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...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 interested home buyers to, to get pre-qualified. And don't forget that the FSBO seller may be looking for a new property as well—and with that a new loan. If you work the arrangement properly, you can get loans coming from both ways.Here are some of the best places to locate FSBO's in your area:* The real estate classified section of your local newspaper.* The Want Advertiser Magazine, and other small local buy/sell classified ad magazines. To give you a sense, a similar magazine is the Auto Trader, but there are ones out there that deal specifically with items and property.* Drive around the neighborhoods you know are hot markets.* Ask real estate referral partners such as realtors (they look for FSBO's too, so may have seen one), appraisers (most FSBO's will an appraisal report to justify a price), real estate attorneys (FSBO's...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...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...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
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