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Business
Planning for the Mortgage Originator
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Have you ever considered
your own business plan? Each year, millions of business owners develop
or update their business plans to strategically plan for the direction
their business grow in the future. As a mortgage professional you may
want to consider developing a business plan of your mortgage
origination business.
When it comes to developing a business plan, you will find that they
are not always required. There are some instances where business plans
can be optional. However, that does not mean that you shouldn't plan to
develop one. As a loan originator how you do start developing a
business plan? That is what we will discuss next!
One of the many uses of a business plan is to forecast revenue and
expenses. I assume that you have to decided to have fee revenue as part
of your origination business, but how much? When developing your
revenue numbers consider the types and size of loans your are planning
on doing. If you marketing brings you 100-150K loans, the number of
units you will have to originate will be significantly larger that the
originator who has a average loan size of 300-400K range if you plan on
having the same amount of revenue generated.
Once you have decided on the amount and type of origination business,
you must now move to how to attract the business. This part of the
business plan will center on the types of activities, advertising, and
partnerships you will need to develop and implement to reach your
revenue goals. You will also use this section to plan how much you will
spend to attract your prospects. Once this is done you will need to
spend time on your marketing calendar.
The marketing calendar is critical to sustaining a consistent flow of
business, As mortgage professionals you spend large amounts of time and
money marketing your business. But once you gain the business, many
times the focus then changes completely to closing the business. The
marketing is put aside until the business is closed. Once that is done
we realize we don't have any more business coming in for the next
month. Sound familiar? This can make your origination business a
constant cycle of highs and lows where you have very good months,
followed by very bad months. The marketing calendar will help you plan
your marketing activities and be used as a consistent reminder to make
sure that revenue keeps flowing month in and month out all year long.
Remember, by developing your business plan ahead of time, you will know
exactly what needs to be done for your origination business to generate
your planned income. And this tool can ensure that you get everything
in your mortgage business done right, the first time around.
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Doug Frye is a Mortgage Consultant who mentors mortgage professionals
to career success throughout the US. Follow Doug's business ideas,
strategies, and recommendations at Origination Club..."Marketing,
Training, and Origination Solutions for Mortgage Professionals." Click
Here => http://www.OriginationClub.com
.
Article Source: http://www.articlealley.com/article_124412_15.html
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