| Author |
Previous Topic | Next Topic |
jcarrier
13 Posts |
 Posted - 05/21/2008 : 4:55:01 PM
|
| Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe |
|
aspiring1
1315 Posts |
Posted - 05/21/2008 : 5:00:44 PM
|
Hi Joe, welcome to the Outpost.
Sorry to hear about your position. The only advice that I can give is:
1.) Get a dialer
2.) Subscribe to a hosted dialing service such as offered by
RaymondB or Managing Prime - they are both on this site (by those names.)
Then..focus on generating business in states other than Florida for now.
3.) PICK UP THE PHONE AND TELEMARKET..20 hours a week minimum for leads!! |
|
|
Managing Prime
2802 Posts |
Posted - 05/21/2008 : 5:44:18 PM
|
The dialer works. However, since financial hardship forced you out of the mortgage business I would caution you against quiting your job. Dial 2-3 hours 5 days a week and don't even consider quiting your job until you've got a system down that you know for a fact will show you take home income at least 50% greater than what you are currently doing.
Get with a shop that is both a banker and a broker. This will allow you to originate in more states without having to be personally licensed in some of them. FHA is a must.
FSBO's and FTHB's can be a source of revenue in your market, but it's delayed gratification. I would not focus on them until you have the time to devote to that process.
You may even want to consider telemarketing for a local shop on an hourly basis. This will help you get back into the swing of things and get a better idea on what your conversion ratios will look like when you are self-generating while providing the base income you need right now.
Good luck. |
|
|
jcarrier
13 Posts |
Posted - 05/21/2008 : 6:31:09 PM
|
| Mr. Lawson, how can I get more information about your service? AThank you for the great advice. |
|
|
aspiring1
1315 Posts |
Posted - 05/21/2008 : 6:45:02 PM
|
quote:
Originally posted by Managing Prime
The dialer works. However, since financial hardship forced you out of the mortgage business I would caution you against quiting your job. Dial 2-3 hours 5 days a week and don't even consider quiting your job until you've got a system down that you know for a fact will show you take home income at least 50% greater than what you are currently doing.
Get with a shop that is both a banker and a broker. This will allow you to originate in more states without having to be personally licensed in some of them. FHA is a must.
FSBO's and FTHB's can be a source of revenue in your market, but it's delayed gratification. I would not focus on them until you have the time to devote to that process.
You may even want to consider telemarketing for a local shop on an hourly basis. This will help you get back into the swing of things and get a better idea on what your conversion ratios will look like when you are self-generating while providing the base income you need right now.
Good luck.
Good advice! He can get 20 hours a week without quitting his job; calling two-three hours a day on the weekdays and four-five on the weekends! |
|
|
RANDY P
2828 Posts |
Posted - 05/21/2008 : 7:29:35 PM
|
You need flexibility of schedule to work to pay the bills and originate when you can.
Email me for an offer @ 100% commission less $490 per deal. You set your own hours..
rjp |
|
|
DaveDeal
66 Posts |
Posted - 05/22/2008 : 05:48:56 AM
|
quote:
Originally posted by jcarrier
Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe
Get a job at Outback. I read a few years ago that base pay is pretty generous and they have extraordinary profit sharing base upon unit performance. Soon you will only be able to get a mortgage from a bank...brokers will be extinct from legislation and banking lobbyists. |
|
|
KellyVanguardNM
509 Posts |
Posted - 05/22/2008 : 07:15:53 AM
|
I am kicking A$% with FSBO.... it seems they lead to more and more leads for me... I am running Caravans for FSBO owners... doing everything I can within RESPA guidelines. TRy it... I ran an ad in the paper for FSBO owners offering my services. I am 100% in people I have sent a package out to. Try it while your managing your restaurant... hope it works for youquote:
Originally posted by jcarrier
Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe
|
|
|
aspiring1
1315 Posts |
Posted - 05/22/2008 : 10:07:54 AM
|
quote:
Originally posted by DaveDeal
quote:
Originally posted by jcarrier
Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe
Get a job at Outback. I read a few years ago that base pay is pretty generous and they have extraordinary profit sharing base upon unit performance. Soon you will only be able to get a mortgage from a bank...brokers will be extinct from legislation and banking lobbyists.
