 |
 |
Desperately Seeking Good Leads, The Adventure Driven Loan
Officer
As loan officers, the word "lead" is by far one of the most common words we use during the day, it is the topic of many of
our conversations, it is praised and cursed, it is good and it is bad, it is loved and it is hated, on bad days it is hard to find, and on good days it falls right into our lap.
The lead is a specter that haunts us constantly, we can't get enough of them, no mater how many or how little we have, we are constantly searching for more.
In a perfect world, a lead would be waiting for us every morning on our desk placed there by the lead fairy, along with a
complimentary cup of coffee and a morning paper. With a waive of her magic wand she would ensure that every lead would turn into a
deal and we would end up with a 100% closure ratio. Unfortunately this is not the case.
As a loan officer starting out in this industry, I came to work on my first day and expected the leads to just come out of
no where, as you can expect, nothing happened. On the second day, I came to work, and again I expected the leads to just start coming out of no where. As you can imagine, nothing happened.
On the third day, I decided to make a move. I began the process of throwing myself into the world of networking. Although
the concept was quite simple, I knew that reaping the rewards would prove to be a much more difficult task.
Lets face it, we can never have enough leads, we want to ensure that our pipe line is healthy at all times, with at least one closing per week.
One of the first groups I became involved with was a
networking group called "All Business" and that is exactly what
it was, all business. This particular group consisted of a
President, a Vice President and a treasurer, along with a few
other officers whose meaningless titles I cannot recall. The
premise of this organization was to filter out any kind of
conflict that could result from to many people belonging to the
same industry, therefore only one person from a certain industry
was permitted to join. As luck would have it, "All Business" did
not have a representative from the mortgage industry, and after a
two week screening process I was voted into the group.
The officers style of running this organization was militant,
but effective. All members had to adhere to strict guidelines.
For instance every Wednesday we met at a local diner at 7:00 am
sharp, and upon arrival you could only speak of business and
nothing else, and if you were a minute late you were fined five
dollars. If you failed to show up with out a lead from the
previous week, you were fined two dollars, and if you missed two
consecutive meetings you were dismissed from the group.
Every Wednesday I was permitted to give a two minute speech
before the group and familiarize them with the products I had to
offer so they could then sell it for me, and once a month I was
given the floor for twelve minutes to really wow them with what I
could offer.
I loved to see their eyes pop when I spoke of cofi's, cozi's,
and interest only loans, products they did not know existed.
Of course this organization came with a price, the annual fee
was $500.00 paid in installments quarterly, but none the less, it
paid for itself many times over by the leads I received from this
group, which was basically a twenty five person sales force I had
working for me. Over all this was time and money well spent.
My next step was to join my local Chamber of Commerce. We met
every Tuesday afternoon for lunch at a popular local restaurant
where a room was rented to accommodate us and serve iced tea and
rubber chicken. The chamber was very large and consisted of many
members, more than two hundred. It quickly dawned on me that this
was an organization where I was going to really have to bust my
but to get results, the chamber was loaded with competition,
there were many bankers and mortgage brokers I was going to have
to compete with, so I was going to have to be better than the
rest, especially when I didn't have the luxury of a company
picking up my tab of $300.00 per year and the $15.00 I spent on
lunch weekly, to me this was more than just time out of the
office.
In time my persistence began to payoff, and the referrals and
leads began to come.
One thing I learned very quickly, was that the best way to
receive a referral was to give one. Nothing is for free!
Over time my exposure through these organizations provided me
with many very useful contacts in the banking and real estate
industries. These contacts along with the referrals I was
receiving from my family and friends, and also, referrals from
former customers, my book of business began to grow at a very
nice pace, and business was good.
One of the last things I decided to try was investing a couple
of hundred bucks in a mortgage lead company. I didn't save them
for last because I didn't have any faith in them, I waited until
I had closed a few deals so that I could allocate some money
toward this venture. By the time I was done investing in lead
companies, and I had dealt with quite a few over the course of my
loan officer career, I found that the experience was not as
pleasant as the networking organizations I had joined, and a lot
less rewarding.
I can't say that they were all bad. A few were quite good. But
the few that were good, were only good in the areas of customer
service and liberal return policies. However, the ones with the
liberal return policies replaced my bad leads with other bad
leads.
Part of this was my fault, I made the mistake of diving in
without doing any kind of research before I made my purchase. The
internet is filled with sites that I should have accessed to get
on line reviews and surveys of just about every lead company out
there, along with commentaries from loan officers who have used
particular lead companies.
My quest for leads went from sitting around idle to something
that rivaled the quest for the holy grail, and my quest continues
to this day. This is not the end. It is just the beginning. By
visiting my site at www.jconners.com, you can check out some of
the lead company reviews we have posted, and get an idea of what
to look for in a lead company.
Jay Conners has more than fifteen years of sales and marketing
experience in the banking and mortgage industry, and is the owner
of J. Conners,
Mortgage leads reviews. He is also the owner of http://www.callprospect.com a
mortgage lead company, specializing in fresh leads. Jay Conners
can be contacted via e-mail at [email protected]
MORE RESOURCES updated Thu. August / 18 / 2022
|
|
 |
|
|
|
 |
RELATED MORTGAGE AND REFINANCING ARTICLES:
Helpful Mortgage
Advice
Mortgage advice overwhelming you? Many people get advice
from everyone on the planet when they talk about purchasing
a home. People tell them their version of advice on most
important factors and expect the potential home buyer to do
as they have instructed.
