Case Study: How This Loan Officer Discovered $300k

January 4, 2022
Case Study

Above all, *Eric cares about his family. When our team helped him discover that he had unwittingly priced himself out of $300k, he made a big change with a lasting impact.

Running a business and closing deals are a means to an end for Eric. Being an independent loan officer means that he's in control of the money that he makes, and more importantly, his time! While his assistants allowed him to leverage his time in the business to focus on more important tasks at hand, there was a still a problem.

Eric had time-sucking work that he seemingly couldn't get away from. Tedious tasks like accounting and budgeting were necessary for his business to survive, but they were confusing and chipped away at his most valuable resource: time. He spent hours trying to reconcile his books and keep track of all the expenses and income flowing in and out.

His business wasn't thriving and he felt it.

Time for a Change

After a recommendation from a mentor, Eric chose to partner with Amarlo to take over his bookkeeping and build a new accounting workflow. Our team worked closely to uncover Eric's financial story – one that was previously shrouded due to a lack of time and quality information. After reconciling his books each month, we met together to talk about his goals, report on the sales data that had been compiled, and the progress he was seeing.

Through our conversations and analysis we discovered a massive growth opportunity!

Our team always tracks key metrics for our clients, like average loan compensation. Over the course of a few months, it became clear that Eric was slightly undercutting industry standard pricing in order to firmly secure deals. As a result?

Eric missed out on over $300,000 in additional compensation. 25% of his total revenue!

After going through the data with Eric, everything clicked. While he knew that he had been providing competitive pricing on each loan, he had no idea what kind of an effect it was having on his business. He lamented the fact that he could've leveraged this money to help others, to take care of his family, and to grow his business.

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Expensive Lessons Make for Thriving Businesses

While Eric may have left over $300k on the table previously, he's since adjusted how he views his business. His philosophy has become more about ensuring that his deals are mutually beneficial for all involved so that he can continue to help as many people as possible!

It's unfortunately all too common for independent loan officers and mortgage brokers to run their businesses without understanding what's actually happening. The mortgage industry is such a fast-paced environment, who can blame them!

The truth is, small businesses like Eric's can get a firm grasp on their financial story; they simply need some help. When you're ready to transform your mortgage business, we're here to help.

*Names have been changed in order to ensure the privacy of our client and their company. All generalized figures remain accurate.

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Jeremy Millar
Written by:
Jeremy Millar

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