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RockSexton
531 Posts |
 Posted - 07/03/2008 : 12:49:23 PM
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| So where's everyone working that recently got a new job outside of the industry? How did you get the job (i.e. networking, job site, etc)? |
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darkstar
16000 Posts |
Posted - 07/03/2008 : 12:55:30 PM
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| This site is turning into a resume or monster.com... |
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RockSexton
531 Posts |
Posted - 07/03/2008 : 12:57:43 PM
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quote:
Originally posted by darkstar
This site is turning into a resume or monster.com...
You act like it's surprising. |
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williamspeaking
4049 Posts |
Posted - 07/03/2008 : 1:03:37 PM
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| i have a part time gig in the morning at a call center that just rings off the hook for dish network...gets me out of the house, and who couldnt use some extra income in this mortgage sht storm. |
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STIFFLER
106 Posts |
Posted - 07/03/2008 : 1:07:47 PM
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I strip at a Midget Adult Entertainment Center.
**Sarcasim**** |
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racerx
11093 Posts |
Posted - 07/03/2008 : 1:13:11 PM
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I've been doing PR work for a while and recently I started doing patent drawings. Both jobs found me....people came to me and asked if I would take on the work. I'm still ding loans although I would rather not. I'm at the point where I will only do a loan for a past client or a good referral.
The patent drawings are my favorite. I wish I could do that full time. |
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williamspeaking
4049 Posts |
Posted - 07/03/2008 : 1:14:25 PM
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| I wish I would get more than 5 callbacks per 100 applications, so i can get a normal shift, and finish school. |
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frank drigotas j
762 Posts |
Posted - 07/03/2008 : 1:15:22 PM
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if you could explain...
what is a patent drawing?
dollar |
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racerx
11093 Posts |
Posted - 07/03/2008 : 1:40:21 PM
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quote:
Originally posted by frank drigotas jr
if you could explain...
what is a patent drawing?
dollar
When an application for a patent is submitted to the U.S. Patent and Trademark Office (USPTO), it must be accompanied by drawings. The USPTO has many rules and they will reject applications if the drawings are not in compliance. I do the drawings that will be submitted with the application. |
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mdimitsh
27 Posts |
Posted - 07/03/2008 : 1:53:31 PM
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Below are some urls to videos on a business opportunity you might be interested in taking a look at. Tellecommunications is really booming right now. Feel free to contact me at the number below if interested.
http://marat.acnrep.com/d_opportunity_buspres_video.asp?CO_LA=US_EN&BW=
Then Watch
http://video.acninc.com/Training/product/IRIS3000/IRIS3000.html
Then Watch
http://marat.acnrep.com/d_opportunity_presentation_cupisz.asp?CO_LA=US_EN&BW=
Marat
415-596-8010 |
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PinnaclePeters
1026 Posts |
Posted - 07/03/2008 : 1:56:18 PM
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I just started part-time at StarBucks.
Got an inside track on a job with Bank of Countrywide of America, too. In their Closing Department...
Fingers crossed... |
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RockSexton
531 Posts |
Posted - 07/03/2008 : 2:03:21 PM
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quote:
Originally posted by williamspeaking
i have a part time gig in the morning at a call center that just rings off the hook for dish network...gets me out of the house, and who couldnt use some extra income in this mortgage sht storm.
I'm looking at a similar position at a call center which has a position for 32 hours a week, working 7:30am to 1:30am. Would you recommend it? Obviously in tough times, you have to do what you have to do right? |
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RockSexton
531 Posts |
Posted - 07/03/2008 : 2:04:41 PM
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quote:
Originally posted by Boner in Sweatpants
quote:
Originally posted by STIFFLER
I strip at a Midget Adult Entertainment Center.
http://www.youtube.com/watch?v=CGEnKh0ocb0
Hahaha your screen name is classic! That was one of the funniest moments in Jim Rome history when that caller made that comment! |
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johnnyboy38109
2580 Posts |
Posted - 07/03/2008 : 2:06:15 PM
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quote:
Originally posted by RockSexton
quote:
Originally posted by williamspeaking
i have a part time gig in the morning at a call center that just rings off the hook for dish network...gets me out of the house, and who couldnt use some extra income in this mortgage sht storm.
