Social Selling is the newest way to develop relationships. If you’re not doing it, your missing the boat. Social selling is an art, and with all the great social platforms out there, use them to your advantage. Create a BOND with your prospects first. Engage them, and find out what makes them “tick”. Then it will be easier to identify solutions to help them. #SellWell
Tag Archives: Real Estate
Two for Tuesday – LP & USDA
Some great announcements on new guidelines for the two products. For the love of GUIDELINES today! Two for Tuesday! #SellWell #LoveyourBrokerday
Happy Valentine’s Day
Two for Tuesday – Student Loan Guides
Two for Tuesday going over the newest guidelines on Student loans for 2017!
Motivational Monday – CRM use!
Motivational Monday – Video and My virtual Business Card.
This week’s motivation is to use your CRM to it’s fullest potential, make notes, log calls, fill in birthday’s and record interests. You will get out of it what you put into it.
#signupforyourvirtualbusinesscardbelow
CFPB is changing the game.
Yet again… And for MSA’s BIG TIME. I think this will affect Builder’s BIG TIME, right as the ground softens. Winter’s not over, but a cold front just waved through. And if you didn’t know, I’m referring to the most irritating, hardest objection to get around if your an originator. It’s when Builders give incentives to have a client go through “their” preferred lender or forfeit certain incentives. TOTALLY STEERING.
Recently the CFPB slapped the wrist of yet another mortgage company. And this time the Real Estate firms associated with the “deal” get slapped too. And it’s all because the RE listing suggests that a certain lenders pre-approval is preferred and had kickbacks or marketing “budget” that was moved around monthly. Let me ask you originators, have you ever come across a lead and the prospect says their shopping compared to a “builders lender”? Every LO’s face just cringed. It’s the worst, and as an LO even if you offer a better rate or lower costs, if that prospect uses you, they lose out on certain “upgrades”. And benefits for their builder deal. I’ve seen it time and time again.
Well the CFBP is sending a crystal clear message with this case. And I bet, mark my word that some builder that steers clients to a certain “lender” or they forfeit certain benefits, will be going down next. Big time. It’s the worst thing an LO hears, they already know they can’t win against the builder’s lender and feel trapped. For years this has been the case. This summer might be a different story. The kickback or benefits of using preferred lenders in some Marketing Service Agreement (MSA) will be a no no going forward. Wait that was the way it was designed in RESPA years ago…. Oh, yeah, people are still trying to find holes or cracks to slide through… I also think more of the public eye and consumers as a whole (even RE and LO’s) are reporting these kind of practices that make for an unfair advantage. Heard that’s how this happened, a competitor of the mortgage company snitched on them. Good. I think the CFBP has got it right on the preferred MSA’s out there and how they are wrong. But I don’t see anyone bring up the builders benefit aspect.
In my opinion as long as the LO and RE agents are diversifying themselves and not doing all their business with one person, then they should be ok. Never make it even look like your steering loans to one place. The old saying, never have all your eggs in one basket right. Just don’t put something on the NMLS listing that says all offers must be pre-approved by XYZ bank. Or from an LO perspective never advertise conjointly with a RE agent and have exchanges of value. Keep things generic and or a representation of the company that sponsors you. This is a great move technically and in turn helps the consumers and level’s the playing field. No one person or lender is “preferred” or should be advertised that way in my opinion. All approvals or pre-approvals are taken at face value of what they are, and lenders are expected to perform if they issue it. I think it’s a win win to have this, and really this kind of action was needed more than 5 years ago.
Builders are the worst in offering incentives and or taking them away if that “preferred partnership” is not used. As far as RE agents go I don’t see someone saying they won’t show a house to someone, or they won’t accept an offer if not using that preferred party. I am not a RE agent and don’t know how they could “take away a benefit” if that lender was not used. However if they place it in a written ad on NMLS stating all pre-approval’s need to be through XYZ Mortgage Co. Well then you have steering. Stay away from that is my suggestion. Still builders are and have been the worst at this. And I think this new message could have lasting affects with not just kickbacks, but the taking away benefits to a client for not using a “preferred lender” they have a MSA with.. And for the better.
