Chris Thomas, president, Mortgage Training Resources

As published in Scotsman Guide's Residential Edition, March 2005.

In today’s mortgage market, inexperienced loan originators need to learn the business much faster than they can while working at the typical mortgage brokerage or lender. They must bring in revenue sooner and reduce costly turnover.

Experienced loan originators must have a reference tool to aid them when they encounter a loan scenario that is out of the ordinary. This tool should help them sell unusual loans with the same high level of confidence as when they sell typical loans. Branch managers and trainers also need a training tool that explains the entire process, allows them to train their staff more effectively and frees time for originating their own loans. Keep in mind that a simple, progressive training approach creates the best results. With these needs satisfied, businesses can grow.

The most important of these tools is the process map, which can define the mortgage process on three levels, with each exposing more process details. Typically, processes are represented by a series of boxes, with each box symbolizing a different step. Arrows connect the boxes to show the flow.

Why process mapping?
Business owners and executives who have successfully increased their profitability by focusing on their revenue-generating business processes know processes must be defined and documented. By clearly defined, we mean that the process represents the steps or tasks necessary to bring revenue in the door. By documented, we mean that the process is easy to follow.

Fortunately for loan originators, the process of mortgage-loan origination is well-defined. In fact, we refer to the post-sale-process steps as “processing” the loan. The only barrier preventing loan originators and other users from realizing the process’ benefits is that we are not trained to think of what we do as a process. Without documentation, it is difficult to think of the tasks, checklists, forms, etc., that we use daily as part of a repeatable process.

The ideal work environment for a loan originator is a process-oriented one, in which everyone performs a repeatable series of steps that add value, what they do is measurable and improvable and roles and responsibilities are understood by all. That environment is within the grasp of all loan originators, provided they avail themselves of the tools long-used in other process-oriented industries.

Page: 1 2 3 Next