How To Create a Loan Officer Business Plan in 5 Easy Steps

High-producing loan officers don’t get to the top by accident. Successful loan officers have a formula for success which often includes a few simple disciplines repeated daily or DAS. (Daily Action Strategies) In addition, they have a road map they refer to frequently which leads them to the fruition of their long-term vision. The road map or loan officer business plan governs the following core components of their business: 

  1. Review of your personal and business vision
    2. Your Business Goals
    3. Production Goals (Short & Long-Term)
    4. Overall Marketing Strategy-Database, Referral Partner & Networking Plans (May also include a Budget)
    5. Production Team Assessment & Plan
    6. Execution Strategy for Achieving Goals and Implementing Strategies (Break up by Daily, Weekly, Monthly)
    7. Management Support-How can they help you achieve your goals?
    8. Personal Commitment for Success 

If you want the highest payoff, a 1 year plan with a monthly and quarterly review that clearly outlines your actions will be the key. Something equally as important for you will be to continually put things in your mind that will help you grow. At Shamrock, we call that “Sharpening the Saw” which we adopted from one of our favorite books that inspired our Educate & Motivate culture, The 7 Habits of Highly Effective People by Stephen Covey. Covey encourages that you continually feed your learning and growth in these four areas: 

Physical:  Beneficial eating, exercising, and resting 
Social/Emotional:  Making social and meaningful connections with others 
Mental:  Learning, reading, writing, and teaching 
Spiritual:  Spending time in nature, expanding spiritual self through meditation, music, art, prayer, or service 

Here are 5 Easy Steps to Creating Your Loan Officer Business Plan: 

  1. Analyze your past production and clearly define your target audience.

Pull a copy of your applications, credit pulls, packages out and closings for the last 2 years. If you are a new loan officer, focus on defining your target audience. Be specific. Home buyers and those looking to refinance their mortgages isn’t enough…Are they first-time home buyers who recently graduated college? Single or married? Annual household income? Do they work in a specific industry? It’s a good exercise to recall their pain points and how you can solve them. NOTE: It’s common for you to have several marketing messages. You will need one for your referral partners and one for your clients. 

  1. Identify your Daily Action Strategies. Implement. Repeat.

Here are some DAS examples: 

-Make X calls per day
-Add X contacts to your social media network
-Send X handwritten thank you notes
-Send newsletters
-Conduct X face-to-face meetings
-Research upcoming networking events
-Follow-up with former, active and prospective clients
-Target X referral partners 

  1. Less is more!

Your loan officer business plan will be your key to long-term self-fueling success-not a get rich quick scheme. It’s wise to implement a solid 3-5 strategies and execute them consistently rather than taking on too much and quitting before you reach your goals. 

  1. Measure, Measure, Measure.

What you can’t measure, you can’t improve. Revisit your loan officer business plan monthly to track your lead sources. How many leads, applications and closings have you received from your database, networking events, referral partners etc. ? Since the mortgage industry often changes, it’s important to touch your loan officer business plan quarterly for changes to any of your goals or DAS. 

  1. Have fun!

It might sound great or others you know are doing it, but your loan officer business plan should include strategies that you enjoy. Of course, this doesn’t mean you shouldn’t try proven methods of acquiring new business even if it might not be your favorite cup of tea. Top loan officers embrace and expect failure and they see it as an incredible opportunity to grow and learn. 

Your loan officer business plan should be proactive with daily strategies, sharpen your saw and give you time to repeat the things that make you successful. 

Four staff members of Shamrock pose for a photo. We are building the next generation of mortgage leaders.

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