It’s 9am and I just finished up a few hours of work before the phones go nuts. As I glanced over to my schedule I see that I have a lunch appointment today with Theresa from the bank I have one of my accounts.

I saw a few more interesting lunch and breakfast dates this week and wonder if any of these people are on your radar. If they aren’t they should be so let’s talk about WHO is referring you business. OF COURSE THERE ARE THE OBVIOUS SOURCES BUT…. What I want to share with you are some of the less obvious sources. We all go after Realtors, CPA’s and past clients right?  So let’s dig in and talk about some of those “overlooked” or maybe less obvious sources. Let’s start with Theresa. She works for a small regional bank that also has a mortgage division. I walked in one day to open a checking account and we started speaking.  I told her what I did but knowing that their bank was a bit conservative I asked her to lunch. These small banks tend to be very conservative and if someone’s ratios are a bit high or if there is even the slightest credit issue they will deny them. WHY SHOULD SHE GIVE ME A CHANCE? There are actually 2 reasons and you MUST keep both of these reasons in mind if you are going to be successful with these often overlooked referral sources.

1. WIFM– She and everyone else is tuned in to WIFM which stands for WHAT’S IN IT FOR ME.  You need to always know what your prospects objections are. I have the ability to refer her clients. They do a lot of equity type lending and we don’t at our company. So this is a win –win.
2.  I will NOT be “poaching” her clients. Since the company I work for is an independent mortgage banker we don’t offer checking , savings, car loans, etc. I can make her look good to her clients and she can maintain the relationship for her other services. Again WIN- WIN!

OTHER LOAN OFFICERS:  Many loan officers view others in their area as competitors but that to me is very limited thinking. There are many loan officers who specialize in Construction loans, 203 K’s, Reverse mortgages, Doctor loans and other niches. Why not get together with them and learn about their programs. When you have the opportunity to refer them you now can become viewed as a resource and a referral partner. They in turn can refer clients to you who may not meet their product lines but to whom you could offer an alternative.

RELIGIOUS LEADERS:  Regardless of your religion and even if you are a total atheist, religious leaders hold major influence in their congregations and in their communities. It is to their benefit to be a resource for their congregations. It is also to their benefit to have resources they can turn to when a congregant has an issue. Many have entire ministries set up just dealing with financial literacy and education. Others realize that the more homeowners they have has congregants the more solid their foundations are.

SMALL MOM AND POP BROKERS: There is a growing number of small real estate brokerages popping up. Many would truly appreciate having you as a resource. Many of these small brokers are ignored by loan officers, yet they can provide you with a constant source of loyal business.

DIVORCE ATTORNEYS:  This is pretty obvious but divorce attorneys are often dealing with cases that involve real-estate that needs to be refinanced for a buyout. In fact I just learned that real-estate is involved in 70% of divorces and that doesn’t even take into account the times the departing spouse wants to purchase a home.

CREDIT UNIONS:  These institutions are often a bit conservative in their underwriting although that is changing. Go back and re-read the Theresa section because that applies here too. Credit unions have the same concerns and issues and therefore you can provide the same solutions.

CREDIT RESTORATION COMPANIES: This one is truly a gem that I have NOT seen anyone else talk about. But since I am the BOOMERANG SPECIALIST it’s one that I am very focused on.  If you are reading this DON’T SHARE THIS WITH ANYONE ELSE OK? People go to Credit Restoration Companies because they are concerned about cleaning up their credit. So you already know they are motivated. Once they go thru the programs and get their scores they are released into the market.

But what if they were released to you? You now have a borrower with good scores who you can get pre-approved and turned over to a Realtor as a PRE APPROVED buyer. Smart huh?

Like everyone else they will be tuned into WIFM so make sure you let them know that you will refer all of the clients who need help over to them as well. ONCE AGAIN WIN-WIN@

HOSPITALS- Universities- LARGE EMPLOYERS WITH PEOPLE TRANSFERRING: If there are any Universities or  large Hospitals in your town get over there and introduce yourself to their personnel departments. Most of these employers, Universities and Hospitals constantly have people coming in as new employees.

APARTMENT COMPLEXES: Now this one is one that I am SURE you have overlooked.  Of course I realize this is where the renters are and that you may even be mailing to them like I lay out in my RentersIntoLoans.com system. But what I am talking about here is actually going to the rental agent and introducing yourself. I would not have believed this if it didn’t happen to me personally, but many of these rental agents are thrilled to let you advertise to their tenants and allow them to become homeowners. WHY? Well if you think about it rental rates continue to go way up and many of these communities – especially if they are full- will allow their current tenants to break their leases early since they have more than enough on their waiting list they can rent to at an even higher rate. One community near my office just allowed me to put fliers up in the community offering my services. I was the only one who asked- so try it yourself. The worse thing to happen is they say no.

PRIVATE LENDERS and PRIVATE INVESTORS WHO REHAB HOMES: Private lenders often lend for terms of 1 year. When the year is up often times these purchasers or investors will need to refinance.

Private investors who rehab homes are also a great source of new business that almost no one goes after. Assuming they are rehabbing homes they will often find buyers and those buyers need our services.

So the bottom line is to go where there is less competition. Now that you have a few new places to think about go out there and start marketing your services. Each of these places could account for that one extra deal you wanted to close last month.

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Brian Sacks – Top Originator

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