1st Post
Why the heck would anyone want to read what I think about everyday? Beats me. But so many of our customers wanted me to do a Blog that I had to start. it's not like I dont have enough to do already. Anyway, this is my first post. So cut me some slack.
I guess I should advertise my site too: Here's the link: http://www.mortgagebrokertraining.com
By the way we have other sites as well. Should I just list all of them? Ok.
http://www.marketingtorealtors.com
http://www.referralsondemand.com
http://www.creditsparkle.com
http://www.kamrockpublishing.com
If you want to buy any of my stuff, go to any other the above sites.
I am wondering if you can help me as the reader. I am working on a new book for brand new loan officers and for those that need some help in the marketing department. Basically it's for any loan officer that wants more loans.
What do you think I should put in it? What should I cover? And if you are a new loan officer, what would you want to know?
You can post your repsonse to this blog.
Thanks
Ameen
posted by Ameen Kamadia @ 2:12 PM
18 comments
18 Comments:
Hi Ameen,
Nice blog. Don't forget to keep adding to it.
Hi Ameen,
What are the differences between mortgage broker, mortgage processor, loan officer, and loan originator?
As a new loan officer myself, I would like to know what is the best way to generate some leads.
I am new to the industry; how do I generate more leads? Where so I start? Should I just concentrate on realtors, CPA's, and Financial Planners? What books should I read? Who Should I market to first to get leads right away? Or should I just try to concentrate on Rafi's first to get started?
What is the most cost effective way to get leads?
Hi Ameen,
As a new loan officer, what is the most expeditious way to learn about the loan products I have to offer my customers. Until I get a couple of loans underway, I am finding it difficult to professionally sell something I know very little about! I am told by my broker it comes with hands on experience, however how can I offer something to realtors or builders etc... that I don't know enough about???
Hello Ameen,
What are 4 or 5 ways to delicately
ask current and / or past clients for referrals without appearing as pushy or a begger
If a seller has a current appraisal for $200k and is willing to take a buyers offer for 180k. Can the buyer finance 200K (or what the lenders appraisal reveals)and receive cash back at closing?
How can this Real Estate market sustain? Is anyone else waiting for a collaspe or is everyone drunk with the euphoria? I lived in Southern California back in the early 90's and watched the market deflate by 30%, does everyone think it is not going to happen, or are they just hoping to keep cashing in until it does?
Being new to this business (one week), what are inexpensive ways to market myself? Do you have tips on how to give out business cards? or attractive ways to leave them say on a table at a restaurant with the tip? Clever marketing strategies is what I need. Thanks!
When will you start providing answers to these questions?
Hi Ameen,
I just started working with a mortgage company the does mostly sub-prime lending, the problem I have is the amount of fees charged by the broker and then again by the lender. How do they justify the fees for people just because they have lower scores? I was going to do my loan which is 680 + but the fees are making me reconsider. $5,000 for a simple refinance.
Hi Ameen
Thank you very much to taking my question. I would like to know if you use a script with your clients.If so would you be willing to share?
ok three questions, will you send me your sparkling credit info for free, this way i can fix my own credit and then pay it forward to help others...?
will you send me your sparkling credit info for free, this way i can fix my own credit and then pay it forward to help others...?
will you send me your sparkling credit info for free, this way i can fix my own credit and then pay it forward to help others...?
I have no idea what I'm doing on this site, however, I do have a questions...can anyone tell me a few of the top mortgage brokers/companies that offer the best split plus benefits for their loan officers?
Thanks
Hopefully you are still paying it forward, as I feel I may be close to overlooking some serious issues.
When entering the mortgage origination business by way of a 'branch' opportunity under the license of a national brokerage firm, is it still necessary to obtain certification or register through any state specific regulatory agencies? How would I go about determining any such requirements in the state of Virginia?
Thank you.
Hi Ameen,
I've been reading your newsletter for months and love it. But, I'm afraid I didn't respond to your offer of 3 questions in time and may have missed out. But, just in case...
1. I'm an experienced loan officer. I understand every kind of loan I've ever heard of, can explain the intricacies of indices, margins, amortization, etc., and am writing a training manual for a new broker's new agents, although I will not be working there. I can process loans, and I'm the most thorough shopper I've ever met...to a fault! I often spend hours and hours calculating the most advantageous loan for my client, running scenarios, studying amortization tables, figuring out whether it's worth their while paying some or all of the fees or getting rebate, etc.
But, a year ago I got divorced, rearranged my finances and started with a new broker and $6,000 for marketing. As an experiment, I used half of that on a 3 month Internet lead source. It was a disaster. I don't regret the $3K as much as the 60 hours a week I spent chasing annoyed and unqualified people, or those who used hours of my time shopping me and then going elsewhere. Then a whole series of disasters happened and I am suddenly starting over with NO marketing budget at all. I come from a small family and I've handled all their financing needs. I was under a contract that said I can't take my past leads with me, so basically I have no database, no warm market, and no money.
I want to work with Realtors, but can't get them to give me a try. I can do a refi for anyone not currently in bankruptcy, but don't know how to find them without money. If you can give me a couple of ideas that lead me to 3 loans in a month, I will buy every product you have. Until then, I'm borrowing money to keep my cable and Internet service on. I'm a hard worker, and I know how to do loans...but finding new clients has been hard. I have other skills to offer Realtors. I'm a graphic designer, I have a MS in Public Relations and Public Affairs, I'm attractive and relate easily to people. I really want to stay in this business for life, but if I lose my footing now, I may not have the option.
So any ideas for me? If I only get two loans for the month I could start with your Marketing to Realtors Toolkit.
And if the above is less than 2 questions, some strategies for dealing with clients (and Realtors) who constantly challenge your fees, shop you to death, and then go with another LO thinking they're getting a better deal on fees when I've offered them something that is actually a much better choice for them.
Love your stuff! Advice from you and any of your other readers is extremely welcome.
Thanks!
Serena
P.S. I've put a couple of your articles and instructions on how to sign up for your newsletter in the training manual, so hopefully I'll be sending you some prospects that are new to the business
Ameen,
How do you handle the objection:
" Your closing costs are too high."
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