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Bob H
300 Posts |
 Posted - 07/21/2008 : 2:31:52 PM
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No doom and gloom here. I'm a sales manager but have had to put on my originating hat back on the last couple of months. It's really starting to pay off. I just closed an investment purchase today. It came from a referral from a recently re-kindled relationship with a realtor. Best of all, since I was at settlement I had a chance to talk to the seller's agent and he invited my to come to his office and get a crack at all of the agents purchase business. He runs a real estate team of about 20 agents so I am pretty stoked about the invite.
I just got a no score alt trade purchase approved from an realtor I have been dealing with for years. I also have 3 other pre-approved clients looking to go under contract within a month.
My LO's are also picking up purchase deals as well. I think we have at least 5 pre-approvals in the pipe and contracts could pop any day.
Purchase business will be the key to the success of originators for the next several years. If you don't have a plan to attract purchase business now is the time. There are many real estate agents out there right now looking for good mortgage people. |
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fund-n
320 Posts |
Posted - 07/21/2008 : 2:49:58 PM
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| Great job Bob! Glad to hear business is picking up. |
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mojojojo_1
838 Posts |
Posted - 07/21/2008 : 2:55:58 PM
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| yep! tons i agree, 30% of the people we talk to now want to buy. serious or not, not too sure... I have 3 lined up one short waiting for the bank to say yes, one waiting approval from lender, and one house hunting with approval letter in hand |
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Shuggins
995 Posts |
Posted - 07/21/2008 : 2:59:45 PM
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I have 2 P.A.s that just came in. 1 that we are resubmitting (due to seller backout) and 2 offers being put in tomorrow. Not to mention I just closed 1 on Thursday. All purchase business!
it's gonna shape up to be a real good August. |
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Bob H
300 Posts |
Posted - 07/21/2008 : 3:56:46 PM
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| It's a good feeling to generate some business through referrals. We have always been a 80-90% refi shop. Taking on purchase business is a breath of fresh air for us. We always meet applicants in person and attend all of our settlements. That really works well for our conversion rate. I'm not sure how easy it can be to generate purchase business on a multi-state level. Realtors seem to like the face time. |
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jvanpetten
2506 Posts |
Posted - 07/21/2008 : 4:29:06 PM
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| Agreed, I am sticking to my area and have picked up 3 new prequals looking for homes in the past two weeks. This along with ARM refi's, I am keeping busy. |
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moneyluck
3775 Posts |
Posted - 07/21/2008 : 6:35:24 PM
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I am closing 3 purchase deals this week compared to one lonely refi.
I love purchase business. |
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Bob H
300 Posts |
Posted - 07/22/2008 : 4:05:56 PM
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The seller's agent from yesterdays purchase contacted me today so I can set up a time with the managing partner at a different office and talk business.
As it turns out, the seller's agent is actually the owner of a team of real estate agents. His office already has a good relationship with another lender. He is hooking me up with a different office that has 82 agents and their old mortgage guy (Countrywide Retail) left the industry.
This deal is mine to lose. I'd be lying if I said I wasn't a little nervous about pulling this one off.
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ty__coon
43 Posts |
Posted - 07/22/2008 : 4:08:42 PM
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| Thank God for some good news. I have 50/50 going on right now. Good deals that I can close and 50 that I feel I have to "try" to close. If I had half a brain I would cut loose some of these cruddy deals and just focus on originating the good ones. I am glad to hear there are some people doing better than surviving right now. Congrats!!! |
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ty__coon
43 Posts |
Posted - 07/22/2008 : 4:11:07 PM
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Actually read this little storie on Brian Buffini's site today totally reminds me of this MB at times.
There’s a story of identical twins - one a hope-filled optimist who could see no wrong and the other a hopeless pessimist who believed the worst about every situation. The twins’ concerned parents decided to bring them to the local psychologist.
On examining the two boys, the psychologist suggested a plan to balance their personalities. "On their next birthday, put them in different rooms to open their gifts. Be sure the pessimist gets the best toys you can afford and the optimist gets a box of manure."