We’ll see this summer. Everyone should be on the look out for a builder that says use my company or forfeit some aspect of potential gain on the building of the clients new house…. I hope builders get the message and it spreads. That’s a new no no. Well there you have it. The CFPB is changing the game again. Nobody is preferred, or compensated for steering loans towards a certain lender partner. Makes sense. Clear cut and dry. Message and Law has been around for a while (RESPA). Why are people still trying to cut corners is what I ask myself…
AS A RESULT. What I see is opportunity. If I was originating loans, I would be using this as education for those builders that “have a MSA” or preferred lender and educate them. Partner with them NOW, and offer to be a balance to their portfolio. The last thing a builder should want is a track record of having all their closings with one entity. (hardly any LO’s network with builders)…. This is key. And wide open for the taking. That’s cause they all had “their lender” they steer clients too. And LO’s know this. All you need to do is start adding value to them by education on this. New “partnerships” are about to be born, hopefully with no MSA attached. lol. No one should be preferred any more. My suggestion, stay away from even the looks of steering. RE agents you should network with at least 3 LO’s from different companies. LO’s you should network with 30 RE agents. 🙂 And builders you should have at least 3 lenders you can recommend. No one person/lender from RE to Builders should be “preferred” and no benefits taken away if those partnerships are not used. It’s not fair to the consumer.
Happy Origination’s
Happy Builder partnering
-The Mortgage Juiceman
Same Day Service, creating URGENCY
Remember that is what a mortgage is a “bond” that changes. You know rates go up and down. Well paint that picture. Painting the picture that to the client you send all the application too, they need to actually SIGN IT and SEND IT BACK… Rather quickly. It’s not a sit on it and analyze it type of thing for two weeks. You don’t ponder a mortgage decision on a refinance. A purchase ok take your time, when your ready come back to me and I’ll refer you a realtor with a pre-approval letter.
With Bonds or should I say mortgages there is a price associated on a LE that is sent in an environment of rates at a specific date in time. You and I know rates come out daily. Paint that picture, that fact that remains the exact price to the penny will not be the same exact price on the loan assuming it’s not locked at time of initial disclosures. That’s a fact and part of our industry. And why CREATING URGENCY is actually really easy in the mortgage business. I never understood why other originators wouldn’t get their “books” back. Book = Complete loan package SIGNED with supporting information needed. I remember a time in the call center days we would “ring” literally a bell on the floor to create excitement. Once a day I’d make it a goal to go over and ring that bell. lol.
You know it all came down to “painting the picture”. Shopper or not I stressed the fact that rates change daily and that either market (rising or lowering) that is link between the myth that what your promised and what a client gets are two different things. (in the mortgage industry) The majority of people who say that where promised something one day, held on to something too long, the rates changed and when they locked that price was different. They paid more for the same rate. ENTER the one call close, what we called “Same Day Service”
When I used “rocket” before it was known, I would take the app in a conversation, scrub their credit, and “rocket” the loan for decision inside of 40 minutes most of the time. I would give that client a consultative approach to solutions for their need, whatever it was. I always dug deep. And when the time came to push the buttons to generate the docs, I would offer a special same day discount of some sort. All they needed to do was allow me to explain the docs one by one to them. Which I did, I walked clients through each form, told them which lending law associated with each document, and then had them sign it. Right on the phone. And afterward I would attempt to offer to lock the loan in, if they could send me the supporting docs same day. Boom 1 out of 10 would do it. Most people I would call in the morning. Paint the picture of importance to get the book back, push the bruise (the why they are doing this to begin with, remember I dug deep) and gain a commitment on a time I would have it back by.
