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...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 of third parties involved in the transaction. You're dealing with appraisers, title companies, attorneys, underwriting, wholesalers, etc. You've already got a lot on your plate, so adding more "things" or "people" for you to deal with in your office, isn't going to help you get any more loans closed. You want to simply your business and your life.How many times have you been bombarded with rate sheets, special pricing offers, free donuts, luncheons, etc. from wholesalers? How much time did these people cost you? Did they help you close any of your "difficult" loans? Did anything come of it? Are they bringing anything of value to the relationship? These are questions to consider before letting another lender's rep into your office. They can suck-up all your time, and leave you with nothing to show for it. Don't go down a road to...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...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 important factor in any decision is deciding which company will best serve YOUR needs so you can achieve the level of success you deserve. If the company only talks about themselves, then you know who comes first! They do!!!!In evaluating net branches, I thought it best to let you Sink or Swimmers in on a little secret. It's something that nobody talks about and is one of the best kept secrets in the industry. Certainly the net branches won't tell you, but today I am going to spill the beans. I am going to tell you exactly how the net branches make their money, so you can better understand how you will make YOURS.Net branches make money two ways: 1. They make money from you, the loan officer.OR2. They make money from the bank.Most of the time, it is a combination of the two. Here's how it works.Net branches may make money from you by:*...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
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