Keys to a Prosperous Career as a Mortgage Originator
Mortgage originators, often called loan officers, have to employ a variety of strategies to keep their loan production flowing monthly as well as create beneficial relationships. Associating yourself with licensed real estate specialists, business professionals, former clients, your circle of friends, and prospective borrowers utilizing marketing and promotional strategies are crucial if you wish to succeed in this profession
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Establish Relationships
Make an appointment to visit brokers and realtors in their offices, introduce yourself and hand out leaflets often. Flyers should feature a quick outline of the mortgage products that you offer or distinct loan programs, along the lines of “100 Percent Financing.” Go to real estate events, conferences, seminars, and regular meetings; find out where these events happen from your local real estate organization. Become a member of local groups, organizations and associations; build up a referral network with other like-minded professionals. Connect with other professionals by becoming a member of professional groups like the local Building Industry Association, Chamber of Commerce, and Municipal Rental Organizations.
Give Out Valuable Information
Organize a weekly or convenient seminar or class for new homebuyers, realtors, homebuilders, title agents and new loan officers; educate them on the fundamentals of home financing and credit. Inform them about the significance of appraisals, what’s needed anytime you’re applying for a mortgage and simple tips to comprehend the transaction from start to finish. Create a newsletter for your referral base as well as clients and prospective clients. Keep it short and simple with just one to two pages, and incorporate a few popular areas of interest, an question and answer area, and something for the family. Subject matter can range from school, family holidays, and recipe ideas.
Don’t Forget to Ask for Referrals
Include the phrase “I Love Referrals” on all marketing materials you prepare and send out. It’s important to put it in your newsletters and flyers and on the back of your business cards and brochures. If time permits, join your local church, sports, or arts organization. Create relationships with other members and keep your business cards on hand to give out at a moment’s notice. Another important thing to do is send out a card and thank-you gift to past clients. Basic closing gifts can be plants, flowers, chocolates, gifts, or even VISA/Mastercard gift and retail store cards. And like the other materials, place the slogan “I Love Referrals inside the card.