First Time Buyers Require Extra Care
First-time home buyers struggle to understand the mortgage process, and lenders with boots on the ground stand the biggest chance of winning over such prospects. Still, it is an online lender that continues to rate highest among all borrowers.
The LinkedIn Phenomenon
LinkedIn has turned into a powerful tool for the business world. And while there are many steps that can enhance its effectiveness, there are also practices that should be avoided.
CRM Providers Promise Increased Lead Conversions
Customer relationship management tools could be the answer for lenders needing automated tools that boost marketing, increase sales productivity and help maintain regulatory compliance.
Survey Provides Insight Into Loan Originators
Most loan originators are happy with their current employers, and their reasons why vary. For those who are considering a change, recruiters should consider two factors.
Biggest Mortgage Loan Originators
The top-producing loan originator in the country closed an average of more than $50 million in home loans per month last year. All of the 10 largest producers closed more than $0.2 billion in 2013.
Quicken is Gold Standard for Service
Other mortgage lenders could learn a lot from Quicken Loans Inc., which has managed to grow into one of the largest mortgage lenders in the country while keeping its customers happy. Among all lenders, digital documents in the closing process improves satisfaction.
Originators Expect Improved Business Despite Regulations
Despite the challenges from an upcoming wave of regulations, a plurality of mortgage loan originators expect their business to improve this year, according to a survey of loan officers.
Origination Process Improves
Mortgage lenders are doing a better job with the loan process. Those with the biggest improvements are attracting more borrowers -- who often put existing relationships and strong referral recommendations ahead of the lowest rate in deciding on a lender.
Banks Miss Boat on Originations
A new survey suggests that some financial institutions are missing out on a substantial share of home-loan originations from existing clients even though those very same loan prospects want to do business with them. An even bigger finding was that prospective borrowers are willing to pay more to deal with their primary bank -- especially if they are treated better or find it easier to complete the origination process.
Most LOs Like Their Jobs
Mortgage loan originators surveyed about their jobs are mostly a happy bunch. Among those who are dissatisfied -- technology, leadership and internal communications were hot-button issues.