Answer to Got my interest

Got my Interest... said...
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?

Hi,

You would have to talk to your branch about that. It depends on how you set up your corporation. The best way to figure it out is to talk a any of the net brances you are considering and just ask them how you would go about it in Virginia.

It shouldn't be too hard.

Answer to Serena

Serena Howlett said...
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


Serena,

I feel for you. Taking care of a family on one income, or in your case no income is no easy feat. I know, I have done it before. Living on credit cards.

The good news is that you have motivation.
If you have a good company with decent rates and splits you should be good to go. Now all you need are leads.

Get desperate. Do the things other loan officer won't do.

Stop by at realtor open houses. Offer to leave some financing materials. Offer to do open houses for realtors where you sit there instead of them. It sucks but you might get a couple leads out of an afternoon.

Go the library and get a Guerilla Marketing book. Use some of the ideas.

Do loans for free. No FEE LOANS. You might get noticed.

Meet lots of new people. Go to at least 2 networking events/meetings a week. Pass out lots of cards.

Have something on your business card that gives people a reason to keep it.

Figure out what potential borrowers want and find a way to give it to them, cheaper than anyone else. Think. Be creative.

And if all that still is not enough, get a second job until you get back on your feet. Let's be realistic. Loan officer is a job to earn you money. If you are not earning money, then try something else until it does. You already know how to do it, it will just take a little time to build up your contacts again.

And you might want to cancel the cable. Tough times call for drastic measures. :)