My ratios ended up being that 80% of the people hold on to the docs 24 hours or less and really do move to get supporting docs rather quickly. 10% ended up shopping and out of that approximately 2% would come back to me and say, I totally understand now. The teeter tooter effect of price and cost and how they relate they either understood better and or trusted me. And would do business. The rest was same day or not at all. Win some lose some.
Today originators do TWO things for me. First place a big sign in front of you that says S W to the 3rd power. SW3. Some Will, Some Won’t, So What NEXT. And try today to take as many applications all the way to “book back” in one call. Achieve Same Day Service.
If you’ve done SAME DAY SERVICE, like the article.
Happy Origination’s.
#Igotaguyquestionsaremyfavorite
#hitmeupwithanyguidelinequestions
100-4-1
100 calls 4 credits 1 deal
Success gravitates towards speed
You know what’s funny. Is I’ve done this several times in my professional marketing and sales career where I just totally “burst” with success as a result of my actions. Like the feeling of that first sales job where you put your head down and have a burst of energy that leads to your launch. Whatever, launch that may be. It’s absolutely like an airplane taking off. That arch of a half pipe in the X games. A burst of energy is what launches you.
From recruiting to sales in B2B where that relationship is based on a reoccurring sale and service provided, the bulk of your “business” pipeline is broken down to a handful of prime accounts. The 80/20 rule. 80% of the business is generated by 20% of the accounts. Same with the source of where that business is coming from. 80% of the business is generated by the top 20% of the sales force. So what makes the difference?
Speed! I am sure of it. If you know me I’m the guy you would think is drinking red bull all day. Totally a “BURST” of energy. Especially when starting something new or beginning a new marketing campaign. I used to love when a mortgage company would come out with something new. I remember being in several positions when the “product” just came out. And the “burst” of energy upfront from all the sales people generated a lot of momentum.
That is called “taking off”. The arch I was talking about. And if you come in to win it like it’s your first 30-60-90 days and really put forth effort. You will see some form of success. Success gravitates toward Speed. And if you apply this to your ventures, your marketing strategy, culture and sales efforts, you will see success.
Not long ago I had a big “burst” of energy where I signed up a bunch of wholesale accounts all at once. Then that burst helped me service those accounts and generate a revolving 20-30 Million dollar pipeline monthly. What made me sustain that success over longer periods of time than most is that energy I would turn on and off. Like an airplane, you back off the throttle when you get to a certain point and then service it. Even put it on autopilot. lol Means alot in that analogy with today’s auto-responders. As I look back at it, it was a small, 30-60-90 day plan that I kept pushing myself to do. I used to write quarterly reports and in it always placed my schedule. I blocked my time. And each quarter I shifted WHERE I HAD MY ENERGY SPENT. I spent time focusing on training others at certain segments in time in both my retail and wholesale experience. I spent certain times focused soley on continued education or expanding my product knowledge. I spent certain time focusing on prospecting and at certain times was sourcing additional business. By doing this in little bursts of energy and focus on different aspects of my business, I was always one of the most consistent guys. Maybe not 1 or 2, but always in the top 10 or 20 in production and falling into the top 20% tier. In all of the sales I’ve done. Analyzing how I did it, made me realize, it was a consistent drive of “bursts” of energy on any one focus in my business.
Speed generates success, when success is gravitating towards speed. When that burst is diversified to accompany various aspects of whatever you do. Over as period of time, that 30 day plan to work on one aspect is a bigger 60 day plan that comes to life. And the final 90 days of that period is where you would identify as the launch. I bet most reading this that are top performers can relate to what I’m saying. They can remember a “burst” of activity they did at one time or another that generates 80% of their business or relationships. Funny I’ve done this same thing when I originated loans. I look back at all the times there was any awards won or testimonials or stories that stick out in my sales career. In each that I remember there was a “burst” or take off moment that is momentum that creates more momentum. The saying the best time to sell something is when you just sold something. Couldn’t be more true for most sales people. Just some fail to bring that energy when it would’ve counted. They never “launched”. And in the cases where I sold the most and saw the most success I can always remember an energy about me. So I try to come with it daily. He we are on the last day of Jan 2017, you going to have momentum to burst into February? How bout your goals this month, did you put in enough energy to hit them?
