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 of third parties involved in the transaction. You're dealing with appraisers, title companies,...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...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 people, they are ready to buy.* People will take your calls and even return your messages, because they actually inputted the lead and it is not a cold call.* You can begin pricing the loan out before you make the call because much of their information is contained on the lead already.* Online leads exist for all loan types: refinance, purchase, and sub-prime loans.Keep in mind that there are several drawbacks to these types of leads as well:* If you buy from an unscrupulous lead provider, the Internet leads may be old, outdated, or have been resold several times to multiple brokers. (Always look for a money-back guarantee and invest as little as possible upfront, so you can "test" the lead company out).* The customer probably put their Internet inquiry on other websites too, so many other brokers will be calling too. So you have to have your sales pitch down and effectively close the sale. Be forewarned, Internet shoppers are rate...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 another. There are a myriad of choices and literally thousands to choose from! Ultimately, the most...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 take-away today and begin generating actual business from tomorrow.Many of you have emailed me...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 truth about internet leads, and something no one else in the industry is talking about. You won't hear this information anywhere else! It's one of the most hidden aspects of mortgage marketing.Yes, internet leads are a great source for new business. They put you in touch with people whom you may have never been in contact with otherwise, and they enable you to sell loans beyond your local marketplace. There are only so many networking groups, realtor offices, and industry events you can handle. So, in terms of an efficient use of time, internet leads are a great way to have a pile of ready-interested consumers looking to buy now. Internet leads, are people who have eagerly searched for information, filled-out a lead form, and raised their hand, saying "I want the lowest rate I can find, show me what you've got, please call or email me!". In theory, these leads should be pretty easy to close. Yes, in theorybut not in reality. ...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
First there was the refinance boom--historic super low rates where every loan was a vanilla slam dunk. Quick and easy cash and the loans sailed through unscathed.Then came the regular ARMs--because rates were rising and people still wanted those low...more
Words are fun. But how you use them can be extremely powerful. They can immediately change your image from a rookie loan officer into a top producer instantly. Here's how; the words you use when dealing with a mortgage prospect affect the...more
Owners of mortgage companies, please forgive me. I'm about to let your employees in on a little secretthey have to option to leave you at any moment. And, many of them will. New career opportunities are abundant in the mortgage industry. And...more
One of the most profitable low-cost investments you can make in your business is to have a mortgage website that not only creates your company's online presence, but also up-sells the customer on your products and services. But finding a website...more