On the day of the twins’ birthday, the parents carefully followed the instructions and observed the results. As they peeked in on the pessimist, they could heard him loudly exclaiming, "I don't like the look of this computer... I'll bet this iPod will break... Timmy has a bigger toy car than this..."
Tiptoeing across the hall, the parents peered around the door to see the optimist twin throwing the manure up in the air and laughing excitedly: "You can't fool me! With this much manure, there's gotta be a pony here somewhere!"
So how are you looking at your circumstances? Are you complaining about what you have or don’t have? Are you willing to put up with some short-term discomfort for the pony on the other side? It’s your choice. I hope you make the right one.
It’s a good life!
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homebroker@sbcgl
3413 Posts |
Posted - 07/22/2008 : 5:59:47 PM
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| Purchase money is where it is, with further decline in values in many areas refi pickings are getting slimmer and slimmer. Get hooked up aith an REO agent, our other company has REO agents and they get tons of buyer calls from all the signs out there. |
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ownerop
389 Posts |
Posted - 07/22/2008 : 8:12:38 PM
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| I have always been primarily a purchase shop and we have never slowed down much. REO's are our bread a butter right now just like in the 90's when we were doing all the HUD repos. The only problem right now is the time it takes to get these deals into escrow; average time from acceptance to close is 60 to 75 days and I have a 100% referral business. |
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Rene Viloria
1824 Posts |
Posted - 07/22/2008 : 8:53:47 PM
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| how are you guys targeting purchases, through realtors??????? |
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Rene Viloria
1824 Posts |
Posted - 07/22/2008 : 8:59:06 PM
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| Can you guys share some marketing ideas that work, i did not have too much success with by referral only...I have couple of realtors, one sends me super hard to do loans, which i have closed, but that is all she sends me... The other one, is a very low producer...Erick Webster recommends call capture maybe i am going to try that, where would you advertise that is effective and not a waste of money??????? |
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KHufford
5913 Posts |
Posted - 07/22/2008 : 9:05:17 PM
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quote:
Originally posted by Rene Viloria
how are you guys targeting purchases, through realtors???????
No, I target cashiers.
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JasonAaron1
1088 Posts |
Posted - 07/22/2008 : 9:16:11 PM
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quote:
Originally posted by Rene Viloria
Can you guys share some marketing ideas that work, i did not have too much success with by referral only...I have couple of realtors, one sends me super hard to do loans, which i have closed, but that is all she sends me... The other one, is a very low producer...Erick Webster recommends call capture maybe i am going to try that, where would you advertise that is effective and not a waste of money???????
Something that has always worked well for me is having prequalified leads to give a Realtor that you would like to get business from. Buy some purchase leads, or get some lists of renters to cold call. Once you get a few Realtors working with you with this strategy, then you can put up financing signs in the yards of all of their listings which will give you more prequalified buyers to share with other Realtors and also have plenty to help your current Realtors get their houses sold. |
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Rene Viloria
1824 Posts |
Posted - 07/22/2008 : 9:18:22 PM
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quote:
Originally posted by KHufford
quote:
Originally posted by Rene Viloria
how are you guys targeting purchases, through realtors???????
No, I target cashiers.
A lot of Realtors are not doing good in this market, that is why i am asking through Realtors?????there are other ways, for example by referral only, does not advise to got after Realtors, but for you to give business once you have the deals, i also try fsbo, Erick Webster recommends call capture, so, thanks for your contribution...As i said i have couple of Realtors, is not working out to good, so since these guys are having success i am trying to see if i can imitate what they are doing... |
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Rene Viloria
1824 Posts |
Posted - 07/22/2008 : 9:22:04 PM
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quote:
Originally posted by JasonAaron1
quote:
Originally posted by Rene Viloria
Can you guys share some marketing ideas that work, i did not have too much success with by referral only...I have couple of realtors, one sends me super hard to do loans, which i have closed, but that is all she sends me... The other one, is a very low producer...Erick Webster recommends call capture maybe i am going to try that, where would you advertise that is effective and not a waste of money???????