Mr Motivator today
The JUICE is Loose
-The Mortgage Juiceman
Motivational Monday
Funny I made this video over a year ago, and still applies today for sure. The Mortgage JUICE is flowing all day, let’s connect as I have options that can help you close more loans. My passion, excitement and purpose is to help others daily, why not have additional options to close more loans…Persistence and Taxes the two things we have to have done.
Who needs a change? Non QM products?
We all do, as all change should be viewed as good, and should be embraced. I have some great news for my business partners, and anyone originating mortgage loans. I have partnered with a new wholesale lender that offers a WAVE of new products on the NON QM market side, and provide all the agency loans your used too with NO OVERLAYS!!.
Manual underwriting and manufactured properties available on all products. Even a 1st/2nd combo (Double WAVE) loan that goes up to 1,125,000. NO DOC investor loans are back, up to 75% LTV. 1 Year self employed program, and 12-24 month BANK STATEMENT programs are available. A 70% LTV Foreign National program, and a program that requires NO SEASONING on BK’s/Foreclosures and Short Sales. WOW! And the list goes on…
85% LTV with a 560 FICO up to 2 Million. Yep your reading this right. THE LOAN WORLD IS ABOUT TO GET JUICY! A program that allows for 60% LTV on loan amounts greater than 1 Million with a 500 FICO! Did I mention 80% LTV on a non owner occupied home with 12 month Bank Statements? Up to 2 Million. There is even a program up to 90% LTV on a bank statement program available.
In all my missions I have in life I carry the passion and excitement to help others. This specifically helps me partner with Broker’s and relationships I’ve had for over a decade in this industry. The Mortgage Juice is flowing, come Join Us In Creating Excitement. Accepting resumes for sales candidates and Broker packages now!!
I can’t wait to help you close more loans. Happy Originations – The Juiceman
The JUICE is LOOSE!
I’m back Jack, and will do my best to serve the wonderful community of Mortgage pro’s every where in 2017 and beyond. As I always have I’ve come with passion, excitement and the inherent feeling of success in helping others succeed. I’ve been blessed in so many ways in this wonderful mortgage industry for over a decade now. What I know is I have created a band, a following of BAD ASS LO’s that seek guidance and help on deals. I became known as a go to guy and always kept it real. If I don’t know something I will find out. I set the expectations correct, and deliver for my mortgage partners. And I always surrounded myself with others that looked to do the same. In the last 10 months I’ve been challenged and created more for myself than imagined. And now it’s time to share.
Expect videos, my youtube channel is coming back, we will do Motivational Monday, Two for Tuesday (guideline tricks) and Whacked out Wednesday (mortgage pains and how to avoid them), to Thankful Thursday and TGIF again. I am on a mission to grow a mortgage group of badassery for loan originators to over 10,000 people by the end of the year. On Facebook that group is called; Sales Talk with Mortgage Pro’s. Come join in on the fun. I have some heavy hitters in there that offer training, to tools and success stories to help you get more deals. I have a file folder with scripts to condo cheat sheets and much more. It’s a community of people who are on a mission to help others with the biggest purchase they have.
RE agents, lead buy companies, credit repair guru’s, commercial leads, CRM companies, mortgage education, CPA’s, insurance pro’s you name it. We have a great foundation with over 2500 people in there now. Come Join Us In Creating Excitement (JUICE) and let’s help as many homeowners as possible.
Follow “The Mortgage Juiceman” for the latest industry guidelines, tips and tricks. I look forward to serving you, the industry leaders as we embark another year full of change.
Got ideas or topics you want to see written about. Feel free to comment.
Shawn -“the mortgage Juiceman” for life – Devlin.
The JUICEman! 