I'm looking at a similar position at a call center which has a position for 32 hours a week, working 7:30am to 1:30am. Would you recommend it? Obviously in tough times, you have to do what you have to do right?
7:30 am to 1:30 am.......rather long hours, dont you think? |
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clarenceworley
3849 Posts |
Posted - 07/03/2008 : 2:06:53 PM
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| I am going to bottle my own farts and sell them via MLM... |
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Mandyvilla
2755 Posts |
Posted - 07/03/2008 : 2:09:29 PM
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I recently hand carried an application for a patent into USPTO for a friend in Boston. Walking it through is a breeze compared to sitting and waiting, just to find out 2 weeks later something wasn't quite right. When I turned in the application, they sent me across the street to get the correct form and we knew going in it was correct.
Hmmm. I bet there are already Patent Couriers, but that could be lucrative for bonded couriers to file and then hand carry or FedEx the registration number for the application........and not to hijack a thread (ok it is, but the thread isn't even about mortgages), but this is one of my favorite patent stories:
Meanwhile, Elisha Gray was also experimenting with acoustic telegraphy and thought of a way to transmit speech using a water transmitter. On 14 February 1876, Gray filed a caveat with the U.S. Patent Office for a telephone design that used a water transmitter. That same morning, Bell's lawyer filed an application with the patent office for the telephone. There is a debate about who arrived first and Gray later challenged the primacy of Bell's patent.
On 14 February 1876, Bell was in Boston. Hubbard, who was paying the costs of Bell's patents, told his patent lawyer, Anthony Pollok, to file Bell's application in the U.S. Patent Office. This was done without Bell's knowledge. Patent Number 174,465 was issued to Bell on 7 March 1876 by the U.S. Patent Office which covered "the method of, and apparatus for, transmitting vocal or other sounds telegraphically… by causing electrical undulations, similar in form to the vibrations of the air accompanying the said vocal or other sound.
Never under estimate the value of one hour.
(The above text was a C&P from Wikipedia, who may not be THE source for fact, but this story has been told for generations).
http://en.wikipedia.org/wiki/Alexander_Graham_Bell |
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RockSexton
531 Posts |
Posted - 07/03/2008 : 2:38:57 PM
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quote:
Originally posted by johnnyboy38109
quote:
Originally posted by RockSexton
quote:
Originally posted by williamspeaking
i have a part time gig in the morning at a call center that just rings off the hook for dish network...gets me out of the house, and who couldnt use some extra income in this mortgage sht storm.
I'm looking at a similar position at a call center which has a position for 32 hours a week, working 7:30am to 1:30am. Would you recommend it? Obviously in tough times, you have to do what you have to do right?
7:30 am to 1:30 am.......rather long hours, dont you think?
I see what you're saying, but then it still gives me some time after to work with loans after. |
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RockSexton
531 Posts |
Posted - 07/03/2008 : 2:40:04 PM
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quote:
Originally posted by clarenceworley
I am going to bottle my own farts and sell them via MLM...
Make sure they're life-changing farts which create explosive income!  |
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Lee3370
93 Posts |
Posted - 07/03/2008 : 2:53:58 PM
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quote:
Originally posted by clarenceworley
I am going to bottle my own farts and sell them via MLM...
Better get that bottling proccess pattented, I know a guy who can help you with the pattent drawings |
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williamspeaking
4049 Posts |
Posted - 07/03/2008 : 3:14:41 PM
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quote:
Originally posted by RockSexton
quote:
Originally posted by johnnyboy38109
quote:
Originally posted by RockSexton
quote:
Originally posted by williamspeaking
i have a part time gig in the morning at a call center that just rings off the hook for dish network...gets me out of the house, and who couldnt use some extra income in this mortgage sht storm.
