Happy Monday! #MondayMotivation – Making a difference, and seeing the lasting affect of your work continue long after your done is so fulfilling. Strive to make impact this week and let your messages, benefits and value work for you long after your done. Whenever life throws you a curve, lean into it. And accelerate out of the apex as fast as possible. Have a great Monday!
Best Practice week wraps up with an ARTICLE on best practices summarizing the week. This week my intent was to give out best practices for every stage of originating a mortgage loan. Today I summarize and leave the week with the call to action on what to do all the way to the end. #Closing
On Monday, I did a video on prospecting, and if anything remember SW3. SW to the 3rd power as I know it. Some Will, Some Won’t, So What, NEXT! Always be prospecting and always know it’s a numbers game.
On Tuesday, I did a video on best practices taking a 1003. Now I encourage you to go deep. Find out the “Why”! What’s funny is LO’s don’t know the why when I ask them. I wonder how they sold the loan. Or it is actually sold. DIG DEEP, on every 1003 question, there should be another question you ask to dig deep, get to know the prospect and find out more about them. (or why they doing the transaction)
On Wednesday, I did a video about submitting the loans to underwriting. Half the battle with mortgage loans begins with the information that is on the 1003 that is being sent in to verify it. And in the beginning, I suggest that you follow your AUS findings and only submit what it is calling for. One of the biggest mistakes rookie’s make is turning in too much info in the beginning.
On Thursday, I did a video about obtaining conditions and reading them prior to sending in conditions to the underwriter. Most loans do in fact change along the way, this is common. The best practice is as an originator to know how any changes you do will affect the loan. My suggestion is to always have access to “another file” to run AUS with any changes along the way.
Here we are on Friday, and besides asking for information from the clients you have, you need to do “follow up” through-out the process of the loan. Even if you do not need something. And FRIDAY’S are a great day to call everyone in your pipeline. Say, HI! Touch base, let the client know where their file is or foreshadow the processes next. One of the biggest things LO’s miss out on is the ask for referrals through the process. If you’re doing a good job, regardless of closing the loan or not, you have a right to ask for referrals during the process of a loan. (this works well around the 2nd Friday you follow up with them in the process) I suggest that open communication is the key to a successful transaction, and that applies to all contacts in the transaction. Lender, Realtor, AE, LO, Client for example. If you feel lost on where your files are in a process something is not right.
In just about all relationships communication is key. Why not set that standard on your business transactions. Just my two cents.
TGIF – The Grind Includes Friday
#SellWell
#WeekendCalltoAction – Call your clients, ask for referrals
#ThriveonThursday – Best Practice Tips, to help you actually close these loans. The biggest pains I see can sometimes be avoided. 100% of the time these pains of mortgages are related to structure and approval. Which is based on information provided or missing 🙂 lol
Here’s the best practice, my best advice, if you have a loan in process and your changing something, make sure you validate that change PRIOR to sending in the request. Now this also pertains to information. Especially if you see (by reading the info the client gave you) that the income is different than what you initially placed on the application. Or less assets for example.
Have a way to re-run the file on DU first. LP/DO something. Make sure you input the information along the way into your LOS. The reality is, you should be inputting in the information into the 1003 just like the underwriter does. #Inadvance #SellWell
#WorkWednesday – This weeks series has been about best practices in all stages of getting a mortgage done. Monday we talked about prospecting, yesterday we did two best practices for taking a 1003. Today we are all about the act of submitting. Every file is put together and submitted to an underwriter, whom in turn conditions out according to the information given.
It all starts with the 1003, the info on it needs to be verified. So if correctly input, the DU/DO/LP/GUS findings will tell you how to “underwrite” the file yourself. How to put the file together to submit information to the underwriter. All the basic needs are itemized on AUS findings on any system. All you have to do is #Readthem.
