Ep #50: Rick Elmendorf on Closing 560 Loans

Rick Elmendorf breaks down exactly how a 9-person team closes 560 loans a year, including his loan onboarding handoff system, VA niche strategy, agent selection framework, and the 'sales funnel problem' that breaks most LO-Realtor partnerships. Best for LOs who want a concrete operational and agent-relationship blueprint from a top-1% producer.

Takeaways you can run this week

• Build a 4-milestone loan review system for every file: (1) loan approval call, (2) appraisal-in call, (3) 10-day-prior-to-closing review call, (4) final CD review call — each one is a 'happy call' to both borrower and referring agent.
• Every Friday, pull a Salesforce report of all loans that closed Mon–Fri and email every party to each transaction (borrower, buyer's agent, listing agent) asking how you did. Rick says roughly 50% respond; use positive replies as the trigger to request a Zillow review.
• Tie Zillow review volume to team comp: pay a dollar amount per 5-star review, paid quarterly — Rick is implementing this now to motivate backend staff to ask every satisfied client.
• Use Rick's 'Agent Barometer' (Chapter 3 of his book) before pursuing any agent: (1) avoid exhausting relationships, (2) avoid agents who want to play loan officer, (3) seek excellence regardless of volume, (4) confirm mutual care for each other's business, (5) flag agents who say 'thank you' — that signals respect.
• Run a 'Crash Course Mortgage' for new real estate agents joining a team: 60–90 minutes covering loan application basics, qualifying numbers, loan programs, and red flags. Pitch it to the team lead as a free onboarding resource — you get in front of green agents before they have any lender relationship.
• When disengaging from a file, tell the borrower exactly: 'My team will contact you at these four points guaranteed, and I'm always available — my team will ask if you want me involved.' Have your team end every borrower call with 'Rick's in the office — is there anything you'd like me to get Rick involved in?'

The playbook

1. 1. Receive inbound lead — Rick does a 6-8 minute initial call and creates an opportunity record in Salesforce.
2. 2. Assign to junior LO or assistant to run the worksheet and call the borrower within 30 minutes for green light.
3. 3. Junior LO sends 'Getting Things Rolling' email: confirms what they're doing and attaches the loan estimate.
4. 4. Backend assistant assigned by capacity does walk-in call, structures the loan, gathers docs, submits to processing/underwriting.
5. 5. Backend clears all conditions post-underwriting.
6. 6. Four mandatory milestone calls (loan approval, appraisal in, 10-day prior, final CD review) — each includes a call to the referring agent.
7. 7. Friday post-close report: Rick personally emails all parties to every loan closed that week asking for feedback.
8. 8. File manager follows up on positive responses to request Zillow review with direct link.

Worth quoting

“It's harder to cheat on two than it is one. If the agent and us get together with that buyer, they'll tell me stuff they won't tell the agent.”

“The loan officer does not belong at the bottom of the sales funnel — our job should be helping the real estate agent convert leads.”

Best for

LOs doing 50+ loans a year who want to systematize their process, build a team, and reposition themselves as a true agent partner rather than a passive referral receiver.