Every day I hear from loan officers across the country who are fed-up with low commissions and dwindling paychecks as the reality of the new mortgage economy sets in. They've had it and many can't hold on much longer. Others take a more balanced view and decide to hanker down and weather the rough seas ahead by changing their approach.Here are some things to keep in mind when you feel defeated and are ready to give up.* With all things being...more
Keeping up-to-date on everything going on in the mortgage industry can be a daunting task. With all of the coming changes from HUD and RESPSA, staying aware of rules and regulations is not only a necessityit's an absolute must! You do not want to risk a career you have worked so hard for!Here are some of the best mortgage publications every insider reads. You should too! Not only is there plenty of information regarding RESPA's new rules,...more
With the rise of interest rates and the drying-up of the refinance market, it makes sense to transition your business to the purchase money market. After all, home purchase loans will become the bulk of your broker transactions and it is only prudent to be prepared to capture these leads.Of course, you will always have the occasional debt consolidation, or divorce cash-out refinance, even some b-paper subprime loans. But, the majority of your coming business will be in the purchase market and you must make efforts to get out there or you will not survive. The days of the ringing phone and order taking are over.One of the questions I get asked over and over again, is how to best approach realtor offices. Aren't they the ones with purchase loans? They hold the key, right? Yes, they do. But, why should they just "give" you loans? What's in it for them?How many times have you called a realtor and they've said the following:"We're already working with someone.""We don't give our business away.""We don't know you.""Why should we work with you?""We don't want your free donuts!"They're saying this because they've already been raked over the coals by about 200 other loan officers. ...more
One of the most frequent questions I get asked from loan officers is, "How can I go out on my own and start my own mortgage company?" Often times, the person is sick and tired of low-commissions, office politics, too restrictive a time-schedule, etc. There are hundreds of reasons why they want to get out.They see the money other loan officers are...more
When I was a branch manager, there were always certain traits and skills I looked for before deciding to hire someone. After years of experience, and learning things the hard way, I know what it takes to be successful. Not everyone is cut out to be a loan officer. The mortgage business is like no other, and it takes a certain type of person to...more
What sets one loan officer apart from another? And how do some people become "top producers" in their office, while others slowly squeak by? Surely, we all have the same amount of time, resources, and intelligence (debatable?!) available to us. So why do some loan officers fail, while others succeed? Here are some points to remember which will help ensure your success Take control. Stay on top of things and be sure monitor your loans as they progress on their way to the closing table. Always be aware of what stage a file is in during process. Don't trust anyone else with your commission check. Stay aware of any problems that arise, and work with your processor to fix them. If you can help speed things up, please dobut not at the expense of making new sales! In my office, Nancy and I have a communications system in place (namely, my mortgage closing system). I religiously write down every detail of a file and go far beyond just the 1003. Questions I ask include: "When are your taxes due?" (Useful for estimating accurate escrows). "Will you both be available to sign closing documents in the next 30 days?" (Useful for scheduling purposes, I want to know ahead of time if...more
Converting accounts receivable into cash is a critical process in the development of a healthy cash flow. While booking a receivable is accomplished by a simple accounting transaction, the process of maintaining and collecting payments from your...more
To survive - to hang in there - to keep your head while all around you others are losing theirs - to stay in play - is a critical skill of leaders. Let's face it - even the most astute, successful person will suffer setbacks, and surviving and...more
Many supervisors, managers and team leaders bemoan the fact that their team is not totally engaged with what he or she is trying to achieve. Is it poor communication on the boss's part? Lack of direction? Lack or little motivation from the team...more
Author: Esa Jemis Are you in the market to purchase satellite TV for your PC? Whether you have just heard about this great service that many people are becoming attached to and leaving there present cable service I have listed some valuable tips on...more
I hate to say it but simply paying your bills on time is not good enough anymore. It used to be that all you had to do to have good credit was make sure you paid all your bills on time. Today, this is so far from the truth it isn't funny.Now days,...more
The vast red and blue oceans of the marketing world tsunamied into our awareness and vocabulary a few years ago, when two INSEAD professors, W.Chan Kim and Rene Mauborgne, claimed that competition can be rendered irrelevant.Their book, Blue Ocean...more