The New Good Faith Estimate Is Simple
April 23, 2010 by Justin McHood · 1 Comment
For a while now, I have heard rumblings about how the new GFE is bad for the consumer, difficult to understand, may not accomplish what it was set out to accomplish and even someone who suggested that possibly consumers and the industry were better off before the new GFE.
So for anyone who is still confused about what the new Good Faith Estimate is all about, I thought I would ask someone to put it out there where it is easy for everyone to understand:
Any questions?
The World Has Officially Run Out Of Ideas…
October 29, 2009 by chad weber · 7 Comments
So far we’ve seen just about every advertising method possible used… If it exists in the material realm, it’s probably been used and/or sold as advertising space:
Radio, TV, billboards, magazine pages, banner ads, the side of your car…
Or, if you want to get a bit more extreme: People selling the back of their heads on Ebay for advertising space… Once I read about that crazy little phase, I thought I had seen it all. Apparently I was wrong. VERY wrong:
I know, I know… The intent was not to have the little signs carried by the flies read so much as it was to raise awareness and to create… I’m going to say… Please forgive me… BUZZ! I’m sure they reached their goal, and that’s wonderful. But I just can’t stop thing to myself: “Just how long did it take to attach those tiny little banners to those “organic airplane replacements?” (My new term when I see a fly from now on) No real point to this post other than to share what I found interesting.
Chad Weber – Loan Officer Marketing Lab
Confessions of an A.D.D. Loan Officer Part II
October 12, 2009 by chris brown aka the implementer · 8 Comments
If you have not yet read Part I, it will make more sense if you do. Don’t worry there is a link back here at the end of it. =0)
Confessions of an A.D.D. Loan Officer Part II
Now for the real meat-and-potatoes – potatos[?] – po-tah-tos[?] of how to, not only function as a normal human being, but how to get things done and done well in your day-to-day mortgage practice. Here it is, are you ready?
Simplify… it is easy to focus on the wrong things. [How do you think I know that!?]
For Pete’s sake [who is Pete anyway?] we have just gotten to darn complicated. We chase this product, that system, and yet another solution when the tools for success are right next to us, in fact – they have been there all along. [It was coffee by the way – it just tasted like tea because you lost count as you were putting the scoops of grains in the maker.]
Here is a new idea. QUIT TRYING TO DO 1000 THINGS!
What most of us need is not a new idea, but to stick with one and really squeeze all the life out of it.
Have you ever done that? I mean really stuck with one idea and worked it and worked it and worked it!?
So a question that arises is this, “What ‘ONE IDEA’ should I focus on in this New World of real estate, Chris”. As you can imagine that answer is not a one-size-fits-all but finding that answer may be easier than you think.
The key for me is meeting up with like minded individuals that are still originating – yet are thriving in this marketplace. That is what the Mortgage Revolution 
is all about. It is about hitting the reset button, shaking off all the fluff that we have been fed over the past few years and getting real.
It is time to see how some people are simply ‘kickin it’ in this business and finding out how to apply in your marketplace. Take inventory. Analyze where your business is. For me an event like this is not about finding that next “shiny object” – if it is for you… stay home. It should be just the opposite… discovering which shiny object you already have that is the one to squeeze the life out of.
You have made it this far through the toughest market that most have seen, congratulations. You are part of the top 30% simply by attrition. To make it to – or stay in the – Top 10% of those remaining won’t be as easy. The cream of the crop are all that are left, so picking up your game is a must.
Trying to do it alone is foolhardy – network with those that are making it and the whole game gets easier. Not only is it the best way for most people, but it is the only way for the typical A.D.D. LO to remain successful in the new world of mortgage origination.
As my friend Mark Madsen says, “Just keeping it real”.
Chris the Implementer – The Home of Orlando FHA Loans
Confessions of an A.D.D. Loan Officer Part I
October 6, 2009 by chris brown aka the implementer · 10 Comments
“How Many A.D.D. kids does it take to screw in a light bulb?
…wanna go ride a bike?
If you don’t have days like this – pleassseeee skip the rest of this post series – it’s not for you. Not only will it confuse the living daylights out of you, but you will wonder how such people could even function outside of a padded room.
For the rest of you – “hey guys… this way…” welcome to the:
Confessions of an A.D.D. LO
Part I
Not sure if this is you? Take this simple test to find out if you are an A.D.D. LO.
