Loan Officer Marketing Help

A Self Test for Loan Officer’s 

NOTE:
This article is very direct, and pulls no punches! If you are serious about
making a change for the better, you should read the entire article now!

In today’s article we’re going to deal with cold hard facts and nothing else. No opinions, no fluff, and no candy coating the truth or pulling punches! This article is going to give you a close look at the reality of your current situation. In order to get the most out of this, you absolutely must complete each step, and you must be honest with yourself. Are you ready? Are you committed? Then let’s get started!

You’re in business to make money… That’s a simple truth that no one is denying. However, the first truth that we must accept today is that most of us in the mortgage industry have run head-long into some very difficult times. Originations and income are way down for a vast majority of loan officers.

With picky underwriters and lenders putting every loan underneath the microscope, it seems almost as if you’re rolling the dice as to whether a loan (Even those with 720+ scores and good appraisals) will be approved or not. When you face a situation such as this, there are 3 things you can do:

1 – Generate more prospects (Of a higher quality)

2 – Close higher dollar loans

3 – Complain about the market (And remain stressed, broke, and angry)

Which would you rather do? If you’re serious about remaining in this business, then you must choose now between closing a higher volume of loans, or higher dollar loans, or doing nothing. Do you have a preference? Most of us would pick being comfortable over being broke right? Now is the time to take action and turn this into a reality.

The business of sales is not rocket science. While the process of sales and marketing may be challenging at times, there’s really only a certain number of difficulties you will face, (In fact, more often than not it seems to be the same issues popping up over and over again right?) and a
finite number of mistakes that can be made. If you feel as if you’ve tried
everything, and absolutely nothing seems to be working for you, then the problem is not with the market, and it’s not with the customers… The problem is most likely with your marketing/sales process. (This can be a bitter pill to swallow - But take heart in the fact that there is a solution!)

Chads disclaimer: This is not to say that market conditions are not difficult, or that it’s not tough to get loans approved in today’s market. Rather, the point here is that all problems do have a solution. There are still plenty of originators hitting 6 figures even in the toughest of states…

Remember, we’re dealing with facts here, so please don’t take offence to this statement. The only way to improve your business is to really dig deep and get to the root of the problem.

After having trained thousands of loan officers across the U.S., I feel you
should know that most originators have 90% of the formula correct.

It’s that small and elusive 10% that is missing and wreaking all sorts of havoc with your paycheck. Let’s see if we can help you to identify the culprit by reviewing a series of essential elements that absolutely MUST be present within your current marketing plan and sales process. (No exceptions or excuses allowed here. If even one of the following elements is missing, then you are slowing down your ability to close more loans)

Here’s what you need:

- Drip email 

- Automated marketing elements (Auto-responder, web forms, etc.)

- Network of referral sources (Realtors for example) 

- A minimum of 2 self-generated sources of leads (Not purchased leads, but self-generated)

- A database/lead management/CRM

- A way to establish credibility and differentiate

- A call to action you can add to your marketingNow let’s see what you’re giving up if any of these elements are missing:    
  Drip Email

More leads are lost through lack of consistent follow-up than any other reason. If you do not have a drip email campaign in place for your database, past clients, current clients, realtors, FSBO, and any other niche you may be marketing to, then you’re leaving money on the table. It’s as simple as that. Email is quick and free.

Most common reason this element is missing: Procrastination, lack of confidence in writing an effective series of messages, lack of time
management, lack of technology. (These should be automated, not delivered manually)

Automated marketingelements

You’re a busy person aren’t you? Chances are you don’t have a spare 10 – 15 hours available each week to complete the tasks necessary to create an effective prospecting, touch point, and follow-up campaigns needed to increase your closing ratio by 20 – 30%.

However, even with an average auto-responder or lead management system you can delegate those tasks to your PC so that a huge chunk of your day to day marketing activities get done even when you’re at your busiest. It’s like having a personal assistant that never takes a break!

