This episode’s guest is Kurt Henry, a mortgage broker out of Oshawa, Ontario. Kurt’s mortgage business, which he started at age 24, has a unique process which he brings us through step-by-step. He also shares insight on how he created this process and how he keeps it running smoothly.
Timestamped Show Notes
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[spp-timestamp time="1:14"] Tell me a little bit about how you got into the mortgage business.
- I’ve been in the mortgage business about 12 years.
- I started working with National Bank.
[spp-timestamp time="2:03"] How long have you been acting as a mortgage broker?
- About 10 years as a mortgage broker and 2-3 years at the bank.
[spp-timestamp time="2:28"] How old were you when you started?
- I’m 34 right now.
[spp-timestamp time="2:47"] What was your production last year in volume and units and what’s your goal for this year?
- 284 mortgages last year ($93,000,000).
- Trying to get over 300 this year, which should be just over $100,000,000.
- IN 2016 we did 311, but the volume was $91,000,000.
[spp-timestamp time="4:17"] Tell me about what your team structure looks like.
- Our team is a set of individuals that are highly skilled and highly talented.
- Lead Coordinator/Junior Underwriter: talks to the lead from the start and converts them into an applicant.
[spp-timestamp time="6:21"] Is your Lead Coordinator licensed, and how much time did you spend training her?
- She is licensed.
- We took her through our training program for 8 weeks.
- She observed and then did pieces of what she would be doing full-time.
[spp-timestamp time="7:26"] Did you come up with this 8-week program yourself?
- It’s a weekly program on where we want her to be.
- The schedule helps me and the rest of the team bring that person to be fully trained.
[spp-timestamp time="8:32"] What did you do for training regarding handling the initial call?
- A lot of observation.
- We really simplify the initial call.
- One of the first steps for us is to just get some information.
- We ask the customer to fill out an online form.
[spp-timestamp time="10:54"] How long is that initial call?
- Normally 2-4 minutes depending on detail.
[spp-timestamp time="11:23"] When leads come in, how quick are you guys responding to them?
- The idea is that we call the lead right away.
- We know that there’s not anything preventing them from calling somewhere else.
- Within an hour is pretty reasonable.
[spp-timestamp time="12:42"] Approximately how many leads are coming in per month?
- 80-90 leads per month.
[spp-timestamp time="13:08"] Is there anything else important about the Lead Coordinator that I didn’t ask?
- They need to get along with the team really well.
- We try to improve the process.
[spp-timestamp time="15:30"] Who is the next person in the process?
- Our Meeting Specialist.
- We are in show mode when the client comes in.
- An hour-long consultation.
[spp-timestamp time="17:55"] What does the handoff look like between the Lead Coordinator and the Meeting Specialist?
- The Lead Coordinator schedules a meeting for the client and tell them they will meet with the Meeting Specialist.
- We meet 99-100% of clients face-to-face.
[spp-timestamp time="20:03"] Does the Lead Coordinator have a process to follow up with the leads and how do you make sure nothing gets missed?
- She makes a note in our system and then I can see it.
- She’ll continue to make notes of each contact.
[spp-timestamp time="22:33"] What happens at the end of the meeting with the Meeting Specialist?
- The meeting is all about education and we want the client to be comfortable.
- The Meeting Specialist mentions the documents they need and follow up until she gets them.
- I personally call the client the day after to ask for customer feedback.
[spp-timestamp time="27:12"] So somebody’s done the face-to-face meeting, they’re collecting documents, they get an offer, now what happens?
- The Meeting Specialist gives that file to the Underwriter.
- Once the Underwriter gets approval, she will engage the Client Efficiency Coordinator.
- The Client Efficiency Coordinator will prepare documents to be signed.
- The Underwriter and the Client Efficiency Coordinator follow that file through to funding.
[spp-timestamp time="28:52"] During that stage, the file’s been submitted, are you having any communication with the client?
- I’ll call the client again and ask for more feedback and unanswered questions.
- I ask if we are giving a five-star experience.
[spp-timestamp time="31:37"] What would you say your time commitment per file is?
- It depends. If there’s an issue on the file, I’ll spend more time on it.
- It’s important that I don’t get involved at certain points to break the confidence with the client and team member.
[spp-timestamp time="33:30"] If you do find a problem, do you solve it yourself?
- It’s case-by-case. For the most part, the team member can deal with it.
- I’m involved with the files, but behind the scenes.
[spp-timestamp time="35:03"] Where do you generate leads?
- The majority of our deals are realtor referrals, client referrals, or repeat clients.
- One of the main reasons to have the team is for me to focus on relationship building with business partners.
- About 60% from client referrals and repeat clients, 30% from realtor referrals, and 10% other.
[spp-timestamp time="37:30"] Where do you find team members?
- We have used our database and a local HR company.
- We like to ask candidates questions about mortgages.
[spp-timestamp time="40:53"] What did your business look like in its first couple of years?
- My dad worked in the same building in a separate office, and then we started working together.
- Whenever we hit a ceiling, we need a new person or a new system.
- The first hire should be an assistant.
[spp-timestamp time="43:13"] Where did you come up with this process?
- I’ve tried to get ideas from different places.
[spp-timestamp time="44:40"] How many hours do you work per week?
- I get in the office around 7 AM and I’m there until 5 PM or 6 PM.
[spp-timestamp time="46:17"] Anything else I should have asked you or you think our audience would love to know?
- Our Office Administrator and Social Media Marketing Specialist.