Radding's Rapport: Recent Episodes
Greg Radding, SVP of Retail Lending at Norcom Mortgage
A podcast focusing on Business Development and Mortgage Origination Strategies with Greg Radding. Radding's Rapport, powered by Norcom Mortgage.
Set yourself up for success by taking advantage of these Untapped Selling Opportunities you may have. Find a niche and become an expert. Hear about the specialty that will separate you from the pack, allowing you to establish a common interest with members of your community to create relationships and build trust. Listen to learn how to use charitable efforts to connect with your community and referral partners, like we do with Norcom Cares. If you make your partners money, you will make money, too.
At the mid-year point, the most successful mortgage originators review their business plan and reset their focus for the remainder of the year. Tune in for the mid-year tune up notes from Greg.
- Have a value
- Make it personal
- Start time blocking
- Use your calendar
- Hold yourself responsible
- Focus and analyze
- Brand yourself and become an expert
- Evaluate your results
This episode, Greg focuses on a proper interview process with advice and tips to build trust with your clients and set yourself up for on-time closings. Learn common red flags and how to validate your client interviews.
Access bonus digital download of Greg’s Brain for a deeper look into a proper interview process.
Starting a new career, especially in a sales industry, can be difficult. In this episode, Greg discusses great tips for new loan officers to launch a successful career from day one. Radding's Rapport is here to support your business. Questions or topics you'd like us to cover? Email us!
- Personalize your service, even in a technology driven world. Meet your clients face-to-face as often as possible to build trust. (3:06)
- Ask questions and learn to listen to your clients. Lead the client to give you the information that you need to solve their problems for them. (4:25)
- Follow-up with your clients and referral partners. Communicate with your clients in an honest and up-front manner. (5:38)
- Manage your online reputation. (7:29)
- Tap into your sphere of influence. Make sure they know what you do for a living. (8:58)
- Get involved in your community. (10:42)
- Attend industry events to learn new products and connect with other industry professionals. (11:49)
- Stay active on social media and invest in yourself and your business with ad campaigns. (13:25)
- Become an expert and provide content to your sphere of influence and past customers through a CRM, seminar or webinar, and social media outlets. (14:54)
- Work through various options, including referral partners, to increase your visibility on the web. (15:55)
Join us as we talk with Eli Pascon, nationally certified Chief Appraiser at ValueQuest AMC, for insight into the appraisal process, trends in the market, and most importantly, the one step you must take before ordering your next appraisal.
1. There seems to be a seasonal effect on values, especially in the Northeast. Is it safe to say in the early part of the spring market, loan officers may see values struggling to hit the agreed up on sales price? (2:54)
- Norcom does transactions all over. Are you looking at regulatory pressures or do you feel that appraisals are regulated to a point where the rules and technology are keeping everything on the straight-and-narrow? (4:56)
- Let’s talk about appreciation in values. Is the south still appreciating the way it was anticipated that they would? (8:05)
- Renovation loans are a hot topic in our industry. Do you think appraisers are up to speed on the renovation side of the business? Has the increase in renovation financing made it more difficult for appraisers or is it helping the marketplace? (10:15)
- What about appraisal independence? What are you looking for to make sure to keep the mortgage side and the appraisal side insulated in the proper way? (12:17)
- Can you go into the technology or Collateral Underwriter? What is it and how it’s being used to affect your world and how it changes ours? (14:52)
- What are the mistakes that we fall into and how can we help our realtor partners better identify the characteristics of a property so that when we get the loan, it doesn’t become a problem because of the property condition? (19:31)
Join us as we talk with Samson Doyle, a successful loan originator at Norcom Mortgage, for a sneak peek into his best practices, key areas of growth, and what he focuses on to build his business.
- What were some of the keys that you concentrated on when you were developing your success in the business? (1:09)
- Is adding value to your borrowers in what they’re trying to accomplish one of the more valuable things that you concentrate on? (1:41)
- What are some techniques to ensure a good follow-up system? (2:34)
- How much planning do you do weekly? (3:42)
- What do you think sets you apart from the majority of loan officers? (4:47)
- With a changing and shifting market, what are some of the things that you do to diversify your business? (6:06)
- Do you keep up with new research and product knowledge? (7:32)
- Let’s talk a little bit about credit repair. How have you energized that part of your business? (9:07)
We’re into the second quarter; what are you doing to look back at results from quarter one? This episode of Radding’s Rapport walks you through the forensics of the first quarter and how to keep on track for the remainder of the year.