Here we go again..... |
|
|
genealle
1075 Posts |
Posted - 05/22/2008 : 11:25:12 AM
|
quote:
Originally posted by jcarrier
Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe
It doesn't matter.
The economy is crumbling and soon we'll all live in tents. (if you can afford one)
Someone mentioned $12 a gallon gas on the news today.
I should stop watching the news.....Maybe these feeling of dread will go away.  |
|
|
KellyVanguardNM
509 Posts |
Posted - 05/22/2008 : 11:43:37 AM
|
Well I find it amusing with all the uproar with $4.00 for a gallon of gas. Many of us pay approx. $32.00 a gallon for Starbucks coffee... just food for thought...quote:
Originally posted by genealle
quote:
Originally posted by jcarrier
Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe
It doesn't matter.
The economy is crumbling and soon we'll all live in tents. (if you can afford one)
Someone mentioned $12 a gallon gas on the news today.
I should stop watching the news.....Maybe these feeling of dread will go away.
|
|
|
aspiring1
1315 Posts |
Posted - 05/22/2008 : 12:47:44 PM
|
quote:
Originally posted by genealle
quote:
Originally posted by jcarrier
Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe
It doesn't matter.
The economy is crumbling and soon we'll all live in tents. (if you can afford one)
Someone mentioned $12 a gallon gas on the news today.
I should stop watching the news.....Maybe these feeling of dread will go away.
Can we blame anyone other than the president and his croonies for the high price of gas? What would we expect, when we have been at "war" with the very country who supplies most of the oil that we use? How that guy is still in office, I don't know.
And to think that Bill Clinton was impeached for lying about sex acts? |
|
|
aspiring1
1315 Posts |
Posted - 05/22/2008 : 12:59:00 PM
|
quote:
Originally posted by KellyVanguardNM
Well I find it amusing with all the uproar with $4.00 for a gallon of gas. Many of us pay approx. $32.00 a gallon for Starbucks coffee... just food for thought...quote:
Originally posted by genealle
quote:
Originally posted by jcarrier
Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe
It doesn't matter.
The economy is crumbling and soon we'll all live in tents. (if you can afford one)
Someone mentioned $12 a gallon gas on the news today.
I should stop watching the news.....Maybe these feeling of dread will go away.
Yeah but the thing is, Starbucks coffee isn't needed for transportation purposes! |
|
|
genealle
1075 Posts |
Posted - 05/22/2008 : 3:56:18 PM
|
| News had another story on gas prices (why do I punish myself?). They said the price per barrel was $28 the day before we invaded Iraq. Now OPEC has Achilles by the heel. |
|
|
kmitch
4 Posts |
Posted - 05/23/2008 : 1:15:08 PM
|
FSBO's have been my prime source of business for a few years now. I work the HBL system and have real good search engine rankings for my area. Actually HBL as a whole generally tends to rank on the first page of Google with "for sale by owner" most days which is huge for me (the sellers like that) and it helps generate generic online leads. For info on HBL you can go here and see if your area is available. Many are already taken though. http://www.homesbylender.com/fsbo-marketing.htm . Actually now might be a good time because many LO's are leaving the business and giving up their marketing. I know some sign up for HBL and quit without ever really working the system which I will never understand.
If your area is not available on HBL try www.homesbyowner.com. This is not really a FSBO system for mortgage people but their sites rank well and they do allow mortgage people to own areas. It at least will give you an avenue to post homes. That is very important as are search engine rankings. I have found most FSBO sellers don't care about much else, they value exposure more than anything.
There are other FSBO things out there, most I have found are not that effective though. I tried Talking House and that got to be too much money and work with little return. Half of the time the things didn't work properly. Call capture is fine but you need a program and site to go along with it.
Other than FSBO's I rely on referrals from my past clients. It's very important to keep in contact with them. I use Send Out Cards for that. It's a great tool too.
