Mortgage Loans Guide

In your marketing efforts, you want to be getting new business from multiple avenues. One efficient method is purchasing mortgage leads from reputable leads companies.

Loan officers working in the real estate business whether they are with a mortgage company or working independently can benefit equally for the following reasons:

· Leads provide the right clients · Useful clients maximize the commission and sales. · Mortgage company is highly benefited · Income increases profits and competitive edge

A lead service gets a loan officer started by pre-qualifying prospects and delivering those prospects to the agent. These prospects are ideal because their service, while being a numbers game, does require interested parties. Instead of cold calling or carpet-bombing an area with direct mailers, the agents are put into contact with people who are already looking for what they have to offer.

Leads can play a huge role in paving the way to success by generating a quantity of prospects that are already quality. Loan officers who understand their business know that the more people they see, the greater their chances are of making sales. The chance for making sales is increased even further when the prospects are actually interested in the mortgage deals and loan options.

By diversifying the mortgage investment to include a lead service; loan officers can dramatically increase their opportunities to close a sale. While the odds favor sales when using a lead service, the loan officer still needs to speak to the prospect and close the deal. By recognizing that buyers may be shopping their loan needs for a number of reasons, the loan officer must demonstrate knowledge of the mortgage property as well as generous people skills.

Focusing their target market to clients that are already deeply interested in buying properties will limit the amount of time that might otherwise be wasted spent chasing the wrong prospects. When a loan officer goes after the wrong group of clients, they not only face discouragement, but also frustration and a loss of time they can never afford to waste. While there are no magic cures to finding the perfect sale, a mortgage lead service maximizes the opportunity.

Higher income gives the loan officer a competitive edge. A mortgage company loan officer can improve their leverage and position within a corporation. This gives them the opportunity to gain promotion within their corporation. No matter which mortgage firm a loan officer is working for, a lead service will provide him with the best business opportunity to maximize not only his commissions but also his time.



By: Joe Pahl

About the Author:

Content

For Loan officers mortgage marketing is of utmost importance. They earn not only bread and butter but also a reputation from it. As a loan officer always keep in mind that you keep up with the competition via new marketing concepts and techniques. Marketing can be done in many ways; e.g. through networking. Business cards, mailers, flyers, billboards, radio, television, etc.

The main use of the above named marketing methods is to get yourself and your products in front of your potential clients. Marketing your services has become very important these days. And effective marketing is of much more importance and usage. Internet has now become the most powerful tool of marketing. So it is very important to keep up with the pace of the world via internet.

Almost all mortgage companies have websites that tell people about their services, rates and benefits people can obtain by hiring their company. But as websites have become a trend everyone uses them. What can you do now to make yourself standout in the crowd? Probably create a personal blog, portraying your servicing as a loan officer. This way, you can direct your potential customers here to learn more about you and your products and services.

This way you can also deal with customers far away. You can get clients from other countries as well. Blogs are free to build on the internet so you don’t have to worry if you are unaware of the basic html and website stuff.

There are blogging websites that offer free personalized blogs in just a matter of minutes. You can then add your photograph, biographies and also probably a detail of customers you’ve managed to get in the past along with the status reports. The advantage of blogs is that you can add something new everyday. To catch the interest of clients you can give daily tips on mortgage dealing, useful interest rates and technical aspects of different deals.

To advertise your blog you can put your blog address on your business cards and make it as a signature in your emails. After closing each deal you can ask your customer to give a feedback there. End conversations with customers by asking them to visit your blog, it is a great way for them to get to know you better, which is very important when it comes to building relationships.

Building a blog is very easy and very fun. And it can really be beneficial to you when it comes to building your book of business.



By: Joe Pahl

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If you could improve on one aspect of your business, what would you choose?

Most loan officers would want to make their marketing efforts have better responses. And while marketing is critical to business success, there are other aspects of your business that are overlooked and could have much more immediate results.

This article is going to show you how improving your closing ratio just a little bit can have massive effects on your earnings for the year.

We are going to talk in hypotheticals for a second, so bear with me.

We have two loan officers working in the same office. There businesses are identical in every way. They have the same processors, underwriters, and marketing tools.

The only thing that is different is that Loan Officer A has a slightly better closing percentage than Loan Officer B, and let’s see how this will affect their commissions in the long run.

