatever it is you want to be on high high alert when it gets to be that last four day period before a closing for a client to make sure that you know that you're going to be there all the way to the end for them one really great way to do this is right after a loan gets approved make sure that the client knows that once this thing gets done you're going to have to you know schedule that closing in a period of time that is conducive for the closing what does that mean well people can make a lot of mistakes and sometimes you can't do anything about it but if they're going to make mistakes go ahead and make sure to tell the client to schedule the closing later on in the day so what i would always do is i'd say hey look we're a mortgage industry and a lot of things are kind of hit or miss or messy or whatever what you want to do schedule that closing after 1 pm my time that way if something goes wrong the day before or hell i've had things go wrong the day of we can get it done for you with the with everybody involved you know the title the closer the processing that day and still get it closed for you i cannot tell you how much time this is saved for me so to recap you want to make sure that you are generating leads you want to make sure that you are comfortable with the amount of leads that you are converting into clients you want to make sure that you can have that amount of leads that you're generating every period whether that is a quarter or a month as well as be able to field questions and concerns and then eventually you're going to want to make sure that you are on top of or you are delegating properly that closing process babysitting the closing so that you can get it turned into a funding which turns into that fat commish that you want as a mortgage loan originator that's it guys that is pipeline management in a nutshell for the mortgage industry and i will go into different aspects of that as they come up uh but let me know what kind of part of this process is really getting you frustrated or what part of the process you anticipate is going to be really difficult for you and how i might be able to help you address it let me know in that comment section below and if you enjoyed this video which i hope you did please hit that like button go ahead and send me a subscribe because you know i love to inform you of all this mortgage knowledge and i will see you in the next one peace guys