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tommydon
343 Posts |
 Posted - 07/06/2009 : 1:06:49 PM
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If so, what do they consist of
Purcahse, if so, Fha, USDA, VA, Conventional, Jumbo
Refi, if so, DU Refi Plus, Conventional
Hard Money??
Are you by referral only or are you marketing?
Thanks in advnace |
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Jimmymackin
878 Posts |
Posted - 07/06/2009 : 2:06:02 PM
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Tommy,
I suspect anyone who tells you they are doing 10+ loans a month personally is lying. I had a processing company in 08, and almost every broker we worked with which was about 45 nationwide, claimed to be doing between 6-8 a month.
The truth is everyone of them was below 4 if not 1 or 2.
If they are doing good volume, they are not going to tell you how either.
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Managing Prime
2960 Posts |
Posted - 07/06/2009 : 2:21:46 PM
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| I agree with the points jimmy made. I will add to them by saying that you will see those numbers (with the rare exception) in a retail enviroment. |
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Scrooge McDuck
15108 Posts |
Posted - 07/06/2009 : 2:26:49 PM
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| i know people who are doing those numbers, but im not one of them. it would be really nice though. |
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Jimmymackin
878 Posts |
Posted - 07/06/2009 : 2:40:15 PM
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Retail is def. possible...
good point
quote:
Originally posted by Managing Prime
I agree with the points jimmy made. I will add to them by saying that you will see those numbers (with the rare exception) in a retail enviroment.
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lemeuss
1862 Posts |
Posted - 07/06/2009 : 2:49:15 PM
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Ive got a great pipeline, but what used to be a pipeline of 15 would turn into 11 or 12, now a pipeline of 15 turns into 6 or 7....between HVCC and all the little things UW is being picky on.
Also, what I could close in 2 weeks or less before is now a month or so, so there's lots more layover. 10+ is good, very good, but not impossible for a good LO |
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Angelintucson
297 Posts |
Posted - 07/06/2009 : 3:11:48 PM
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Hi Don,
There are so many good marketing tips free on this website.
http://www.topproducerstrategies.com/articlearchive.php
I think the trick is to establish yourself and stay put for the long haul.
Good Luck,
Angel |
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jjohns
60 Posts |
Posted - 07/06/2009 : 3:28:59 PM
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3 of my LO's did 10 loans this month.......all refi's, mostly FHA.
All biz is generated for them (call ins).....they just take 2-3 apps a day (some days 0, some days 10) and close as many as possible. Rarely meet the customers, all phone/fax. |
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MarkIFC
936 Posts |
Posted - 07/06/2009 : 4:44:26 PM
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quote:
Originally posted by jjohns
3 of my LO's did 10 loans this month.......all refi's, mostly FHA.
All biz is generated for them (call ins).....they just take 2-3 apps a day (some days 0, some days 10) and close as many as possible. Rarely meet the customers, all phone/fax.
I wonder what cut those 3 LOs made on those loans --- 30 bps? 40 bps?
I did 3 loans in June but averaged after all fees and expenses 1.18 per loan. I'd much prefer to have the headaches of just 3 loans and make 3 to 4 times as much per deal than the headaches of 10. |
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mbartels
120 Posts |
Posted - 07/06/2009 : 7:18:56 PM
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I am a broker and have closed 89 loans this year. 22 purchases and 67 refinances. Long term this will not last, however. I do no advertising and purchase no leads. All my business is from realtors and past clients. In a normal market I do about 5 purchases and 3 or 4 refinances in a month.