Both loan officers, through their marketing and prospecting efforts, meet face to face with 25 potential customers each week. They both also average about $800 per closing.

Now Loan Officer A is a better closer than Loan Officer B, but only slightly better.

So out of those prospects, Loan Officer A closes 3 of them, and Loan Officer B closes just 2. That one loan difference means that Loan Officer A is 4% better at closing than Loan Officer B.

Did you see what I just told you? Loan Officer A didn’t close twice as much, or even 25% better. It was just 4%.

Now 4% doesn’t seem like much, right? However, that 4% allowed Loan Officer A to close one more loan that Loan Officer B, and at an average transaction commission of $800, that 4% will cause a difference in gross income of….get this:

Over $40,000! ($41,600 to be exact).

Becoming a better closer is like any other skill that can be studied and mastered through education and practice. Pick any book by Brian Tracy or Todd Duncan, and you are well on your way. Also, take the time to practice scripts and/or roleplay. It’s not just knowing what to say, it’s also knowing how to say it and it will only sound natural through repetition.

So the next time you are brainstorming ways to improve your business, remember how changing your closing ratio (by just a little bit) can generate incredible financial rewards. Just a 4% change caused a difference in over forty grand in income.



By: Joe Pahl

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You make up strategies, contact realtors, and do a lot of advertising just to gain zero results. You never hear back from a real estate agent. All your strategies go down the drain. All your marketing efforts seem to go unnoticed. Feeling like a loser do you always think of quitting everything?

I read a book a few days ago that recounted the importance of maintaining the proper mindset to accomplish your goals in marketing and sales. One illustration really caught my attention. The author Robert Allen compared marketing to popcorn.

He said that if we take the bag of corn kernels out of the microwave, or take the pot of the pan just before they start popping, we won’t get any pop corns. Similarly if we frequently replaced the bag on the heat just to and take it off every time before the popping time is reached, we will only get depressed and frustrated. We would never obtain anything useful with such an attitude. You will always be left hungry.

The same phenomenon is applied when a loan officer decides to market his skills and strategies of the mortgage company he is working for. As a loan officer you should always remember the golden rule than “Nothing is ever accomplished because the consistency is not there, and impatience sets in.”

Loan officers usually jump towards new campaigns and techniques before giving the earlier harvested ones time to reap. Everything takes a little time to solidify and yield results. Success is never instant. It takes in a lot time and patience to get the reward much awaited.

There are few loan officers who are able to design marketing strategies that produce instant referrals and leads for them. Mostly, the programs should be tested by implementing a small portion first. If found successful or even applicable then further steps with proper techniques must be taken. If all your points are on place then only you can hit your desired target.

From the popcorn example above loan officers must also keep in mind that all kernels do not always pop at the same time. There are a few which remain UN popped even after sufficient heat and time is given. Each kernel takes it own required time. Make sure to have loads of patience at hand. People will respond to your services when they are in need of them.

So don’t make decisions in hassle and always remember to follow up you marketing records regularly. There may be a time when everyone around you may need your services in mortgage deals. You must be ready to serve them all times.



By: Joe Pahl

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If you are a loan officer and you are new to the mortgage business, one thing you may not have much of a supply of is mortgage leads.

Mortgage leads can be obtained in a variety of ways. Through customer referrals, networking groups, family members, friends, etc.

However, for a new loan officer, you may need to kick start your mortgage business, and investing with a mortgage lead company may be the way to go.

You probably haven’t heard a lot of great things about mortgage lead companies. However, there are some good mortgage lead companies out there. And if you take your time and do your homework, you may just find the right mortgage lead company to fit your needs and budget.

Here are a few things to stay away from:

Avoid the mortgage lead companies that recycle their leads. Recycling means they sell them multiple times to multiple loan officers.

So, most likely these mortgage leads have gone through the hands of dozens of loan officers before reaching your desk, so stay away from them.

Stay away from mortgage lead companies that buy their mortgage leads from third party companies than sell them to loan officers and mortgage brokers at a profit.

You will never know how many times those third party companies sold those mortgage leads to other mortgage lead companies.

In the beginning, your cash flow may be a little bit tight, so look for mortgage lead companies that allow for a low minimum deposits to start out with.