I'm looking at a similar position at a call center which has a position for 32 hours a week, working 7:30am to 1:30am. Would you recommend it? Obviously in tough times, you have to do what you have to do right?
7:30 am to 1:30 am.......rather long hours, dont you think?
I see what you're saying, but then it still gives me some time after to work with loans after.
I like it...I never am up by 6 otherwise, i've basically almost put in a full day of work, and when I get off I'd only have been up for 2-3 anyway....our phones ring off the hook and if the people qualify thats a sale, you dont have to pitch anything. they want it if they can get it haha. just a numbers game. |
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delmer01
39 Posts |
Posted - 07/03/2008 : 3:20:37 PM
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You guys need to check this website...
www.shoptoearn.net/cashin
Click on the pic below and then overview...see the video!
I started doing this 2 weeks ago and for the skeptics...look at my check so far!
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RockSexton
531 Posts |
Posted - 07/03/2008 : 3:38:13 PM
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quote:
I like it...I never am up by 6 otherwise, i've basically almost put in a full day of work, and when I get off I'd only have been up for 2-3 anyway....our phones ring off the hook and if the people qualify thats a sale, you dont have to pitch anything. they want it if they can get it haha. just a numbers game.
What industry? This company wouldn't even have me selling anything, just set appointments for their sales reps. They pay $22/hour which is nice. I wish it was all inbound like yours, but I can't seem to find anything like that. |
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SolarMTG
268 Posts |
Posted - 07/03/2008 : 3:54:03 PM
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| i hear recruiters are doing pretty well. pharmacutical sales aren't too shabby either. |
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RockSexton
531 Posts |
Posted - 07/03/2008 : 3:56:10 PM
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quote:
Originally posted by SolarMTG
i hear recruiters are doing pretty well. pharmacutical sales aren't too shabby either.
Aren't most pharmaceutical sales jobs self-sourced as far as where your business comes from? |
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williamspeaking
4049 Posts |
Posted - 07/03/2008 : 5:10:30 PM
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| it's dish network...there is some ridiculous promotion that blows away all cable providers and direct tv in fees/monthly bills/equip costs...its a "press 1" type dialer so most of the calls are people with horrible/no credit. Id take the 22 an hour setting appointments anyday, thats solid. |
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peter
3937 Posts |
Posted - 07/03/2008 : 5:24:06 PM
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Some ex-WMC A/Es went back to selling cars. One ex-ResMae
got a job with a law firm helping expand the BK filing business.
One ex-Optium A/E became a stock broker.
One ex-Impact tried a broker shop but didn't like and went
into hard money, and he has told me that there isn't any
money in it either!
Those A/Es who tried to stick to the business for the past
2 years have been changing jobs from one lender to the next
and the root causes are the overall lack of viable business.
A former WAMU wholesale manager has moved from job to job
since last year. The fact that you did well with a big bank
does not mean that you do well with a smaller mortgage banker.
And of course there are brokers who have become broke and
L/Os who have been lost on the trail of suffering.
Peter |
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financeone
1264 Posts |
Posted - 07/03/2008 : 5:26:38 PM
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| The smart ones, that's who! |
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RockSexton
531 Posts |
Posted - 07/03/2008 : 5:29:08 PM
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quote:
Originally posted by peter
Some ex-WMC A/Es went back to selling cars. One ex-ResMae
got a job with a law firm helping expand the BK filing business.
One ex-Optium A/E became a stock broker.
One ex-Impact tried a broker shop but didn't like and went
into hard money, and he has told me that there isn't any
money in it either!
Those A/Es who tried to stick to the business for the past
2 years have been changing jobs from one lender to the next
and the root causes are the overall lack of viable business.
A former WAMU wholesale manager has moved from job to job
since last year. The fact that you did well with a big bank
does not mean that you do well with a smaller mortgage banker.
And of course there are brokers who have become broke and
L/Os who have been lost on the trail of suffering.