Only submit what the DU is asking for upfront. Then of course read the information the client gives you to make sure it matches the 1003 information PRIOR to turning it in. “Good Idea”. ☻♥ #SellWell
#TwoforTuesday – Application Taking tips from the top. I used to do these while taking an application along the way. I would stop and ask questions validating the info the client gave me on the 1003. For one, I am hard of hearing, so I double verified everything. And while I did this, it was always amazing how the first answer changed. LOL>
Second, by doing this, I was able to paint a picture about a process or foreshadow what was next for example. In doing this, I got good at creating urgency at the same time. That became part of my painted “picture”. The need for information in a timely manner, the need for payment on the appraisal, the need for arrangement of time to close. The need to be responsive to requests along the way. The need for communication both ways to ensure a successful transaction. I planted every seed I could. From the need of having someone over 18 to let an appraiser in, to foreshadowing an inspection need, to taking time off work potentially to close.
All processes in a mortgage are foreshadow-able if you will. The more I looked to educate my clients, the more referrals I got. Regardless of how long any one mortgage transaction took. Because I communicated what was going on, helped the client understand “why” and painted a great picture of what to expect next.
#FactsTellStoriesSell
When prospecting remember it’s a numbers game! SW to the third power. Some Will, Some Won’t, So What, Next! As far as getting going on this, make a plan, and then stick your neck out there. That’s how you gain more leads.
I am a fan of using social media to help spread your message, but there are also ways to do this locally instead of online. My advice is to be talking to all neighbors, all places you go routinely should have perhaps your cards up for display. Good question, can you leave behind a flyer or place a card holder? (@ your local spot)
My suggestion is to for sure have a list of “referral partners” that you are going through your rolodex to call. If you have neighbors putting their house up for sale and you didn’t know about it, there may be more room for you to stick your neck out there. Just saying.
Prospect well. #SellWell
Funny when you think about it, it wasn’t too long ago, people where like;
“I’m not giving out my email, -That’s for Friends and Family only!” or
“I am not giving out my cell number, -That’s for Friends and Family only!
HA HA..How many have heard that saying “it’s for Friends and Family only” for Facebook? Or any other form of social media, where someone states they don’t connect with others they don’t know personally. Or where someone says I don’t do business on Facebook!?
So you know where I’m going with this, WAKE UP PEOPLE, this is 2017, and if you’re not in tune with social selling yet you should start to adapt, like yesterday. At this point I get more IM’s with scenario’s than I do with email. I have a fan page that I’ve built for a few years now and it generates me business. IF you’re in sales of any type using social media, IM, Facebook Fan pages and the like to grow your Brand is almost a necessity.
I know if I do business with someone, prior to writing a check I look them up. On Facebook. Especially if they have a fan page, I like it, I read the reviews, I engage with that person on a business level. (first). So fast forward to today, there are a ton of people that have fan pages but have NO IDEA on how to maintain it, or how to gain business from it.
I created #TheBLUEPRINT and is a way for Mortgage LO’s to create marketing campaigns to couple both PUSH and PULL marketing strategies on social media. Over the last 12 months I’ve done a lot online regards to helping Brokers learn to do this. And the most amazing part about #TheBLUEPRINT is if you implement a “free” exposure strategy with FUNNELS the cost per click goes way down and the click through ratio goes up.
Weather you’re all about using Facebook Ads to generate business or not, the point is at least have a Fan page marketing strategy set up (especially if you’re in sales) so you can gain FREE exposure. That will eventually turn into leads, deals, and cash.
#Checkouttodaysvideo
And for those of you that didn’t see it yet, here’s the link to sign up for the WEBINAR TOMORROW where I go over how to set up a Fan page, maintain it, and the best marketing strategy to utilize a PUSH strategy with it.
#SellWell
Did you prepare for the week? Short one or not, that’s the secret to success, planning out an attack. Literally, do you have a list of prospects ready to go on Monday? Do you have posts that will work for you and your business lined up? This is part of the BLUEPRINT, and will be going over just that this week, Thursday @ 12:30 pm EST. #Signup
Do you have a Facebook fan page yet? Maybe you’ve seen others doing this already and seeing success by gaining business off of social media. Well there is a strategy to this and I will go over the BLUEPRINT of how to set up a Facebook fan page for success. All of what I do teaches you how to maintain it, what posts work best to drive exposure to your page, and sets you up for future marketing campaigns. #Checkitout
Here is the link to get signed up;
The BLUEPRINT WEBINAR on THURSDAY
#SellWell
#HappyMonday
The JUICEman! 