Do You REALLY Care?

Take a trip up the main street in any big city and you will notice a few interesting things.
Look at the gas stations that have been there for many years. There are probably one on each of the 4 corners on the major intersection right?

Now look at their signs- They are all different and one of the them is usually significantly cheaper than the other 3. Once you have filled up your tank keep driving.

You will see a Walmart and a Costco if you live in a city with any sort of density. Not far away – usually a mile or two you will see a store that sells upscale jewelry- upscale clothing- upscale appliances etc.
Please stay with me here- This has EVERYTHING to do with your own mortgage business.

In my own town Baltimore you can drive up YORK RD and see a mall full of cars shopping at Tiffany’s -Burberry and Nordstrom. Drive 3 miles down the road and you will see Dollar General and Walmart along with a Men’s Warehouse and other discount stores.

ALL OF THEM ARE BUSY – ALL OF THEM ARE DOING BUSINESS- ALL OF THEM !

I mention all of this because of all of the noise the past few weeks over the CFPB rate checker and the new company that is trying to eliminate us and have “robotic” on-line originations.

That’s fine. Why waste energy and time debating it???

NONE OF US WILL EVER HAVE THE BEST RATE – AND WE DON’T NEED TO ! ( READ THE LAST PART AGAIN)

If you know me at all then you realize that being successful has NOTHING to do with rates and points.

It’s all about expertise and marketing.

It’s all about “PICKING A NICHE = BECOMING THE EXPERT- LETTING EVERYONE KNOW ABOUT IT!”
My clients rarely even ask me about my rates and points. They want to know what their payment will be and how much cash they will need at closing- that’s it!

Yes- I realize that sounds easy but let me give you a real -life example-

I regularly mail to apartment complexes with a systematic way of generating new deals. I also mail directly to renters who I know are eligible and have had foreclosure and are now able to buy. One of the clients that came from this mailing was ready to buy and I got her pre-approved. I then called an agent in an office I had no relationship with and turned my buyer over to one of the top agents in that office who I had never met or spoken to.

That agent- has already sent me 2 new deals- both conventional 20% down with 800 scores !!!!

(Did you follow that recipe- I gave the agent what she wanted- a pre-approved buyer ready to buy and used that to build our relationship– much better than donuts huh!)

My niche- and the one that will be exploding this year – are buyers who have had a bankruptcy or other credit issue. Some have had a foreclosure 3-4 years ago or more.

THEY ARE NOW ELIGIBLE FOR A MORTGAGE– BUT THEY DON’T REALIZE THAT!

As an industry- we have even given them a name- Boomerang Buyers and the last estimate was that there are close to 7.5 Million of them who are now eligible to buy.

Are you talking to them? Didn’t think so! But they are ready and willing to get back in the market!

Stop worrying about pricing so much and start worrying about marketing and the niche you will become the expert in.

 

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Brian Sacks – Top Originator

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If It’s Going To Be– IT’s Up To Me

This article recently appeared in The National Mortgage Professional Jan 2015 Edition

“IF IT’S GOING TO BE …. IT’S UP TO ME”

As we start 2015 many originators have made their goals and are ready to implement them.  Some will reach those goals while others simply will end 2015 wondering what went wrong.

The best way to start the year is to look back at 2014. What went as planned? What didn’t go as planned? Why?

There is usually much more to learn from your mistakes then there are from your successes. How many times have you put a plan together and seen it thru to success. Than you move on to something else that catches your attention and never go back to what was working?

THERE IS A LOT MORE TO LEARN FROM MISTAKES.

Recently I posted a survey to my subscribers at www.AgentsChaseYou.com and asked them this very question.

“What Was Your Biggest Mistake in 2014?”

Here are just some of the responses:

Goal setting and review was weak.

Not enough contact with Realtors!

Staying in the mortgage business

Not networking enough.

Not working hard enough

Not effectively expanding realtor referral base

Spending money advertising with Angie’s List

Not staying in touch with my database of past clients.

staying with the wrong company too long

Being completely unmotivated

Taking my eye off the ball. Not asking enough  questions when speaking to new clients

Choosing the wrong recruiter.

As you read this do you see a pattern?

During my almost 30 years in the business I have been an originator, a manager, a regional manager and the founder and president of a large training and consulting company.  I have seen all sorts of markets and every type of originator.

The responses above made me think back to my first years in the business. I was working for a bank owned mortgage banker. My manager was a great guy but my “training” consisted of handing me a manual and a rate sheet and telling me to go out and bring in some deals.

OK COACH- NOW WHAT?

Naturally I started going out and trying to meet Realtors and builders. When I didn’t see success quickly ( who would) I started to place blame.  In my mind I wasn’t succeeding because our rates were too high, we had a bad reputation, we didn’t provide any advertising etc.

It’s very natural to place blame but the key to success is the day you wake up and finally realize that YOU are the problem. YOU are also the solution.

Don’t misunderstand me here. You must have a company with a platform built to originate and close loans. You must have a company that provides you with support. You must also have a company that has a good array of programs and decent pricing.

PLEASE NOTICE WHAT I DIDN’T SAY.

I did not say you need a company with the BEST pricing because there simply is no such company in this business. To be fair, we are all pretty much the same with some slight differences. But what you need to focus on is YOU!

What are you doing to generate new business?

What are you doing to get referrals?

