I’m a new originator with less than one year in the business. I came into loans after 10+ years as a Realtor. I have several Realtor friends that have sent clients to me so I am doing better than most others I know that are new in the business. My problem is that the three companies that I have worked for have promised training but they can't seem to give me more than a couple of minutes at a time. They are busy working their own business. Basically they know where to place the loan based on the information I provide, but they do not have time to explain the reasons for going to a particular lender. I can't get strategic advice on setting up and maintaining my business. They are interested in the business I bring in, but not helping me grow. I need some direction.
--Karl from South Carolina
I could write a novel to answer this question, but for now I will try to restrain myself to answer this in a few short parts. Above all, you need to take responsibility for the situation you are in. Working for three companies in less than one year is a recipe for disaster. No one can be successful in this industry without stability. Top producers stay where they are for the long-term. Every move takes major resources (time, money and energy) and those are siphoned from the resources you need to move forward in this business.
I can envision you replying with something such as this: "They were going to train me but they didn't." We will focus on this one topic since you did broach this as a major issue, as opposed to other reasons you may have left. However, the same concept will apply to the other reasons. How well did you check out their story? Did you ask to review their training program? Did you interview others they had trained so you knew how the program worked?
In addition, did you research what your options were for training outside the office? Even if you selected a company without training because it was a better fit for you in other ways, the training can be accomplished using outside resources. But you have to have a plan and you must plan for success. Next week, we will talk about other aspects of the plan.
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at email@example.com.