Also, look for mortgage lead companies that obtain their mortgage leads through web sites they own and operate. This is always a good indication that the mortgage lead is of good quality.

And look for mortgage lead companies that sell real time mortgage leads, and/or sell them exclusively. When you buy your mortgage leads exclusively you can cut out your competition all together.

Real time mortgage leads are also known as fresh mortgage leads, so they are hot off the press once you purchase them. With real time mortgage leads your closure ratio will be much greater and the return on your investment will be that much better.

And why shouldn’t it be? You work hard for your money.



By: Jay Conners

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Many analysts are predicting a very gloomy forecast for loan officers and real estate agents for 2006.

So what are you going to when interest rates rise and the real estate market falls?

If you follow my seven strategies, you will have a fantastic 2006!

1. Goals and planning. This seems obvious, but I would say that 95% of loan originators don’t have written goals and plans to attain those goals. This one step is THE most critical step in this area. How do you expect to succeed if you don’t know where to go and how you will get there?

Take a sheet of paper, and at the top of it write “In the next 12 months, I want to earn $XXX,XXX in commissions.”

Next, break down that number into months. Then you divide the desired monthly commission amount by the average you make per transaction. This will tell you how many transactions a month you need to aim for.

The next part is to list at least 10 actions that will help you reach that number, and you do this for every month. Taking this one step of goal setting and action planning will put you ahead of 95% of the other loan officers out there, so go do it.

2. Use technology effectively. The true power of technology is its ability to automate your business, thus allowing you to focus on other business building activities.

Do you know what an autoresponder is? It is a simple email program managed by a third party company like GetResponse (www.Get-Response.com) that will automatically respond with a message of your choice whenever an email is sent to it.

Here is one way you can use it to get more leads automatically. You place a classified ad in the newspaper promoting a free report called “7 Mistakes First Time Home Buyers Make When Choosing a Lender.” All you ask is that the prospect sends a blank email to freereport@abcmortgage.com.

Here is where the magic happens. When the prospect sends them email, the autoresponder automatically sends them the report. You can then set up the autoresponder to send them a series of follow up emails a day later, 5 days later, 2 weeks later, heck, even a year later.

And this is all done automatically, whether you received two responses or two thousand responses.

With an autoresponder, it will automatically contact them, and keep you fresh in their mind. With the low cost of autoresponder services, it is a true wonder to me why more loan officers don’t use them.

Along with autoresponders, there are websites, automatic greeting card mailings, 1-800 hotlines, virtual tours, business card CD-Roms, etc.

3. Maximizing the potential of your database. It is amazing to me to see how much time the average loan officer spends in getting new business, and how little attention he gives his database of past customers.

What most of them fail to realize is that their database of past customers is their goose that lays golden eggs. It has been proven over and over again that it takes more time, effort and money to get business from a new prospect than it does to get business from a previous customer.

Successful loan officers see their databases as an asset. Sure, they too are actively marketing to find new prospects, but they spend a much greater time tending to their databases then the average loan officer.

Using a quality contact management software like Act! (www.Act.com) can make caring for your database a breeze.

4. Develop two new referral sources each month. Loan officers have enjoyed the amount of refinance business in recent years. However, the steady rise in rates has shifted the focus back to finding purchase and new construction business.

All you need to do is find two quality referral sources a month. At the end of twelve months, you will have 24 referral sources, and that should provide you with a decent amount of new business leads.

The best referral sources I have found for originators are: real estate agents, builders and contractors, attorneys, financial planners, insurance agents, and human resource managers.

Each month, research and pick out 10 potential referral sources. Send each one a letter of introduction, and let them know that you will give them a call to follow up. Whatever you do, DON’T ASK FOR REFERRALS. Not yet.

Tell them you are looking for professionals to send YOUR referrals to.

If you do all of this, out of your original ten potential referral sources, you should end up with 2-4 to choose from. Repeat this process each month and you will have a steady stream of business coming from these referral sources.

5. Perform three direct mail marketing campaigns. With the advent of email and websites, fewer and fewer mortgage professionals are doing any sort of mail campaigns. I recommend doing 3 campaigns, two focused at your previous customers and one at farming for new prospects.

You should be connecting with your database throughout the year, but these two mail campaigns should be directly focused at asking for new business from them.