Have you ever;
- Forgotten if you have put the Splenda in your coffee or not yet – wait this tastes like tea…
- Walked into the Operations Manager’s office… and forgot why you left yours.
- Picked up the phone, dialed, hear ringing – and can’t remember who you are calling.
- Bought a new system to “fix” your business – then realize you already own that system when you got back home.
- Gotten half way through a closing and realized… “this is not my closing.”
Ok, so the last one is a little extreme, but if you said yes to any of the above – especially the last one, then you just might be an A.D.D. LO.
Admitting your affliction is not only a scary step – it is a freeing one as well. Go ahead, say it.
“I am an A.D.D. LO.” – “I am an A.D.D. LO.” – “I am an A.D.D. LO.”
See? Now doesn’t that feel better? [Wait, what was I talking about again?] Oh, right… admitting you get distracted by shiny-objects.
Knowing is half the battle.
Part II will cover the real meat-and-potatoes – potatos[?] – po-tah-tos[?] of how to, not only function as a normal human being, but how to get things done and done well in your day-to-day mortgage practice.
Go to Part II [without passing go]
Chris the Implementer
Famous Last Words: What is your (mortgage professional) lasting impression?
September 2, 2009 by admin · 5 Comments
- Image via Wikipedia
A defining moment, a Hollywood hero-shot, a quote to be remembered – famous last words leave a lasting impression. Here are just a few of the great ones that come to mind – “With great power comes great responsibility” (Spiderman); “And in case I don’t see ya, good afternoon, good evening, and good night!” (The Truman Show); “I’ll be back” (pronounced, “baaaack”, no reference necessary). These simple yet profound one-liners remind us instantly of an entire story-line, create a wave of emotions and maybe even bring goose-bumps to our arms.
Recognize any of these famous mortgage marketing one-liners? – “I look forward to a mutually beneficial relationship”; “I hope my service exceeds your expectations”; “Working to be your lender for life.” Really, that’s it?? Is this really the lasting impression that some hope to leave with their clients? Now, I know that the mortgage business is no Hollywood movie script, and most clients have likely not gotten goose bumps from copy on your website, but there has to be a better way to communicate a message to clients that will (at minimum) leave some kind of impression, even if it is only moderately memorable and only partially lasting. If you are using one of these hackneyed phrases (look it up), I beg you to stop, for your own good. To be blended in with the mortgage masses and to be remembered only as “the guy (or gal) that did our mortgage last time” is to travel down a road that leads to a quiet phone, a rarely visited website and little to no repeat/referral business. To be remembered by past clients, to be recalled and to literally be re-called when the need for mortgage info arises, you need more than a cute one-liner, more than a bullet point list of service standards and more than a subscription to a “put your picture on this postcard” service.
Here are a few suggestions to make sure your last impression is a lasting impression:
1. Imitation is the highest form of flattery, but not very memorable. Flattery is nice, but it may not be the best strategy in being remembered. Be unique, be creative and be sincere. If you promise to keep clients informed throughout the loan process, you better have a solid plan and system for doing just that. If you boast of helping your clients manage their mortgage after closing, you need more than just a scheduled once a year phone call.
2. Great service is a great start (only a great start). Too many mortgage professionals assume that the lasting impression of their exceptional service will create repeat business. The real truth is that exceptional service will only create the opportunity for repeat business. In other words, your past clients will consider you in the list of candidates (maybe even highly consider you) when they are looking for a mortgage. Where you fall in that hierarchy is based on how great your service (and their mortgage experience) really was and the last suggestion below – which also happens to be THE most important thing to remember, when hoping to be remembered.
3. Don’t let your last impression be your final impression. Great marketing slogans and company-wide sales promises are certainly important in being remembered; and great service is critical for building a business (and staying in business); but don’t assume that your clients will come back to you as their sole source of mortgage advice. Consumers are continually being bombarded by mortgage solicitations. Your clients (the ones you won over with your exceptional service) are constantly receiving offers for mortgage advice and information – from their loan servicer, from television and radio advertisements, from real estate and finance websites and from banner ads galore (someone must be clicking on the dancing lady, right?). In order to build a lasting impression, you must be continually communicating with your clients. And communicating with your clients is much different than marketing to your clients.
