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Dbroker
75 Posts |
 Posted - 02/14/2008 : 8:44:03 PM
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| I've been doing mortgages for almost 2 years now. The first broker I worked for, I worked there about 12 months and we always had our lenders' AEs coming in with new announcements, niche updates, pricing specials, etc. But, since then I've left the office setting to work from home and make a higher split. I'm not having too much trouble developing my own business (could always get better, though!), but I AM having trouble keeping up-to-date with all of my company's lenders. We're signed up with about 35 lenders, but I never meet the AEs or receive email from them, etc. What's the best way for me to keep up-to-date on the highlights and such for each of them? There's too many of them to simply read all of their literature each day! |
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mgr2602
156 Posts |
Posted - 02/14/2008 : 9:14:07 PM
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| Just use 3 or 4 of them! |
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ddsoffice
77 Posts |
Posted - 02/16/2008 : 11:39:14 AM
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| The advice to just use 3 or 4 of them ie: 'a handful' is pretty much the way most seasoned brokers operate but on top of that, you might want to simply clip together with tabbed pages identifying 'A through C/D, Special Situations, Mobile Homes, Construction etc.' your own easy to use rate sheet & (shortform guidelines where applicable) booklet of those that can be referred to for 'unique situations' that would require say a portfolio lender. I recall well the days when lo's would gather around the FAX machine waiting for today's rate sheets but now alot of the lenders are online so what you can do is stick with the 'handful' that are your mainstays in terms of the bulk of clients who fit into common guidelines and supplement where applicable-the web or your rep for each is easy enough to get up to date info as needed. |
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Dbroker
75 Posts |
Posted - 02/16/2008 : 4:19:41 PM
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| thanks for the advice |
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Nico
3056 Posts |
Posted - 02/16/2008 : 5:04:24 PM
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quote:
Originally posted by Dbroker
I've been doing mortgages for almost 2 years now. The first broker I worked for, I worked there about 12 months and we always had our lenders' AEs coming in with new announcements, niche updates, pricing specials, etc. But, since then I've left the office setting to work from home and make a higher split. I'm not having too much trouble developing my own business (could always get better, though!), but I AM having trouble keeping up-to-date with all of my company's lenders. We're signed up with about 35 lenders, but I never meet the AEs or receive email from them, etc. What's the best way for me to keep up-to-date on the highlights and such for each of them? There's too many of them to simply read all of their literature each day!
unfortunately, you came into the business when the business was in like an alien form. AEs everywhere popping in, buying lunch, dropping flyers and just generally acting stupid. that's not the job of AEs.
you want to work with about 3 banks. 1 to handle a certain type of business (let's say prime), a backup to catch the fallout, and then someone to handle the sub prime or something non-conventional. you don't need any more than that.
you need to find which bank you're going to like the best and schedule some training with the AE. have them show you the ins and outs of the system and a resource where you can look at the underwriting guidelines. then of course you send business to that bank so that the AE's time with you makes sense.
clearly lay out where each bank stands with you and make sure they're alright with it. if they are the backup bank, let them know they are the backup bank, and that on the other hand, they won't have to hold your hand and won't take very many of your calls since they're in that position. if it's your main bank, let them know they are your main bank and establish each others' expectations about callback times, training, etc. the things you can do to make your AE's life easier, and the things your AE can do to make your life easier.
a partnership. you need to forget all the salesman slick willy AE stuff you've experienced in the last 2 years. it's back like it was in the old days, 50/50. |
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Dbroker
75 Posts |
Posted - 02/17/2008 : 11:01:01 AM
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| good info. thanks. |
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genealle
1080 Posts |
Posted - 02/17/2008 : 11:18:06 AM
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I'm working on large sale with a really good commission, and my favored lender (formerly  )has proven inept and unresponsive. If I didn't think it would queer the deal, I would take it to another lender tonight.
They're apparently like many brokers that promise great service. They know how to say the words, they just don't know how to fulfill the promises. I worked for one of those and it was Hell!
I wouldn't dream of letting a phone call go past 4 hours or an E-mail past 24 hours(still too much), but that is the way some choose to do business. Customers want good rates, but if you give them a horrible experience because of bad service to you from a lender, guess what they'll rmember?
When you find a lender that understands your own sense of urgency, and is responsive, keep them and buy THAT AE a few lunches. Send them all your business if you can. |
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mgr2602
156 Posts |
Posted - 02/18/2008 : 12:08:34 PM
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quote:
Originally posted by genealle
I'm working on large sale with a really good commission, and my favored lender (formerly )has proven inept and unresponsive. If I didn't think it would queer the deal, I would take it to another lender tonight.
They're apparently like many brokers that promise great service. They know how to say the words, they just don't know how to fulfill the promises. I worked for one of those and it was Hell!
