Has the mortgage sector's transformation been a mixed blessing for loan officers? In the wake of the pandemic, many have shifted from lenders to brokerages, enticed by higher commissions. Yet this move raises concerns about support and sustainability, especially for novices.
In this episode, Tracy interviews John Jurkovich, the Founder of CEO 1440, discussing the shifts in the mortgage industry post-COVID and the strategic steps for loan officers considering their own brokerage. They explore the balance between higher commissions at brokerages and the potential lack of support for loan officers. John outlines a four-step process for starting a successful brokerage and stresses the importance of a support network for sustained success.
John Jurkovich is an accomplished mortgage industry veteran with 25 years of experience, specializing in helping mortgage brokerages optimize their operations. Known for his results-driven approach and exceptional sales acumen, John thrives in fast-paced environments, expertly handling multiple projects with finesse. His ability to foster strong relationships and his innovative problem-solving skills make him a valuable asset to any brokerage aiming to enhance their business and navigate the competitive market.
John and Tracy tackle the challenges of rising interest rates, fewer refinances, and the importance of marketing and CRM in adapting to a tougher market. John highlights compliance and proper hiring as critical factors for brokerage longevity and ends with predictions for the industry, emphasizing adaptation and client relationship management in an uncertain economic future.
Tune in for valuable insights on the current mortgage landscape!
[00:00 - 16:43] Building Trust in Mortgage Lending: John Jurkovich’s Background
John leveraged his experience in the mortgage industry to establish a consulting firm that helps individual mortgage brokers and mid-sized companies thrive called CEO 1440
Building trust through interpersonal interactions is fundamental to long-term success.
Convey the benefits of your service without overcomplicating the details to avoid overwhelming potential clients.
Tailor your communication to address the client's specific needs and situation.
[16:44 - 25:21] Navigating Post-COVID Changes: A Guide for New Loan Officers
Transitioning to a brokerage post-COVID may offer loan officers higher commissions, but it's essential to consider the full scope of support and resources available.
There's no universal "right" compensation plan; loan officers must weigh their skills and experience against potential earnings and support structures.
John discusses his four-step process for establishing a successful brokerage includes planning, legal setup, licensing, and tech integration.
[25:22 - 37:10] Future-Proofing Your Mortgage Business: From Startup to Scale-up
Aim for wealth creation and a legacy business for long-term prosperity.
Begin with a solid grasp of your business essence and legalities.
Cultivate a robust support network for resources and collaboration.
Develop scalable systems for easy growth and quality maintenance.
Stay adaptable to navigate market and regulatory changes for sustainability.
[37:11 - 45:55] The Ins and Outs of Compliance and Hiring
Start with business core and legal understanding.
Build scalable systems for expansion and quality control.
Ensure compliance to avoid legal repercussions.
Don't skimp on compliance; it's like insurance for your business.
Make informed hiring decisions, considering experience and fit.
Understand the difference between skill acquisition and innate capability in staff.
Training in CRM and marketing technologies is essential for loan officers to optimize their outreach.
Maintaining a personal database and using social media strategically can help in staying connected with clients.
[45:56 - 71:15] John’s Predictions for 2024
Rising interest rates have led to fewer refinancing opportunities and limited purchase business.
Earlier predictions about federal rate cuts proved incorrect due to unforeseen economic events like wars and hyperinflation.
Marketing efforts are essential! Leverage technology such as CRM systems to engage previous clients and generate new leads.
Maintain an independent database to retain client information even if companies go out of business.
Quotes:
"Keep it simple. People try to explain how the watch is built instead of telling them what time it is." - John Jurkovich
"If I bring somebody on, I feel responsible for their success." - John Jurkovich
“I want to see people acquire wealth, and it'd be something that they can hand off to their kids." - John Jurkovich
“You have to look at where you want your business to be and then start game planning from day one." - John Jurkovich
To make contact with John Jurkovich, learn more about his business, and make him a part of your network, make sure to visit his LinkedIn profile:
https://www.linkedin.com/in/john-jurkovich-171b3b/
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