June was exactly 10 closings and I have closed 4 in July to this point. My final refinances are all starting to get close. By August I may be under 10 per month but I'll keep fighting to stay there as long as I can. |
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SSINGH88
673 Posts |
Posted - 07/06/2009 : 7:30:25 PM
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I am averaging about 4-5 a month and that is with constant marketing and touching bases with past clients on a weekly
if anyone is closing 10+ loans a month I would love to know what they are doing different
But you know what I CANT COMPLAIN ABOUT LIFE RIGHT NOW...enjoy this while you can and close as many as you can...its funny how when you lose everything (2008) material things dont matter anymore, and then when you start building it back up you appreciate it so much more
I feel blessed to really be averaging 4-5 loans a month and then have borrowers send referrals...thats awesome |
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mbartels
120 Posts |
Posted - 07/06/2009 : 7:34:43 PM
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quote:
Originally posted by SSINGH88
I am averaging about 4-5 a month and that is with constant marketing and touching bases with past clients on a weekly
if anyone is closing 10+ loans a month I would love to know what they are doing different
But you know what I CANT COMPLAIN ABOUT LIFE RIGHT NOW...enjoy this while you can and close as many as you can...its funny how when you lose everything (2008) material things dont matter anymore, and then when you start building it back up you appreciate it so much more
I feel blessed to really be averaging 4-5 loans a month and then have borrowers send referrals...thats awesome
Well said - count your blessings. It's a great career! The most productive (and consistent) loan officers I have met with all focus on realtors and purchase business. Three good realtors and you are set for a very long time if you take great care of them and their clients. |
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syd
188 Posts |
Posted - 07/06/2009 : 8:41:56 PM
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The companies that advertise and give you leads dont pay. If you are lucky 30bps most not even that good. Guess it's great to get leads and have the opportunity to close loans but if you have many years in the business it's almost an insult to make such little money. I know guys closing 10-15 loans a month and are making $5000-$7000, and working like animals. Imagine closing a $250,000.00 loan charge a point, yielding a point and making like $1200.00. Amazing how $5000 can become nothing.
I say close what you can and take your dead deals and turn them into profits. I know a-lot of people say this but I have been doing Debt Settlement for about a year now and am very impressed with the results. Yeah just like anything there are those whose only goal is to make money and not benefit the client but that is in any industry. If you have the right company helping you it can be a great tool and really will help your client. If anyone is interested email me sydfinancial@gmail.com. If not keep closing loans. It's tough out there but this to will pass. Good luck to everyone and if anyone has some good tips I am always open. Again if interested in DS please let me know, I would be more than happy to speak with you.
Thanks
SYD |
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hmorales007
491 Posts |
Posted - 07/06/2009 : 9:16:22 PM
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I know I guy named Sean Wright who closed 26 deals last month (50 -50 residential / commercial)
quote:
Originally posted by syd
The companies that advertise and give you leads dont pay. If you are lucky 30bps most not even that good. Guess it's great to get leads and have the opportunity to close loans but if you have many years in the business it's almost an insult to make such little money. I know guys closing 10-15 loans a month and are making $5000-$7000, and working like animals. Imagine closing a $250,000.00 loan charge a point, yielding a point and making like $1200.00. Amazing how $5000 can become nothing.
I say close what you can and take your dead deals and turn them into profits. I know a-lot of people say this but I have been doing Debt Settlement for about a year now and am very impressed with the results. Yeah just like anything there are those whose only goal is to make money and not benefit the client but that is in any industry. If you have the right company helping you it can be a great tool and really will help your client. If anyone is interested email me sydfinancial@gmail.com. If not keep closing loans. It's tough out there but this to will pass. Good luck to everyone and if anyone has some good tips I am always open. Again if interested in DS please let me know, I would be more than happy to speak with you.
Thanks
SYD
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jsaville
248 Posts |
Posted - 07/06/2009 : 9:51:02 PM
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I think very few poeple are doing 10+ a month consistantly. It would be nice to see what percent does that Nationaly.
Its one thing to close 10 loans in a month but its another to do it month after month. |
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jjohns
60 Posts |
Posted - 07/07/2009 : 06:33:40 AM
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Mark,
They made a 50% split.....they grossed 15k, 15k and 20k.....one guy is brand new (got into biz in February).....first three full months with a pipline he grossed 50k (his pay). There is sill $$$ to be made, just need to be systematic and target loans that will close.
quote:
Originally posted by MarkIFC
quote:
Originally posted by jjohns
3 of my LO's did 10 loans this month.......all refi's, mostly FHA.
