He says none of it depends on rates, and it begins with one question
One of the common themes heard at the recent Association of Independent Mortgage Experts (AIME) Fuse event in Austin, Texas, was a need for brokers to get back to the basics to push through more challenging market conditions.
Whether it is drumming up more business now or planting seeds for success in 2027, speakers offered ways brokers could make improvements to their business.
One of the biggest names in the mortgage industry offered his own suggestions to brokers, whether they're just starting or are veterans looking for advice in the current market.
Mat Ishbia (pictured top), president and CEO of United Wholesale Mortgage (UWM), told brokers on Sept. 25 that they should stop waiting for the market to help and work a plan they control. It runs from writing down 2027 goals to walking into real estate offices cold.
"The number one question by far is, 'Mat, if you were a new LO or an LO back in the broker business, what would you do?'" Ishbia said. "I talked to a lot of you guys, and I want to give you what I would do. There are 98 days left in the year. There are six things I think about."
Goals, shirts and strangers
Ishbia said he believes anyone who works through all six items will make 50% more income next year, and he starts by asking what the year should look like when it ends.
"First thing, I would define success," he said. "What does success look like for me? I've got 98 days left. What are my goals for 2027? I’ve got to write them down."
He said those goals need a daily routine behind them, which he calls a perfect day. His own example included 10 agent calls, five calls to existing relationships and one social media post, though he stressed that every originator's day will look different.
"The perfect day is things that I control, that I can do," he said. "It's effort. Anybody here not want to close a loan every day? We all want to do that, but that's the outcome. Sometimes outcomes are distractions. I believe in doing the work that leads to the right outcome, and the outcome will follow."
Second on the list is marketing yourself proudly, which he said means wearing your company shirt in public on 50 of those 98 days. He said brokers should feel proud of work that changes people's lives.
"I'd walk up to a stranger," he said. "You ever know how uncomfortable it is to walk up to a stranger and introduce yourself? Hi, my name is Mat. I do mortgages. What are you up to? Do it 20 times. Fifteen of them will tell you you're crazy and walk away. Three of them will be like, ‘That was pretty cool,’ and talk back to you. But two might do some business with you, might become a friend."
AI, learning and cold calls
Third is investing in yourself. Ishbia said he would watch his company's sales training seven times and book one trip to its training event, though he told the room it probably didn't need this item because everyone was already at Fuse.
Fourth is diving into AI and technology, which he said he practices himself. He set targets of using his company's AI assistant 60 times, doing three virtual closings, and learning one more AI tool from outside UWM.
"How much do you know about AI and technology?" he said. "If I were starting this in the next 98 days, I would dive in. How are you going to learn about technology if you don't try? Go in there and ask it stupid questions and learn how it works. You'll get ideas."
Fifth is getting out of your comfort zone, which he put at 14 thank-you messages, 10 walk-ins at real estate offices, and 20 open houses. Ishbia asked how many people in the room had walked into a real estate office cold in the past three months, and only a few raised their hands.
"You don't need an appointment," he said. "Show up. They still throw you out. I don't care. Cold calling is fun. You have to enjoy it. You have to enjoy being hung up on. You have to enjoy being thrown out of people's offices. And when you start doing that, I promise you'll do more business. I have no fear about it.
“What's the worst that could happen? Throw me out? Okay, they did that last week. They'll do it again this week. But eventually you'll get business, and eventually they'll realize you can add value."
Sixth is using new tools three times each. He mentioned several that UWM provides, such as underwriting support and income calculators, along with free credit reports.
Ishbia added one condition for all six suggestions he makes to brokers.
"Do not do any of the things that I just went through if you're not going to do it consistently," he said. "Do it one time, two times, five times, you're not going to see any results. You're going to say that Mat wasted my time. You do it consistently and you'll have a lot of success."
He asked brokers who try the plan to email him on Jan. 1 and tell him how it went. He said he plans to track those who do and see how their business changes.
"Everyone says, I want to make a million dollars; I want to be the number one loan officer in America," he said. "Is your work ethic today aligned with those dreams? And if it is, you'll get there. If it's not, then change your dream or change your work ethic. That's the only way to get there."
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