Peter
In some ways part of me is saying that I just need to land with a company that knows what it's doing. My boss is completely sidetracked by the other business he started up and we're only doing direct mailers from 2006 ARMS which have proven to be a waste of time out here in the AZ market. On the other hand, I'm only being honest in saying that the unstable nature of the industry right now is not all that appealing.....especially for a guy like myself who's only two years in and not entrenched in referral business like a longstanding veteran. |
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moneyluck
3741 Posts |
Posted - 07/03/2008 : 5:35:01 PM
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quote:
Originally posted by RockSexton
quote:
Originally posted by johnnyboy38109
quote:
Originally posted by RockSexton
quote:
Originally posted by williamspeaking
i have a part time gig in the morning at a call center that just rings off the hook for dish network...gets me out of the house, and who couldnt use some extra income in this mortgage sht storm.
I'm looking at a similar position at a call center which has a position for 32 hours a week, working 7:30am to 1:30am. Would you recommend it? Obviously in tough times, you have to do what you have to do right?
7:30 am to 1:30 am.......rather long hours, dont you think?
I see what you're saying, but then it still gives me some time after to work with loans after.
He was pointing out that you meant "1:30 PM", but I think the rest of us were followin ya :) |
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johnnyboy38109
2580 Posts |
Posted - 07/03/2008 : 5:37:47 PM
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quote:
Originally posted by RockSexton
quote:
Originally posted by johnnyboy38109
quote:
Originally posted by RockSexton
quote:
Originally posted by williamspeaking
i have a part time gig in the morning at a call center that just rings off the hook for dish network...gets me out of the house, and who couldnt use some extra income in this mortgage sht storm.
I'm looking at a similar position at a call center which has a position for 32 hours a week, working 7:30am to 1:30am. Would you recommend it? Obviously in tough times, you have to do what you have to do right?
7:30 am to 1:30 am.......rather long hours, dont you think?
I see what you're saying, but then it still gives me some time after to work with loans after.
dont you mean 7:30 am to 1:30 PM............otherwise you're working 18 hours a day. |
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shahinian
1 Posts |
Posted - 07/03/2008 : 6:03:39 PM
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| I've been lucky enough to have been in this business for the last twenty years. Bottomline, it's a contact sport. Get on the phone, call every Realtor in town if you have to. Set up face-to-face appointments, bring a little gift. Something with your name and phone number on it. Plan ahead and have a five minute presentation (FHA, etc.). Then go on to the next Realtor. Do this for one month and I promise you will be taking applications again. People are buying houses and why shouldn't you get the deal? For the record, I have a substantial book of business with all my past clients, but that's not where the deals are. Neither is direct mail. The Realtors have the deals. It's a purchase market. Refinances....forget about it. I know it's tough, but calling on Realtors is your only chance. Either that or get out of the business. |
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Dan-NewLifeLendi
143 Posts |
Posted - 07/03/2008 : 6:15:57 PM
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I switched over to Loss Mitigation and Debt Settlement awhile back and haven't looked back. The money ain't quite as good as the height of the boom but it's substantially better than 2005-2007.
Dan
New Life Lending
http://www.newlifelending.us
dan@newlifelending.us
"Wholesale Loss Mitigation, Loan Modification & Debt Settlement Services in 41 states. Our programs turn your impossible loans into cold, hard cash."
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visionmtg
524 Posts |
Posted - 07/03/2008 : 7:01:00 PM
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quote:
Originally posted by clarenceworley
I am going to bottle my own farts and sell them via MLM...
WAAAAAAAAAAAAAAAAA!!!!!!!!
But you know what? Someone will sell it & make dough because someone out there will buy it. That's how MLM's work. |
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visionmtg
524 Posts |
Posted - 07/03/2008 : 7:20:22 PM
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I was a mortgage underwriter for 8+ years & was unemployed for a little over a year until a Healthcare company came a ringin!
I thought mortgage underwriting had some degree of difficulty but I had no idea I had it so easy until I started underwriting Group Medical Insurance! One company sought to take pity I guess on us out of work mortgage underwriters because I was 1 of the only 3 they hired out of 300 applied! I'm only 2 of 18 underwriters who does NOT have a college degree & I'm the oldest underwriter there & I'm only 38!!