All biz is generated for them (call ins).....they just take 2-3 apps a day (some days 0, some days 10) and close as many as possible. Rarely meet the customers, all phone/fax.
I wonder what cut those 3 LOs made on those loans --- 30 bps? 40 bps?
I did 3 loans in June but averaged after all fees and expenses 1.18 per loan. I'd much prefer to have the headaches of just 3 loans and make 3 to 4 times as much per deal than the headaches of 10.
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Edumakated
238 Posts |
Posted - 07/07/2009 : 06:52:08 AM
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There are plenty of guys doing 10 plus a month still. We have a few guys in our office that have consistently closed 25+ every month this year. A slow month is 10 loans for some LOs. This is at a broker/banker not retail.
I average about 10/month.
My guess is that 10/month probably puts you in the top 1% of LOs nationwide though.
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homebroker@sbcgl
7369 Posts |
Posted - 07/07/2009 : 07:00:30 AM
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It this market 10 loans a month is achievable, although most likely the loan officer has a some help.
It takes a lot of applications to weed through to find doable fundable deals. Today it is 5x the work that we had to do three years ago, but certainly can be done if streamlined correctly. |
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syd
188 Posts |
Posted - 07/07/2009 : 07:32:59 AM
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| I told you guys I see it every month. Problem is most of it comes form advertising. This generates the leads then the leads are given and out and LO's have the opportunity to close deals. If you speak to ten people a day thats 50 a week, or 200 a month. If you figure a closing ration of about 5% there are your 10 deals. The amazing thing is that you have 190 people you cant help! |
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Edumakated
238 Posts |
Posted - 07/07/2009 : 07:54:33 AM
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Most top LOs do not use extensive advertising or leads. Business comes from referrals. Your past clients are your most valuable asset.
If you have been in this business longer than 5 years and can't close 3-5 loans a month just from referrals, you have done something horribly wrong or haven't taken care of your past clients.
Every LO I know that closes in excess of $20 mill annually up to $100+ mill does so simply by referrals from past clients and a handful of Realtors. |
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Jimmymackin
878 Posts |
Posted - 07/07/2009 : 10:42:11 AM
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I don really believe any of this...I am sorry. Nobody here that is closing 10+ a month has given you any real solution to how they obtain those number.
Think about it logically...they all say it is referrals.... How many applications does it take to get a funded deal, between 5-7% go from app to close is a great return. Lets just say 10% of applications are turning into deals.
You are telling me these guys are each getting 100+ referrals each month from Realtors and other sources...5 a day!
The numbers to not make sense...
It really doesn't make a difference, keeping this on topic, I believe anyone that is closing great volume is not going to let you know how they are doing it.
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syd
188 Posts |
Posted - 07/07/2009 : 11:05:34 AM
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| Why would it matter if someone where closing that many deals. If I am in NY and you are in Cali why would it matter how and what you were doing to close loans. Whats the point of keeping secrets? My business and your business would never overlap. I gave true life numbers. It is what it is! |
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khoiey
2968 Posts |
Posted - 07/07/2009 : 11:09:07 AM
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quote:
Originally posted by jjohns
3 of my LO's did 10 loans this month.......all refi's, mostly FHA.
All biz is generated for them (call ins).....they just take 2-3 apps a day (some days 0, some days 10) and close as many as possible. Rarely meet the customers, all phone/fax.
Cough cough |
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ShamWow
171 Posts |
Posted - 07/07/2009 : 11:15:15 AM
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You might want to get the MOM magazine. Last month it listed some of the top Loan Officers whose numbers they verified and almost all of them averaged 15-25 loans per month. This data is from closed files in the horrible year of 2008. Many on the list had 1 processor and did a 60/40 split of Purchases and Refinances. Almost all were LO's on the list got their leads from referrals.
"I know I guy named Sean Wright who closed 26 deals last month (50 -50 residential / commercial)" -KH
For those of us who do a lot of commercial loans and see the contraction that CMBS market has taken, that statement has to make you laugh.
