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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

(click the timestamp to jump directly to that point in the episode.)

[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.

[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.

[2:28] How old were you when you started?

  • I’m 34 right now.

[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.

[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.

[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.

[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.

[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.

[10:54] How long is that initial call?

  • Normally 2-4 minutes depending on detail.

[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.

[12:42] Approximately how many leads are coming in per month?

  • 80-90 leads per month.

[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.

[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.

[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.

[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.

[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.

[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.

[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.

[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.

[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.

[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.

[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.

[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.

[43:13] Where did you come up with this process?

  • I’ve tried to get ideas from different places.

[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.

[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.