It's definitely a culture shock in so many different ways. Weird stuff ( I don't know why I paid attention to it but I did) like there's only 1 smoker out of the whole division I work at, while in mortgage downstairs was a meeting place, and it's not me, but she was in mortgage! LOL
A good handful of regular salary employees AND sales (excluding upper management) have advanced degree's or have Actuarial status or at least a handful of certifications.
The ones who ARE my age have been at the company for 13+ years. Very few people have been there from 5-10yrs most are new college grads or my age & 10+ years at the company.
I'm very lucky to be here but I admit it's very, very hard. The company is cake! The people are great but the learning curve & the amount of knowledge & work you do to one case is simply overwhelming. Oh, by the way I get paid $1200 less per month compared to mortgage lending! But believe me, I'm not complaining, because I still have tons of friends who are still looking for work. |
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waynepbright
3564 Posts |
Posted - 07/03/2008 : 7:41:07 PM
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GET BACK INSIDE THE DAMN BOX PEOPLE. IF YOU GENUINELY LOVE THE MORTGAGE INDUSTRY, THEN WORK HARDER & SMARTER WITH YOUR MARKETING EFFORTS TO CAPTURE WHAT BIZ IS OUT IN YOUR MARKET OR RIDE THE SHIRT TAIL OF YOUR REALTOR REFERRALS TO APPROVE THEIR CLIENTS RIGHT NOW! DUMP THE 2ND JOB AND MAKE IT HAPPEN IN THE FIELD YOU LOVE ~ MORTGAGE |
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johnnyboy38109
2580 Posts |
Posted - 07/04/2008 : 08:26:50 AM
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quote:
Originally posted by shahinian
I've been lucky enough to have been in this business for the last twenty years. Bottomline, it's a contact sport. Get on the phone, call every Realtor in town if you have to. Set up face-to-face appointments, bring a little gift. Something with your name and phone number on it. Plan ahead and have a five minute presentation (FHA, etc.). Then go on to the next Realtor. Do this for one month and I promise you will be taking applications again. People are buying houses and why shouldn't you get the deal? For the record, I have a substantial book of business with all my past clients, but that's not where the deals are. Neither is direct mail. The Realtors have the deals. It's a purchase market. Refinances....forget about it. I know it's tough, but calling on Realtors is your only chance. Either that or get out of the business.
If you've been in 20 and have your own book and say that mail and your referral base "arent it", then you've been mistreating people for 20 years.
Your realtor premise is sound, but to say refinances are not the way is foolish. Its almost all I've got in my pipe, and my pipe is full. |
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Mandyvilla
2755 Posts |
Posted - 07/04/2008 : 10:08:34 AM
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quote:
Originally posted by johnnyboy38109
quote:
Originally posted by shahinian
I've been lucky enough to have been in this business for the last twenty years. Bottomline, it's a contact sport. Get on the phone, call every Realtor in town if you have to. Set up face-to-face appointments, bring a little gift. Something with your name and phone number on it. Plan ahead and have a five minute presentation (FHA, etc.). Then go on to the next Realtor. Do this for one month and I promise you will be taking applications again. People are buying houses and why shouldn't you get the deal? For the record, I have a substantial book of business with all my past clients, but that's not where the deals are. Neither is direct mail. The Realtors have the deals. It's a purchase market. Refinances....forget about it. I know it's tough, but calling on Realtors is your only chance. Either that or get out of the business.
If you've been in 20 and have your own book and say that mail and your referral base "arent it", then you've been mistreating people for 20 years.
Your realtor premise is sound, but to say refinances are not the way is foolish. Its almost all I've got in my pipe, and my pipe is full.