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lemeuss
1862 Posts |
Posted - 07/07/2009 : 11:24:23 AM
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quote:
Originally posted by Jimmymackin
I don really believe any of this...I am sorry. Nobody here that is closing 10+ a month has given you any real solution to how they obtain those number.
Think about it logically...they all say it is referrals.... How many applications does it take to get a funded deal, between 5-7% go from app to close is a great return. Lets just say 10% of applications are turning into deals.
You are telling me these guys are each getting 100+ referrals each month from Realtors and other sources...5 a day!
The numbers to not make sense...
It really doesn't make a difference, keeping this on topic, I believe anyone that is closing great volume is not going to let you know how they are doing it.
Ive been in the business less than 3 years and nearly all my business is referral based....Ive been doing 3-5/month, and Im admittedly lazy about it.
If I actually went out and networked a bit more, I could do 10 easily....anyone wanna motivate me?
10 loans/month seems very feasible, if not easy if you go about it the right way...few leads here and there, a ton of networking, and referrals make the world go round |
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jjohns
60 Posts |
Posted - 07/07/2009 : 11:40:25 AM
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Something in your throat? Been doing it the same way for 5 years.....no referrals, just call-ins......more than we can handle.
quote:
Originally posted by khoiey
quote:
Originally posted by jjohns
3 of my LO's did 10 loans this month.......all refi's, mostly FHA.
All biz is generated for them (call ins).....they just take 2-3 apps a day (some days 0, some days 10) and close as many as possible. Rarely meet the customers, all phone/fax.
Cough cough
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Edumakated
238 Posts |
Posted - 07/07/2009 : 11:41:16 AM
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I can see how 10 loans a month could be difficult in a markets like CA, AZ, FL, and NV. However, everywhere else it should be doable. When I first got into the business, my branch manager basically said if you can't close 5 loans a month, you really should find another career - especially after several years of being an LO.
Seriously, I get 5 deals a month by doing ABSOLUTELY NOTHING but sending out a quarterly newsletter and a few birthday cards. A great tip. When you take a loan app, put your borrower's birthday in Outlook. Go buy a bunch of $5.00 starbucks gift cards and some blank birthday cards. When their birthday pops up, just write a quick happy birthday and thanks for the referrals in the card with the starbucks card. Works everytime.
In 2008, we had like 5 guys close in excess of $60 million in loan volume (top guy did like $110m) and a bunch more close $20+ million. This is in a office of 70 LOs with no lead generation whatsoever.
Again, your past clients are your life line. If you are banging every borrower for 2 on the front and 2 on the back, it is no wonder there aren't any referrals coming in. Treat your clients with respect and become the professioanl they can depend on. Stay in touch with them through newsletters, quarter phone calls, etc. It ain't rocket science. |
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syd
188 Posts |
Posted - 07/07/2009 : 11:43:12 AM
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| Well Said |
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clarenceworley
5717 Posts |
Posted - 07/07/2009 : 12:18:52 PM
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The top producers list for my company(Gateway Funding DMS LP) had 21 people with 10 or more closed loans in May. The top gal did 44 loans.
Unbelievable. |
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1003s.com
4161 Posts |
Posted - 07/07/2009 : 12:37:27 PM
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quote:
Originally posted by Jimmymackin
It really doesn't make a difference, keeping this on topic, I believe anyone that is closing great volume is not going to let you know how they are doing it.
James, your last comment above is dead on.
LO's that are ____"really" heavy hitters, tend to
keep a low profile.
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Jimmymackin
878 Posts |
Posted - 07/07/2009 : 1:22:10 PM
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Thats right Bob
I am not saying that 10 loans a month is not possible, and I am sure that there are people out there doing that consistently, but the idea that it is "easy" or referrals and calls in's pour in with little effort it is a far stretch.
To Lemeuss- Give me a break....the idea that you could with little effort double or triple your income, and your not doing it...just makes you sound stupid and arrogant
Tommydon - if you are having difficulty with your volume, you may want to conisder joining a shop your local area that has shown consistent production over these last 6 months....if they have LO's that are closing 5+ loans a month thats a winning team. These current market conditions do not give you a lot of room for error, if you invest in the wrong lead system, you could end up out of business fast...if you have the opportunity to join a team that has proven results, work hard, and make money than for go for it.