Knowing the difference between those two (famous last words: “ . . . and knowing is half the battle” anyone?) is the key to making sure that your last impression, is in fact, not your last impression.
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myRateTrack.com is a web-based marketing system for mortgage professionals – to market to past clients and new leads. The myRateTrack.com system automatically generates and delivers (via email) detailed, customized, customer-specific refinance reports (also available instantly); includes a target refinance rate notification system; and a feature to offer advertisement space to referral partners. For more information, call 888.781.0005 ext 1 or visit www.myRateTrack.com.
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A Mortgage Marketing Nightmare – You Won't Believe This!
May 7, 2009 by chad weber · Leave a Comment
Blooper time people! Usually my posts are very serious in tone, and <gasp!> educational in nature. Looking for a light-hearted post today, so I began thinking back to some of my early days as a loan officer, and some of the more laughable (At least now they are) mistakes I made.
But fair is fair, so if I’m going to serve up some stories, I want you to share as well. Ok, now that we’ve agreed, here’s my worst of the worst story:
One of the most difficult transitions for me as a new loan officer was dealing with those clients who would never send in their stips, but yet would call multiple times per day demanding you “hurry up!”
So I had this client who became quite hostile when I told her the loan was not ready, as she still had not delivered proof of income, bank statements, etc. She called and left me a really nasty voicemail. Another loan officer was in the office with me as I listened to her angry message.
I decided it was best I call her back to diffuse the situation. I left her a voice-mail once again reminding her that the loan would not make progress until she delivered the documents I had asked for multiple times now. I set down the phone on the carriage after I finished leaving my message, and proceeded to complain to the loan officer in my office.
He inquired about the situation, and I explained how ridiculous this woman was, and made some cracks about “She probably doesn’t want to give me her bank statements because she must not have the money she told me she does to qualify!”
The words and the back story had barely left my mouth when I realized in horror that there was another voice in the room… “What the?” I looked around for the disembodied voice but could not find it! Where is this sound coming from? My eyes finally settled on my phone!
In my frustration with the customer, I apparently set the phone down too quickly and the phone was not resting on the carriage properly – meaning that I never hung up! I reached down to snatch the phone up hoping the voicemail system would give me an option to cancel and re-record my message!
The pay-off for my speedy phone grab? “Thank You – Goodbye!” AHHHHHHHHHH! I was too late. The already angry and unreasonable customer was sure to blow her top! But what could I do? You know that sinking feeling you get in your stomach that comes with the realization of impending doom? That’s what I enjoyed for the next few hours waiting for the inevitable tongue lashing that was sure to come with every ring of my phone.
So what happened? I never heard back from her. I often wondered if it was because she found my comments insulting, or if she realized from my message that I was not going to approve her loan without proper proof of income and funds in the bank.
Either way, I learned an important lesson that day. But not the one you might expect. I learned to always manually press the button on the phone with your finger and listen for the dial tone before venting in frustration about a customer…Or a family member…Or anyone for that matter! (No high-horse soap box preaching today folks! We all have to vent sometime! It’s how we stay sane with things get tense)
So how about you? Any interesting stories to tell from the trenches? If this post gets enough interesting responses, I just might be able to be persuaded to share my story about the borrower who brought her father with her to the closing table… After he passed away! (Yea, think about what that one means for a moment!) Now share!
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Part 2 Of Online Mortgage Marketing – Video Style…
April 27, 2009 by chad weber · Leave a Comment
I have to thank all of you for the kind emails that have been flowing in since my last post. It seems the format of “How TO” has been quite well received! Based on the excellent feedback from this post (Click Here if you missed it) I decided to create an instructional for the next step in the form of a video. It may be only 7 minutes in length (Hey, you’re busy right?) but the material is solid as a 10 ton slab of granite.
Watch the video, follow the steps, learn about your market. It’s that simple. Mortgage marketing online can be quite profitable and you don’t need to become a web programmer to follow these simple steps. The bonus is that your competition at this point will be exceedingly low if you perform the research demonstrated in this video.
Enjoy! Oh yes, before I go… If you like the material presented in this video, you will probably want to participate in our free Online Mortgage Marketing Instructional scheduled next Tuesday, the 5th of May at 1:30 CST. You can get your login by clicking this link: CLICK HERE NOW
See more by CLICKING HERE.