I agree you can't just disregard refinances, but to depend on closing refinances as your sole source of income could be beyond disappointing. I believe the 20 year comment is driven by past history, when we have seen entire pipelines crack overnight because of a rate spike. For example, take a look at your full pipeline and see how a 1% bump in rate would impact those borrowers - would they, could they still close? In the early 1990s, when we hit all time lows in rates (low 5's) we refinanced ourselves out of any business, purchase or refi for the next 5+ years. As our economy slowly gained strength, no one wanted to buy (or could buy w/ all of the unemployment), their new lower payment allowed them to buy cars, take nice vacations and ultimately get the economy rolling again. When the business went to 90% - 95% purchase business, anyone that wasn't working w/ real estate agents found alternate ways to support their family.
There are a couple of strong reasons not to work the refinances as your sole book of business. The first is rather obvious, refinances do not have to close. I would be real curious to see what the close ratio is right now from refinance applications. The numbers my counterparts and I are seeing around the Beltway are pretty dismal.....one of the highest fallout rates this industry has ever seen.
In addition to the stronger probability of the purchase transaction closing, it also gives you the opportunity to meet and work with at least one agent, and in most cases, two agents. Two agents that not only can refer you to not only other purchase transactions, but refiniance opportunities as well.
There is also the fact that on purchase money loans, the loan officer doesn't do all the work. The real estate agents are going to follow up w/ the title company, well, septic and termite, if needed, because they aren't going to rely on you to get paid. (well, most will, the realtors have been thinned out too).
The line of thinking refinances are not a long term approach has been around for quite a while. We use to call the loan officers "producers of one hit wonders" or loan officers in the "one night stand business." As technology evolved, it was shown that one could make a living off refinances, but it took more marketing and more dollars to sell to the general public than it did to a specific targeted segment, such as realtors or CPAs. DiTech and Lending Tree made a killing targeting the consumer - but the average loan officer receives no where near their volume of inbound calls. They need to market more and spend more to get the business.
And, don't throw anything, but the refinance loan officer can be sloppy with their knowledge of guidelines and get away with it. It's easier to use smoke and mirrors with those not in the profession. We always would have the newb in the office work the refi calls because they could do the least damage to our business sources by training them there.
So while I agree you can't discount refinances as a source of business - the internet has challenged the old way of doing business Refinances have always been considered a secondary or third source, maybe 4th source for numbers in a pipeline. The first two being the purchase transactions and then the refinance of those same borrowers (aka book of business), the third being direct referrals, and finally the refi from various marketing campaigns.
I think everyone needs to draw their own conclusions about working the refi market.
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808
1965 Posts |
Posted - 07/04/2008 : 10:51:02 AM
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I set appts for my girlfriends boss/owner who sell copiers, faxes, scanners, audio/visual systems etc. It's a pretty cool gig because I can still work out of my house and work what loans I do have in my lame pipeline w'out compromise. All the guy wants is one solid appt Tues-Fri, what time of the day it doesn't matter. Made $2,700 last month off his closes, which is $1,450 more than I made in the mortgage business last month.
My advice to anyone who works out of their house would be to look into something like this. Owners of companies hate cold calling & door to door and will gladly throw a few bucks your way for a foot in the front door espc if you set it up where your working as an independent contractor and only get paid on his/her closes vs payroll, social security, workmans comp etc and the dreaded set hrs at an office for yourself. I kinda had this situation thrown into my lap because of my GF, but I know theirs hundreds of oppurtunities like this out there
The great thing about it is that I can completely work this around my mortgage schedule not vice versa. However would I rather be working 16hr days on 8 different loans at the same time going 15 rounds w the underwriters and settlement agents, H*ll Yeah!!! |
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peter
3937 Posts |
Posted - 07/04/2008 : 10:51:13 AM
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When you talk about refinance business, you have to
separate those who need to refinance in order to cashout
to meet pressing financial needs. Yes, it is true that
rate and term refinances are so dependent on the market rates,
and I have files that I can't close as my borrowers can afford
to wait until they get 6.00% for 30 year fixed at only 1 point.
However, there are some borrowers who need to pay down their
strangulating credit card debts and they will take 5/1 or
30 yr fixed at the going market rates. I have been pursuing
this category of refi customers and I know the probability
of closing is high.
