If you do, says this originator, someone will steal all your presents
Jon Overfelt (pictured), director of sales at American Security Mortgage, started his mortgage career with GMAC, then via Academy ended up with Wells Fargo Home Mortgage. Then, following a four-year stint from 2018 to 2022 with Guaranteed Rate, he took the plunge and joined the ownership group at American Security Mortgage Corp.
‘You can’t take the whole month off’
Growing up in North Carolina, he was exposed to the real estate market early – his mother was a real estate agent – and once Jon is in on anything, he’s all-in, which is why he believes that everyone in the mortgage industry should take the same approach he does. And this full on, never-slow-down approach runs year round – especially as we approach the holiday season.
“You can’t take the whole month off,” he told MPA, underscoring the competitive nature of the industry. The temptation to ease up after Thanksgiving and coast through December is common, especially with Christmas around the corner. But Overfelt warned: “In this day and age, you can’t really take any time off.” The reality is, there are more loan officers than there are deals to be made, and “if you take just a little bit of time off, somebody else is going to come in and take the business.”
Over the last few years, the competitive landscape is very different to the market of a few years ago. Even though unit counts are down, Overfelt points out that loan amounts have risen significantly due to higher home prices. This creates a buffer for some originators who can survive on just one or two deals. “One or two units is decent money, whereas years in the past, one or two units wasn’t going to cut it,” he explained. It’s this dynamic that has slowed down the exit of marginal players from the market. “That’s what’s kind of slowed the pace of people dropping off,” he noted, highlighting how the inflated loan amounts allow those on the fringes to hang on a little longer than they otherwise would.
During this slower time, Overfelt sees an opportunity for loan officers to lean into their networks. He suggests using the holiday period as a time to reconnect with realtors, builders, and clients, when their attention might be easier to capture. “Just because it’s a slower time of year, it’s probably easier to get their attention than it would be any other part of the year,” he explained. With people more reflective and focused on family during the holidays, Overfelt recommends showing gratitude as a strategy for maintaining relationships. “Show them some sort of gratitude,” he said, whether it’s thanking them for past business or simply checking in on how their family is doing.
The issue of competition isn’t just about the volume of business, though. Overfelt brings up an important point about the need for loan officers to set clear goals, especially as they transition into the new year. He suggests loan officers take a more data-driven approach, urging them to “reverse engineer” their KPIs. “I would start measuring how many credit pulls do I have to get to get five deals,” he said, breaking down the steps from applications to closed loans. This type of granular tracking is essential for maintaining momentum and setting realistic targets for the coming year.
‘Mortgage companies are getting better at moving the mortgage through the system’
Loan officers need to handle consumers who are hesitant to move forward due to financial stress, especially during the holiday season. Overfelt’s advice is simple: empathy. “I would try to get to know the consumer,” he said, urging loan officers to ask about their clients’ long-term goals rather than focusing solely on the immediate transaction. Whether it’s a refinance or a new home purchase, Overfelt emphasized the importance of understanding the client’s broader life plan. “I would ask those questions, try to figure out what the person really wants, versus making it transactional,” he said, noting that many loan officers miss the human element in today’s fast-paced environment.
Overfelt stressed the importance of learning and skill development for loan officers. The mortgage industry is becoming more automated, with technology handling more of the administrative tasks that once required human oversight. “Mortgage companies are getting better and better at moving the mortgage through the system where the loan officer doesn’t have to babysit as much,” he said. This shift means loan officers will need to focus more on their marketing and sales skills. “What is the loan officer going to have to do? They’re going to have to become really, really good at marketing, and connecting vs. communicating” Overfelt said.