Best of luck, I know the restaurant business is tough. I put in my time there for a few years before I was in the mortgage business. Though I learned to work under stress and multi task which became a valuable asset to me in the mortgage business. |
|
|
kevinod77
3 Posts |
Posted - 07/25/2008 : 3:07:36 PM
|
| If you were in the business making 120k per year and now only making 15.00 per hour, did you ever take the time to become a mortgage professional?? Everyone of us has lost a fair amount of business, but those of us that took the time to learn the business is still in business. If you were a previous order taker- stay at Burger King. Otherwise, go back to the basics - PROSPECTING!!! |
|
|
Tsnyder
8258 Posts |
Posted - 07/25/2008 : 8:59:18 PM
|
quote:
Originally posted by aspiring1
quote:
Originally posted by genealle
quote:
Originally posted by jcarrier
Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe
It doesn't matter.
The economy is crumbling and soon we'll all live in tents. (if you can afford one)
Someone mentioned $12 a gallon gas on the news today.
I should stop watching the news.....Maybe these feeling of dread will go away.
Can we blame anyone other than the president and his croonies for the high price of gas? What would we expect, when we have been at "war" with the very country who supplies most of the oil that we use? How that guy is still in office, I don't know.
And to think that Bill Clinton was impeached for lying about sex acts?
Jarvis...
Take some of your next commission and buy a clue... or maybe just get
some education on how the markets work. I know the Dem Kool-Aid tastes
good but that doesn't make it good for you... lol
Tsnyder |
|
|
downtime
228 Posts |
Posted - 07/26/2008 : 12:58:23 AM
|
Mc Cain and Obama are the weakest candidates I have seen since Ford and Carter.
Its irrellivent who is elected. |
|
|
Tsnyder
8258 Posts |
Posted - 07/26/2008 : 10:01:33 AM
|
quote:
Originally posted by downtime
Mc Cain and Obama are the weakest candidates I have seen since Ford and Carter.
Its irrellivent who is elected.
I'm not saying McCain is my ideal candidate but you will
come to learn the relevance of who's elected if a far Left
Democrat gains control of the White House while Congress is
also controlled by far Left Democrats.
Tsnyder |
|
|
aspiring1
1315 Posts |
Posted - 07/26/2008 : 10:07:45 AM
|
quote:
Originally posted by Tsnyder
quote:
Originally posted by aspiring1
quote:
Originally posted by genealle
quote:
Originally posted by jcarrier
Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe
It doesn't matter.
The economy is crumbling and soon we'll all live in tents. (if you can afford one)
Someone mentioned $12 a gallon gas on the news today.
I should stop watching the news.....Maybe these feeling of dread will go away.
Can we blame anyone other than the president and his croonies for the high price of gas? What would we expect, when we have been at "war" with the very country who supplies most of the oil that we use? How that guy is still in office, I don't know.
And to think that Bill Clinton was impeached for lying about sex acts?
Jarvis...
Take some of your next commission and buy a clue... or maybe just get
some education on how the markets work. I know the Dem Kool-Aid tastes
good but that doesn't make it good for you... lol
Tsnyder
Buy a clue huh? Explain "the markets" to me and what it is that I need to get a clue on. |
|
|
Tsnyder
8258 Posts |
Posted - 07/26/2008 : 11:23:26 PM
|
quote:
Originally posted by aspiring1
quote:
Originally posted by Tsnyder
quote:
Originally posted by aspiring1
quote:
Originally posted by genealle
quote:
Originally posted by jcarrier
Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe
It doesn't matter.
The economy is crumbling and soon we'll all live in tents. (if you can afford one)
Someone mentioned $12 a gallon gas on the news today.
I should stop watching the news.....Maybe these feeling of dread will go away.
Can we blame anyone other than the president and his croonies for the high price of gas? What would we expect, when we have been at "war" with the very country who supplies most of the oil that we use? How that guy is still in office, I don't know.
And to think that Bill Clinton was impeached for lying about sex acts?
Jarvis...