Good luck
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syd
188 Posts |
Posted - 07/07/2009 : 1:23:48 PM
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| I want to join a shop that provided leads and will pay 50bps. Somebody let me know who is doing that. |
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jjohns
60 Posts |
Posted - 07/07/2009 : 1:48:34 PM
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If I could find LO's to work for 50bps that would be awesome......we pay 50% of Orig & YSP.....company keeps the app/processing fee.
LO has zero costs....we provide phone/office/pc/fax/processing and most importantly leads. I would estimate each LO gets approx 100 calls/month, which converts to 50 apps (credit pulled = app).....about half qualify and about half that half move forward.....a couple fall out during the process due to unforseen circumstances (low appraisals, liens we didn't know about, borrower changes mind)......so following that rough guide......
8-10 loans closed is fairly easy to produce.......if our call-ins are low, we simply do more marketing the next time.....tweaked on a weekly basis.
Am I saying every LO that works here does that well...no.....but the average pay in 2007 and 2008 was just over 100k, and 2009 is looking higher. Probably lot's of shops did that well in the past, seems few are keeping the consistency into 2009.
I would love to rely on referrals or realtors to feed me, but that is not our model. We have 100% control of incoming leads, which in this day and age is nice.
quote:
Originally posted by syd
I want to join a shop that provided leads and will pay 50bps. Somebody let me know who is doing that.
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Edumakated
238 Posts |
Posted - 07/07/2009 : 1:52:23 PM
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Some of you really need to step your marketing up if you think there is some mystery or it is impossible for LOs to get consistent referrals. Let me break it down for you.
If you have a database of 1000 past clients/contacts. If just 10% of them refer you a deal that is 100 potential loans. Say 50% fall out for various reasons. That is still 50 deals BEFORE you have even begin to stroke Realtors and other sources of loans. This doesn't even include refinancing those existing clients or the clients that are moving and buying a new home. Therefore, how is it not possible to get 5 deals per month without doing hardly anything?
If you are new to the business and don't have a circle of influence, I can see how this would be a challenge. But after a few years, you should have residual referrals that just keep coming. Again, the longer you are in this business, the easier it should get if you are doing right by your clients and doing basic database marketing.
Referrals this year have been even a little easier because so many LOs washed out there were a ton of borrowers whose LO was MIA.
Leads don't work. If leads were any good why would a lead provider sell them to you for cents on the dollar when they could just close the loan themselves and making a couple of thousand? Think about it...
The only way to be succesful in this business is for as many people as possible to know you are a mortgage lender and to have them trust you with their largest financial purchase. Once people know what you do, all you have to do is to encourage them to continue to do your marketing for you.
Close a loan with a borrower... ask if their employer has a preferred lender and who you should call in HR to get on their list. Go to your closings, meet two Realtors. Host a blog. Develop relationships with a developer. Hold homebuying seminars.
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broker3271
418 Posts |
Posted - 07/07/2009 : 1:58:56 PM
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quote:
Originally posted by Edumakated
Some of you really need to step your marketing up if you think there is some mystery or it is impossible for LOs to get consistent referrals. Let me break it down for you.
If you have a database of 1000 past clients/contacts. If just 10% of them refer you a deal that is 100 potential loans. Say 50% fall out for various reasons. That is still 50 deals BEFORE you have even begin to stroke Realtors and other sources of loans. This doesn't even include refinancing those existing clients or the clients that are moving and buying a new home. Therefore, how is it not possible to get 5 deals per month without doing hardly anything?
If you are new to the business and don't have a circle of influence, I can see how this would be a challenge. But after a few years, you should have residual referrals that just keep coming. Again, the longer you are in this business, the easier it should get if you are doing right by your clients and doing basic database marketing.
Referrals this year have been even a little easier because so many LOs washed out there were a ton of borrowers whose LO was MIA.
