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...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 he had only been in the industry for about a year, and had to learn everything himself along the...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 new business. Send a postcard to all the new property for sale listings in your area (whether they are on MLS or are FSBO's from the newspaper). Often times, the person selling the property hasn't yet lined up financing for the "new" property they are buying. And this is a great way to get new purchase loans lined-up early and fill your pipeline. Realtors have been "double dipping" on commissions for years, selling one house and getting another commission on the new deal. If they can kill two birds with one stone, so can you!Combine this pro-active postcard technique with your own lead generation site and you'd have a killer combination. Certainly something to consider in this competitive rate environment."---------A got a lot of emails back, asking what to put on the postcards to get attention. Here a few great headlines you can use...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...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...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...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
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