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The 80/20 Mindset for Mortage Originators.
Get 2-5x more quality applications in 90 days or less without cold-calling, chasing people or begging realtors for lead
Hi This is Aaron Schulman with the Million Dollar Originator System and I am going to talk about the Milion Dollar Originator Mindset and show you how you can use the law of 80/20 to get 2 to 3 times more income with the same or less effort than you are currently investing in your mortgage origination business.
Be Sure to watch to the end and I’ll show you how to get your free Million Dollar Originator 80/20 chart and checklist to help you move your business to the right of the curve
– this will allow you to increase 80/20 levers in your business so you can make more income with the same or less effort.
If you don’t have time right now you can save this video or click on the link and get this cheat sheet deliverd to your inbox with additional training so you can increase the number of quality applications without doing more work..
What is the Million Dollar Originator Mindset?
It is a simple Mindset will change the way you look at your business.
Every mortgage originator’s mentality is in one of these 4 quadrants – or the majority of their thinking is influenced by the way they think about their role, their activity, their business, everything.
There is definitely overlap but to make it more clear, we will show you each lens as different quadrants in the Million Dollar Originator mindset.
Just real quick – in case you don’t know who I am – I am Aaron Schulman who has been working in the internet marketing and automation space for over 15 years.
Over 15 Years Experience
– Internet Marketing
– Lead Generation
– Automation Technology
– Social Media Marketing
– Email Marketing
– Facebook Advertising
– Google Advertising
I am proud to work with Tim Scholten, a 30+ year banking veteran who has helped banks and originators across the country improve their systems, lead flow, partner growth and income…
Tim’s clients are some of the nation’s top producing mortgage originators…
Together, we are helping Mortgage Loan Originators, both seasoned veterans and brand new originators start and grow their businesses on Autopilot – using 80/20 principles that are as reliable and predictable as the law of Gravity!
Helping originators get on the winning side of the 80/20 curve
As you learn to see your business through the 80/20 lens, you will realize there are 80/20 levers all over your business.
They are hidden in your routine, your habits, your systems, your technology, your relationships – everything.
The more you learn to see these levers, the more you will be able to move your business to the right of the 80/20 Originator curve- which simply means that it will be easier to get leads and close loans, and therefore your ability to generate revenue will improve with the same or less effort.
Average MLO makes between $67-$72K per year
Assuming 52 weeks per year
4 weeks of vacation (52-4 = 48 work weeks)
40 hours of work per week
40 X 48 = 1,920 hours of work per year
Using $72K annual income
$72,000 / 1920 = $37.50 per hour average income
If you work more than 40 hours per week and take less vacation – your avg hourly rate is lower than $37.50
The average originator in the USA makes somewhere between 67K – $72K per year.
Assuming 52 weeks of work per year – 4 weeks of vacation – 40 hour work week- there are 1920 hours of work. If the average originator was paid per hour, he or she would make $37.50 per hour at the $72K per year average.
Most originators work longer than 40 hours per week therefore they are making less than $37.50 per hour.
Why do some mortgage originators top out at
$50K per year
$72K per year
$150K per year
And why are others capable of earning $250K with the same number of hours every week?
Are they 3.5 times smarter than the average MLO?
The law of 80/20 applies to your business
MLOs that make more money are further to the right on the 80/20 curve.
Your income ceiling is determined by which mindset you are currently in.
There are 4 MLO “mindsets” or thought paradigms in the MLO business, and there is overlap, but for simplicity sake, we separated them so you can see where you live most of the time. Making the shift from one quadrant to the other takes a different perspective and the installation of new systems, technologies and thoughts about what is important and what is not in your work week.
The first mindset is the Processor mindset.
They believe their job as an Originator is to process applications & paperwork. Their focus is on accepting what is on their desk and what they are fed and therefore their income is at the mercy of whoever or whatever systems are set up to feed leads and apps to them. Now we need processors, but Orginators that behave like processors have the most limited mindset because their activity is not focused on ways to generate more leads and more quality applications. They tend to be more victims to circumstances and feel pretty trapped with a complete employee mentality.
The second mindest is of a Mortgage Originator and they focus on developing their natural network for sources of leads.
Most Originators live in this quadrant and overlap into the processor quadrant so they remain limited by organic network, what leads they are fed by their bank or broker, and are capped in their income based on their ability to naturally network, build relationships and generate organic lead sources from limited referral partners.
Originators can make a good living in this quadrant, but they are still limited by thinking more like a combination of a sales person, a self-employed person and a processor
The 3rd Mindset is the Marketer.
The marketer thinks more like an originator only more leveraged.
A marketer’s main activity is finding and developing more pipelines of leads and does not limit himself or herself to just their natural network.
