Home » April 1st, 2008
Entries posted on “April, 2008”
The current state of affairs in the mortgage industry nationwide has made the profession of being a mortgage broker, banker, originator and marketer a very difficult task. In fact, it is down-right embarrassing in some situations. How I feel about it, or you feel about the industry is really insignificant. What is important is how does the general public see the industry? How do your former customers view the industry? If your livelihood depends on closing loans, then you have to find customers who are not only qualified for a loan by today?s standards, but who is also willing to work with you. In many parts of the country where foreclosure rates are record highs and public trust of mortgage professionals is at a record low, this is a daunting task. I have had many mortgage professionals contact me over the last couple months telling me of their struggling business. The most asked question is, ?How do I find customers who are willing to work with me and qualify for a mortgage?? Here is a technique that could help, called ?framing the situation.?
April 1st, 2008 | Posted in Archive,Articles,Tip of the Month | Read More »
If you are trying to survive in this market there is no better niche to jump into than Reverse Mortgages. This month we bring to you an industry leader in the Reverse Mortgage market ? World Alliance. Find out more about their company and how they?re helping forward mortgage originators join in on an expansive, growing niche.
? Tell us about World Alliance Financial and the services the company offers.
World Alliance Financial is one of the leading innovators in the reverse mortgage industry and the third largest originator of reverse mortgages in the nation. The company provides comprehensive lead-to-close loan services to a nationwide network of mortgage companies through marketing, lending, education and technology solutions. World Alliance Financial educates consumers on the unique aspects of reverse mortgages through the Senior Lending Network, our national consumer education campaign.
April 1st, 2008 | Posted in Archive,Articles,Center Stage | Read More »
Creating loyal clients is a must.
By: Tom Ninness, Regional Production Manager for Cherry Creek Mortgage and President of Summit Champions, Inc. Tom is also the creator of the ?90 Day Journey for your Sales Success?. To learn about all of Summit Champion?s products, tools and strategies, go to www.summitchampions.com or contact Tom at information@summitchampions.com
You have the perfect loan, the perfect clients, you make all of the dates on the contract and you even go to the closing. You?ve created a ?non-event? for the client so why wouldn?t they come back to you?
There is truly a difference between creating loyalty and just having satisfied clients. After reading and pondering what I learned from the book by Jeffrey Gitomer titled, Customer Satisfaction is Worthless?, it has changed how I look at my clients.
April 1st, 2008 | Posted in Articles | Read More »
How to ?close? the deal.
I often hear brokers complain that they have had deals on their desks for months with no closure. The main reason this occurs is because the broker is not educated on commercial loans: where to go, how to structure, and even what information to ask from the borrower. These brokers work in bits and pieces and often waste their time and the client?s time if this deal is not even closeable. If you can review the deal and get answers back to the borrower quickly, it reduces the pressure on you as the broker. If the deal is not doable, you saved yourself time. You even created value in your service if you educate the borrower on why the deal will not work, and then offer structural changes that will make the deal close.
April 1st, 2008 | Posted in Archive,Articles,Commercial RE,Featured | Read More »
A Lender?s Perspective
Disintermediation of the broker eliminates the broker, but not the function the broker provides. Brokers provide a viable, self financing, elastic channel of distribution. Disintermediation of the broker transfers the costs of their function to the bank.
Often these costs are way higher than a broker?s. Banks need to display their brand with a marble lobby and other branding emblements, where a broker often can run an efficient operation from his or her home. For a bank?s budgeting purposes, fixed costs are divided over forecasted origination volumes and margin pricing policies are set to arrive at expected revenues. Excepted costs are subtracted from expected revenues to arrive at expected profits. The mission of a bank is to make a profit.
April 1st, 2008 | Posted in Archive,Articles,Featured | Read More »
?I see my competitors originating government loans. I understand that the process of getting approved isn?t worth it?but is what I am hearing true??
Let?s start with VA, because getting a Mortgage Broker approval is SO EASY, it?s a no-brainer! To become an Agent for a VA approved lender, just follow these steps.
1. Find a lender who is willing to take you on as an ?agent?. (There are quite a few wholesales lenders out there who offer this service.)
2. The LENDER must submit a request to the VA office in your region, asking for recognition of an ?agency? relationship, along with a corporate resolution and $100.
3. VA will return a Letter of Recognition of the relationship and provide an Agent ID number.
Voila, it?s done!! The key is to find a lender who is willing to accept full responsibility for what you do and for your loans?but essentially, that?s what wholesale lenders do anyway. The wholesale lender may have their own Broker Application and/or require VA training (this is a good idea anyway) before they will let you originate VA loans, but as far as VA is concerned, it?s all up to the wholesale lender.
April 1st, 2008 | Posted in Archive,Articles,Featured | Read More »
A lot of people don’t...
