Long time no chat...things going good... - Posted by Brad (CA)

Posted by GL - ON on July 05, 2003 at 11:51:36:

Now is the time to start working on building up your clientele, by that I mean REPEAT BUSINESS, the best kind.

Ask your clients for referrals. Keep a list of the names and addresses of everyone you talk to about a loan, especially investors, real estate agents, lawyers, title companies and other professionals. But also individuals. Send out a news letter once a month. Put in some interesting news,a mortgage related article, or if you are out of ideas, just the latest interest rates.

If there is a real estate investors club, go and give them a speech on some aspect of real estate finance. Do this 2 or 3 times a year. Man if I were you and knew where there was a room full of hungry investors you couldn’t keep me away LOL. The same goes for the real estate agents, if they have meetings of this type.

There is no reason you can’t make your own job easier by the way. You could give a speech called “How to make it easier to get a loan” in which you explain what information you need to process a loan quickly, and show them how to fill in the forms, then hand out a package of forms on paper and CD.

I should also point out if you are in it for the long term, the best thing you can have going for you is a reputation for being honest and efficient. Nothing drives people crazy like being held up by someone who isn’t getting the job done, at least tell people quickly if you can’t help them and let them go someplace else.

You could be the biggest loan broker in your area in a couple of years, if you position yourself in this way.

Long time no chat…things going good… - Posted by Brad (CA)

Posted by Brad (CA) on July 04, 2003 at 23:25:35:

…but I’d like to drawn upon the collective knowledge again if I may!?!

So I ended up taking a job w/ a mortgage company as a loan officer and its been a really good learning experience, been there about 6 weeks now. At some point I realized that I wasnt going to be an overnight wonder and began looking for some form of income to subsidize my learning/mistakes. Taking a job as a loan officer sounded like a good way to develop a decent income while continuing to learn RE. Beside, having just graduated school and searching hard for a normal job to fund my mistakes,I didnt find one that would pay more than 10/hr, so commision only didnt sound too bad. :slight_smile:

Question time:
-I dont want to get destroyed as these interest rates go back up and refi’s slow, because that is what I’m learning right now and its working for now. What do I need to do as a noob loan officer to make sure I dont get rubbed out when the refi boom ends?

I’d really appreciate any input on this and look forward to hearing from some of you again. Hopefully I will begin to see a little more free time so I can begin participating in this forum again.

Best to you all,