Take some of your next commission and buy a clue... or maybe just get
some education on how the markets work. I know the Dem Kool-Aid tastes
good but that doesn't make it good for you... lol
Tsnyder
Buy a clue huh? Explain "the markets" to me and what it is that I need to get a clue on.
Nice try, Jarvis...
It's not my job to educate you... only to point out when you
make ridiculous statements based on political zeolotry.
Tsnyder |
|
|
SloansLoans
98 Posts |
Posted - 07/27/2008 : 5:05:56 PM
|
Quit whining and gat back to work! |
|
|
MarkIFC
545 Posts |
Posted - 07/28/2008 : 08:24:04 AM
|
JCarrier,
Two Realtors I know-- one drives a BMW & one a Lexus. Both cars are being sought by the repo man. So far they have managed to dogde him by keeping the cars in the garage and parking away from their offices. However, both will shortly be garageless due to foreclosure so that will not last. |
|
|
ritabradley01
3228 Posts |
Posted - 07/28/2008 : 09:52:54 AM
|
quote:
Originally posted by mcamp60610
quote:
Originally posted by jcarrier
Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe
You need to cold call, and do some local search engine marketing. Cold call about 200-400 calls a day (assuming you'll be able to get off on some weekdays), also set up a website with landing pages and target local keywords. Then make sure you can cultivate your customer base by building up your referral and testimonial base.
I recommend checking out http://www.gitomer.com/ making money in mortgages is back where it should be. Requiring hard work.
I think you're right-the best kept secret to success is no real secret-it's hard work. |
|
|
joes6370
115 Posts |
Posted - 07/28/2008 : 2:14:17 PM
|
I'm with you, I quit doing mortgages too. In my case it's more disgust with the current state of things than anything else. I may or may not get back into it someday. I'm doing computer consulting and not making squat yet but I just can't do loans anymore, not in this environment. Back in 1997 we had to work hard, just like now but the market wasn't saturated with people who lie through their teeth just to get someone to the closing table. We had integrity back then, were considered professionals. Now we're looked upon with disgust, no one trusts a loan officer anymore, and the guidelines change faster than I can put in a submission. By the time I submit it to underwriting it's already obsolete and doesn't fit that days guidelines. After originating 22 loans this year and closing only 2 of them, I decided enough is enough. Once all of the banks that are going to collapse are done falling, the dust will settle and a new set of underwriting guidelines will emerge, lasting ones that don't change every 4 hours. That is when I will consider getting back into it. For now I have already lost everything I had so I can live on very little. That's fine with me.
Good luck if you decide to stay in it. It's tough right now but apparently not impossible. I am not willing to cold call. It's too boiler-room for my taste but I think that is what one has to do in this market to stay alive. |
|
|
ritabradley01
3228 Posts |
Posted - 07/28/2008 : 10:31:39 PM
|
Hi Joey,
What kind of work are you doing? You can use the announcement section too to tell people about yourself. |
|
|
joes6370
115 Posts |
Posted - 07/28/2008 : 11:32:09 PM
|
quote:
Originally posted by ritabradley01
Hi Joey,
What kind of work are you doing? You can use the announcement section too to tell people about yourself.
It's right there in my signature, Ritapooh. I do computer networking, installations, H/W and S/W troubleshooting, and design websites. I have been doing that longer than loans, about 22 years. It pays better these days. Once in a while an old loan client will track me down and I will advise them but in a non-licensed capacity, as a consultant, and I don't charge for it.
You know if I didn't know any better I might think you're picking on me, calling me "Joey", asking me obvious questions that are either answered in my posts themselves or are in my signature and/or profile. Why?
I know, it's because you like me! Take a number, please. Autographs will be signed in the order you arrived. |
|
|
racerx
11454 Posts |
Posted - 07/28/2008 : 11:50:53 PM
|
quote:
Originally posted by joes6370
I do computer networking, installations, H/W and S/W troubleshooting, and design websites. I have been doing that longer than loans, about 22 years.
