There’s no doubt that loan officers need technical skills to crunch the numbers and analyze options for their clients, but these hard skills aren’t the only ones that deserve an LO’s focus. Soft skills, which tend to include more interpersonal skills, are equally, if not more, important. While you might have built your math skills through courses in school, or perhaps you signed up for a training to look at how the market is changing, it’s not always as easy to learn and develop the soft skills that can help you succeed. For mortgage entrepreneurs focused on success, here are several important skills worth building:
Clear Communication
Communication is a foundational element of a loan officer’s work. There are many aspects to great communication, and one of the most important for loan officers to master is translating complex industry concepts and terms into language that their clients understand. This is a key aspect of communication that can make or break a loan officer’s connection with his/her clients. This skill requires patience and the ability to get into your clients’ perspectives. In addition to breaking things down into digestible language, clear communication is essential throughout the day of a loan officer. Whether working with your internal support team or connecting with potential referral partners, effective communication skills truly allow loan officers to excel.
Active Listening
Communication is just as much about listening as it is about speaking. To be a strong communicator, loan officers need to be able to listen as well, if not better, than they are able to express their ideas. It’s one thing to break down the mortgage process for a client, but if you’re not tuning into their specific needs, you won’t be able to deliver the best service possible. Focus on active listening by asking more questions, quieting your mind when someone is speaking to you (e.g. don’t think about your next response, just actively listen), taking brief notes throughout a conversation, and maintaining the type of eye contact and body language that show you’re paying attention.
Flexibility
Loan officers need to be able to adapt. Their schedules may look different from week to week, even from day to day. Sometimes the schedule you planned for yourself gets turned upside down. Whether it’s a client emergency or an unexpected meeting, loan officers who are able to work with changing plans tend to thrive. They’re willing to stay late to finish up an important task, and they keep some space in their weekends for client calls and open houses. This doesn’t mean they neglect their work-life balance, it just means that like any entrepreneur, they approach their business with flexibility.
Marketing
Top loan officers know that to grow and sustain a successful business, they need to invest in their marketing. While we often think of marketing as an external task, it’s really a skill that can be strengthened. Improving your marketing skills may mean refreshing your brand to more authentically reflect who you are, attending a workshop on utilizing social media, or creating and sharing the type of content your audience wants to read. When you view marketing as a skill you can build as opposed to a static item on the to-do list, you take on a perspective that pushes you to excel.
Loan officers need much more than math and analytical skills to thrive in their careers. These four skills are some of the most important for entrepreneurial LOs to invest in, but it’s certainly not an exhaustive list. What other skills are important to a loan officer’s success?
Kirk Brewer
Branch Manager | The Loan Geek | NMLS #150287