Dec
05
I am a new Loan Officer, what can I do to help other refinance, get pre-approve or do home loans for them?
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I am a new Loan Officer and was wondering on how to bring in people who wants to refinance, get pre-approve or do home loans either thru emails or something?
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6 Comments
December 8th, 2009 at 5:03 am
You need to go out to real estate agents and solicit them to help bring you business. Most agents refer their clients to lenders or brokers.
December 8th, 2009 at 8:07 am
Go and become an affiliate member of your local Board of Realtors and attend their meetings and promote your goodies.
December 11th, 2009 at 4:16 am
You need to learn about mortgage first. If you’re new and know very little, you should study up so you’ll know how to sell to your clients.
Start here:
Learn about mortgage, credit, and personal finance at:
December 11th, 2009 at 8:24 pm
Some things to start you off with:
1/ Use your natural market – i.e. friends, family, fellow church memebrs etc.
2/ Since that will get tapped out eventually….look into buying leads from a reputable lead generation firm. This can get costly depednign on how fresh the leads are.
3/ Join the local chamber of commerce and go to events to sell your services.
4/ Cold call real estate firms and title companies and leave them your card and other business information.
5/ Go into the county website and look at sale transactions conveyed within the last 6-12 months and send those people out with an introductory letter of your services.
Best of luck!
December 12th, 2009 at 11:06 am
Going to Realtor offices these days usually nets you nothing. After all, everyone who has transactions already uses someone, and most offices don’t even let you in any more – many have an in-house lender already set up.
You need to network and you need to differentiate yourself from the pack. You are new, so show your hunger, your enthusiasm, and your dogged determination, as well as sell your unique personality and qualities. Specialize into an area that interests you and know that market inside and out to maximize what you will get to be known for. Soon, you will hear – “Ask Monica, she is an expert on condo conversions”.
Stay positive, put in more work than you now expect, and get ready for a lot of rejection and a long road to attain some beginnings of success. Most Loan Officer are out of the business within a few months or a year.
Buying leads can be tricky, many long-timers steer away becasue they can’t get returns on leads that are oversold and undercut on pricing.
This is a tough, competitive business – can you hang? No Realtor wants you until you’ve shown your stuff on a long-term basis.
December 14th, 2009 at 11:58 am
get a real job in the meantime