What does the top-producing lending officer (LO) in the country have to say to other mortgage lenders? “Mindset is everything. More critical than training on skills is training on having a strong mindset,” said Matt Weaver. Weaver is the No. 1 LO in the U.S. for purchase mortgage origination, and he is taking the stage at HW Annual. During the Peak Performers sessions, Weaver will share his 10 points to high-level loan originations. Weaver currently serves as an originator at CrossCountry Mortgage. Click the link below to register for HW Annual today and see Weaver share his lessons learned.
Weaver spoke with HousingWire to share his excitement for HW Annual and give attendees a sneak peak at the topics he’ll discuss on stage.
HousingWire: What do lending executives need to understand when it comes to supporting top producers?
Matt Weaver: First, it is important for executives to identify what an originator loves to do and who is the customer they love to serve. Because, as an originator, my No. 1 competitive advantage is singleness of purpose. I know who my customer is. My customer is the real estate agent. I think it is so important to understand who your customer is because then you can understand how to serve them at the highest level possible.
There are so many facets of our industry that you should specialize and work with whom you love to work. If you love it, be excellent at it.
HW: What are the common misconceptions surrounding growth in this market?
MW: I think the misconception is self-inflicted. The misconception is about how much we can accomplish as individuals. Loan officers — myself included — need to strengthen their mindset. In today’s market, it is very easy to have a weak mindset. It is very simple to say that 2020 or 2021 were such great years, those were the good old times. By thinking that way, you’re already giving in to the fact that you won’t be originating at those levels anymore.
I try to think of those years as stepping stones. My job is to grow from that point, so those years are my new benchmark. I’m not accepting anything less. I don’t allow external factors like interest rates and the economy to affect my mindset, my daily activities or my goal-setting. The misconception is that it is harder out there now.
HW: What has been your winning strategy for staying No. 1?
MW: In 2022, my team and I created a mantra. “Winning is the only option.” We have been saying that to ourselves and to each other ever since. It really serves as a powerful affirmation to us that we aren’t going to accept just anything from the external world.
HW: What do other LOs need to know to improve their business strategy?
MW: As far as the inventory levels go, this is something that I’ve been focusing on and specializing in for years. It all goes back to knowing who the customer is. My team, we work hand in hand with real estate agents, showing them how to compete and win in a multiple offer situation.
Back in 2010, I created a structured offer process that real estate agents can follow, compete and win in a multiple offer scenario. When you look at a sales contract that is obtaining mortgage financing, 70% of the components of that offer are mortgage-related. For example, there are timelines within a sales contract that are directly tied to how fast a lender or a loan originator can deliver on those timelines. So, if I can deliver faster than the other offer, the seller is going to select our offer over the competitor’s.
It all goes back to the singleness of purpose. If I had multiple customers, there is no way that I could achieve this. But, by serving customers to the highest level, we understand their pain points and deliver a solution.
HW: How do you plan to continue your outstanding level of production as the market changes?
MW: It’s just going to keep getting better and better. Me and my team are the antithesis of complacency. If we have an excellent day of applications, we are always asking ourselves, “How do we increase that by another 20% or 30%?”
Our mindset is an abundance mindset, not a scarcity mindset. For 2023, we feel that we are going to end the year very strong. In 2023, I think we are going to see interest rates subside a little bit. A lot of loan originators will go back to refinances, which will put less pressure on the real estate community because right now they are getting a lot of calls from loan originators. We are going to see a healthier mix of refinance and purchase business.
HW Annual is HousingWire’s capstone mortgage event, connecting leading professionals from the housing economy seeking to grow, innovate and win market share. This is where strategies are formed, deals are inked and lifelong relationships are solidified. Remember, HW+ members receive special perks like 50% off HW Annual tickets, so go here to become a member. Haven’t received a discount code yet? Reach out to us at firstname.lastname@example.org. Join us in Austin, Texas October 10-12 for community, content and commerce.