The previous customer campaigns usually consist of a letter thanking them for their past support and asking them to help grow my business with referrals.

Sometimes I include a survey or referral form and self-address prepaid return envelope. Usually as an incentive, I offer a gift certificate as my way of saying thank you.

The response rate is higher than normal, and results in leads and immediate business.

I referred to the third letter as “farming for new prospects.” I don’t mean a geographical farm which most salespeople direct their marketing campaigns at.

You can purchase a mailing list for any type of potential customer that you want. Let say that you want your ideal customer to be between the ages of 35-50 years old, have a household annual income above $100,000, have a loan-to-value on their current residence less than 70% and have a credit score over 675.

Did you know that there are mailing companies that can get you a list of names and addresses that fit the criteria of your ideal customer? It’s unbelievable.

This allows you to tailor your mail piece to that exact prospect. So much so that you would be able to relate to him at a deeper level them the average business letter getting to him.

6. Start or join a business network. A business network is a group of professionals in related but non-competing industries that meet regularly to exchange ideas and referrals. The most famous business network organization in the world is Business Network International (www.BNI.com).

So I recommend that you either find a local chapter of BNI in your city, or start a business network group yourself.

Most groups contain a real estate agent, an insurance agent, a loan officer, a financial planner, an attorney, a home inspector, an appraiser, etc.

This group is a perfect environment to share ideas and leads because of the crossover of needs and services.

For example, a couple comes in to talk to their financial planner. Their youngest child just moved out of the home, and they are looking to sell their house and move into a smaller condominium.

At the next business network meeting, the financial planner brings up his customers’ situation. This results in a lead for the real estate agent (to sell their home and help purchase the condo), the loan officer (who can help with the financial of their condo purchase), the home inspector and the appraiser.

All these leads from this one couple. Do you now see the power of being involved with business network groups?

7. Create publicity once a year. Local newspapers, radio and television stations love reporting about what I call “feel-good” news stories.

As a loan officer, you have the fortune of helping people who need it on a daily basis. And if you do happen to get some media exposure, you will get instant but temporary fame that will give you an immediate increase in business.

Finding a way to help and getting the local media to notice it and report it is challenge, but the possible upside would be remarkable. Some things you can do: help poor credit customers, volunteer at Habitat for Humanity, help those who don’t speak English, give out free pumpkins at Halloween, give out free turkeys at Thanksgiving, hold a fundraiser dinner to benefit the homeless, etc.

Before the event, be sure to tell every media outlet in your area so that they can plan to attend.

No matter what happens to the market, you can confidently predict your success by following the seven strategies that I have presented.

Ultimately, you have total control over the amount of business you can generate, even if the gloom and doom industry analysts are correct with their predictions.



By: Joe Pahl

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Sometimes it’s all a matter of being different, and truly standing apart from the crowd.

As loan officers, we tend to get the same advice from our managers, we read the same books and listen to the same audio programs.

We want to find new business, but we are all being told to find new business from the same sources (so the effectiveness of any marketing that we do is diminished to some respect).

I love watching salespeople take bold actions when it comes to marketing and prospecting for new business.

I knew of one loan officer who ordered 100 pumpkins a few weeks before Halloween. He had made an arrangement with a local supermarket to use a portion of their parking lot to give out the pumpkins.

He placed an ad in the paper, put a few flyers in nearby grocery stores, diners and laudromats, and was lucky enough to have the local newspaper cover the story the morning he gave out the pumpkins.

It was a huge success!

The turn out was overwhelming. He ran out of pumpkins with two hours of starting, but he met 100 people and couples that day, and he walked away with 8 good leads for immediate business.

Was it hard work? Sure it was, but it all paid off many times over. And the reason why it paid off was because the average loan officer just wouldn’t have done it.

Another young and ambitious loan officer really pushed the envelope.

He had just started out and was looking for a way to break the ice when meeting new real estate agents. So this is what he did:

He went to the local discount shoe store, and purchased 5 pairs of plain black shoes (they were about $5 a pair).

He printed small labels to put on the shoelaces that read:

Hi. My name is John Smith and I am trying to “get my foot in the door.” I will be back to your office next Tuesday morning to meet with you.

He then went to a real estate office that he was going to focus on this month, and place one shoe in each of the mailboxes of the agents.

