What does the most productive loan officer (LO) in the country have to say to other mortgage lenders? “The mindset is everything. More critical than skills training is strong mindset training,” he said. Matt Weaver. Weaver is the #1 LO in the US for purchase mortgage origination, and will take the stage at HW Annual. During the Peak Performers sessions, Weaver will share her 10 points with high-end loan originations. Weaver currently serves as an originator on cross country mortgage. Click the link below to sign up for HW Annual today and watch Weaver share the lessons learned from her.
Weaver spoke with HousingWire to share his excitement for HW Annual and give attendees a sneak peek of topics that you will discuss on stage.
HousingWire: What do loan officers need to understand when it comes to supporting major producers?
matte weaver: First, it is important for executives to identify what an originator likes to do and who the customer is that they love to serve. Because, as a creator, my main competitive advantage is unity of purpose. I know who my client is. My client is the real estate agent. I think it’s very important to understand who your customer is because then you can understand how to serve them at the highest possible level.
There are so many facets of our industry that you need to specialize and work with someone you love to work with. If you like it, be excellent at it.
HW: What are the common misconceptions surrounding growth in this market?
P.M: I think the misconception is self-inflicted. The misconception is about how much we can achieve as individuals. Loan officers, myself included, need to strengthen their mindset. In today’s market, it’s very easy to be weak-minded. It’s very simple to say that 2020 or 2021 were such good years, those were the good old days. By thinking that way, you are already giving in to the fact that you will no longer originate from those levels.
I try to think of those years as stepping stones. My job is to grow from that point, so those years are my new reference point. I am not accepting anything less. I don’t allow external factors like interest rates and the economy to affect my mindset, my daily activities, or my goal setting. The misconception is that now it is more difficult.
HW: What has been your winning strategy to stay at number 1?
P.M: In 2022, my team and I created a mantra. “Winning is the only option.” We’ve been saying that to ourselves and to each other ever since. It really serves as a powerful affirmation that we are not going to accept anything from the outside world.
HW: What do other LOs need to know to improve their business strategy?
P.M: In terms of inventory levels, this is something I’ve been focusing on and specializing in for years. It all goes back to knowing who the customer is. My team, we work hand in hand with real estate agents, showing them how to compete and win in a multiple offer situation.
In 2010, I created a structured offer process that real estate agents can follow, compete with, and win in a multi-bid scenario. When you look at a sales contract that obtains mortgage financing, 70% of the components of that offer are mortgage related. For example, there are deadlines within a sales contract that are directly related to how quickly a lender or loan originator can meet those deadlines. So if I can deliver faster than the other offer, the seller will select our offer over the competition.
It all goes back to singleness of purpose. If you had multiple clients, there is no way you could achieve this. But, by serving clients at the highest level, we understand their pain points and provide a solution.
HW: How do you plan to continue your excellent level of production as the market changes?
P.M: It’s just going to keep getting better and better. My team and I are the antithesis of complacency. If we have a great application day, we always ask ourselves, “How do we increase that by another 20% or 30%?”
Our mindset is an abundance mindset, not a scarcity mindset. For 2023 we feel that we are going to finish the year very strong. In 2023, I think we’re going to see interest rates come down a bit. A lot of loan originators will refinance again, which will put less pressure on the real estate community because they’re getting a lot of calls from loan originators right now. We’re going to see a healthier mix of refinancing and buying businesses.
HW Annual is HousingWire’s pinnacle mortgage event, connecting leading housing economics professionals looking to grow, innovate and gain market share. This is where strategies are formed, deals are signed, and lifelong relationships are solidified. Remember, HW+ members receive special benefits like 50% off annual HW tickets, so go here to become a member. Haven’t received a discount code yet? Contact us at [email protected] Join us in Austin, Texas, October 10-12 for Community, Content, and Commerce.