As far as Southern California market is concerned, I have
been sitting among our in-house Century 21 realtors and have
worked with them. Now, it is a 95:5 rule: Only about or
less than 5% of the realtors can close deals while the rest
of them are floundering in the fool's paradise! As an in-house
L/O, if I were to work closely with the floundering realtors
in the fool's paradise, not only will I incur inordinate
expenses in pulling prequal c/reports ($4 per buyer) and only
to see that either the realtors or the buyers fail to close
the transactions. Even the productive realtors -- less than
5% -- take about 2-3 months to close a transactin and consume
much of my time while I could use those 2-3 months to prospect
for the "Desperately Seeking Cash Out" refi customers.
As a hedge, I am taking on 2 purchase transactions from
realtors that I have often worked with cordinally. If they
don't close, at least I do have those refi cashout customers
to help pay the bills. If they get closed, yes, that will
be good. So, I develop a wider span of probabilities into
refis and purchases. The byproducts of working with realtors
are also that I get referrals for refi cashout from them when
the realtors are trying to sell another house but the customers
need to pull out cash as the down payment.
During this turbulent time, more and more realtors are
ready to work with experienced L/Os and it's the L/O who must
make a careful selection not to get bogged down with those
who are really not making it and will be wasting your time.
The L/O must also prequalify the new refi customer more strictly
on the basis of equity sufficiency, credit issues, incomes,
documentation, and finally the motivation to refi with you.
It is always my policy that no loan is more beautiful than
breaking your back with bad loans that I would have the least
probability to fund. That is a good thing of being an
independent L/O or broker, that you can relax and not having
to work under anyone's dictates.
Peter |
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Rene Viloria
1586 Posts |
Posted - 07/04/2008 : 11:11:43 AM
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quote:
Originally posted by shahinian
I've been lucky enough to have been in this business for the last twenty years. Bottomline, it's a contact sport. Get on the phone, call every Realtor in town if you have to. Set up face-to-face appointments, bring a little gift. Something with your name and phone number on it. Plan ahead and have a five minute presentation (FHA, etc.). Then go on to the next Realtor. Do this for one month and I promise you will be taking applications again. People are buying houses and why shouldn't you get the deal? For the record, I have a substantial book of business with all my past clients, but that's not where the deals are. Neither is direct mail. The Realtors have the deals. It's a purchase market. Refinances....forget about it. I know it's tough, but calling on Realtors is your only chance. Either that or get out of the business.
The thing about realtor's, how do you know which are for real and which ones are a waste of time??????? |
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peter
3937 Posts |
Posted - 07/04/2008 : 12:16:12 PM
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I understand that the local MLS board has a printed record
of realtors who reported closed escrows. You could contact
the local MLS for such a report to see if the realtor you're
talking to is for real or not.
You can always tell from their logic and the type of buyers
they are talking about with you. Many realtors are clueless
and do not weed out the unqualified while few realtors are
effective enough to focus on the prospects that are doable.
Being dragged down by effete realtors will make you lose
time and money, i.e. travelling costs, prequal costs, and
other incidental costs, in schmoozing with the realtor who
"never can." It has happened to me a number of times and
I had to back away from those who cannot make things happen!
