Increase Productivity by Structuring Your Time.
Written by: John Hoxsey
Certified Master Loan Processor (CMLP)
Certified Master Loan Processor (CMLP)
As processors, how many times a day do we find ourselves in a position of juggling 100 different things at once? If your day is anything like mine you will have a difficult time making forward progress unless you structure time to work without distractions.
If you are constantly taking phone calls and answering questions you will never be able to get your work done. I liken it to reading a book while constantly being interrupted. You get stuck reading the same sentence over and over. You have to reread what you have read and are constantly loosing your place.
With that in mind, how do we get to the place of being able to close more loans and use our time more productively? The answer is structure. Once the structure is in place the assembly line can flow unhindered without any unnecessary bottlenecks. I will be discussing the assembly line in detail in my next article but before the assembly line can be discussed we need to lay the foundation. The foundation is time management.
Setting aside a time period every day for processor quiet time, and scheduling times to return calls and answer e-mail will help you keep things in order and will give you ample time to concentrate on the tasks at hand. Some companies already have mandatory processor quiet time established. If you do not already have this in place, I strongly encourage you to consider it.
One of the key components to the loan officer / processor relationship is establishing trust through communication. The Loan Officer is going to wonder what you are doing with your quiet time and may feel ignored if you do not establish the proper lines of communication.
One of the things you can do to garner this is to send out an e-mail every morning informing all of your L.O.’s what your agenda for the day will be. Always start out on a positive note which lets them know you are on their team and are doing everything in your power to close their loans quickly. Let them know that you are just as excited as they are about getting the files to the closing table. Keep it brief and positive. Also, let them know that if there is an emergency to send you an e-mail and you will get to them as soon as possible.
Communication is essential. If we make it a habit of letting our loan officers know what is happening with their files, they will be less inclined to call every five minutes wondering what is happening with their loans. Eventually they will trust that you are on their team and they will have the confidence that you are the best person to take care of their loans.
Also, make sure to set some time aside to return any phone calls and e-mails you may not have addressed during your quiet time. Setting aside a specific time of day to do this can also help consolidate your daily tasks.
Having specific times for specific tasks helps keep your work concentrated and effective. Break your day down into tasks and prioritize those tasks accordingly. Allot a specific time for working on new files, a specific time for clearing conditions, ordering services, returning calls, etc., etc.
I recently heard about a situation between a processor and her loan officers which is a perfect example of this system. This particular processor had already established the respect and trust of her loan officers by using a system of time management and communication. One month her volume was unusually high. To properly close her current pipeline, she could not spend time looking at new files until the beginning of the following month. One of her branches had seven new loans to submit and wanted to squeeze several of them in for closing by the end of the month. Out of courtesy, she informed them of her lengthy turn time also let them know that if their files needed to be worked on right away they could be assigned to another processor who was not as busy. The trust and respect had been built up so much that the branch did not even want to take the chance on sending their loan to another processor. They decided to wait to have their loans looked at by her. When a Loan Officer would rather wait then have their files submitted right away – that speaks volumes.
The fact that she could be so diligent and handle such large volumes while maintaining a great reputation with her loan officers was attributed to the fact that she structured her day well and communicated properly. We can all learn and take a page from that playbook.
Communication and using your time wisely gives you the space to work at maximum efficiency and boost your reputation into the stratosphere. Once we establish proper time management we can crank up the speed on the assembly line and count our dollars and cents. I will address the assembly line in detail in next week’s article.
Remember - Your reputation is your business.
Happy Processing!!!
If you are constantly taking phone calls and answering questions you will never be able to get your work done. I liken it to reading a book while constantly being interrupted. You get stuck reading the same sentence over and over. You have to reread what you have read and are constantly loosing your place.
With that in mind, how do we get to the place of being able to close more loans and use our time more productively? The answer is structure. Once the structure is in place the assembly line can flow unhindered without any unnecessary bottlenecks. I will be discussing the assembly line in detail in my next article but before the assembly line can be discussed we need to lay the foundation. The foundation is time management.
Setting aside a time period every day for processor quiet time, and scheduling times to return calls and answer e-mail will help you keep things in order and will give you ample time to concentrate on the tasks at hand. Some companies already have mandatory processor quiet time established. If you do not already have this in place, I strongly encourage you to consider it.
One of the key components to the loan officer / processor relationship is establishing trust through communication. The Loan Officer is going to wonder what you are doing with your quiet time and may feel ignored if you do not establish the proper lines of communication.
One of the things you can do to garner this is to send out an e-mail every morning informing all of your L.O.’s what your agenda for the day will be. Always start out on a positive note which lets them know you are on their team and are doing everything in your power to close their loans quickly. Let them know that you are just as excited as they are about getting the files to the closing table. Keep it brief and positive. Also, let them know that if there is an emergency to send you an e-mail and you will get to them as soon as possible.
Communication is essential. If we make it a habit of letting our loan officers know what is happening with their files, they will be less inclined to call every five minutes wondering what is happening with their loans. Eventually they will trust that you are on their team and they will have the confidence that you are the best person to take care of their loans.
Also, make sure to set some time aside to return any phone calls and e-mails you may not have addressed during your quiet time. Setting aside a specific time of day to do this can also help consolidate your daily tasks.
Having specific times for specific tasks helps keep your work concentrated and effective. Break your day down into tasks and prioritize those tasks accordingly. Allot a specific time for working on new files, a specific time for clearing conditions, ordering services, returning calls, etc., etc.
I recently heard about a situation between a processor and her loan officers which is a perfect example of this system. This particular processor had already established the respect and trust of her loan officers by using a system of time management and communication. One month her volume was unusually high. To properly close her current pipeline, she could not spend time looking at new files until the beginning of the following month. One of her branches had seven new loans to submit and wanted to squeeze several of them in for closing by the end of the month. Out of courtesy, she informed them of her lengthy turn time also let them know that if their files needed to be worked on right away they could be assigned to another processor who was not as busy. The trust and respect had been built up so much that the branch did not even want to take the chance on sending their loan to another processor. They decided to wait to have their loans looked at by her. When a Loan Officer would rather wait then have their files submitted right away – that speaks volumes.
The fact that she could be so diligent and handle such large volumes while maintaining a great reputation with her loan officers was attributed to the fact that she structured her day well and communicated properly. We can all learn and take a page from that playbook.
Communication and using your time wisely gives you the space to work at maximum efficiency and boost your reputation into the stratosphere. Once we establish proper time management we can crank up the speed on the assembly line and count our dollars and cents. I will address the assembly line in detail in next week’s article.
Remember - Your reputation is your business.
Happy Processing!!!
About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). Feel free to email John at: john@mortgageprocessor.org. Or, if you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.
posted by Editor in Chief at 10:17 AM
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