I am new to the Mortgage industry, what are some ways to create new business?

Deal Score0

I can do loans in seven states, and I can even get someone a house in bankruptcy (chapter 13). 500 scores aren’t usually a problem. I can do jumbo loans up to 3 million dollars. I can even do no documentation loans. My coverage areas are:
Alabama, Florida, Georgia, Illinois, North Carolina, Pennsylvania, and Texas.

Any suggestions. I have teamed up with a brokerage firm as well, and just looking for fresh ideas.

  1. Reply
    May 1, 2011 at 12:57 am

    If you want good marketing advice, hire a consultant. I’ll be happy to help you but a marketing plan and promotion isn’t free. Shelcom@yahoo.com

  2. Reply
    May 1, 2011 at 1:49 am

    Get out there in front of realtors, home improvement companies, insurance agents, etc… and earn referrals from them. Go to trade shows, local chamber of commerce meetings and such as well.

  3. Reply
    May 1, 2011 at 2:28 am

    Develop a diverse group of sources. If you limit yourself to Realtors you will be in the same cycle and when the market is down so will your business be. Expand your sphere of influence to include CPA’s, financial planners, divorce attorneys, etc.

    Develop a strong business plan that you can break down to daily activities so that you can track your effectiveness.

    Find a mentor to hold you accountable.

    Above all, don’t troll for business here. Doing so is not only a violation of the Community Guidelines it puts you in the classification of “loan shark” and that builds the trust necessary for a successful business relationship with no one at all.

    Good luck! This is a great industry that provides ethical loan officers with the opportunity to truly make a positive difference in people’s lives and get paid for doing it!

  4. Reply
    May 1, 2011 at 3:12 am

    Friends and family! Most of your bussiness will come from referals. Treat each customer like they are the most important client. I refered my mortgage guy to everyone i know because even though I was purchasing a cheap investment property he acted like i was buying a Million dollar house. That guys like a VP now and doesnt even write loans any more, not because of me but because all of his clients were like me.

  5. Reply
    John S
    May 1, 2011 at 4:01 am

    schmooz with real estate agents, broker/owners and builders. take them out to lunch, or bring lunch in for an entire office or bring them cookies or treats (always keep in mind Regulation X, though). visit closing attorneys, title companies, appraiser…anyone involved in a real estate transaction. follow up with them every couple of days since “out of sight, out of mind”.

  6. Reply
    Etta P
    May 1, 2011 at 4:27 am

    In today’s very competitive marketplace, with more brokers leaving the industry than new ones entering, it would be very wise to get professional consulting help

  7. Reply
    May 1, 2011 at 4:35 am

    Take a page from the Marty Smith playbook and spam for business at every opportunity in Yahoo Answers. Rules, schmules, make your own rules. Not only will you smear the consumer’s view of the industry, you can just be a pain in the butt for those who choose to follow the rules.

    **stepping off soapbox**

    Fresh ideas? Hire a marketing consultant or talk to someone in the marketing industry. They have great ideas on where to focus your marketing dollar to make your phone ring. Get in touch with your sphere of influence, make sure everyone knows you are looking for business. Participate in local civic events, hand out cards. Get an entry in the local parade, hand out candy, print your business cards on water bottle labels, hand those out.

    Good luck.

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