How many times have you answered the phone and heard "What's your rate?" from a customer? I guarantee it comes-up on every phone call, usually within the first 30 seconds of the conversation. Customers ask it because they don't know any better. To them you are just like every other loan monkey out there. They don't care about you, they just care about THEIR interest rate they're going to get and that's all that want to know. Anything else...more
You have three choices you have in getting your mortgage site up and running. To recap, they are:1. Go it alone and design it yourself.2. Hire a web design firm to custom build a mortgage site for you.3. Use a ready-made instant website from a design company that specializes just in the mortgage industry.My suggestion was that your time is far too limited to waste on trying to go it alone, and your money is far too valuable to spend on hiring a...more
Let your customers know that the best compliment they can give you is a referral.Here is a sample follow-up letter (I pulled out of my personal files) you can use with customers who have recently closed a loan with you. You'll see that it congratulates them on completing the process, re-emphasizes the benefits of doing business with you, and asks for referrals. By acknowledging the customer's involvement in the loan, and following-up with them even after the loan is completed, you can generate additional business opportunities with very little effort. The difference between mediocre loan officers and top producers is often just going the one extra step to make the customer's experience exceptional.SAMPLE FOLLOW-UP LETTER, SENT AFTER LOAN CLOSINGDear (CUSTOMER),Congratulations, you've successfully completed the mortgage process!Please find enclosed copies of any loan documents as well as a complimentary copy of your appraisal. You will want to keep these in a safe place for future reference.With every loan, we strive to make you a "customer for life" through our outstanding service. Every loan experience should be as simple and pain-free as possible and we hope we have exceeded...more
For sale by owner properties, or FSBO's as they are commonly refereed, are some of the best places to look for new clients. If done correctly, they can provide a steady stream of interested and motivated new home purchasers. And at very little cost.As a loan officer, your goal is to become the mortgage source that the FSBO seller will refer...more
As a mortgage broker, one of your main advantages is that you have access to many different lenders and hundreds of loan programs, which you can offer your customers. Having too many lenders to deal with--however--can become one of your biggest problems.As the person between the borrower and the bank, you're responsible for dealing with the myriad...more
FSBO's are a great source of new customers for you, and are an often overlooked demographic. Put yourself in their shoes. (If you've ever tried to sell property yourself, you know what I mean). FSBO's are:* An un-tapped resource that many loan officers don't even know about.* Do-it-yourself types that are independent minded.* Fairly knowledgeable about real estate (or at least they think they are!)* Skeptical of outsiders, because they think you may be a real estate agent, trying to get a commission on their house. (Once you show them you can help them, and for FREE, their resistance melts away).* Most of all, FSBO's are looking to save money on real estate commissions, usually 6% of the selling price. On a $400,000 house, this is $24,000 out of their pocket!FSBO's need:* An outside opinion on the real estate market.* An estimate of the approximate value of their property.* Marketing materials to help them sell their house.* Someone they can ask questions of, and someone who can act a trusted advisor to them during the process.* A way to weed-out all the tire kickers and time wasters that want to view the house, but who are NOT qualified to make a buying-decision (because they...more
One question I get asked a lot is "How do I approach Internet mortgage leads?" As you may already know, I generate 90% of my business directly from these types of leads and have found them a great resource for several reasons:* When you call...more
In the past few issues, we've been discussing net branches, and the advantages and disadvantages of this type of loan origination. I covered the reasons why loan officers decide to go out on their own, and what makes one net branch better than...more
One of my goals is to offer you valuable information that will immediately impact the bottom-line of your mortgage business. What I find lacking in many of the "professional" trade publications out there, is real-life ACTIONABLE information you can...more
One question I get over and over again from loan officers is "Are internet leads a good source for new business?" My answer always is "Well, yes and no. Proceed with caution and please be careful." What I about to share with you today, is the REAL...more
Times are tough, there is no doubt about that. Interest rates are inching up and much of the hub-bub of the refinance boom is over. It's the difficult loans that remain, amongst them mostly purchases. It's time to face facts. The A-paper good...more
I get a lot of emails from loan officers who are currently working for a mortgage company, but are looking to advance their career and go out on their own. When they see the kind of money that can be made in this business, it's no wonder they aren't...more