How the top loan officers sell more than you do!

As you might know, the mortgage loan industry is a very tough market right now. Small brokers and National Lenders alike have been shutting down shop all over the place. The ones that stay above ground and survive this tough, yet much need time will be the crème of the crop. If you're not sure that is you, its time you reconsider you methods and processes.10 Tips to kill your competition1.BE HONEST! I can't say this enough. BE HONEST! You plan to get referrals from some guy and his wife who at the closing table you just informed them the rate changed a point? Come on now, do you really need that extra point right now instead of life long referrals (if you follow up right)?2.Give them what THEY need, not you. Do not set up a home owner on a 5/1 adjustable when the borrower plans on living in the house for 20 years and the interest rate is at an all time low.3.Set up your referral programyou can have endless referrals for life if you do it right and will never have to market again! Actually you can start by reading the book "endless referrals" found at amazon.com 4.Obey the law!This one seems obvious right? Ok. How many times have you asked an appraiser for comps only to find out the deal didn't look good and instead of telling the borrower it doesn’t appear they have enough equity you picked up the phone, or fax and asked multiple other appraisers the same question until you found one to "hit your value"? That is against the law and considered fraud. Yes you can be found guilty and fined/sent to prison. How about this. Your borrower has a "second home", you know its not a second home, but you go owner occupied to give the borrower a lower rate. Sounds like the "moral" thing to do right? WRONG! That is mortgage fraud. Nothing will get you kicked out of this industry faster. Become a professional, let your clients and team know you play by the rules and don't stretch thing. Rules are here for a reason. Only those who comply have ever lasted.5.Drop the crap deals and work on marketing better leads.Still arguing with an appraiser to raise his or her value for the third week? Think about how much time you have just wasted on a dead deal. Not only that, you've been pressuring the appraiser. "Lender Pressure" ring a bell? How many prospects could you have called or sent out marketing material to in that time? Don't obsess with any one deal, EVER.6.Get active!It’s tough for people to want to go out and meet new people, give sales pitches and become involved in the community, trust me I know. Do this and you've just did something 80 of your competition is unwilling to do. Sponsor community projects, join morning meetings with Realtors, attend seminars in all aspects to Real Estate. 7.Learn more.Besides your processing and LO class, what else do you really know about Real Estate? Do you know the laws? Do you know what is really happening in your local market? Do you know anything about appraisal laws? If you sat down with a prospect, could you tell thing things that would make you appear as a true Real Estate professional? If you answered no to any of these it's time to freshen up.8.Think BIG!The top producers are not single loan officers; they often have one or more personal assistants, processors and sometimes junior loan officers. If your company doesn't allow for this kind of expansion and that is what you want it might be time to move on.9.Work smart AND hardIf you find yourself slacking off during the day, this can kill your chances of ever being highly successful. Read up about "time blocking" and other methods to work harder in less time.10.Market on the web.On top of your tradition methods of marketing there are tons of simple and free ideas to market on the web. Create a local blog about local Real Estate, meet people in forums and link to your home page in your signature, write ezines such as this, test google PPC, etc. Many ezines here will help you in getting started.

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