Niche Lead Providers
Many originators use mortgage lead companies to find loan prospects. And like many of the loan officers they service, some of these lead providers focus on niche prospects such as customers needing subprime, FHA or reverse programs.
More Originations Through Free Services
A Michigan mortgage banker has figured out a way to attract purchase prospects: Give them a free home warranty with their loan.
Increasing Originations By Branding
In sales, clients need to be sold on the salesperson first, according to the Little Red Book of Selling. If they are sold on you as a brand, then they may buy your loan programs.
Study Looks at Nonprime Wholesalers
While onsite visits are helpful in persuading mortgage brokers to try a nonprime wholesale lender, a new study says the value of subsequent visits diminishes significantly. It's returned phone calls and reliable preapprovals that brokers value most.
Originator Gains Customers' Faith With Prayer
There are certainly people who pray when considering taking out a mortgage loan.
Key to Cold Calling
In situations where cold calling is the only lead generation method available, there are some basic steps an originator can take to improve effectiveness.
Ph.D. Talks About Secrets to Getting More Business
SAN FRANCISCO -- A former professional tennis player turned sales coach guarantees his company can help originators increase loan closings by as much as 70% within a month and a half. The performance tips from the Ph.D. came Tuesday at the Mortgage Bankers Association's annual convention.
10 Steps to Success
Marketing, sales and customer service serve as the three tenets to successful business development.
Defining Your Nonprime Niche
Who is your company? While this might seem like a strange question, if you can't answer it, how do you expect your customers to know who you are and what you do? It's impossible to be all things to all customers. If you want to be a nonprime mortgage originator, tell your customers who you are, what you do and what their brand experience will be when they work with your company.
How to Turn More Web Site Visitors Into Closed Loans
With more prospective borrowers applying for a mortgage over the phone or in person than online, a new study provides insight about what industry players need to do in order to turn more online visitors into mortgage customers.
Mortgage Marketing With Today's Media
Customers are frustrated. In today's multimedia world, they are flooded everyday with hundreds, even thousands, of competing messages. Email inboxes overflow with generic advertising while mail boxes fill with irrelevant direct mail pieces. Many customers -- on both the retail and the wholesale side -- have tuned out. This is especially true for the mortgage industry.
Effective Newsletters Generate Leads
While sending a newsletter can be an effective marketing tool in generating mortgage leads, the content of your newsletter depends on who you send it to and how you send it.
Originator Combines Charity With Lead Origination
Calling on REALTORS and builders, networking with other people in the community and sending out mail pieces are all conventional ways to find loan prospects. But one brand new Florida loan officer has figured out a way to turn thousands of pencils into leads while establishing goodwill in his community.
HomeBanc Ranks High With REALTORS
While many originators find it quite a challenge to get the attention of real estate agents and gain their confidence, originators with one Atlanta-based mortgage company already have it.
Complaints As a Source of Leads
I have always been someone who advises sales people to think outside the box. Everyone says that, but what does "outside the box" mean? For one thing, it means taking what a typical trainer teaches you and throwing it out. For example, I believe that the typical mortgage originator does not get enough complaints. If they received more complaints they would increase their referral business.
SunTrust Star's Secret to Success
While for many, figuring out what it takes to become a top originator may be quite a task, Tennessee's best says the solution lies in building relationships with past clients.
Generating Internet Leads
More fresh and qualified mortgage leads. This is the mantra of the mortgage broker. However, getting these prospective clients can be a frustrating and expensive proposition.
Lead Generation Techniques
With dwindling refinances bringing gloomier days for many mortgage brokers and originators, two organizations are offering services that may brighten up business by helping to generate new loan prospects.
How to Generate Agent Referrals
Many sales trainers will tell you that the key obtaining more referrals is asking for the business. This concept is absolutely false. If it were true, why have trainers been beating this into our heads for years and most of us still are not comfortable asking? The key to getting more referrals is putting ourselves in the position to ask. When we place ourselves in the right position, the business transaction will take place naturally. If it feels uncomfortable or is forced -- it is not right.
Brokers See Higher Rates Having Minimal Impact on Their Production
Even as mortgage production is expected to decrease industrywide, one post-refinance boom report showed that mortgage brokers have an optimistic outlook about how they will fare this year. Some of those surveyed indicate they will offer other services in addition to mortgage brokering.
Success Strategies for Rising Rates
With rates going up, the question often arises; What can I do to make sure I succeed in what looks to be a more difficult selling environment?
Right Text Can Boost Search Engine Results, Fundings
Many mortgage companies use their Web sites to attract new business. The text on the site's pages and the way it is organized can make a significant difference in generating more prospects -- and even help those prospects get further along in the mortgage process before the initial contact.
$2 Billion Wholesale Account Executive Talks About Success Secrets
InterFirst Wholesale Mortgage Lending recently honored its top sales employees, including one representative from California who says loving her job has helped her earn the Highest Producing Account Executive award for the second consecutive time.
Building a Relationship With the Lead Prospect
Selling over the phone is very difficult -- especially if you are not very familiar with the prospect. When the prospect calls you, he or she is typically giving you the question that represents their most obvious desire, such as, What is your price or rate?
Credit Rescoring Can Increase Production
Credit scores are the cornerstone of most mortgage loan approvals. And while many loan originators prefer to service borrowers whose credit scores qualify them for a conforming loan, a good deal of applicants with nonconforming credit can immediately increase their scores by using rescoring services.
More to Lead than Name, Rate & SS#
OK, you've researched seven different mortgage loan lead companies. You've compared the cost per lead, freshness, and exclusivity. You've even talked to other originators about the reputation of some of these lead providers. After making your choice, the prospects start rolling in. Now what?
DiTech or E-LOAN?
A study released this week offered some valuable insight into how television, the Internet and other media impact the buying decisions of consumers -- including potential mortgage borrowers. It also suggests the role of the salesperson may be diminishing.
Traditional Advertising Not Always Best Way to Reach Many Groups
Reaching some ethnic groups is a potential gold mine for originators. However, one of the top U.S. mortgage economists says traditional forms of communication must be replaced with more unconventional media.
Commercial Originator Talks About Secrets to Success
Smart loan talk is not sufficient to obtain financing in today's credit market; the real solution lies in the written presentation, touts one commercial originator.
How To Be Successful at Originating
Industry commentary by Dave Hershman.
Customer Satisfaction Low For Mortgage Brokers
A recent study by an international consulting firm revealed that customer satisfaction in mortgage lending ranked relatively low among financial services -- with mortgage brokers ranking especially low.
Lost Customers Are Source of Business
Industry commentary by Dave Hershman.
Cougar Attack Won't Keep Originator From Biking
Despite that a mountain lion killed a man and severely injured a woman in a local projected riding area, one loan originator said he will continue bicycling the wildlife trails of southern California.
$10 Million Broker is MortgageDaily.com Icon of 2003
Mortgage broker Leif Thomsen, 43, the owner of Massachusetts-based Mortgage Master Inc., is MortgageDaily.com's Mortgage Icon of the Year, not only for his hefty earnings -- but also because of his success in the business.