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Common Mindsets that Hold Loan Officers Back

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No matter how much work you put into your business, if your mindsets aren’t supporting your success, you’re not likely to see the results you want. Sure, the amount of time and dedication we put in matters – don’t get me wrong. But if we have underlying ways of thinking about our work that keep us stuck, we’re not maximizing those efforts. So, what are some of those more subtle mindsets that can hold loan officers back? Let’s take a look:

I Don’t Want to Be Pushy

Especially for loan officers just starting out in their careers, it can take some time to find the line between persistent and pushy. Ultimately, any sales job requires persistence. If you’re always worried about not bothering your prospects, you could be preventing yourself from putting in the effort needed to turn them into clients. I agree that we don’t want to be pushy, but it’s that mindset that can limit us. Instead, I try to think of how I can best create value for my prospects while also respecting their time. I put myself in their shoes. When I think about those things instead of worrying about being ‘pushy’, I’m able to better gauge the level of interaction needed to make the connection.

How Can I Catch Up to My Competition

Maybe you’re looking at other loan officers in the field, whether in your area or people you see online. They seem to be acing it, exponentially expanding their business. Getting inspiration is great, but when this creates a mindset of ‘how do I catch up’, professionals can get into trouble. We need to reserve the majority of our focus for ourselves – our business, our clients, and our goals for growth. When we’re fixated on the competition, we can miss countless opportunities for innovation and expansion in our own business. So, it’s fine to source a bit of motivation from competitors, but a better mindset that ‘catching up’ to them is beating your own personal best. What can I do to improve? What targets am I shooting for? How do I want to shape my business? This kind of mindset will help you surpass the competition, not just catch up to them.

My Current Skill Set is My Only Skill Set

It’s easy to get a bit set in your ways as a professional. After years of experience, it can start to feel like we’re settled into a certain role. Often, what’s underneath this is a fixed mindset. If you believe that you already know all there is to know or that the skills you might be missing are simply out of reach – how can you expect to move forward and progress? By adopting a growth mindset instead, loan officers can stay open to learning and evolving. We can learn new skills throughout our careers, and when we stay open to that idea, we’re much more likely to actually learn them.

I Can’t Afford to Fail

When you think that you can’t afford to fail, you’re likely to start avoiding the risk of failure. This usually means avoiding new things and experiences – it means avoiding uncertainty. When you change your perspective a bit, that also means avoiding opportunity. In reality, maybe it’s that you can’t afford not to fail. Failure is a sign that you’re trying new things, pushing your limits, and reaching for more challenging goals. Of course, we need to be calculated with our risks, but simply avoiding failure at all costs is a sure-fire way to keep yourself from moving forward. When you start seeing failure as a learning opportunity and you reduce some of the fear around it, you’ll allow yourself much more space to grow and evolve as a professional. 

Have you encountered any of these mindsets yourself? Are there other mindsets you find to be limiting in your own experience? If you’re interested in continuing the discussion on how mindsets influence our performance as LOs, reach out. I’d be happy to set up a time to connect.

Don Riggs

VP – Retail Market Leader

NMLS 132702