Set yourself up for a review:
- Carve out a few hours of a time block to focus on your review.
- Review your first quarter goals. Where have you been successful? Where do you need to cut out bad behaviors or activities that are not working?
- Remember that it’s okay if you didn’t hit your goals as long as you’re making progress and measuring where you are to keep on track for your plan.
- Look at your referral base, remove those people who are taking your time and not returning business to you and add people who will be a benefit to you.
- Don’t procrastinate! Now is the time to reassess based on your first quarter. Give yourself a more toned and executable plan for the remainder of 2019.
This Radding's Rapport focuses on the potential held within the Cash Out Refinancing Boom and what it takes to have a Top Originator Mindset. Some highlights:
- How important is the potential cash out refinance business?
- Where to look for cash out refi business?
- What's in a strong mindset for Top Originators?
- How to focus on improving yourself first.
- Know your stats and numbers to understand your business strengths and goals.
- Talk about your successes, verbalize and be your best cheerleader. Celebrate your victories.
- Be confident in your product knowledge.
Welcome guest Paul Siker, the Founder and CEO of Advanced Recruiting Trends, a talent acquisition and recruitment training consultancy. He is also Managing Partner of The Artisan Group, an executive search and staff augmentation firm. We ask Paul direct questions about recruiting high performing candidates, mistakes to avoid in your recruiting strategy, and great tips for improving your business recruiting. Join us to learn how to recruit and keep your best potential candidates.
- What are the steps that a recruiter takes when identifying a high performing candidate? (1:45)
- LinkedIn is very important to the mortgage industry. Are we using LinkedIn in the most efficient way? (3:28)
- What are the biggest mistakes that mortgage companies make when they’re recruiting? (6:29)
- What is a proper follow up process when recruiting? How often is too often or just right for following up with potential candidates? (8:40)
- How important is onboarding with a new hire? (10:14)
- What are some tips for staying organized while recruiting? (11:51)
- What is the one piece of advice that we need to focus on as recruiters in our business? (13:33)
On our next episode we interview Paul Siker, Founder and CEO of Advanced Recruiting Trends and Managing Partner of The Artisan Group. Make sure you tune in!
Radding's Rapport welcomes Mike Fratantoni to share his views on current economic trends.
Mike is MBA’s Chief Economist and Senior Vice President of Research and Industry Technology. In this role, he is responsible for overseeing MBA's industry surveys, benchmarking studies, economic and mortgage originations forecasts, industry technology efforts, and policy development research for both single-family and commercial/multifamily markets.
- How were people affected by the government shutdown and the possible impending continuation? (:50)
- Interest rates have been volatile of late. With investors running back and forth from stocks to bonds, where do you see interest rates heading as we enter the 2nd and 3rd quarter of 2019? (2:17)
- By all accounts refinancing is dead. However, I’ve been pushing my sales force to not give up on refis. Are you seeing the effect of expanded home equity positions giving an uptick to cash out debt consolidation and refinances for renovation? (4:47)
- Millennials. They are the so-called saviors of our current market. Do you think that this is true, and how much of an impact on this year and the next few years to come? Will the Millennial home buyers save our industry? (7:06)
- Do you think that the GSE reform for Fannie and Freddie will happen anytime soon, and if this happens, what real effect will this have on our industry moving forward? (8:52)
- Embracing technology is something all mortgage lenders/brokers need to do. What real effect do you think the digital mortgage will have on mortgage industry. What opportunities or perils does that offer us as an industry? (10:52)
Everyone in a sales position will appreciate these sales tips. From including value propositions to exuding confidence and positivity, if you work these valuable tips into your 2019 goals, you will see an increase in your business and strength in relationships with your clients and referral partners. Join us for Radding's Rapport.
- Learn from your peers
- Have confidence and positivity
- Practice your value propositions, especially for high quality clients
- Maintain honesty in all of your business dealings
- Ask for business
- Follow up and communicate
- Contact your clients on their schedule
- Deliver on-time, every time
- Differentiate yourself by providing excellent customer service
We discuss Five Insights into a Successful Business Strategy and why a focus on these areas will strengthen your Mortgage Origination business.
- Understand your personal values and how they relate professionally. (2:15)
- Develop content and branding. (4:19)
- Have specific goals and a dedicated focus. (6:30)
- Block off your time. (8:38)
- Hold yourself accountable. (12:12)
Greg interviews Charlie Napolitano, VP of Renovation Loan Programs at Norcom Mortgage. We cover the basics of why renovation loans are a valuable asset in your Loan Origination toolbox, how renovation loans have changed over time, and how to sell renovation loans to grow your business.
We focus on Eight Traits of a Successful Loan Officer and how to hone these qualities for a strong start to 2019.
- Have a drive and be self-motivated. (2:34)
- Have systems and disciplines to follow for every day. (3:33)
- Use a CRM database to organize your sphere of influence, track referrals, and complete drip campaigns that keep in touch with your contacts. (4:31)
- Have a business plan that is measurable, and follow it. (5:59)
- Have a core of specialty products. (7:42)
- Measure what you're doing. (8:50)
- Have a philosophy or mindset, and make sure it matches the company you work for, or adapt to your company’s policy. (9:15)
- Portray the culture of your company. (12:16)
Learn how to work more successfully with your Realtor partners, understand what a deal breaker is from their perspective, and gain insight into their business. I ask Jim Celio, a longtime Real Estate broker in Connecticut, currently with Century 21 AllPoints Realty, how our Loan Officers can increase their business return with their Realtor partners.
Show Notes and Hot Topics
- Why is a strong Real Estate partner important? What about their business helps yours?
- What do Realtors look for in a mortgage partner?
- How do lenders set themselves apart?
- How can you strengthen your relationship with your real estate partners?
- What is the biggest deal breaker to avoid in order to keep your business strong?
- What can a mortgage loan officer do to help Realtor partners build their business and become a regular referral source?
We dive into the topic of consulting with your clients about their financial situation in this episode. Find clients who may be able to use the equity in their home to restructure their debt by refinancing and consolidating what they currently have. We share statistics about average debt and ideas for where to look for clients. Build your business by putting your borrowers in a better financial situation going into 2019.
Show Notes - Consulting with Your Clients
It’s a great time of year, in between the Thanksgiving and end-of-year holidays, but it’s also a tough time of year because, in my experience, it’s a time of year that many Loan Officers stop working. But this is a great time of year to do business because some of the greatest deals are reached by buyers in December. Best purchase price opportunities due to lack of demand and sellers are looking to close deals by the end of the year.
Complete a mortgage check-up with your current and past clients to see what their goals are for the next year and what their debt load is currently. They may have credit cards, student loans, co-signed student loans or other lines of credit. See if you can use the equity in their house to restructure their debt by refinancing and consolidating.
Some surprising statistics, sourced from LexingtonLaw:
- Average student loan debt is $34,000
- Average credit card debt is almost $7,000
- 48% of people with credit card debt only make minimum payments
- 15% of Americans spend more than they make each month
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Credit card debt has increased 18.5% between 2013-2018
Some of the places you should consider looking for these leads are your civic groups, realtors, referrals, and closed loans. It’s common for 4 out of every 10 loans to be a refinance, that’s a solid chunk of business. Also, you’re building trust with previously closed borrowers by following up regularly to check in on their financial health, especially when they’re not currently in a financial crisis.
In a contracting market, which is what Fannie and Freddie are reporting, you still want to grow your business. Refinance opportunities are a solution that will put your borrowers in a better financial situation and bring in additional referrals. You’re giving your borrower a better lifestyle, a less-stressful lifestyle.
In future episodes of the podcast, look forward to information about where to look for your referral partners, ideas for hosting or sponsoring events and activities to build your business, and an interview with a realtor partner who we'll ask for feedback about what he likes and doesn’t like from his Loan Officer partners. Build your business and earn repeat clients and referrals from everyone you work with.
This episode, we welcome special guest John Luddy, SVP of Reverse Mortgage Lending at Norcom Mortgage. With over 30 successful years in the mortgage industry, and 10 in reverse mortgages specifically, John shares insight into reverse mortgage lending techniques and how to make connections with referral partners.