Leads don't work. If leads were any good why would a lead provider sell them to you for cents on the dollar when they could just close the loan themselves and making a couple of thousand? Think about it...
The only way to be succesful in this business is for as many people as possible to know you are a mortgage lender and to have them trust you with their largest financial purchase. Once people know what you do, all you have to do is to encourage them to continue to do your marketing for you.
Close a loan with a borrower... ask if their employer has a preferred lender and who you should call in HR to get on their list. Go to your closings, meet two Realtors. Host a blog. Develop relationships with a developer. Hold homebuying seminars.
The operative word in this entire post is "IF". If you have you have a database THEN you can market it...but if you're new, then what do you do.
Oh, and your bull**** about leads sucking...I bet that you've bought leadss before, they "didn't work" and then you've never done it again. What you left out is that you either
A. Can't close a door much less a lead
or
B. You bought 10.00 exclusive TM leads and ended up calling phone book leads...aka you got ripped off and that soured your taste.
NEW LO's...if you want business you have to pay for it...fact of life... |
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broker3271
418 Posts |
Posted - 07/07/2009 : 2:07:39 PM
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quote:
Originally posted by Jimmymackin
I don really believe any of this...I am sorry. Nobody here that is closing 10+ a month has given you any real solution to how they obtain those number.
Think about it logically...they all say it is referrals.... How many applications does it take to get a funded deal, between 5-7% go from app to close is a great return. Lets just say 10% of applications are turning into deals.
You are telling me these guys are each getting 100+ referrals each month from Realtors and other sources...5 a day!
The numbers to not make sense...
It really doesn't make a difference, keeping this on topic, I believe anyone that is closing great volume is not going to let you know how they are doing it.
Your math is flawed w/r/t referrals and closing ratios. If I have a client who is an "A" paper client, they probably know other "A" paper people and that's the types of referrals you get.
Your closing ratio on referral leads should be at least in the high 80s percentage wise.
If it were easy to get 10 deals a month, everybody would be doing it. I remember when 10 deals a month was "Average".
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syd
188 Posts |
Posted - 07/07/2009 : 2:11:39 PM
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| Do any of you guys do any marketing? If so what types? I could give you pretty solid numebers on what you should expect. |
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dtabar
1149 Posts |
Posted - 07/07/2009 : 2:32:02 PM
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quote:
Originally posted by Jimmymackin
I don really believe any of this...I am sorry. Nobody here that is closing 10+ a month has given you any real solution to how they obtain those number.
Think about it logically...they all say it is referrals.... How many applications does it take to get a funded deal, between 5-7% go from app to close is a great return. Lets just say 10% of applications are turning into deals.
You are telling me these guys are each getting 100+ referrals each month from Realtors and other sources...5 a day!
The numbers to not make sense...
It really doesn't make a difference, keeping this on topic, I believe anyone that is closing great volume is not going to let you know how they are doing it.
It can happen. And those percentages change when dealing with referrals. We're not talking about crappy leads from the internet. |
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Edumakated
238 Posts |
Posted - 07/07/2009 : 2:32:17 PM
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quote:
Originally posted by broker3271
quote:
Originally posted by Edumakated
Some of you really need to step your marketing up if you think there is some mystery or it is impossible for LOs to get consistent referrals. Let me break it down for you.
If you have a database of 1000 past clients/contacts. If just 10% of them refer you a deal that is 100 potential loans. Say 50% fall out for various reasons. That is still 50 deals BEFORE you have even begin to stroke Realtors and other sources of loans. This doesn't even include refinancing those existing clients or the clients that are moving and buying a new home. Therefore, how is it not possible to get 5 deals per month without doing hardly anything?
If you are new to the business and don't have a circle of influence, I can see how this would be a challenge. But after a few years, you should have residual referrals that just keep coming. Again, the longer you are in this business, the easier it should get if you are doing right by your clients and doing basic database marketing.
Referrals this year have been even a little easier because so many LOs washed out there were a ton of borrowers whose LO was MIA.