Yea! A new member for the BO Geek Squad! Apparently, you're old too. =) |
|
|
joes6370
115 Posts |
Posted - 07/29/2008 : 12:07:19 AM
|
quote:
Originally posted by racerx
quote:
Originally posted by joes6370
I do computer networking, installations, H/W and S/W troubleshooting, and design websites. I have been doing that longer than loans, about 22 years.
Yea! A new member for the BO Geek Squad! Apparently, you're old too. =)
Heh. Yeah I started programming BASIC on Atari 800XL's and C-64's, TI-994A, Apple2e. Moved to 80286 and C/C+ on a DOS compiler in the late 80's/early 90's. Total old school. My friends are all loan officers or brokers. They never hear me talk like that. I'm going to get teased. :( |
|
|
racerx
11454 Posts |
Posted - 07/29/2008 : 12:14:40 AM
|
quote:
Originally posted by joes6370
Heh. Yeah I started programming BASIC on Atari 800XL's and C-64's, TI-994A, Apple2e. Moved to 80286 and C/C+ on a DOS compiler in the late 80's/early 90's. Total old school. My friends are all loan officers or brokers. They never hear me talk like that. I'm going to get teased. :(
Apple2e here too!! I bet you are older and geekier though. =) |
|
|
joes6370
115 Posts |
Posted - 07/29/2008 : 12:20:33 AM
|
quote:
Originally posted by racerx
Apple2e here too!! I bet you are older and geekier though. =)
Whoa, easy now. I'm only 38. I don't have any grandchildren, yet, and I don't wear glasses. I look like a loan officer, only smarter. |
|
|
racerx
11454 Posts |
Posted - 07/29/2008 : 12:31:02 AM
|
quote:
Originally posted by joes6370
Whoa, easy now. I'm only 38. I don't have any grandchildren, yet, and I don't wear glasses. I look like a loan officer, only smarter.
Only 38...but older than me. =) You look like a LO...male LOs are generally geeky-looking.
Someone told me that I don't look smart. I think that either means I look stupid or I don't look like a nerd. I'm not sure which.
So what do you like better...computers or loans? I'd be happy to completely leave the mortgage business to work in a computer-related field. |
|
|
joes6370
115 Posts |
Posted - 07/29/2008 : 02:04:42 AM
|
quote:
Originally posted by racerx
quote:
Originally posted by joes6370
Whoa, easy now. I'm only 38. I don't have any grandchildren, yet, and I don't wear glasses. I look like a loan officer, only smarter.
Only 38...but older than me. =) You look like a LO...male LOs are generally geeky-looking.
Someone told me that I don't look smart. I think that either means I look stupid or I don't look like a nerd. I'm not sure which.
So what do you like better...computers or loans? I'd be happy to completely leave the mortgage business to work in a computer-related field.
LOL. Who the hell told you that? I don't even talk to strangers that way, usually. I hope it wasn't a friend. I prefer computers right now. 5 years ago I preferred loans. I'm not making any real money doing computer work yet, but I don't have to deal with any crap. If anyone starts asking questions I just start rolling out geek-speak and they shut right up. It's like speaking Chinese to a native English speaker, that's the look I get. Right now everyone who reads the paper or internet news thinks they're an expert on loans. I'm sick of fighting with every backyard BBQ loan expert. Nobody pretends to know about computer architecture. They avoid it like a disease. That part of it is great.
|
|
|
hpmfinancial
1554 Posts |
Posted - 07/29/2008 : 10:38:37 AM
|
| The mortgage broker business is dying, get a bank position if you want stability. |
|
|
KellyVanguardNM
509 Posts |
Posted - 07/29/2008 : 10:54:07 AM
|
I think you're right-the best kept secret to success is no real secret-it's hard work.
[/quote]
Rita is right... hard work is it.
It seems that the getting back to basics is the key. Last night we had a couple come in to our office stating that she had been on the phone with the "big companies" for days trying to get qualified. She told us they were rude, unfriendly, and had no time for small talk. She said once she spoke to me on the phone, she new where she wanted to do her loan. She didn't even ask about my fees.
