There are a whole host of loan officer mistakes that cause negative repercussions such as loss of sales, missing out on a referral, or credibility damage. A loan officer’s career or business can be severely affected if the four common mistakes below are made.

1) Missing That Incoming Call

It’s not worth spending money on top notch marketing efforts when you’re not there to consistently make all incoming calls. A mortgage business will need to be available to handle these leads. Conversation rates and marketing ROI will be a lot higher if you can take these inbound calls live even if you can’t follow them up straight away.

You have a better chance of spreading out these leads if you seriously think about when you send out your email campaigns and if you select the right feature – in regards to scheduling, for example – in your Google AdWords and Facebook business accounts. For example, if you’re launching a promotion and expect inbound calls to be higher, why not send your communication with prospects out in smaller chunks rather than in one go.

2) Not Being Consistent

Your marketing efforts will produce far better results when greater importance is put on consistency. This applies to all platforms that you use to reach out to potential clients, from email campaigns and social media to the website itself, or print advertising.

Even how you or your colleagues speak to prospects and clients on the phone or in the office should be consistent. There are many automation tools out there that provide ways in which communication can get to the right people in a consistent way. Loan officers that sit back and wait to get paid will find themselves struggling to keep up compared to those that remain consistent, relevant, and up-to-date with all their marketing efforts.

3) Not Making the Most of Situations

The most successful loan officers are the ones that have spent a number of years collecting leads whatever the outcome, rather than just dismissing those that never turned into more than just an inquiry. Some mortgage professionals forget the importance of nurturing their clients and prospects. By adding them to a CRM, you’ll be able to stay in regular contact with them.

Months or years after that initial call, your prospects might now be ready to talk business and by remaining on their radar, via email campaigns, follow ups, or promotions, you have a much better chance of remaining top of their list.

4) Underestimating Importance of Lifetime Value

A mistake some loan officers make is not understanding the importance of lifetime value when it comes to their clients. A successful mortgage provider that helps borrowers purchase their first home might just find themselves helping that very same borrower purchase their second home if they should move years down the line.

Starting a relationship with clients – often overlooked by some loan officers – could ultimately lead to a lot more business from the clients that you assumed you’d never see again. Loan officers that really excel in regards to offering lifetime value could find themselves being referred to by the borrowers that have been nurtured throughout their borrowing journey.

Are you a loan officer looking to make less mistakes? If you’re a successful mortgage professional with no mistakes behind your belt, then what advice would you give to those struggling?