No matter how successful you are, or how many loans you have closed, you should expect hiccups. No loan every goes as smoothly as you think it will. And with all the third parties involved on any one transaction, you can and WILL have problems.Here are some of the most common "hiccups". I thought of about the top 30 I have been hit with. By the way, my Sink or Swim Loan Closing System at http://www.loanclosingsystem.com helps you avoid almost...more
Being a salesperson is never easy. To sell effectively, you must to be willing to do things that challenge you. No top producer has ever reached the upper ranks without first moving outside their comfort zone. Someone recently sent me this poem and I wanted to share it with you. I hope it inspires you to keep challenging yourself and be willing to do whatever it takes to succeed.No one ever said that sales was easy, but a little bit of...more
In my last article, I covered the two main ways to start your own mortgage company. One way, was to go it completely alone apply for your own broker's license, set-up all the relationships with the various lenders, handle all the back office stuff like accounting, compliance, etc. All of this, giving you your independence, but being extremely time consuming.An easier and more productive way for the loan officer wanting to go on their own, is to join an existing company and operate their own individual "net branch". It's where you are working under a head-office, but operating as an individual with all the perks and privileges that go along with independence, but without a lot of the chores and headaches associated with a start-up company. A net branch is simply a way of doing business. Net branching is a term that is very loosely thrown around the industry, and not every partnership opportunity a company offers is a true "net branch". Please be careful.Mortgage companies net branch because it is a way for them to expand their sales force with very little cost or financial risk. Because you are working solely on commission, they don't have to pay a salary. And, if you don't...more
I got a call from a loan officer in Lansing, Michigan recently and he called to tell me that he was an avid reader of my newsletter but was giving-up and throwing in the towel. He said he was burnt-out, tired of chasing realtors, and dealing with customers that play games. He had had enough!When I asked him what lead to his decision, he said that...more
A couple of weeks ago, I mentioned the idea of approaching "for sale" properties (both FSBO and MLS listed ones) as a lead generation strategy. Here is a quick excerpt from the article entitled "Double Dipping Just Like The Real Estate Agents Do":---------POSTCARD MARKETING IDEA"Here is a quick marketing idea you can use immediately to generate...more
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 you say is in one ear and out the other.But you the loan officer, don't care about the rate. Your concern is trying to figure out the customer and seeing what loan program you can get them into. You care about their property type, loan amount, FICO score, etc. Then after all this is said and done, the rate then becomes of INTEREST to you. ;-) But the customer doesn't care about all that!!! They just want the rate! Now won't you just give it to them, so they can hang-up and call someone else? You know what will happen POOOOOFFFF! THEY'RE GONE!One of the best ways I've found to steer a customer off of rate rate rate is to ask open-ended questions. No longer am I just asking about the property type and loan amount, but rather asking...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...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...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...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...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...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