Leads don't work. If leads were any good why would a lead provider sell them to you for cents on the dollar when they could just close the loan themselves and making a couple of thousand? Think about it...
The only way to be succesful in this business is for as many people as possible to know you are a mortgage lender and to have them trust you with their largest financial purchase. Once people know what you do, all you have to do is to encourage them to continue to do your marketing for you.
Close a loan with a borrower... ask if their employer has a preferred lender and who you should call in HR to get on their list. Go to your closings, meet two Realtors. Host a blog. Develop relationships with a developer. Hold homebuying seminars.
The operative word in this entire post is "IF". If you have you have a database THEN you can market it...but if you're new, then what do you do.
Oh, and your bull**** about leads sucking...I bet that you've bought leadss before, they "didn't work" and then you've never done it again. What you left out is that you either
A. Can't close a door much less a lead
or
B. You bought 10.00 exclusive TM leads and ended up calling phone book leads...aka you got ripped off and that soured your taste.
NEW LO's...if you want business you have to pay for it...fact of life...
Leads do suck. Again, why sell leads to other LOs when you can just close the loan yourself? Simple question anyone thinking of buying leads needs to ask. If you have a steady stream of "qualified leads" why woudl you sell them for a few bucks when you can just convert them yourself and make a full comission? Even lendingtree figured that out and started a mortgage company.
Everyone is not going to have a huge database to start, but you do have a circle of influence that you can utilize - friends, family, ex co-workers.
Yes, it takes hustle in the early years, but again after a two or three years you should have a steady source of referrals. I stand by my position.
Again, you close a borrower and know where they work. How many LOs ask if the borrower will introduce them to the Human Resources manager to talk about corporate benefits (getting a mortgage is a corporate benefit you know). Not many. Yet, you get your name on a list at a company with 800 employees, I guarantee 10% of them are probably buying or refinancing in any given year. That is 80 potential loans alone. Assume a 10% hit rate which is not unreasonable, 8 deals from one client and one contact.
This is how heavy hitters get their deals. No LO worth anything is sitting around calling trigger leads and phone lists.
How many LOs ask their buyers if they are working with a Realtor? Probably none. Yet, most buyers probably haven't even chosen a realtor yet. You can refer that borrower to a Realtor. Now you are in control of the relationship. Instead of dropping off donuts and rate sheets, you are handing out buyers. The realtors all of a sudden want to call you.
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jjohns
60 Posts |
Posted - 07/07/2009 : 2:55:31 PM
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We are licensed in just a few states.... phone screened 100 people, face-to-face interviewed 30-40 people to hire 2 people. I then had my trainng manager spend about 100 hours getting people up to speed, sales training, product training, countless hours of role playing, etc.....
I have never sold leads, but if a friend wanted leads in a state I didn't do biz, it would certainly be easier to "sell leads" than get licensed, find office space, interview hundreds of people, etc.......your assumption is faulty in that any lead provider can just close loans......I could have thousands of call-ins in a week with a national marketing plan, but I have the bandwith to close 50-100 loans....any more I need to hire more processing, get more PC's, train more people.........I understand the lead providers thought process. |
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cbcoop
411 Posts |
Posted - 07/08/2009 : 1:05:18 PM
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Doing about 12-15 a month since Jan. I think one month might have been below 10 when rates dropped and had to start over with the refis at new lenders.
Mainly referral business and a few condo projects I am lender on.
Being in the great state of Texas certainly helps! I don't mess with anything out of state anymore. |
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KHufford
10407 Posts |
Posted - 07/08/2009 : 1:25:42 PM
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We have LO's doing 10+ every month. We have a hand full doing 20-30+ (honestly) every month this year...
Most all purchases.
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lemeuss
1862 Posts |
Posted - 07/08/2009 : 1:38:23 PM
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quote:
Originally posted by KHufford
We have LO's doing 10+ every month. We have a hand full doing 20-30+ (honestly) every month this year...
Most all purchases.
Kyle got it a few months ago, or at least first preached it here. Purchase biz is where it's at. You need to team up w/realtors and others involved in the purchase market, i.e. title companies, etc. There ya go, it's no real secret, it's all about networking and building solid relationships.
