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By Rob
Real Estate & Mortgage Broker... Creator of the Sink or Swim Loan Closing System
Thank you everyone for
your wonderful responses to my questions recently. I try to offer you as
much "value" as possible in my newsletter, and unlike other
mortgage publications, I cut out the fluff and give you the meat. Useful
information you can use immediately, to help you in your mortgage
business.
I've always believed that if you help someone else achieve their goals,
you will achieve your own goals more easily. If you haven't already,
please give my mortgage system a try at http://www.myloansystem.com.
Below, I've assembled the best answers and now share them with you. You
have all greatly exceeded my expectations! Thank you and may we all
prosper this year!
The questions I asked in my last newsletter
were...
1. WHERE DO YOU SEE THE MAJORITY OF YOUR LOANS COMING FROM IN THE
NEAR
FUTURE?
2. HOW WILL YOU MAKE YOUR FIRM STAND-PUT TO GET PEOPLE TO DO BUSINESS
WITH YOU?
3. ARE YOU GOING TO STAY IN THE MORTGAGE INDUSTRY IF RATES CONTINUE TO
CLIMB?
4. WHAT IS YOUR BEST MARKETINF IDEA THAT HAS PRODUCED THE MOST LOANS FOR
YOU?
5. PLEASE ADD SOME ADDITIONAL COMMENTS ABOUT THE INDUSTRY, YOUR FUTURE,
GOALS, OR ANYTHING ELSE YOU THINK WOULD BE HELPFUL. BE SPECIFIC.
Answers (with credit given, as promised) are shared below...
And, as always, if you are looking to make more money this year in your
mortgage business, please read about special loan closing system at http://www.myloansystem.com.
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1. I believe equally between First-Time Home Buyers and HELOC's for
improvements.
2. Word of mouth and major advertising (which is already done Nationally
on behalf of the Sales Associates.)
3. Yes as well as in the Real Estate business as a Realtor who
specializes in Mortgages and Financial Planning.
4. ME. I LOVE people; I LOVE talking with people and I LOVE telling them
what I can do for them to help them out in the financial and real
estate worlds!!
5. I always wear my name badge and each time I come across anyone, I am
asked, "Hey, do you think you could find a home for [me, my family,
my friend]?" I always respond with an astounding, "YES! I
specialize in Home Loans and finding the perfect home for everyone. Let
me show you what I can do for you!"
Beth Flure, Realtor
Re/Max Gold
Sacramento, California
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1. C/d refi's and purchases.
2. I am the only minority loan officer, so I have began to deal
primarily with minorities.
3. Yes, at least part time.
4. Networking referrals and dealing with people I know.
5. I believe that an increase in interest rate will shake the cream
skimmers out of our profession. I am glad that rate increases are on the
horizon so that we don't spend a lot of time with rate shoppers. I will
continue to do b/c loans (which aren't as rate sensitive) and still
close
4 or 5 per month.
Dane Conyers
(Did not want to share contact information.)
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1. New real estate purchases
2. Bond with real estate agents and or agencies. work with individual
agents and develop a working relationship.
3. That is a silly question. the rates were 12% 20 yrs ago were there
loan officers and brokers then?
4. Gift certificate and magic box.
5. There is going to be a big change in the next couple of months
regarding funding. This will definitely affect the current ranks of the
loan officer. The successful LO who has a system that is not dependent
on clients walking through the front door will survive.
(Did not want to share name or contact information.)
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1. The majority of my loans will continue to come from the partnerships
and relationships I have made during the last decade and a half, during
the refi-booms and the 8% rates we all encountered during the 1990's and
2000. I remember coming out of double digits in the late 1980's, folks
were jazzed to get below 10%!
2. Continue to be the "trusted advisor" by showing the
customers true value by really listening to their financial needs,
taking into account
the various stages of their lives, children in college, retirement,
trade-up/trade-down moving opportunities, etc.
3. Just as rates have climbed and dropped in the past, continuing to
serve the partnerships/relationships forged during the last decade and
half. As well, have a broad and diverse product offering to meet the
changing needs of the customers who will come into the marketplace
during higher interest rate years, as well as being sensitive for those
borrowers who have cash/equity needs through offering of HELOCS/2nds as
a value added product or other refinance opportunities as they arise.
4. Overall it would be a combination of consumer direct marketing to
renters and holding first time buyer seminars - the use of colorful
and/or simple postcards and letters to get the attention of renters,
addressing their fears, and helping them transition into the
"owners" mindset.
