Greetings Memberlicious Readers
So this week I’m in Las Vegas at the Annual ACUMA National Mortgage Conference with over 300 Credit Union mortgage folks and key vendors to our industry. I’ll be using the blog to post some of the key insights and conversations of the conference.
Here’s the highlights from Monday’s sessions.
- During a panel discussion, three CEOs of strong mortgage lenders talked about their future plans. Of significance was their plans to re-tool for the new era of purchase mortgages. They’re focused on adding outside originators who can work with Realtors. I also heard from several credit union leaders that they were looking to expand their sales force even in the downturn so that they could go after more mortgage volume. And the good news is that the ones I talked to are looking at full time, professional originators and not having the branch personnel also handle mortgage loans.
- One CEO talked about how his top originators generated over $8 million per month in volume and earned more than his base salary. But he was okay with that because of the revenue they generated for the Credit Union and the new relationships they gained. Some Credit Unions could learn from this.
- When asked about their plans for non-Qualified Mortgages, one CEO said it best by saying our goal is to help members with mortgage loans so we will make non-Qualified Mortgages. It’s refreshing to hear this CEO say what’s truly important – helping members and not be overly worried about the regulation. More Credit Unions need to be thinking this way.
- There was also a session about the skill sets needed in top performing originators. As Credit Unions look to hire more outside originators they need to remember that just because someone was successful at their prior lender, past success is not a good indicator of future performance. According to the presenter, top originators generally share some common skill sets which fall into two main groups: Action Oriented and Relationship. Top originators need to be great at building relationships and do so by being positive about people and asking lots of questions. They also need to be action oriented. They can’t sit back and wait for the business to come to them. They need to be high energy people who are resilient, assertive and optimistic.
The key take aways from today are if you want to grow go find top producing originators who can build relationships with Realtors and drive mortgage volume and other services to your Credit Union.
So that’s a few of the key highlights from today. More to follow tomorrow as Credit Unions look to become more memberlicious!