If you are in the mortgage business, the very first thing you
need before you can get anywhere, is an application.
I spent years working in the mortgage industry, and my goal was
to close one loan per week.
Monday through Friday I would find myself a spot in the back of
the office where I could pound out my phone calls from 5:30pm
until 8pm every night. My daily goal was to take at least three
applications per evening, resulting in fifteen applications per
week.
This is how I obtained my applications.
1. I was always prepared. Every thing that I could possibly need
was at my desk. If a customer had a question about monthly
payments, my mortgage calculator was right there. If a customer
had a question about a particular loan program, I had my
literature right there. When a customer commented on their needs
and situation, my stationary was right there to take notes.
It is very important to have all of your resources at your
finger tips, otherwise you will be fumbling around looking for
things, or putting your customer on hold, while you find what it
is you need.
2. Take the edge off
When you are speaking with a potential customer, the
conversation doesn’t have to be 100% business all of the time.
You can take the edge off by finding something in common with
your customer. If you hear a dog barking or a baby crying, make
a comment about it. People love to talk about their pets and
baby’s. This will relax your customer, making it easier for you
to get the appropriate information from them to complete your
application.
3. Overcome objections
During the application process you will be hit with many
objections. This is perfectly natural, most people don’t jump at
the chance to fill out applications for mortgages and refi’s.
Here are some of the more common objections;
A) I have to speak with my spouse.
A good response to this would be; Is your spouse available to go
over it with me right now? I would be more than happy to discuss
it with him/her.
Another objection . . .
B) I have to think about it.
A good response to this would be;
Is there something that I didn’t explain clearly enough? Or, is
there anything you would like me to go over with you again.
The above objections are probably the most common you will come
across. If the responses I recommended don’t get your customer
talking again, than politely thank them and ask their permission
to send them some literature.
4. Purchasing Leads
I often found purchasing leads from a reliable lead source to be
beneficial when it came to taking applications. The reason is
obvious, these people are making it very clear that they want
somebody to call them so they can apply for a mortgage, and most
likely they are waiting by the phone. So its worth a shot.
These are only a few of the activities I practiced during my
time as a loan officer, and it was rare that I didn’t meet my
weekly goal of fifteen applications per week.
I’m sure if you practice these same activities you will
experience the same success that I did! Good luck! This
article may be reproduced by anyone at any time, as long as the
authors name and reference links are kept in tact and active.
Jay Conners
http://www.articlesbase.com/sales-articles/three-ways-to-increase-mortgage-applications-2282.html
What kind of violation is this.?
Hi I have a simple but little tricky question.
I believe there are three ways to purchase a house.
1.Pay cash – If you are a millionaire..
2.Hire Mortgage Broker – They will contact with Wholesale Lender
3.Contact with Bank directly – Bank has it’s own Loan Officer.
*If someone doesn’t tell the difference between mortgage broker and loan officer, go to yahoo and search "mortgage broker vs. loan officer" .
Here is my story.
Year 2004 I met Mr.Kim who was a mortgage broker.He always tell others that if someone wants to buy a house, they have to hire a mortgage broker to process their loan(He was acting that option #3 does not exist. That way he could get more jobs to sell.). *Someone might say "Why did you trust the mortgage broker? You are stupid…" You will be surprised to know how so many people have no knowledge about these whatsoever.
Anyway I trusted him and year 2005 I purchased my first house.
I filled out loan application and prepared all the documents which was prepared by Mr.Kim. The loan was approved: both first and second lender was major Banks. Exactly 2months later, I received a check book by XX (also major bank) bank. I asked my mortgage broker about this and he said that this was a home equity line of credit by XX bank (3rd mortgage): it was issued based on the current value of my property (there’s no loan application and no appraisal report..ect.) and my excellent credit. I had no doubt about this at that time (because it was issued from a major bank) and I used the money for home improvement. My mortgage broker, Kim was sentenced for financial fraud for other cases(currently he is in federal prison)
In the mean time, my mortgage payment was increased dramatically because it was a MTA program which I had no idea what that was at that time… My monthly payment doubled after 2 years and I had reached a point where I could not make all three mortgage payment including the 3rd mortgage. As the real estate market crashed, the value of my house dropped greatly and I could no longer able to make payment. I knew something was not right. I heard about Mortgage Audit from internet one day and decided to do that. I requested all the documents (including original loan applications..) from the all three lenders.
I was surprised to see that there were loan officer’s name which I had no idea because I had never met any loan officers. Not only that but also the information on the loan application had wrong information which was prepared by mortgage broker?? or the loan officer??
Since the lender was not a whole sale lender, I had learned that the loan officer from the lender must meet with the borrower directly(Patriot Act?).
What do you think about this whole loan process? I want to know how big crime it is when the loan officer never contacted the borrower and accept all the documents from the mortgage broker and approve the loan despite of all the wrong information on the loan documents??
* Some of you might say, "You signed the documents at the settlement and it is your responsibility"
However both the mortgage broker and the title agent are currently imprisoned. During the settlement, it is almost impossible to review every single document and sign them. I had to trust whatever I sign because it was conducted by title lawyer. Who would not trust "LAWYER" ?? DO YOU THINK LENDER GAVE US A MONEY BECAUSE THEY ARE CHARITY WORKERS?
Your question gave me a headache.
I would suggest strongly that you contact an attorney that specializes in real estate.
To me it sounds like you may have a case based on fraud, simply on the basis that your broker seemed to have filled out and filed papers on your behalf with out your approval.
Good luck.
References :
15 years as a Public Safety Officer