I wouldn't dream of letting a phone call go past 4 hours or an E-mail past 24 hours(still too much), but that is the way some choose to do business. Customers want good rates, but if you give them a horrible experience because of bad service to you from a lender, guess what they'll rmember?
When you find a lender that understands your own sense of urgency, and is responsive, keep them and buy THAT AE a few lunches. Send them all your business if you can.
AMEN to that!
When I did my training a year ago to open my branch, we were asked what we thought the biggest reason people did a loan with a particular loan officer...the answere was "because they called me back"! How pathetic is that, but it's real!
I try to close most of my loans through my corporate office, then I have First Gauranty Mortgage Corporation for the Hard Core FHA deals that my corporate won't touch, Countrywide for the occasional level 3, then Chase Subprime or Wilmington Finance.
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Dbroker
75 Posts |
Posted - 02/18/2008 : 9:34:36 PM
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| It's unfortunate how lenders often don't respond with a sense of urgency, and then it's the LO who ends up looking unprofessional. I''m sure it's not easy to find a few lenders who will both act with urgency and care AND offer low rates. I don't know how it is with everyone else out there, but people seem to be more rate-sensitive than anything...then again, that may simply have to do with the type of borrowers I'm dealing with (full doc/high credit, etc). |
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Nico
3056 Posts |
Posted - 02/18/2008 : 10:38:30 PM
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quote:
Originally posted by Dbroker
It's unfortunate how lenders often don't respond with a sense of urgency, and then it's the LO who ends up looking unprofessional. I''m sure it's not easy to find a few lenders who will both act with urgency and care AND offer low rates. I don't know how it is with everyone else out there, but people seem to be more rate-sensitive than anything...then again, that may simply have to do with the type of borrowers I'm dealing with (full doc/high credit, etc).
the idea of urgency differs depending on who you're talking to. if urgency to an LO is to have files "rushed" for no reason ( basically cutting in front of everyone else in line just because the LO wants to get paid ) then that's going to hard at a lender that is doing any amount of volume.
i feel that the only true urgent matters, for the most part, is purchase money transactions. if there's a sense of urgency on a refi, i think the LO needs to handle their client better. "we need a rush, the borrower says he's going to cancel". that's not the lender's responsibility, to make the LO look good in front of the client. LO needs to manage expectations on that end and the lender will move the file along in order. if your client is so on the ropes that an additional 48 hours is going to make your client leave you and that will have a big impact on your business, i'd say that you need to concentrate on other areas of being an LO and not how to make banks rush files for no reason.
any lender that has a good price and has consistency is going to be busy. if a lender can move files all over the UW queue at whim, they're either doing 1 of 2 things:
1) they're not doing any real volume, so there's not a lot of loans in process. easy to move a file to the front of the line when there's 4 files behind it and not 400.
2) making the patient brokers suffer who never ask for rushes, so basically, if you want your file to meet turn times, you MUST request a rush because if not, your fille will keep getting pushed back in line over and over.
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TimmyZ1
702 Posts |
Posted - 02/18/2008 : 11:38:58 PM
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| quick note, but even the laziest AE should put you on an e-mail list. I get daily e-mails from several big banks whose AE's I don't like but since they put me on the list I can at least know what they are offering |
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Dbroker
75 Posts |
Posted - 02/18/2008 : 11:59:31 PM
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good points.
quote:
Originally posted by Nico
quote:
Originally posted by Dbroker
It's unfortunate how lenders often don't respond with a sense of urgency, and then it's the LO who ends up looking unprofessional. I''m sure it's not easy to find a few lenders who will both act with urgency and care AND offer low rates. I don't know how it is with everyone else out there, but people seem to be more rate-sensitive than anything...then again, that may simply have to do with the type of borrowers I'm dealing with (full doc/high credit, etc).
the idea of urgency differs depending on who you're talking to. if urgency to an LO is to have files "rushed" for no reason ( basically cutting in front of everyone else in line just because the LO wants to get paid ) then that's going to hard at a lender that is doing any amount of volume.
i feel that the only true urgent matters, for the most part, is purchase money transactions. if there's a sense of urgency on a refi, i think the LO needs to handle their client better. "we need a rush, the borrower says he's going to cancel". that's not the lender's responsibility, to make the LO look good in front of the client. LO needs to manage expectations on that end and the lender will move the file along in order. if your client is so on the ropes that an additional 48 hours is going to make your client leave you and that will have a big impact on your business, i'd say that you need to concentrate on other areas of being an LO and not how to make banks rush files for no reason.
any lender that has a good price and has consistency is going to be busy. if a lender can move files all over the UW queue at whim, they're either doing 1 of 2 things:
1) they're not doing any real volume, so there's not a lot of loans in process. easy to move a file to the front of the line when there's 4 files behind it and not 400.
2) making the patient brokers suffer who never ask for rushes, so basically, if you want your file to meet turn times, you MUST request a rush because if not, your fille will keep getting pushed back in line over and over.
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