Peter |
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main st
55 Posts |
Posted - 07/04/2008 : 1:08:31 PM
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| I am now a police officer in Training... |
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Rene Viloria
1586 Posts |
Posted - 07/04/2008 : 1:27:09 PM
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quote:
Originally posted by waynepbright
GET BACK INSIDE THE DAMN BOX PEOPLE. IF YOU GENUINELY LOVE THE MORTGAGE INDUSTRY, THEN WORK HARDER & SMARTER WITH YOUR MARKETING EFFORTS TO CAPTURE WHAT BIZ IS OUT IN YOUR MARKET OR RIDE THE SHIRT TAIL OF YOUR REALTOR REFERRALS TO APPROVE THEIR CLIENTS RIGHT NOW! DUMP THE 2ND JOB AND MAKE IT HAPPEN IN THE FIELD YOU LOVE ~ MORTGAGE
AGree 100% i do not see myself doing anything else this is the best job in the world...In the book think and grow rich, they talk about the same thing, and they give an example of a general that was going to attack the enemy in an island or something to that effect, and that he order his soldiers to burn, the ship is either they win or they die... |
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djorge44
1212 Posts |
Posted - 07/04/2008 : 2:07:30 PM
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| That example was Cortes exploring the new world I believe, there is some debate on if they actually burned the ships or scuttled them. But it doesn't matter, he wanted his crew to know they had to survive in the new world, there was no going back on the ships that carried them there |
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Mandyvilla
2755 Posts |
Posted - 07/04/2008 : 3:05:42 PM
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Peter, it sounds as if the realtors you are working with are not consistent producers. Top agents do not depend on loan officers to find their customers or sell their customers to purchase a home. If you are wasting time w/ "never can" realtors, you are right, you should avoid them. Go thru the '07 top producer awards issued for your board of realtors. Don't target the top 1%, but find some that are in the next group down. (Making the million dollar club is average). Pick 5 and find ways to target them. Design a 10 action plan and follow through. Land one good producing agent can launch your career. If you had 4 agents feeding you consistent business, you would find our world not filled with doom and gloom.
Trust me, if some of the idiots I know can land real estate referrals in 2 years for consistent business, anyone can. |
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peter
3937 Posts |
Posted - 07/04/2008 : 7:17:49 PM
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Thanks, Mandyville, for your insight. Right now it seems
that consistently producing realtors are more receptive to
working with mortgage brokers who can offer them alternative
lending sources. Unlike before, many realty offices in
upper Los Angeles do send loans to Countrywide or whatever
the lenders the broker owners signed up with. However, due
to the sudden changes in landscapes, realtors who need to
close will be open to work with seasoned brokers or L/Os
just to get the business done.
Peter |
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benjamin
1669 Posts |
Posted - 07/04/2008 : 7:39:18 PM
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| Even though Mandy has a very good knowlege of guidelines, her job is secure as a retail rep for B of A. |
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ritabradley01
2316 Posts |
Posted - 07/05/2008 : 12:16:23 AM
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quote:
Originally posted by benjamin
Even though Mandy has a very good knowlege of guidelines, her job is secure as a retail rep for B of A.
In these times, I'm not sure how secure anyone's job is. |
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clarenceworley
3849 Posts |
Posted - 07/05/2008 : 04:13:52 AM
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I have found this cure-all vapor, that if inhaled twice per day, has been proven to lower cholesterol, blood pressure, increase libido, grow hair on oe's head, make one taller, sleep better at night, improve memory, AND earn you money by selling it to your friend's.
Just send me $99.99 and 2 cans of baked beans and cabbage, for an a sample- 12 hour money back guarantee! |
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Mandyvilla
2755 Posts |
Posted - 07/05/2008 : 07:43:54 AM
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quote:
Originally posted by ritabradley01
quote:
Originally posted by benjamin
Even though Mandy has a very good knowlege of guidelines, her job is secure as a retail rep for B of A.
In these times, I'm not sure how secure anyone's job is.
Benjamin, one and a half years at B of A are not responsible for my opinions and advice, nor my opportunity to bring in the loans. The large majority of agents I work with, I brought to B of A and are the result of past efforts. Typically, I would add one new top referral source every 4 to 6 months. This market takes a bit longer. However, you tend to lose fewer you have been working in this kind of market (slow) because you are suddenly their source of information for guideline changes - you know, the ones we can hardly keep up with?
Developing new real estate agent relationships take time and certainly does not happen overnight. In ,my time at B of A, there have been exactly 3 top agents I have targeted - and going after my targets is actually my favorite part of the business. The first team used me as the fall guy when they repeatedly ignored my requests for income documentation and the buyer didn't qualify when I finally got the tax returns. The second agent has sent me 2M in the | |
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