5. The real estate industry that we all are aspiring to work in and
continue to make our living from is one of the best career and work
environments that anyone could ask for. Where else can you go to work,
choose to work extra hard and make more money, as opposed to working the
9-5 wage job with little or not change of overtime, bonuses, or
additional opportunities (been there -done that!). The future of loan
officers will continue to evolve where more and more "servicing
companies" are offering consumer direct loan offers direct to the
public, use of technology, basically allowing their customers to
"approve" themselves (so to speak), that small percentage of
the consumer, while a slightly growing prospect, will continue to have
those resources available to them, however those consumers who quite do
not want to "do it themselves" because they have something
better to do, will continue to seek out professional advice from
mortgage consultants who have a broad and define range of skills,
including retirement, tax, and estate planning, etc. Being more than
just an order taker and a "sales person", the loan officer of
the future will be looked upon to fill the role of several hats, which
will in turn create lasting "client for life" relationships.
As far as my goals are concerned, I will always strive to continue
growing in my chosen industry, educating myself, being involved in the
various NAMB and local state mortgage associations, continuing education
opportunities, and other professional designations in order to reflect
the professionalism the industry has been losing due to the large influx
of loan officers whose only care is their next commission paycheck
without regard for the impact the mortgage transaction has on their
customer in the long run.
Continuing to use proven systems to simplify the mortgage loan and
processing flow to ensure accuracy and timeliness are always going to be
a must, such as using the Sink or Swim system to its fullest, offering
the true value that we need to offer to our clients today and into the
future.
Thank you,
Frederic A Din, Branch Mgr/Sr Loan Officer
Carteret Mortgage Corporation
Brawley, California
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1. I see the majority of my loans coming from B/C and new Purchases.
2. By marketing myself as an expert and learning new presentation skills
that are directed to benefit the customer.
3. Yes, I started in this industry a year ago in a new developed
department as a pilot program. I had been in customer service for 4
years and I received very little training in this department. I'm
determined to make my position here successful.
4. I changed my voice mail message to an invitation to talk about
refinancing and purchasing. Because I still do customer service with my
daily intake of calls I give my phone number to all my customers for
calling back for any need that I can help them with. When they call
back, they hear my messages on the voice mail and a few had inquiry
about the products of refinancing. For my leads that are provided daily
to me by my company, I try to lead the call with the savings can be a
result of the product and ask the customer would they like to hear more
about it. I have their attention and its not like I'm taking up their
time, they really want to know.
5. The calls have slowed down or calls that I had made earlier are
calling back trying to get the rate that was offered before the Feds
raise the rates. But the rates are increasing each day. Because I am new
my future will be in learning this business and increasing my knowledge
the best that I can, I receive very little support of help from my
department. They consider it a learn as you go and to be honest
very few of them really know what they are doing. Or it is a well kept
secret. So I went to the Internet and surf for information, bought a few
books from Amazon, and read all I can on being a good loan officer. I
like the industry and I like being of service to people and helping
them to the best of my ability.
Gloria Johnson
(Did not want to share contact information.)
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1. I believe the bulk of future business resides in the purchase money
market. This piece of the market won't go away no matter where rates
go. Those who have concentrated solely on the refinance boom could find
themselves in trouble. Realtors, FSBO, Assist To Sell and an already
established client base of those who were looking for a home and
couldn't qualify or find one are key. Also sub-prime refi's will never
go away.
2. I've had a great deal of success marketing to FSBO. Each of these
people run into an average of 25 to 50 people interested in buying a
home. To work as a third party, not a realtor, in helping them sell
their home and market and so forth is an added incentive for them to
refer those people to you and to use your services when they look to buy
a new home. Small commercial mortgages are also a great market to look
into. There is less competition, the money is very good and they aren't
any more difficult than residential mortgages.
3. If rates continue to increase, that is fine with me. I'm here for the
duration.
4. To make your mark on FSBO and the internet is key. There is a
plethora of opportunity in these fast growing markets and just a few
contacts can get your business growing. Realtor business is also key.
But walking into their offices with donuts and rate sheets just won't
do. Conversley, pepper a few key realtors with leads (people who are
interested in the value of the home) by looking at homes that have sold
in that area and do a search of that area. Follow up with a phone call
asking if they would be interested in knowing what they could sell their
home for, devise a plan on how to approach these people and give the
realtor their contact info. If they treat that lead right, it could turn
into a listing and realtors love listings. Having handfuls of listings
beats donuts anyday of the week. Indeed, I've found, you'll own that
realtor.
5. The future of this industry is stronger than one may think. People
will always buy homes and need financing for commercial properties and
need to refinance their existing mortgage no matter what the rate. My
goal is to double my production from last year and to be considered by
my clients as a trusted mortgage advisor. We get people into the homes
of their dreams and free up money and help save people money. We should
be proud of what we do. Remember, 65% of mortgages are done by mortgage
brokers. There is a reason for that. The trusted mortgage advisor
fulfills dreams and financial goals.
Regards,
Jason Sardi
Loan Officer
First Choice Equity Group
Allentown, Pennsylvania
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1. Direct mail to targeted groups of people (e.g., owners of small homes
w/ growing families who need to trade up; renters who need to buy before
rates go higher; sub-prime buyers, etc.).
