Blog of the Mortgage

January 8th, 2008 8:05 PM
2008 is going to be a year for the recod books, by all accounts. P.S. these aren't going to be the good kind of records but more like the bad kind. It won't be easy and it we're all going to have to work hard to get paid even a portion of what we did from 2003-2005.
So I've compiled a short list of what's important for Your (our) Success this year.
 
The Short List:
1. Get Set-up with Franklin American Mortgage Co
     (well come on now; I am writing this)
2. E-Fannie Mae (Get Set-Up Here) you need this 
     engine to get your pre-approvals (we'll pay for your
     run on our website)
3. Mortgage Market Guide - the $500 you spend on 
     this will make you $5000 this year alone or you can
     watch for my Alert to Locks!
4. E-mail marketing like this one here. If you are
     gone, you are forgotten. Monthly is better,  
     weekly is best!(I do daily 'cause ya'll be worried I
     left :))
5. Database mining, Database mining, Database 
      mining!
     By the way: have you called all the LO's that WERE
     in the business that you knew? I mean think about
     all those loan possibilities! I would ask everyone
     one of them for e-mails, point files etc., it's time to
     get as much data into your hands as possible.
6. Get FHA Approved  - Click Here: FHA Bill Full Text
     It was silly before with Alt & Sub but now it's a     
     must.
7. Use Video to Market yourself. There is nothing
     more credible than YOU in front of YOUR
     customers. Talk about removing barriers to entry. 
     You must get in front of your customers one way
     or another.
8. Net Branch - Look, you're already your own boss,
     but it's 2008, consolidation is happening all around
     you. Play like the big boys do and get set up with
     some Net Branch operation, preferably one that 
     has FHA Approval NOW, not soon, Net Branching
     can cost a bit more BUT the payoff is scale and
     pricing improvements to your benefit for Volume I'm
     able to negotiate better pricing for Quality Volume  
     shops but that generally requires 10-12 units/
     month, something that isn't as easy as it was in
     2003-2006- See my Side Bar <---
9. Use software to help you with your origination:
     Selling Smart by David Bartels or Mortgage Coach
     by David Savage or something where you better 
     inform your borrower during the process so you
     remove the questions and improve your borrower's 
     confidence.
10. Stop Processing your own loans!
     Every successful LO/Broker/Manager I know has a
     processor or assistant. We're sales people, not
     procesors. If you don't have one get  
     one. The $500/loan you pay a contract processor
     will allow you to get 2-3 more loans or at least
     more leads to convert to loans. We need to not be
     processing but selling/networking/meeting with
     realtors/borrowers/CPA's/Lawyers/Financial
     Planners. Also: make sure your contract processors
     have underwritten a loan before (I mean actually
     worked as an underwriter, not just processed) this
     is important for any number of reason's but I think
     you can understand why (I would emphasize
     contract processing, in your state or area 
     preferably so that you can meet these folks and
     learn how they work.
So, that's it. This is what you'll need in your game plan or business plan for 2008 to continue being successful. If you like this list, let me know. If there is something I can add let me know too. Also: If you didn't like what I said...I don't know what to say but it's my opinion, I'm sure you have your own.
Posted by Raoul Badde on January 8th, 2008 8:05 PMPost a Comment (0)
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