Best Mortgage Lenders
By Scott Bristol, PrimeLending President
People sometimes ask me how PrimeLending manages to remain a steady player in the mortgage lending industry, despite the ups and downs of the market. How does a mortgage lender achieve sustainability in a market characterized by unpredictability? Here are my top five secrets for success as a mortgage lender.
1. Create a vision for where you want your company to be in three to five years, and communicate it frequently and clearly. Being in sync around your purpose and vision helps prevent silos from forming in your organization and allows your team to be united. Also, regularly speak to industry trends and developments and the competitive landscape, and how the company’s vision and strategy is prepared for these changes and/or driving them.
2. Hire only the best. For every position in the company, only hire people who are the best person in that market for that position.Hire the best, give them the tools to do their jobs, and then get out of their way. Be selective about the people you hire because they are the ones who create your culture. Maintain a culture and environment that attracts the best people through upholding shared values and putting a premium on excellence and quality of life. It’s important to understand the “why” behind the reasons people work – such as career growth, family, work/life balance, wealth creation, etc. and doing your best to ensure that those needs are met. Loan officers frequently join our team and discover a quality of life they have never experienced elsewhere due to the work/life balance we offer plus the chance to work with people who are extremely committed to providing service beyond expectations.
3. Communicate, communicate, communicate. Everyone on the team needs to know how their role helps fulfill the purpose and vision of the company. This is how you can engage employees and motivate them to provide service beyond expectations, which creates a culture beyond compare. The importance of communication also applies to customers and business partners. Our customers receive timely status updates on their home loans at every step so they are empowered with knowledge. They can also download our new customer mobile application and stay “in the know” on-the-go. Likewise, real estate agents can download our mobile partner app, which allows them to stay on top of closings on multiple loans.
4. Challenge the status quo. Never accept as an answer, “because we have always done it that way.” We must be willing to do things differently to get different results. Seeing things from a different perspective is sometimes key, and so is the ability to remain nimble and agile. For the benefit of our teammates and customers, constantly look for ways to simplify, be faster and achieve success in meeting expectations and needs.
5. Focus on the consumer. Consumer behavior is evolving. We must be ready to communicate with the consumer in their preferred medium and on their schedule. This is why we have implemented several systems – such as timely loan status updates and a consumer mobile app – to meet the customer where they are. Technology will continue to play a big part in achieving this goal.