Working hard, (I put in 12 hours a day, 6 days a week right now), and providing customer service is what is working for us. People are fearful right now, and they need comfort and confidence. We bend over backwards to make their experience a positive, convenient, and easy transaction. Hell I even put CARS on the DVD and popped pop-corn for their screaming kids! We are now opening our office until 9PM to catch the people that cannot meet with us during "business hours".
Things are tough right now, but any experienced LO can make it if they work for it. I am probably the least experienced on this topic, and if I can keep it going; anyone can! Keep your chin up! |
|
|
racerx
11454 Posts |
Posted - 07/29/2008 : 10:36:23 PM
|
quote:
Originally posted by joes6370
LOL. Who the hell told you that? I don't even talk to strangers that way, usually. I hope it wasn't a friend.
Actually, she is now my best friend. We joke about it often.
quote:
Nobody pretends to know about computer architecture. They avoid it like a disease. That part of it is great.
Computer hardware doesn't really interest me, but computer programming and web development does. I wish I were half as smart as assassin17. |
|
|
assassin17
4172 Posts |
Posted - 07/29/2008 : 11:47:23 PM
|
| Huh? What did I do? |
|
|
assassin17
4172 Posts |
Posted - 07/29/2008 : 11:55:24 PM
|
| I have to say, Jen, I enjoy the computer business 1000 times more than mortgages. It's just a lot more interesting and the money is definitely steadier. |
|
|
joes6370
115 Posts |
Posted - 07/30/2008 : 12:33:29 AM
|
quote:
Originally posted by assassin17
I have to say, Jen, I enjoy the computer business 1000 times more than mortgages. It's just a lot more interesting and the money is definitely steadier.
You also went from mortgages to computers? I am just getting a client base going, but I definitely enjoy it more. It has always been a hobby of mine so I would rather make a decent income at something stable that I love to do than a phenominal income in something as unstable as the mortgage industry that I am not as passionate about. I am not the type to need a DB7 and a yacht. I want my daughter to have a better start than I did and be able to pay my basic bills (me, not her!). Good enough for me. I used to want the car and boat but I'm growing up now. Lots of money is a great bonus and I certainly don't reject the idea, but isn't necessary for me to feel whole anymore. I hope that doesn't sound too cheesy. It's true. |
|
|
joes6370
115 Posts |
Posted - 07/30/2008 : 01:24:42 AM
|
quote:
Originally posted by hpmfinancial
The mortgage broker business is dying, get a bank position if you want stability.
I tried that. After 10 years with brokers and a small lender (15M line) I thought a big bank would be the way to go. I went with Wachovia, 4th largest at the time. Seemed like a good idea. Bad idea! They laid off all wholesale reps and the myriad mergers starting in 2001 with 1st Union and culminating with A.G. Edwards (1st Union, Prudential, Metro West, Westcorp, World (sub. of Golden West fin. takeover), A.G. Edwards), couldn't be handled properly. The right hand couldn't follow the left, in fact it thought it was on someone else's body. It was a total CF. I submitted 22 loans between 11/2007 and 5/2008 with 2 closings. I can attribute at least 80% of the denials to poor management. I have been in the business for over a decade, at varying levels. I'm no moron. I don't pride myself on filling my personal pipe with wood. No one checked my performance. I was expected to produce based on my resume. Point is I had no reason to turn in dead loans. these were closable, not a single one had a mid score below 700. Most were actually 750+ and more than 4 had a 800+ mid. I ***t you not. They turned down a wholesale deal with a 13% LTV, 25% TDTI, and 811 mid score. The only thing they didn't like was that it was an IP and the owner owned 25 other properties but had only 2 other loans with Wachovia. Just 1 specific example. This illustrates the chaos and lack of logic in the lending industry right now. If I had 500K to lend this guy I would have done my own DOT and note, even serviced it myself. That was blasphemy in my book. My underwriter pointed this blasphemy out to me. She was as pissed off about it as me. Unbelievable. This is the world we live in today, my friends.