Was this a little much? Possibly. And I wish I could have seen the real estate agents’ faces when they pulled their shoes out of their mailboxes.

But the young loan officer did break the ice and he did get a very productive referral source from that office. And even till this day, whenever someone from that real estate office seems, they say “Hey, you’re the guy with the shoes.”

So think creatively with your marketing efforts. Stand apart from the average loan officer. Be different and be remembered.



By: Joe Pahl

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Word of mouth marketing strategy is the best and cheapest way to promote your services as a loan officer. The trick of work of mouth marketing is hidden behind the correct usage of your resources to generate maximum results and revenue. On such resources is a collection of your main clients. These are those clients who contribute largely in maximizing your earnings and sales. These people keep you in business. They always have one or other property to buy or to sell. Word of mouth marketing strategy is most effective through these main clients. As their social circle consists of people dealing in the same field as they do. If you benefit them, they’ll definitely recommend you to others also.

You should always stay in contact with such clients. Keep you conversations and dealings positive so that they always remember you and your services. Motivate your relations with them to such extent that they invite you to different gathering and business functions. This way you will tend to meet more people who can end up being useful clients for you. You will be talked about in the gathering and people interested in mortgage deals will approach and contact you themselves.

You must offer you main clients some value added services. This will make hem happy and engulf them in doing more deals with you or recommending more clients. You can then approach those people by the reference of your main clients.

Select a few employees or other loan officers like you and distribute the list to your clients so that there is always some one to attend them if you are away. But make sure that those employees of yours never commit any kind of mistake that may offend your clients. Mention about your key clients, dealing in your loan business, in your newsletter. Free advertising will certainly exceed their expectations from you.

Greet your customers with cards on their special days such as, their anniversaries, some cause worth celebrating, birthdays, achievements and awards, to name some. Do ensure that their family members are not left out.

Gather feedback from your key clients and incorporate their suggestions. Let them know that you have implemented their suggestions.

Your key clients drive your business. Their word of mouth publicity will accelerate your growth as a loan officer. Gain the maximum benefit by delighting these high-value customers and stay tuned in your business!



By: Joe Pahl

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I am witnessing an alarming trend.

More and more loan officers are relying on email as their primary and sometimes their only way to communicate with their prospects.

Don’t get me wrong. Email is great. I love email. It’s free, fast, and you don’t have to play phone tag. With a client whose loan is already being processed, email and a few phone calls is enough.

But email is not enough when working with prospects. To me, a prospect is someone you know is interested in a mortgage but has not committed to working with you.

I was going over the follow up plans of one of my coaching clients this morning when I noticed that even though he had 6 steps in his follow up plan with hot prospects, 5 of the 6 were by email.

As loan officers, we use email and the Internet all day, every day. But not all of our prospects do. If you are only following up with clients via email, you are missing the boat. But at least you are following the trend. As more and more loan officers follow up only through email and phone, this gives the smart ones a great opportunity to stand out from the crowd.

If you want to stack the odds in your favor, I suggest you find ways to WOW your prospects. WOW them to a point that you are their only choice for a loan. Is it hard to do? No. But it takes creativity and a little work.

Email is the lazy loan officer way to follow up. The lazy loan officer thinks, “Hey, I’ll just write the emails once, load them onto an autoresponder, and whenever I get a lead, I’ll add them to the list. The autoresponder will send out the emails for me and I can sit back and relax.”

That would be true is email alone was enough. But it is not.

Put yourself in your prospect’s shoes. Say you are looking for a financial planner. You can find ads for investment advice and planning everywhere you turn. They offer free seminars and free consultations. They will advise you for free on how to structure your portfolio to see if you are diversified enough. They will send you free information until you beg them to stop. Sounds just like the mortgage biz doesn’t it?

So let’s say you visit a planner and like what he has to say but can’t decide to pull the trigger. After all, you don’t want to choose the wrong planner. You might get ripped off for several thousand dollars. So you tell him you will think it over.

As soon as you leave the planner adds your email address to his email list and you start getting emails once every 4-5 days. You read the first couple. They are well written and make good sense but without a compelling reason to hire him right now, you act like most normal people act and you put off making a decision.

