| Author |
Previous Topic | Next Topic |
|
rmcinturff
371 Posts |
 Posted - 07/11/2008 : 7:53:13 PM
|
How many of the folks on this board that once exclusively sold subprime programs whether retail or wholesale are currently offering or originating reverse mortgages. Are you FHA or not. Are you buying leads or self generating? What resources did you use to find out about RMs and what level of success do you believe you are having? What products do you wish you had access to?
I'm very curious and truthfully concerned as business has picked up while the economy is tanking.
You can email me privately if you want. I am not pitching anything, just trying to get a feel.
rmcinturff@libertyreverse.com |
|
jb060310
329 Posts |
Posted - 07/11/2008 : 8:14:55 PM
|
| I originally got in the business as a subprime originator. I learned a lot about the business on my own, through research and speaking to others. I got my real estate license as well as life, acc. and health insurance license too. Knowledge is always a good thing, in my book. I moved on to becoming an AE for a couple years before my bank went under. My dad is a financial advisor and kept urging me to look into reverses, so I did a lot of research and decided I really felt good about the product. I am with a broker that does primarily reverses, and is FHA approved. I initially started calling leads that were provided and am still doing that and having good luck. But two days a week I am out beating the streets and having luck with that as well. Since I started (end of May) I have had around 10 deals referred to me; I just picked up 3 this week. The more I can get out on the road, the less phone calls I have to make. I feel that this is virtually an untapped market, and it is growing by leaps and bounds. |
|
|
WorldWideWayne
2433 Posts |
Posted - 07/16/2008 : 10:18:17 AM
|
Jeff
Where are you going to make your sales calls?
Have you found that one profession is better than another to call on?
I want to hit the streets...but with some direction. I have never done that kind of prospecting before but I am very willing to do so...cause like you said, them more I do that, the less I have to make calls! |
|
|
jb060310
329 Posts |
Posted - 07/16/2008 : 10:39:42 AM
|
quote:
Originally posted by WorldWideWayne
Jeff
Where are you going to make your sales calls?
Have you found that one profession is better than another to call on?
I want to hit the streets...but with some direction. I have never done that kind of prospecting before but I am very willing to do so...cause like you said, them more I do that, the less I have to make calls!
Wayne,
I am an old AE, and I have picked up 5-6 deals from past accounts recently (all non-FHA brokers). I am offering to pay them as a consultant and they get a portion of the origination for a name and number, they have been very receptive to that. FHA allows for 25%, but I am trying not to give all that away! I am also hitting up local banks who portfolio their loans. No one wants to turn down a 75 year old woman due to income or credit, so I have been dropping off info to them as well, pretty well received. Also, the portfolio lenders do not want to foreclose on seniors, that is bad in the community, so I am trying to get in with collections depts too. As a broker, I will not solicit their customers for other products, like checking, savings, etc. BoA, M&T, etc. will certainly solicit their banking business, so any bank that doesn't offer these is fair game. If Bank xyz says no, we don't offer reverses, sorry, they may go to BoA, and they say sure, so giving any bank an option is good, in my opinion. I am still new at hitting the streets, and so far my best results are through brokers, but I am trying a lot! I'll certainly post what is working for me. |
|
|
rmcinturff
371 Posts |
Posted - 07/16/2008 : 6:28:17 PM
|
I've been scouting the street before I walk into XYZ bank and if I know they don't offer RMs, I ask them what happens when they go across the street to BofA or M&T, etc. That really gets them wondering. From Liberty's perspective, all we do is reverse so we don't compete with XYZ's forward business either like some brokers could and we do all our own processing and UW, so nothing is sent out which helps when you are discussing XYZ's client's privacy.
I appreciate the feedback. Wayne, thanks for the referral a couple of weeks back but we aren't doing jumbos in Wisconsin or Minn at this time but I am in MD, VA, DC, DE, GA, FL and PA and some others. Hoping to get NJ very soon, stay tuned.
866-751-9246
rmcinturff@libertyreverse.com |
|
|
| |
Previous Topic | Next Topic |
|
|
|
Search for: 