A few rounds of purchase leads usually keep the pipeline full as well. |
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StevieV22
283 Posts |
Posted - 07/08/2009 : 1:43:33 PM
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I just signed up with realtor.com
Not sure what to expect, but it's a 3 month trial period, 250k impressions, exclusive rights to specific county/zip codes.
quote:
Originally posted by syd
Do any of you guys do any marketing? If so what types? I could give you pretty solid numebers on what you should expect.
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RodneyLO
952 Posts |
Posted - 07/08/2009 : 2:01:24 PM
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Lots of great info in this thread, thanks for that!
And Sean Wright is a running joke, for those who do not remember. |
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conk0029
45 Posts |
Posted - 07/08/2009 : 3:19:46 PM
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My shop is doing good this year, but we had a really bad March. All of my LO's are closing business, but none of them really work to hard.
10+ can be done, but it takes time and marketing money
If you don't have a database then it's not as easy, but you can do it.
The first rule is you must layer your approach.
1.) Buy some so-called good leads
2.) Cold call realtors and email them. It's a great time, many have been sitting on the side lines and don't have a go-to LO
3.) Call court house leads!! Take 4 hrs and pull data. These are the best leads on the market. Send them a letter (.50 cents) and follow up w/ a call. Look at historic rates and pull data from that month. PF is a great database to pull. US Bank is good too, retail offers high rates. One of my LO last month funded 4 deals off a 50 person list. It works, just takes time and is cheap!!!
4.) Market insuarnce agents, builders and div. lawyers. Send them letters or if you have the extra money, send leave behinds (pens,magnets,etc)
5.) Create a blog and monthly newsletter and send it out to whoever you know. If you are calling triggers or other leads, always try to get an email address and keep in touch.
Work 5 angles every week to help yourself get deals. Once you fund them, send cheap gift cards and put some cash back in.
This can be the best job in the world, but it takes effort and if anything more of my lO's hate to put in the effort. They will make 20k a month and take off a month. The big hitters, don't take time off, they just prospect and close loans.
It's really not magic, but hard work!
Happy Hunting |
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the_mortgage_guy
2628 Posts |
Posted - 07/09/2009 : 06:20:14 AM
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quote:
Originally posted by jjohns
3 of my LO's did 10 loans this month.......all refi's, mostly FHA.
All biz is generated for them (call ins).....they just take 2-3 apps a day (some days 0, some days 10) and close as many as possible. Rarely meet the customers, all phone/fax.
thats easy. splits are low I'm sure, no thanks. |
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getthefaxes
249 Posts |
Posted - 07/09/2009 : 06:54:14 AM
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In my dreams I do 10 loans a month and they are stated income stated assett with no HVCC. I also make 3 pts and the aveage loan amount is $350K so I'm grossing about $105,000 a month but then I awake to my 4-5 a month reality which sounds easy but is very hard to keep that pace.
[/quote] |
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tommydon
343 Posts |
Posted - 07/09/2009 : 09:19:32 AM
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Hi Steve
What are courthouse leads
Im in CA and have never heard that term
Thanks |
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Appalachian
85 Posts |
Posted - 07/09/2009 : 10:06:00 AM
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| 5-6 loans per month on average. Mainly all Refinances with a couple purchases here and there. |
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realtorsfriend
236 Posts |
Posted - 07/09/2009 : 10:15:29 AM
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If done properly every 1 purchase deal should turn into another 1.
If the deal was referred by the realtor - then you market the listing agent and buyer for referrals. And make sure that you do a stellar job to keep the relationship with the referring agent.
If the deal was consumer direct (better) - you now have the opportunity to market BOTH realtors plus the buyer for referrals.
Every deal gives you the opening required to start a relationship with the people involved in the transaction...
My production varies from month to month because it's dependant on referral business. What's nice is with every closing I usually build my database by 15-25 people (1 being a new Realtor). I do wish I could do more consumer direct marketing, but atm I don't have the time or expertise to go through the trial and error of what's working. |
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