My immediate supervisor was great, but she had her hands tied too. We in fact lost our CEO and I went through 3 regional managers (top regional, like western state regional level) in the short time I was there. Can you say 'turnover'? **it rolls downhill. Later to the entire wholesale division. Later to the draw program for loan officers who had no infrastructure to work with and basically hit a brick wall on origination processing, and had to survive on a paltry $2K/mo (which we had to pay back) until top management got their heads out of their ***es. I don't imagine other huge banks are any different. BofA has it's CW problem which in turn leads to the IndyMac problem, both are a BofA problem now. Wells, Chase (hello Bear-Stearns takeover), anyone I can think of has their own internal problems.
This is why I fell back to my hobby to provide me with a living. True my experience is singular, and there is no doubt that a few acid mouths who don't know me at all will claim that I just suck. Whatever. Banks are no better. This market just ***** and we have to ride this boat to port. That's all there is to it. |
|
|
marketsvcs
50 Posts |
Posted - 07/30/2008 : 06:55:32 AM
|
Running caravans?? exactly what are you doing?
quote:
Originally posted by KellyVanguardNM
I am kicking A$% with FSBO.... it seems they lead to more and more leads for me... I am running Caravans for FSBO owners... doing everything I can within RESPA guidelines. TRy it... I ran an ad in the paper for FSBO owners offering my services. I am 100% in people I have sent a package out to. Try it while your managing your restaurant... hope it works for youquote:
Originally posted by jcarrier
Hi All, I was forced to leave the business and return to restaurant management. I am now working 65 hours a week 6 days a week and average 15.18 an hour. Before I was averaging 10,000 a month before all the mortgage and subprime market problems? I want so bad to get back in the business but dont know what to try. Should I put up yellow signs with FREE recorded messages, focus on FSBO's, buy leads, get a dialer,advertise in magazines? I don't know where to start again. Before I got business from Realtors but I dont want to do that again since I am licensed as well. I am in SW Florida and the market really tanked here, but I know there are deals out there. I am now managing a Burger King Restaurant and see Real Estate people drive thru with their BMW's and me making 15 an hour and going thru foreclosure. Does anyone have some hope for me? I really want to enter the market again. Thank you...Joe
|
|
|
marketsvcs
50 Posts |
Posted - 07/30/2008 : 07:02:22 AM
|
so, hbo is just a referral service??
quote:
Originally posted by kmitch
FSBO's have been my prime source of business for a few years now. I work the HBL system and have real good search engine rankings for my area. Actually HBL as a whole generally tends to rank on the first page of Google with "for sale by owner" most days which is huge for me (the sellers like that) and it helps generate generic online leads. For info on HBL you can go here and see if your area is available. Many are already taken though. http://www.homesbylender.com/fsbo-marketing.htm . Actually now might be a good time because many LO's are leaving the business and giving up their marketing. I know some sign up for HBL and quit without ever really working the system which I will never understand.
If your area is not available on HBL try www.homesbyowner.com. This is not really a FSBO system for mortgage people but their sites rank well and they do allow mortgage people to own areas. It at least will give you an avenue to post homes. That is very important as are search engine rankings. I have found most FSBO sellers don't care about much else, they value exposure more than anything.
There are other FSBO things out there, most I have found are not that effective though. I tried Talking House and that got to be too much money and work with little return. Half of the time the things didn't work properly. Call capture is fine but you need a program and site to go along with it.
Other than FSBO's I rely on referrals from my past clients. It's very important to keep in contact with them. I use Send Out Cards for that. It's a great tool too.
Best of luck, I know the restaurant business is tough. I put in my time there for a few years before I was in the mortgage business. Though I learned to work under stress and multi task which became a valuable asset to me in the mortgage business.
|
|
|
marketsvcs
50 Posts |
Posted - 07/30/2008 : 07:05:39 AM
|
22 loans and only 2 closed???
Im curious, did you follow up? what was reasoning for customer not signing?
quote:
Originally posted by joes6370
quote:
Originally posted by hpmfinancial
The mortgage broker business is dying, get a bank position if you want stability.
| | | |
Search for: