AD Mortgage Digest: Loan Originator Mindset with Dustin Owen

The little things matter, and they can stop you from becoming a top performer. Mindset, approach, and routine top this list. The Digest by AD Mortgage recently explored useful LO life hacks coach and top performer, Dustin Owen. 

Dustin, the host of The Loan Officer Podcast recently joined Serena Diaco, AD Mortgage Sales Trainer, to share how brokers can take their performance to the next level and achieve success in the competitive mortgage industry. 

Getting Your Mind Right

What sets top performers apart from those who just do a good job is their approach to business. It is not exactly what they do, but rather how they think about it. 

‘Any elite performer understands – this is their career, not a job. They are very entrepreneurial and very resourceful. It is more of a mindset thing, than it is an action thing.’

Even when working with a top lender, an elite broker understands that they ultimately work for themselves and are therefore responsible for their own success or failure. This extreme ownership drives results and positions them as leaders.

‘Win by Noon’: Using Theme Days

Having a routine is the first step in achieving your goals and concentrating on what is actually important. Getting up early, doing exercises for the body and brain, reaching the office at 8 a.m. – this is universal advice for anyone focused on their career. 

‘We win by noon, so we make all our sales activities our priority. I follow theme days. I was taught it, and I coach it at Top Originator Coaching.’ 

Dustin shares his theme day routine: 

• Monday – Reaching out to known realtors and established relationships 
• Tuesday – Proactive status updates on the pipeline, including buyers, real estate agents, and title companies 
• Wednesday – Reaching out to past clients and the circle of influence 
• Thursday – Building new relationships, typically with realtors on the target list 
• Friday – Reaching out to everyone else, including personal bankers, divorce attorneys, or financial advisors that refer to us 

‘We, in the business world, can have our own theme days that remind us what to do. If I take out the guesswork, that is one less decision I have to make.’ 

Lead Generation: Is It Getting Tougher?

It may feel like getting leads from realtors is becoming more challenging. And if so, who else can brokers turn to for referrals? 

‘I think realtors are a great referral source. It is harder today only because the consumer’s behavior has changed.’ 

While consumers still ask realtors about lender recommendations, before making a phone call, they are going to fact check them. Therefore, online presence is crucial. Having an active website, regularly updated social media pages, and building your online brand goes a long way in sharing your values and demonstrating your proficiency to potential clients. 

‘But if not realtors, then who? Your circle of influence, past clients, and obviously financial advisors.’ 

Additionally, Dustin highlights the importance of treating your circle of influence and being their source of information as if they are already your clients.  

Better Conversion, Higher Sales

Everyone wants a higher conversion rate. However, there is no simple solution that can save any situation. These questions may help you better understand the drawbacks that should be addressed first: 

1. Are you getting enough leads? 
2. Are the leads from your referral sources of high quality? 
3. What does your performance look like? What does your process look like? 
4. What does that sound like when you are calling in? Are you listening, are you asking good questions? 
5. Do you have a way to validate with social proof how good you are?  

‘The word “Attempt” has seven letters, and it takes seven attempts to make a sale. If you are a sales professional and you are not texting, calling, and emailing up to seven times, then you are not fulfilling your job.’ 

However, that does not mean you need to chase every lead you have. Remember: ‘Some will, some won’t. Who cares? Move on.’ While not taking pushbacks personally, go talk to another person who is ready to talk with you today. 

How to Talk to a Borrower

Brokers tend to speak to borrowers as if they work in the industry. However, your clients might not understand jargon or abbreviations – such as LTV, DTI, 203k loans, or reverse mortgages. Do not let your language stop you from closing the deal. 

‘If a fourth grader cannot understand what you are saying, you need to change your approach. Also, try to use analogies as much as possible – tie in what the borrower already knows with what you are trying to teach them.’ 

Want to know how brokers can adapt to market challenges? Check out our another Digest episode with Max Slyusarchuk on the AD Mortgage YouTube channel.  

Don’t forget to connect with Dustin on LinkedIn or reach out through his website. He would be happy to hear from you.