Something that has always worked well for me is having prequalified leads to give a Realtor that you would like to get business from. Buy some purchase leads, or get some lists of renters to cold call. Once you get a few Realtors working with you with this strategy, then you can put up financing signs in the yards of all of their listings which will give you more prequalified buyers to share with other Realtors and also have plenty to help your current Realtors get their houses sold.
Thanks Jason, but the hard part at least in my case is knowing which Realtors are not only successful, because i do have one that is successful but selling, i hate dealing with him/her, but also does not produce too many purchases leads, and that is the key... |
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JasonAaron1
1088 Posts |
Posted - 07/22/2008 : 9:23:49 PM
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| If it isn't working very well with your Realtors because they are not having success in this market, maybe you could get together with all of them and see if you can come up with ways to increase everyone's business. Ask them to bring a coworker too. |
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Bob H
300 Posts |
Posted - 07/22/2008 : 9:40:42 PM
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Rene, I am just starting to take advantage of the purchase business. My shop has been mostly refi over the last five years. Since I am the sales manager, my LO's look to me for inspiration to go out and self generate. The key for me so far has been confidence and determination. It's sink or swim time and I refuse to sink until someone ties 800lb weights to my ankles. Check out the "cold calling on realtors" thread. I posted one of my angles that is very cost effective.
It comes down to talking to agents....period. Who cares if they are good, bad, lazy, heavy hitting, or whatever. They all work in an office that contains multiple opportunities to close loans. The more you talk to, the clearer your marketing strategy will be. The more agents you talk to and build rapport with, the more chances you have to originate future business. I ask every sellers agent for their business as I'm closing the purchase for the buyers. Work as a team with your agents and always be on the same page. The buyers feel the connection and it makes the transaction feel seamless.
You say you have an agent that only sends you tough deals. When you close them, make sure the seller's agent is fully aware of how tough the purchase was and you can close any purchase that is closeable. Do not lose contact with anyone. You never know what opportunities may come up.
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peter
4531 Posts |
Posted - 07/22/2008 : 10:35:40 PM
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Yes, my business is also picking up in Los Angeles despite
the declining market. I got 4-6 purchase inquiries from my
own past customers right now and are working with our
in-house realtors. There are more purchase loans that I could
get but I am trying to eliminate those pie-in-the-sky deals
offered me by inexperienced realtors or unrealistic investors.
I will just focus myself on funding these solid purchase
transactions before I move on. You cannot allow realtors
to control you and your time. You must drop realtors and
seek out better ones who can come true with solid transactions
for you to close within the timeframe to pay your bills!
Spinning your wheels with realtors could cost you so much
time and money, and I've learned that early in my career.
Once you feel that the realtors you're working with are plain
losers, then drop them and look for consistent winners. Just
1 or 2 consistent winners will help you pay your bills while
refi cashout business pays for the rest.
These days, most realtors are losing their motivation and
they are not as energetic and enthusiastic as before. Many are
not even working but slouching in the office like the Zombie
before sunrise! I feel sorry for them as they are slowly going
out of business or the broker will ask them to leave before
year's end as otherwise they will have to pay for their monthly
desk fee. L/Os are behaving the same way and are gradually
disappearing into oblivion, leaving the tenacious ones the budding
fruits they left behind.
Peter |
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ritabradley01
3144 Posts |
Posted - 07/22/2008 : 11:08:40 PM
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Peter it seems like you've got what it takes to make it in this market.
quote:
Originally posted by peter
Yes, my business is also picking up in Los Angeles despite
the declining market. I got 4-6 purchase inquiries from my
own past customers right now and are working with our
in-house realtors. There are more purchase loans that I could
get but I am trying to eliminate those pie-in-the-sky deals
offered me by inexperienced realtors or unrealistic investors.
I will just focus myself on funding these solid purchase
transactions before I move on. You cannot allow realtors
to control you and your time. You must drop realtors and
seek out better ones who can come true with solid transactions
for you to close within the timeframe to pay your bills!
Spinning your wheels with realtors could cost you so much
time and money, and I've learned that early in my career.
