New Year Business Resolutions

Written By: Stacey Sprain,
Certified Ambassador Loan Processor (CALP)

With the holiday season here already, it’s not too soon to start thinking about resolutions for the upcoming New Year. 2009 will be upon us in no time so let’s not wait till last minute this year to prepare our business plans for next year!

Many may find it difficult to strategize for a 2009 plan given the current state of the economy but to be perfectly honest, there’s no better time for an “attitude adjustment.” Even if your business took a substantial hit in 2008, taking a hard look at your goals for 2009 may be just the slap you need to get motivated over the holidays.

With rates still holding relatively low, originators need to be looking closely at your existing databases. Now is a great time to start marketing to those customers who may be in the market for home improvements in 2009 via FHA’s 203k or 203k streamline rehabilitation loans. NAMP offers a great session on 203k that can only be of benefit to help you become an expert. There are tremendous opportunities out in the marketplace for use of these types of loan products right now and into 2009.

For both originators and processors, the time is NOW for expanding your education and knowledge of products you may have little or no experience with. There are endless opportunities out there to assist borrowers with loan modifications. You’ll find a well-priced session called Loan Modification 101- From A to Z right here at NAMP! Your 2009 business plan can’t help but benefit from what you’ll learn from this session!

There’s also been no better time to team up with realtors on credit repair and first-time homebuyer presentations for church groups, large employers, and winter sports athletic groups… the possibilities are endless! And what about reserving a booth or table at local craft and holiday show or event? Reservations for spaces like these are usually very reasonable and putting yourself in front of people in a casual holiday setting will give you the chance to put your business cards in the hands of holiday browsers who may just get up the courage to call you with questions or financial needs after the holidays pass.

Another important area to look at when composing your 2009 business plan are goals that will help you work more efficiently. One of our biggest time-consuming abuses is email. How can you cut down on your reliance on email? Can you successfully block out time during your day in which to spend working on your email so that you are able to focus with less interruptions throughout the remainder of your workday?

For originators and self-employed processors- Here are a few important questions to ask yourself and to address when working on your 2009 business resolutions. These are the kinds of things to incorporate into your business plan:

• How much time do I spend daily viewing and responding to emails? Is there a way I can utilize my email more effectively to allow me to work more efficiently?

• How much time did I spend getting my name out to potential new clients this past year? Are things I could do differently next year that would allow me to get in front of potential new borrowers that could lead to more loan applications?

• How much time did I waste last year on loan applications that never closed. Are there things I could do differently and more effectively to analyze an application’s potential to reach settlement so I don’t waste that much time next year?

• What were the main products that got my business through this past year? Are these same products likely to help me succeed in the New Year or should I investigate and take a look at other products that customers could benefit from my learning?

• How is my follow up with past clients? Are there cost-effective ways I could be marketing to make past clients repeat clients? What kinds of products might a past client be interested in hearing about in today’s challenging market?

• What can I do to educate people in my community about the things they are most interested in? How can I build a public name and reputation for myself in my area? Who can I team up with in 2009 to educate my community? What kinds of things might they benefit from learning? (examples- insurance agents, realtors, contractors, builders, inspectors, …)

For salaried processors- - Here are a few important questions to ask yourself and to address when working on your 2009 business resolutions. These are the kinds of things to incorporate into your business plan:

• How much time do I spend daily viewing and responding to emails? Is there a way I can utilize my email more effectively to allow me to work more efficiently?

• How much time did I waste last year on loan applications that never closed. Are there things I could do differently and more effectively to analyze an application’s potential to reach settlement so I don’t waste that much time next year?

• What things did I stumble on last year that I could use more training on?

• What new products and programs might I need to learn more about and be prepared to process in the coming year?

• How can I refine my procedures so I am able to work more efficiently?

• Am I taking full advantage of the software program used by my organization? Are there ways that programming and setting up the software can assist overall in working more efficiently?

• Which originators caused me problems last year? Is there anything I can do to find solutions to those issues so they aren’t likely to continue being a “thorn in my side” in the New Year?

• Can I use any refresher training and education on any particular subjects as I enter the New Year?

• Should I meet with my manager to go over his/her own expectations and goals for me in the New Year so that we are on the same page?

In short, the time is NOW to start working on your New Year resolutions and business plans so you aren’t caught by surprise when the calendar turns over to 2009. If you pay attention to some of the strategies and questions included above, you can get yourself on the fast track toward a happy and successful New Year NOW! Best of luck to you all!

About the Writer. As one of NAMP's volunteer writers, Stacey Sprain is currently a NAMP member in good standing and is a NAMP Certified Ambassador Loan Processor (CALP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.