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mortiz0126
205 Posts |
 Posted - 07/20/2008 : 5:11:37 PM
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I am getting back into the biz after taking a break to open up a restaurant. The restaurant is opena and I can step away and leave my wife running the place while I go back to my profession and my passion. Doing Mortgages!
I need to develop a pipeline and I have done alot of cold calling in the past. I am going to be getting a predictive dialer along with a list and start pouding the phones. Funds are limited so I can not afford to go wrong with this attempt. I have posted in member101's thread to get some more info about his ARM data. I want to know from the great folks on the BO what you recomend. Is ARM data saturated and I am better calling on another type of data? What dialer do you recomend? I have used Raymonds dialer, solus one, and the predictive for brokers mojo. So far my favorite was broker mojo but they are also the most expensive. It is $395/ month with a $200 setup fee. Raymonds dialer works good but I do not like the fact that you can not upload your own list and that you can not have your own script on the screen. Well I have rambled enough I will let you guys do some talking now. Your help and advice is appreciated. |
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Managing Prime
2305 Posts |
Posted - 07/20/2008 : 5:37:05 PM
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ARM's in Florida are tough. Just went though a round of 6K records and pulled under 40 leads...maybe 15 or so with socials.
From my observations FL ARM's adjusting soon are not the way to go. Many have already refinanced or are behind on their payments, etc.
Negative equity in FL is also a problem.
ARM's or renters are your best be in FL unless you are looking to get into credit data.
If rolling with ARM's it is advisable to affiliate yourself with a loan mod company so that you can work make some kind of money back on your dead wood pile.
When working renters get up to date on the SHIP program and the USDA program and target those markets where you can offer both.
Dialer: Netzer (mortgagedialer.com) is running a special right now where you can use his dialer on a 30 day trial basis for $1.99. IMHO he is one of the best dialer providers for the cost. |
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mortiz0126
205 Posts |
Posted - 07/20/2008 : 5:50:57 PM
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| Now that is some good advice. Exactly what I was looking for. I already have looked into a loan mod company to line myself up with and I changed my request to 09 ARM's in order to get a better response. What do you mean by credit data? Is that triggers? |
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Managing Prime
2305 Posts |
Posted - 07/20/2008 : 5:54:39 PM
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quote:
Originally posted by mortiz0126
Now that is some good advice. Exactly what I was looking for. I already have looked into a loan mod company to line myself up with and I changed my request to 09 ARM's in order to get a better response. What do you mean by credit data? Is that triggers?
Credit data is data you can get from Experian. You basically can filter for fico, lates, debt amounts and payments, etc. along with mortgage data. Basically they are pre-approved before you even talk with them (and as such you must actually incorporate that in your marketing). Credit data is good, but it's not cheap you need to pony up at least 2.5K. |
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mortiz0126
205 Posts |
Posted - 07/20/2008 : 5:57:52 PM
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| Ouch! That is alot of money to get started. Patrick do you think 3 to 4 loans is possible with ARM data. In one month that is? |
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Managing Prime
2305 Posts |
Posted - 07/20/2008 : 5:59:51 PM
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quote:
Originally posted by mortiz0126
Ouch! That is alot of money to get started. Patrick do you think 3 to 4 loans is possible with ARM data. In one month that is?
If you are calling 4-8 Monday through Friday and 10-2 on Saturdays...yes.
Note: That's calling. Not running credit du/lp, etc. during those hours. Treat yourself like you would a paid telemarketer during those hours and act as a loan officer during the rest of the day.
Going to need about 9K data records. You could probably squeak by with 5K. |
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mortiz0126
205 Posts |
Posted - 07/20/2008 : 6:08:40 PM
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| Would you recommend another approach? I am looking to get 3 to 4 loans and call Monday through Friday from 5:30 to 9:00 PM. I am sure with ARM data I will also be able to make a good bit of money off of loan mods. Thanks for all of your help. |
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Managing Prime
2305 Posts |
Posted - 07/20/2008 : 6:21:25 PM
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quote:
Originally posted by mortiz0126
Would you recommend another approach? I am looking to get 3 to 4 loans and call Monday through Friday from 5:30 to 9:00 PM. I am sure with ARM data I will also be able to make a good bit of money off of loan mods. Thanks for all of your help.
530-9 m-f should do the trick.
In regards to loan mods I would not get in to deep with them. Learn how to qualify someone over the phone and if they seem to qualify and are interested have someone you can trust to hand them off to and make a couple hundred bucks per sale. Trying to work the loan mods and work the refinance applications will be too much.
I think loan mods are good to have in the tool belt to hand off to someone else to work or to focus solely on, but trying to do loans and loan mods is time misspent IMHO.
Look at it this way. If between your data and your dialer it cost you $1,000 to get 50 applications and 4 loans and those 50 applications cost you an additional $600 in credit data fees and you can pay pay those costs with loan mods you are doing awesome. Assume that you only get one mod sold for every loan sold. Well, if you can close 4 loans and get paid $250 from your affiliate on each loan mod you are still doing pretty great. Basically, you got 4 loans at the cost of the credit reports and 56 hours of your time marketing and the time it took to work 50 applications. |
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mortiz0126
205 Posts |
Posted - 07/20/2008 : 7:25:18 PM
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| Thanks so much Patrick! Just for my knowledge how much better would the results be with credit data? Can you filter by LTV when buying credit data? |
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Managing Prime
2305 Posts |
Posted - 07/20/2008 : 7:30:12 PM
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quote:
Originally posted by mortiz0126
Thanks so much Patrick! Just for my knowledge how much better would the results be with credit data? Can you filter by LTV when buying credit data?
Results are MUCH better with Credit data, but it's hard to say what you should expect. Everyone is pre-approved so you know exactly what you can save them, etc. So it really depends on your sales skills and how targeted a market your are working.
You can filter LTV, but if you are going to use LTV as a filter shoot for under 80% as it's not that accurate. |
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Managing Prime
2305 Posts |
Posted - 07/20/2008 : 7:45:10 PM
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http://www.experian.com/esolutions/pr_iScreen.html
http://www.fiscredit.com/Products/Triggers.aspx |
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