Once you feel that the realtors you're working with are plain
losers, then drop them and look for consistent winners. Just
1 or 2 consistent winners will help you pay your bills while
refi cashout business pays for the rest.
These days, most realtors are losing their motivation and
they are not as energetic and enthusiastic as before. Many are
not even working but slouching in the office like the Zombie
before sunrise! I feel sorry for them as they are slowly going
out of business or the broker will ask them to leave before
year's end as otherwise they will have to pay for their monthly
desk fee. L/Os are behaving the same way and are gradually
disappearing into oblivion, leaving the tenacious ones the budding
fruits they left behind.
Peter
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ritabradley01
3144 Posts |
Posted - 07/22/2008 : 11:10:25 PM
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Peter do you work with the DPA programs?
quote:
Originally posted by peter
Yes, my business is also picking up in Los Angeles despite
the declining market. I got 4-6 purchase inquiries from my
own past customers right now and are working with our
in-house realtors. There are more purchase loans that I could
get but I am trying to eliminate those pie-in-the-sky deals
offered me by inexperienced realtors or unrealistic investors.
I will just focus myself on funding these solid purchase
transactions before I move on. You cannot allow realtors
to control you and your time. You must drop realtors and
seek out better ones who can come true with solid transactions
for you to close within the timeframe to pay your bills!
Spinning your wheels with realtors could cost you so much
time and money, and I've learned that early in my career.
Once you feel that the realtors you're working with are plain
losers, then drop them and look for consistent winners. Just
1 or 2 consistent winners will help you pay your bills while
refi cashout business pays for the rest.
These days, most realtors are losing their motivation and
they are not as energetic and enthusiastic as before. Many are
not even working but slouching in the office like the Zombie
before sunrise! I feel sorry for them as they are slowly going
out of business or the broker will ask them to leave before
year's end as otherwise they will have to pay for their monthly
desk fee. L/Os are behaving the same way and are gradually
disappearing into oblivion, leaving the tenacious ones the budding
fruits they left behind.
Peter
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peter
4531 Posts |
Posted - 07/22/2008 : 11:47:01 PM
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Not yet, and I am staying away from DAP as long as I still
have better loans that can close faster in time to pay bills!
Cashout refis are the best right now and I am pushing for
cash out refi business before purchase loans.
Peter |
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KHufford
5913 Posts |
Posted - 07/22/2008 : 11:58:53 PM
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quote:
Originally posted by peter
Not yet, and I am staying away from DAP as long as I still
have better loans that can close faster in time to pay bills!
Cashout refis are the best right now and I am pushing for
cash out refi business before purchase loans.
Peter
HUH!? Cashout refis? Thats like the hardest thing to get right now....how do you figure? I took 100 refi apps this year and closed like 5...and those 5 were personal referrals not one from 100 lead apps.
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peter
4531 Posts |
Posted - 07/23/2008 : 12:09:47 AM
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I got most of them from my past customers and the main
reason why they want cashout refi is because of the dearth
of Heloc 2nds to 80%. Some of my customers got their
heloc 2nds cut off or reduced by Chase, C/Wide, National City
Home Equity, etc. and they must replenish their cash reserve
with cashout from the new 1st lien which allows up to 70-80%
on a fixed rate. Someone wrote on BO last week that ASB
(American Sterling Bank) has cashout refi to 90% with PMI
in one loan. I have yet to check as this seems better than
the FHA cashout to 95%, assuming FICO is over 700 and full doc,
because you've got to pay UFMI of 1.5% or more on FHA while
90% conventional cashout refi you only pay PMI.
Cashout refi business is strong in my market and borrowers
need a precisely defined timeframe to obtain the fund and
the amount of the fund to pay off debts or to serve as
a working capital for their today's struggling small businesses.
The more the hurt due to the dismal economy, the more the
need for cashout refi for those homeowners who still have
sufficient equity left and credit untarnished.
There aren't any good corn left in an equity locus-plagued
cornfield of Southern California. I must harvest whatever
good corn I can find until the sky turns dark!