Home Improvements Turn
Average Homes into Dreams Come True
If you're thinking about taking out a home improvement
loan, there are several options to consider. First and
foremost, your mortgage consultant needs to know why you
want a home improvement loan.
Home Loan Confusion
Continues
Unfortunately, most Americans still do not understand how
home loans work and how to take advantage of the wide array
of programs available. The way I see it, people are still
confused about mortgages in general and real estate
finance, in particular.
Jumbo Mortgage Loans -
Getting Approved for a Jumbo Mortgage Loan
Online
Getting approved for a jumbo mortgage loan online is
similar to getting approved for a traditional mortgage when
you use a mortgage broker. However, you can expect to find
lower interest rates online with better terms.
Reverse Mortgages: When
Is One Right For You?
How do you know if a reverse mortgage is right for you? The
answer depends on your current financial situation of course. But other factors such as your medical condition and
lifestyle are important in determining whether or not a
reverse mortgage is your best choice compared to a home
equity loan, a line of credit, or just selling your home.
For Mortgage-Refinance
Help, Get the Best Mortgage Professional, Not a Bank Loan
Officer
When you need a mortgage -- either because you are buying,
refinancing, taking out equity or getting into investment
real estate, you need a good mortgage professional. Now,
you may be tempted to go to your local savings and loan, as
they may promise lower fees or zero costs.
Refinancing Online - Get
The Best Refinance Home Loan You Can Get
When going to refinance or get a mortgage loan quote, the
internet can be a useful tool to shop around for the best
interest rate. The reason the internet is a good place to
start applying, is because most mortgage applications
online do not typically pull your credit with the first
application.
Should You
Refinance?
There are several reasons that might make someone consider
refinancing their existing mortgage. One would be to get a
lower interest rate than what they currently have, thereby
reducing monthly payments and lowering the overall cost of
the mortgage.
How Much Interest is
Your Home Equity Earning?
How much interest are you earning on your home equity? If
you answered nothing, zero, zilch, zip you are correct.
What would you do if you could get triple compounding on
your equity? Would you take action and build a fortune that
would allow you to pay off the mortgage and create a
retirement fund? We use a strategy called Early Mortgage Pay
Off System or EMPOS?.
Home Equity Loans - Are
They Right For You?
The bills are out of control and you need a new car. "Maybe
we can get a new carpet and paint the house", you say to
yourself.
Repayment of Loans -
Lessening the Bitterness of the Process
So how have you planned the repayment? Don't tell if you
haven't started the planning's yet. It is high time the
planning's and the decisions be made regarding the repayment
of the loan.
How to Buy a Home
Without a Down Payment
Mortgage rates are rising and it's becoming more difficult
for a prospective buyer to save up for the necessary down
payment. Fortunately, there are ways around this hurdle.
Mortgage Loans For
People With Adverse Credit - How Much Should You
Borrow
"How much should you borrow?" is a question people with
adverse credit wrestle with. The answer is simply as much
as you can afford.
Poor Credit Home Equity
Loan Tips
A home equity loan can help repair your poor credit
history. Begin by finding a competitive financing lender
with affordable rates and terms.
5 Home Buying
Essentials
Purchasing a home involves certain important, even
essential, steps that every buyer should take before
closing on a purchase. Let's examine these "essentials"
which, if properly implemented, can help you save valuable
time and aggravation.
Bad Credit Loans
Authenticate What Is Positive About Bad Credit
This might not be the front page news but it is now out in
the open! 'Bad credit is getting loans - all kinds of
loans'. Lending institutions, banks and other financial
constitutions are coming forward to provide loans for bad
credit.
Bad Credit Home Equity
Loans
A home equity loan allows you to borrow against the equity
you have built in your house. Even if you have no equity,
you may be able to borrow up to 125% of the value of your
home.
Home Equity Loans
101
A secured home loan differs from an unsecured loan in that
the secured loan borrows against one's home as collateral,
thereby reducing the risk to the lender. As such, secured
home loans often offer better interest rates than unsecured
loans, but offer higher risk to the borrower, as defaulting
on these loans can have greater consequences, such as
fines, or even possible repossession of the home originally
put up as the secured collateral (subject to the amount of
the loan, of course).
Mortgage Brokers or
Banks: Which is Right For You?
When you're looking for a home loan, you might work with an
officer at a bank or other lending institution, or you
might choose to work with a mortgage broker. The end result
is the same - a new house, but the two types of jobs
differ.
Home Equity Loan
Risks
Home equity loans give individuals a tool to extend their
existing credit line by securing debt on the equity value
of their existing homes. This access to easy and cheap
money can lure the borrower into securing a debt for
reasons which otherwise could have been funded through wise
money management.
|
|
 |
|
|

GET 100% free co-op reciprocal advertising
for your web
site
see bottom of this AD
click above to start receiving free Advertising+Traffic to your site today! |
|
 |
 |
 |
 | |
 |
used office furnishings-supplies-equipment-desks-cubicles-service-counters for
sale in Akron Ohio
Die cast model cars for sale in Akron Ohio
used cars for sale in Akron Ohio
unfurnished homes for
rent in Akron Ohio
first second
ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers
quotes florida houston gmac washington interest only 2nd software debt consolidation
reverse senior equity texas maryland options lending bad credit
option one ameriquest chase first banks emc residential california miami dallas est branch marketing
home company commercial yahoo online bad credit low credit no credit |
|