What are you doing to get YOUR name out there ?

What are you doing to sell the programs you DO have?

What are YOU doing to make the customer experience excellent?

What are YOU doing to get referrals?

What are YOU doing to make your self “referable”

What are YOU doing to make YOUR process smooth?

I would suggest that you take out a sheet of paper and copy these questions down right now.  Think about what your current answer is to each of these questions. Then think about your end goal of what the answers should be. Now plan out exactly how you implement this.

WHICH TYPE OF LOAN OFFICER ARE YOU?

Before I get into this topic I want to be very clear that I am NOT suggesting which type you should choose. But you must realize that there are 2 types of loan officers and you must make a conscious choice as to which you want to be. Once you do your life will become much clearer.

Loan Officer #1  works for a company and expects the company to always have the best pricing, every imaginable product available, and strong internal support. This loan officer also expects the company to provide them with leads. In addition to the leads, the originator also wants strong marketing support and a  done for you program for bringing in new business with strong marketing materials.

Loan Officer # 2-  This loan officer wants the same items as Loan Officer #1. But loan officer 2 will go out and start working on bringing in business in spite of any of the areas above that his /her company is deficient in.

This loan officer realizes that “If it’s going to be – It’s Up To Me”

This is the time of year that you must choose which loan officer you want to be for 2015.  This will be a year of change. This will also be the year that separates the  “Purchase” loan officers from the “Refi” loan officers.

There is nothing wrong with being Loan Officer # 1 but you must realize that margins in our industry are being squeezed tight and that there is only a certain profit in each loan originated.  That is a fact we all have to live with.

But if you really want to make a nice six figure income in this business than you must consider being Loan Officer # 2.

Please write this down and pin it to your computer!

IF IT’S GOING TO BE —– IT’S UP TO ME!

Make these your words to live by in 2015 and here are my wishes to you for a happy –healthy and prosperous 2015!

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Brian Sacks – Top Originator

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Brian Sacks is a nationally renowned mortgage expert who has career closing of over 5924 transactions for over 1 BILLION Dollars. He has trained, consulted and coached, tens of thousands of loan officers and company owners over the past 29 years on How to Close More Loans – Make More Money – And Still Have A Life. You can download his FREE REPORT The 4 Tools You Can Use To Immediately Grow Your Business at www.AgentsChaseYou.com

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THE MOST IMPORTANT QUESTION YOU NEED TO ASK YOURSELF…. EVERY DAY!

“What do you do for a living?” This simple question was posed to me recently by a new acquaintance I had met at a gathering of sales professionals. My response was “ I am a juggler.”

HUH?

Think about our job as an originator. We must bring in new business. We must ensure that our current business is taken care of and closes smoothly. We must update ourselves on all current program guidelines, legal issues affecting our industry and financial/tax issues that are related to the housing market. Oh- and of course we must also be building new relationships, maintaining our existing ones, and scouting new opportunities and marketing methods.

I JUST GOT TIRED WRITING ALL OF THIS!

Yes, this is a lot to do. Some of us are better sales people but weak on the other technical aspects. Others are great technicians but are lacking on the sales end. Regardless of which side you fall on you MUST be bringing in new business if you want to stay in business. I realize how simplistic that last statement is. However, there is an important question you should be asking yourself each and every day.

THIS IS THE ONE QUESTION THAT MUST BE ANSWERED IF YOU WANT TO THRIVE.

Ready? I’m only asking because I want to make sure this really sinks in. It’s that important. In fact, I would encourage you to write this one down and tape it to your monitor. WHAT DID I DO TODAY TO GENERATE NEW BUSINESS TODAY?

Yes- regardless of what’s happening in the market , your personal life, your business life or other issues you must always be marketing. Now I know what you are about to say…. “But I don’t have the time” HERE’S HOW I KNOW THAT YOU DO HAVE THE TIME!

Let’s pretend that you have just received a call from a past client. This is a couple that used you for their first home purchase. They have refinanced with you several times. They are so happy with you that they have sent you numerous referrals since they closed their loan. During the call they tell you that they have just inherited a large sum of money and want to finally purchase their Dream home. They put the home under contract at 2.5 million dollars and want to borrow 1.5 million from you. You already know that their credit is perfect and that their incomes will qualify them for this loan. They have NOT asked you about rates or points. You have been assured they will be using you for this transaction. So let me ask you an important question. WHAT WILL KEEP YOU FROM GOING TO THIS APPOINTMENT?

Now of course I know your answer was nothing short of death (heaven forbid) or illness would stop you from going to this 1.5 million dollar loan application. Not a loan blowing up at closing, not 3 messages you need to return, not that post on Facebook or Linked In you want to read. NOTHING WILL STOP YOU!

That’s the same way you must view your marketing initiatives. I constantly tell my coaching members and clients I consult with that they must schedule these appointments in their planners. At least once a week for at least 1 hour ( best if twice a week for 2 hours at a time) you must schedule an appointment with yourself to work ON your business.

We all spend time juggling and working IN our origination business. The true key to success is working ON our business as well.

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Brian Sacks – Top Originator

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Brian Sacks is the President of Loan Officer Tips and Agents Chase You. He has taught thousands of loan officers over the past 30 years how to Close More Loans- Make More Money and Still Have Time To Enjoy Life. You can download his Free Report at www.AgentsChaseYou.com

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