Peter
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Rene Viloria
1824 Posts |
Posted - 07/24/2008 : 10:37:43 AM
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| I have a big idea, with the $100 dollar down hud repo houses for fha, i want to advertise that, where would you guys advertise???????flyer, what news paper?or what magazine????, How you are picking up realtor's are you cold calling them, dropping by their office?, e-mail???? |
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velecico
3926 Posts |
Posted - 07/24/2008 : 10:47:56 AM
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take out a couple of realtors to a strip bar , they will love you and send youd deals |
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ritabradley01
3144 Posts |
Posted - 07/24/2008 : 10:55:24 AM
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| I wish I could get the office to work on more purchases. They seem to shy away from those deals as they are more time consuming and they feel they are a PITA. How do you guys that work with realtors handle the excessive phone calls etc. |
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Bob H
300 Posts |
Posted - 07/24/2008 : 11:39:39 AM
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| I just had 2 clients go under contract yesterday. 2 of my LO's just had clients go under contract. It's been a over a year since my company had 4 purchase deals hit the books in a week. The agents we are dealing with are actually a pleasure to talk to and work with. They view us as a team rather than a "third party service provider that doesn't deserve to make any money on the deal". Like I've said in other posts, purchase business is quite refreshing vs. the difficult refi market we are all in. |
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MortgageBoarder
3972 Posts |
Posted - 07/24/2008 : 12:34:52 PM
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I am 100% purchase business currently, with a random refi referral here and there. Closed 2 in the last two weeks, have 3 solid approved deals which should close in the next weekish, 200-500k loan amounts with 20-60% down, 2 others waiting to be approved and they are solid conforming 90% deals, and 5 other buyers that should have offers accepted within the next two weeks.
I have not seen a "lead" in the last 2 months and every one of these deals is a Realtor referral. Just in the last month, my hustle and bustle has been paying off in the Realtor market, and I have been on the Realtor scene for only 4 months now.
It's simple stuff guys, but if you can get over the whole "Realtors suck" mentality, and are willing to bust your *** for a bit, it should pay off in the long run!! Right now is the perfect time to get on board with this idea if you already have not, because in a year from now it will be too late!! |
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MortgageBoarder
3972 Posts |
Posted - 07/24/2008 : 12:37:08 PM
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You need to get access to the MLS in your area. Either find a resource who will let you use them, or pay the fee and join on your own. You can pull up all sales date for your prospect agents and see the exact numbers from their current and previous sales.
quote:
Originally posted by Rene Viloria
quote:
Originally posted by JasonAaron1
quote:
Originally posted by Rene Viloria
Can you guys share some marketing ideas that work, i did not have too much success with by referral only...I have couple of realtors, one sends me super hard to do loans, which i have closed, but that is all she sends me... The other one, is a very low producer...Erick Webster recommends call capture maybe i am going to try that, where would you advertise that is effective and not a waste of money???????
Something that has always worked well for me is having prequalified leads to give a Realtor that you would like to get business from. Buy some purchase leads, or get some lists of renters to cold call. Once you get a few Realtors working with you with this strategy, then you can put up financing signs in the yards of all of their listings which will give you more prequalified buyers to share with other Realtors and also have plenty to help your current Realtors get their houses sold.
Thanks Jason, but the hard part at least in my case is knowing which Realtors are not only successful, because i do have one that is successful but selling, i hate dealing with him/her, but also does not produce too many purchases leads, and that is the key...
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Rene Viloria
1824 Posts |
Posted - 07/24/2008 : 1:12:47 PM
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quote:
Originally posted by velecico
take out a couple of realtors to a strip bar , they will love you and send youd deals
already did it, slept with a realtor, she went psycho, not worth it... |
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Rene Viloria
1824 Posts |
Posted - 07/24/2008 : 1:15:01 PM
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quote:
Originally posted by MortgageBoarder
I am 100% purchase business currently, with a random refi referral here and there. Closed 2 in the last two weeks, have 3 solid approved deals which should close in the next weekish, 200-500k loan amounts with 20-60% down, 2 others waiting to be approved and they are solid conforming 90% deals, and 5 other buyers that should have offers accepted within the next two weeks.