The next weekend, your brother-in-law hears you are looking for a planner and says you’ve got to talk to his guy. “My guy’s a financial wizard!” he tells you. And your brother-in-law even goes as far as to give your phone number to his guy, who calls you on Monday. You arrange to meet with him and he says pretty much the same thing the first planner told you. So you decide to go ahead with him. This guy comes recommended, he is about the same as the first guy, and how many more planners are you going to interview anyway?

When you get home you have another email in your inbox from the first planner. You skim it and hit delete. You hope the first planner never calls you because you will feel guilty telling him you went with someone else. And lucky for you, the first guy never calls. All you get are his emails, which after three weeks, don’t even get opened anymore.

This same scenario plays out in the mortgage business everyday. Two or more loan officers fighting for the same loan and neither one stands out. Neither one offers a compelling reason to choose one over the other.

If you want to win more battles, if you want to stand out, don’t settle for the lazy way. Incorporate other forms of follow up besides email. Here are some examples:

postcards

thank you notes

a singing telegram

a letter

a bobble head of yourself

a huge box delivered by UPS with nothing it but a fake check

a bouquet of flowers or balloons

the list is only limited by your imagination

The more unusual, the more you will be remembered and the more applications you will be processing.

Let’s go back to our fantasy scenario. Rewind back to when you leave the office of the first planner. In addition to putting you on his email autoresponder, the planner takes five minutes to write you a thank you note and mails it so you get it the day after meeting with him.

Two days later you get a large envelope from him in the mail with a cd in it. As you drive to work the next day you listen to the cd which is of the planner interviewing several of his clients who are raving about how great he is and how wonderful it is to work with him.

Seven days after meeting with him, you get a FedEx envelope from the planner. You open it to find a letter with a $100 bill stapled to the top. The letter says that it has been a week since you met and that by not using him, you have cost yourself several hundred dollars. But being the nice guy that he is, and knowing how busy you are, he is offering you $100 as payment for another meeting. He then calls you later that night to schedule the meeting.

A couple days later your brother in law tells you about his guy and you go to meet with his guy on Monday. But you can’t sign up because you like the first guy and you already accepted $100 to meet with him on Tuesday.

You do meet with him on Tuesday and he convinces you to work with him.

By taking extra steps and being proactive in his follow up, the first planner converted you from prospect into client. It cost him a little: $1 for the thank you note, $2 for the CD, and about $110 for the FedEx Letter, but when the commission is several hundred or thousands of dollars, isn’t it worth it?



By: Ameen Kamadia

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With the many career choices that are available it’s hard to decide which one is the right career choice for you.  However, if you are reading this article, it is because you probably have decided to pursue a loan officer career and are interested in learning all there is to being successful at it.

If the career that you want to learn about is indeed a loan officer career, then keep in mind that there is a lot to learn.  By this I simply mean that to be good at anything you have to learn everything there is to know and it’s the same with a loan officer career.

Most loan officers will start their learning process by getting their foot in the door at some kind of financial institution by being a teller or a customer service representative.  This is a wonderful way to learn a lot about the banking business and how well you will like dealing with people and solving their problems.

By saying that you want a loan officer career, you are actually being very vague because there are so many different levels.  You can become a mortgage loan officer, a general loan officer or several other options.  Depending on what you are interested in, any one of these loan officer career choices is one that you will be happy with.  If you are unsure which you would best be suited there are a number of books available that explain the ins and outs of all of them.

When deciding to have a loan officer career you have probably thought about the income aspects of it all.  For some that is the main reason that they chose a career, the payout.  Unfortunately though that is all that they look for as reputation and all doesn’t matter. 

Many loan officers that work really hard at it and make that their main focus in life have been known to make over a hundred thousand dollars a year.  But they didn’t earn that money by sitting and waiting on business to come to them.  They worked at bringing in business and closing loans and finding more to close.

The median income for a person to have a loan officer career is around $44,000 a year with a range of $32,000 - $63,000 the average.  There are some companies that will offer a commission instead of a salary whereas others will give some sort of benefits to their loan officers such as free banking services.

The hours that one can expect with a loan officer career are the usual officer hours that any business would have.  Again, for those that make it their life to be closing deals to make their company the most it can, well those hours can be a little longer than the usual. Generally, when the bank is open the loan officer is there.  That works the best as both the institution and the loan officer can make the most that they can when they’re in the office.



By: Ryan Fitzpatrick

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