Online banking is a fairly established practice in our internet-saturated world. Many people are making use of the unique and convenient options that online banking services provide. Yet, if you are a bit behind the times, but still considering the idea of upgrading your current banking practices, internet banking may be the right move. But what if you don't know a thing about online banking? Perhaps, you've thought about being hooked up to a...more
We all know that referrals are considered the "holy grail" of the mortgage business. They're an easy sell, and customers are less likely to shop around. But, the reason why most loan originators don't get a lot of referrals is that they don't know how to cultivate them. It takes time and an ongoing commitment to building relationships.If you're just starting out or don't have a large base of past customers to draw from, consider joining a...more
The following story was shared with me recently, it's been circulating around the net for years and I now share it with you.In the United States of America lies a large industrial city which is the sight of one of the world's largest slave labor camps.Located in and around the center of this city are community settlements where the economic slaves live.Each morning the slaves move in herds like cattle from their small quarters into the slave labor camps. They cram into tiny buses and trains, trend through snow, sleet and inclimate weather. Not because they want to, but because they have to.Each economic slave is at his or her station by 9:00 AM. Here they report to their master for the day's duties. And here they remain chained until 5:00 PM or even later until they're released to go home.The slaves have no choice as to how many hours they must labor. Sometimes they are required to work overtime until their master tells them they may leave and go home.The master can even lie to the economic slave and make up rules and new job duties that weren't covered before, and the slave has no choice but to adhere to the new rules or risk losing their slave job.Each year the slaves are told...more
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...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...more
In my last article, I covered the two main ways to start your own mortgage company. One way, was to go it completely aloneÂ…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...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...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...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