Show Notes
Why do you think traditional forward mortgage lenders hesitate to employ reverse mortgages?
Product knowledge. When you start with a new product that has a lot of different facets, you don’t have the courage to sell. Most loan officers learn reverse mortgages from wholesale account reps, and while they can teach you the complexity of reverse mortgages, they can’t teach you how to sell and overcome objections in real-time situations with the potential borrower and their family members. At
Norcom, we have the staff and support to allow you to learn the product knowledge for reverse mortgages and how to answer questions and solve the problems of your reverse mortgage borrowers.
What is the sales cycle of a reverse mortgage loan?
Much longer than a forward mortgage. You have to be prepared to stay in contact with your client, find ways to make contact, and don’t let them fall off your radar, but also don’t push.
Who are the target referral sources?
Most leads come from different sources than forward lead sources. Reverse mortgage leads frequently come from attorneys because of life situations that reverse mortgage clients face more regularly. Also, it is worth considering rebranding if that will help you to connect with more of your lead sources and stay current with new products and new lead sources. More importantly, don’t chase leads, chase lead sources because that’s how to sustain your business if one area begins to ebb a bit.
What are the biggest, most common misconceptions of loan originators or of clients in the field?
The biggest misconception that seniors have is that they are going to lose the home. The second is cost. Most clients will want to talk about cost first, but if you talk about cost too early, they are low-information borrowers who won’t get past the cost issue to consider the benefits of a reverse mortgage. Delicately find a way to set cost aside and show them the benefits and features of a reverse mortgage which will diminish the concerns with the cost.
What are the most common reasons that a client would need a reverse mortgage?
The most common need is in-house healthcare. A client is getting older and would like to stay in their home but needs around-the-clock healthcare which is expensive. The second reason is taxes. A reverse borrower will have the finances to manage month-to-month, but when tax time comes twice a year, they need more on-hand cash which a reverse mortgage can provide.
If a loan officer wants to add reverse mortgages to their tool belt, what does the option add to their opportunities?
Well, you can definitely do both and use both as a tool to help families. You may find that you become a family’s generational lender, you help a client who is a first-time borrower, but then their aunt or mother is in need of a reverse mortgage. You don’t want to turn people away or be the guy who says, “I don’t have that product.” Maybe partner with someone who’s experienced in your company, and once you get a few under your belt, you’ll be confident to sell reverse as well as you do forward mortgages.
How can loan officers introduce reverse mortgages to their referral partners and take advantage of that for the whole breadth of their business?
Explain to your realtor partner what a reverse borrower might look like. Give them examples of a situation they may see a client in, or what the walk-away objection might be, and help them understand how a reverse mortgage could turn that walk-away client into two commissions.
From a sales perspective and as a sales tactic, are reverse mortgages becoming a more main-stream product?
Yes. With reverse mortgage product knowledge, you become the partner that a realtor will turn to when they realize their client fits the reverse mortgage profile. Then, they may be in touch with you regarding a 203k or other product because you’ve become their go-to for product knowledge.
In the current challenging mortgage market and with only a couple months of 2018 remaining, the importance of goal setting carries more weight than many Loan Originators may realize. In this episode, Greg shares his experience with goal setting, highlighting the importance of starting early, finding a focus, and including both personal and business goals that are attainable and measurable. Do not procrastinate! Guarantee your business and personal success by focusing your goals on achievable and measurable results.
In this episode, Greg discusses the many hats that loan originators wear and focuses on the two most important, your sales hat and your consulting hat. Learn how to find the balance in your responsibilities as a Loan Officer, and when to place importance on the various tasks that are necessary to be successful in the mortgage industry.
Introducing Radding’s Rapport- A Business Development and Mortgage Origination Strategies Podcast hosted by Norcom’s Senior Vice President of Retail Lending, Greg Radding. Overall, the podcast intends to touch on topics about bettering your business as a loan officer through advice, interviews, and insights into the mortgage industry. Learn from a professional with 32+ years in the industry who has held positions covering all aspects of mortgage lending. With a release date every two weeks, you’ll gain valuable insight into necessary topics and learn from experts in the field. In this episode, we go back to basics and focus on what it takes on a basic level to be a successful loan originator. At 52s, Introduction and Greg’s background and at 4:33m Topic discussion.