2. Present ourselves as consultants, not order-takers or rate-bidders.
3. Yes.
4. News releases to local papers. We just opened our brokerage shop last
month and sent news releases to all the local papers. The first
article generated our first 2 loans. The paper in a large neighboring
town sent over their photographer today to do a new business profile, so
I expect more business will come from that, too. News articles are free
advertising with built-in credibility.
5. I first entered the mortgage business in 1993, when we were coming
off of another refi boom. I filled my pipeline with refis (at 25 basis
points!) in the first 90 days, but concentrated on purchase mortgages by
networking with realtors, getting referrals from ministers (a great
source), and working alongside a mortgage veteran who had more business
than he could handle. He sent the hard-scrabble ones to me and I got
them closed. Learned a lot that way---and began building word-of-mouth
referrals.
Joe Allison, President
Savers Choice Mortgage Company
Goshen, Indiana
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1. New relationships with realtor who I have been introduced to.
2. My companies commitment to purchase business from operations to a
marketing plan "Move in America"
3. Yes, for sure. Refi's come and go, but people always buy houses.
4. Postcards!!!
5. No comment.
Jon Sigler
(Did share contact information).
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1. People have bad credit people who were recently discharged out of
bankruptcy, new home buyers.
2. I will be targeting people who think they don't qualify for a refi or
first mortgage
3. Yes.
4. Referrals have been my bread and butter.
5. I believe that as interest rates climb we are likely to see a decline
in home prices. I would say that the market will correct 20% next year
(after elections). I believe that we will see a record amount of
foreclosures in the marketplace & some banks failing. There is
trouble brewing at Fannie Mae they have too much debt and was ordered to
restate earning recently. The problem is Fannie Mae insures the notes
they hold if too many notes go bad it will have a ripple effect and the
government may have to bail them out. This correction will be profitable
for real estate investors they will be picking up lots of real estate at
a discount. I plan to stay liquid and wait for the market correction.
Then pick up some real estate at a discount.
Karl Gayle
Shekinah Consulting
(Did not mention location).
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1. Referrals.
2. Provide exceptional service.
3. Yes.
4. Word of mouth.
5. No comment.
Lynn
(Did not share last name or location).
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I replied to your questions last week and I hope there were some keepers
in my responses. I thinks it is great that you have such an unselfish,
team spirited attitude. I feel that we should all try to work together
and share knowledge and experiences. In the mortgage industry as in
life, we stand on the shoulders of giants (such as yourself). I am a
relative newcomer to this industry and am very excited about the
potential income as well as the good feeling I get when I have genuinely
helped someone. I feel sincere about my programs and I will not pursue a
program with a client unless there is a true value in it for them. I
have told customers to wait or to stick with there present program at
times when I have nothing better to offer them.
They appreciate my sincere caring and feel very good about referring
people to me. Honesty is key and protecting the customer's best
interests are a priority to me. The success is eminent if they don't
feel that I am desperate or just going in for the kill. I plan to
purchase your closing system as soon as I have the extra money to
allocate to my career fund... Thank you for all that you do for this
industry, we are fortunate to have you!
In answer to your questions…
1. Referral business and repeat customers, knock on old doors for new
business. Keep in touch with your denied loan customers, they can be a
rich source of referrals. Treat every customer as your most important
one, people love to do business with real people, not salesmen. Slow the
customer down and be articulate.
2. By doing exactly what I said I would do. Being honest, dependable and
knowledgeable in all the products I sell. By being punctual and
returning phone calls (even to customers that are denied a loan)
3. Rates will eventually drop again, being creative in my marketing and
tapping new markets will help me stay the course. History ALWAYS repeats
itself.
4. My market is diverse, it isn't about simply writing loans it is about
delivering them. I market myself to my prospects. Go sub-prime and write
commercial loans (not necessarily at the same time). Know your products,
know your competitors products... Knowledge is power and the customers
appreciate it.
5. Hang tough through hard times, when things improve you will be there
already. It is also about B.L.T. (balls, luck and timing). Instead of
looking for a window of opportunity or an open door... Use a Sawzall to
create your own opportunity. A survivor will use lean times as a way to
get creative and tap unknown markets.
All the Best,
Bob Petrucci
Mansfield Mortgage Services
Lincoln, Rhode Island
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How
would you answer these five questions? Email
me at sales@myloansystem.com
and tell me what you would say. I will publish
the best responses in an upcoming issue, and give full credit (a great
way to get free advertising for your mortgage firm).
:-)
Click
here to read just some of the success stories from users of the Sink or Swim Loan Closing System ®...
Click here to see a printout from a recent commissions report with my biggest
month ever!
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the entire system now and start earning more money immediately.
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