I have not seen a "lead" in the last 2 months and every one of these deals is a Realtor referral. Just in the last month, my hustle and bustle has been paying off in the Realtor market, and I have been on the Realtor scene for only 4 months now.
It's simple stuff guys, but if you can get over the whole "Realtors suck" mentality, and are willing to bust your *** for a bit, it should pay off in the long run!! Right now is the perfect time to get on board with this idea if you already have not, because in a year from now it will be too late!!
ok, so what did you do???????? |
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clos25
419 Posts |
Posted - 07/24/2008 : 1:20:33 PM
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| I am not a big fan of purchases, 90% of my loans are refis...but I actually decided to do more purchases because refis started to become tougher; we have this spanish realtor that is very good looking and she asked me to go out for some drinks and talk about business last Sunday...and totally blew it, didn't go or even called her. I hope there is no hard feelings and she will still send me clients. |
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mganovsky
2045 Posts |
Posted - 07/24/2008 : 1:25:17 PM
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I am doing mostly purchase Biz around the country, our company has a super web site that generates so many leads they are hard to handle all of them. I am actually worn out by the end of the day from talking with so many people. Then I also get leads at night and talk with folks up to about 11:PM. The owner turns on the leads 3 to 4 times during the week in the afternoon then again in the evenning, then also on Week ends.
Today I am beat, but will go at it again tonight.
I have not had a refi close in about 3 months due to value issues. |
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MortgageBoarder
3972 Posts |
Posted - 07/24/2008 : 1:26:47 PM
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Bad move...
quote:
Originally posted by clos25
I am not a big fan of purchases, 90% of my loans are refis...but I actually decided to do more purchases because refis started to become tougher; we have this spanish realtor that is very good looking and she asked me to go out for some drinks and talk about business last Sunday...and totally blew it, didn't go or even called her. I hope there is no hard feelings and she will still send me clients.
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MortgageBoarder
3972 Posts |
Posted - 07/24/2008 : 1:32:18 PM
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Joined the Realtor association and started going to Caravan's every week. Found out who the "popular kids" were and starting befriending them. I go to their open houses on the weekend and I am always consistent.
Take them to lunch and happy hour when you can, and do everything and anything possible with them other than asking for loans. Stay consistent and get them to trust you, then ask to host open houses, make open house flyers, do pre-approvals... After about two months of this, THEN I asked for loans, and now I get at least 3-4 calls a day and that is only from 3 different SD agents and one Realtor contact I met on here.
My goal is to have 10 partners by year end, and I am well on track to reaching this goal.
quote:
Originally posted by Rene Viloria
quote:
Originally posted by MortgageBoarder
I am 100% purchase business currently, with a random refi referral here and there. Closed 2 in the last two weeks, have 3 solid approved deals which should close in the next weekish, 200-500k loan amounts with 20-60% down, 2 others waiting to be approved and they are solid conforming 90% deals, and 5 other buyers that should have offers accepted within the next two weeks.
I have not seen a "lead" in the last 2 months and every one of these deals is a Realtor referral. Just in the last month, my hustle and bustle has been paying off in the Realtor market, and I have been on the Realtor scene for only 4 months now.
It's simple stuff guys, but if you can get over the whole "Realtors suck" mentality, and are willing to bust your *** for a bit, it should pay off in the long run!! Right now is the perfect time to get on board with this idea if you already have not, because in a year from now it will be too late!!
ok, so what did you do????????
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clos25
419 Posts |
Posted - 07/24/2008 : 1:35:04 PM
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quote:
Originally posted by MortgageBoarder
Bad move...
I know, I need a good excuse next time I see her.
maybe I'll send her a client. |
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allisonwolf
24 Posts |
Posted - 07/24/2008 : 3:15:03 PM
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| This topic was very helpful to me. I realized that I am super discouraged as a broker and now I have some VERY great ideas to get off my ****. Thanks to everyone. |
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