About 10% of mortgage originators actually live in this space and most only dabble in it and never see the results of leveraged sales and multiple pipelines of quality leads.
A Marketer mentality is what the top 10% of MLOs use to develop more of a steady flow of high quality leads- they let automation and systems filter out most of the tire kickers and therefore they tend to spend most of their time working with quality applications, quality borrowers and quality referral partners.
The 4th Mindset is The Business Owner Mindset:
The Business Owner makes up about 5-10% of the top tier of mortgage originators.
These are not just brokers, but they have learned that the more they employ talent, systems, automation and stay a couple years ahead of the market climate curve and remove themselves from most of the manual, mundane tasks – the more they can build leveraged income.
They do not think the same as the originator or the marketer, but they have experience with both and have risen to the highest level in the business where they have a business system working for them.
They are not longer trading hours for dollars and their systems make money for them whether they come to the office or are on vacation…
Using the law of 80/20 – about 80% of Originators live on the left side and share only 20% of the profit available to them.
20% of Originators live on the right side and get the lion’s share – 80% of the profit available.
So if you want to increase your ability to earn income in the MLO business, the mindset has to be changed from the P and O side to the M and B Side
So how do you move from the left to the right on the curve?
You have to learn to see and apply the 80/20 levers in your business so you can move from quadrant to quadrant.
The first thing to do is to properly assess where you spend most of your time and thought in your business.
If you spend every day checking emails and just accepting what comes to your desk – versus actively being out and building your network, you probably spend most of your time in the P quadrant.
If you spend a lot of your time building your network and referral partners and look mostly to referral partners for your leads, you are probably in the O quadrant.
If you invest a good bit of your time each week learning how to generate more direct buyer leads using ads, automation and systems, you are working a lot in the M quadrant and are earning in the top 10% of MLOs.
If you truly have learned to leverage most of your business activities to systems, people, and automation and are able to bring income even when you are on vacation, chances are you are in the top 1-5% and think like a true business owner.
The good news is, anyone can get from P to O to M to B if they want to.
It just takes some different lenses and learning to grow your business in leveraged ways.
A very effective tool we have created that helps us when we interview our MLO clients is the 80/20 Originator Chart.
If you want a copy of this, click on the link on this post and you can get free access to this as well as many other MDO training videos where we should you other ways to get more leads, loans and employ more 80/20 leverage in your business.
The goal is to help free you up from the mundane tasks while using simple systems and marketing automation tools to increase your quality applications and closed loans.
Go on over and get your copy by clicking the link.
This chart has your tasks, systems, and automation ideas and you can compare your own business, work habits and thought processes to see how much time you spend doing $10 per hour tasks – $100/ per hour – $1,000 per hour and up and the actions required to apply more 80/20 levers to your business.
You will also get access to more of our free training videos, cheat sheets and other tools to help you move your business from the left to the right of the 80/20 curve.
SUCCESS STORY / CASE STUDY
One of our green clients had 9 months experience in the MLO business and had spent a lot on FB ads- was doing the dial and smile with potential realtor partners, but did not have a single deal in the pipeline.
When he reached out to us, we did an 80/20 assessment, built a solid game plan, helped him employ marketing, database outreach automation and optimized his FB ads and follow up process and he went from zero leads in 9 months to quickly getting 3 to 4 closed deals per month in his first 90 days with our help.
No guess work – the MDO system has everything you need to go from struggling to get consistent leads and loans every month to a steady flow of leads and beyond.
HARD WAY OR EASY WAY?
So the good news is that you can make some changes and see real results.
If you keep doing things the same way you’ll get the same results.
But if you learn to implement 80/20 tools, systems and levers to your business you really can get more income with less frustration and effort – without cold-calling – chasing people- playing phone tag and having awkward encounters with new prospective realtor partners.
MAKE THE CALL!
OFFER: For a limited time, when you schedule a free Million Dollar Success Roadmap call, we will help you craft your personal 12 month marketing success plan, We will On the call we will do a complete assessment of your business and make the top 3 recommendations on how you can quickly get 2 to 5 times more quality applications without doing all the mundane things you don’t like – such as cold-calling- chasing people- asking realtors for leads and deals…
WHAT TO EXPECT ON THE CALL
On the call we will do a complete assessment of your business and make the top 3 recommendations on how you can quickly get 2 to 5 times more quality applications without doing all the mundane things you don’t like – such as cold-calling- chasing people- asking realtors for leads and deals…
We will use the MDO System Strategy Roadmap – developed over 45 years of combined experience in the mortgage and marketing industries- to help you get a your complete plan so you can make positive changes immediately.
SCHEDULE YOUR CALL TODAY!