Most common reason this element is missing: Procrastination
(In picking out and setting up a system), not comfortable with technology, lack of confidence in ability to set up an effective work-flow, unwillingness to invest in the technology. (It’s very cost effective)

Network of referral sources

This element has become even more critical in today’s market. Whether you like realtors or not, you need to have a reliable group of professionals who are willing to send you pre-sold referrals ready to fill out an application. Last I checked, over 65% (Number could be different now, but I’d wager a bet that it’s still the majority) of all those who buy a home each year will do their loan with the loan officer that is recommended by their agent. If that number doesn’t get you fired up and ready to network then consider this: Every successful business in the United States is built on one major concept: leverage.

If you have failed to embrace the concept, then you are making things more difficult than they need to be. Even 1 top producing realtor could be worth $60, $70, $80,000 or more per year income to you. That’s just one top producer! (One top producing agent was responsible for 31 closings with me in 11 months!)

If you think that marketing to realtors is too hard, (I have a plan that helps you get 6 – 8 appointments per month, but you must be willing to invest 30 days to land those) then consider this thought:
What other activity do you have up your sleeve can you spend 30 days on, that will generate $60 - $80,000 income or more?

Most common reason this element is missing: Information overload, negative stigma due to poor results on previous campaign, procrastination, fear of rejection, fear of hard work, “not enough time.”

NOTE: Article continued in part 2

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 An Invitation for You + Strange But True!

thought it would be fun to post some of my favorite “strange but true” facts about the good ol’ U.S.A. :)  Before we get to these, I wanted to invite any and all who are able to come see us next week near Atlanta on Wednesday, and Orlando on Thursday of next week for the Thrive Semianr series with Greg Frost and David Bartels.

Since i’m in a great mood this morning, I’ll even toss in a coupon code you can use on the site to get in for free.

Take a look at the schedule below, and visit www.thriveseminars.com - enter FSBO as your coupon code and you’ll get your ticket to the seminar for free. You’ll be glad you came!  

www.thriveseminars.com  - Use coupon code: “FSBO” to secure your free tickets (Greg and David will cover 21 strategies you can use today to close more loans - Great material!) <<< We’ll see you there, so stop by to say hello, and snap a picture with us for our “Aftermath” blog post here on Lenderma!  

——

Ok, now it’s time to chat about the 4th… I’m a huge fan of little known, or even strange but true facts. So now, in accordance with tradition, you will be subjected to me opening the floodgates for no other reason than “hey, it’s the 4th of July… It’s appropriate!” Enjoy!

Let’s start out with an interesting question. Do you know the answer?:

Who Am I?

When he was 22, his business failed. When he was 23, he lost a bid for U.S. Congress. When he was 24, he failed in business again. The following year, he was elected to the state legislature. When he was 26, his sweetheart died. At age 27, he had a nervous breakdown. When he was 29, he was defeated for the post of Speaker of the House in the state legislature. When he was 31, he was defeated as Elector. When he was 34, he ran for Congress again and lost. At the age of 37, he ran for Congress yet again and finally won, but two years later he lost his re-election campaign. At the age of 46, he ran for a U.S. Senate seat and lost. The following year he ran for Vice President and lost. Finally, at the age of 51, he was elected President of the United States. Who was this?

None other than Abraham Lincoln! Yep, there’s something to be said for never giving up!

http://www.civil-liberties.com/factoids/july4_02.htm  << Source - Giving credit where credit is due…

Hey uhhhh… Can I borrower a dollar?

President Washington was the wealthiest man in American at the time of his election as President, but he had to borrow money to attend his inauguration. His enormous wealth was attributed the vast property that he owned which produced almost no cash flow. 

This land is my flat land…This land is your flat land…President Andrew Jackson believed the world was flat and FDR was so superstitious, that he would never leave town on a Friday and never sit at a table with 13 people.

At least he didn’t run a red light…

Ulysses S. Grant was convicted of exceeding the speed limit while riding his horse in the streets of Washington, D.C. late one night. The accusing police officer was reluctant to issue the $20 fine when he realized that the offender was President Grant, but Grant insisted the he be fined.

Pool Anyone? 

 The dome on Monticello, Thomas Jefferson’s home, conceals a billiards room. In Jefferson’s day, billiards were illegal in Virginia.Now that we’re done with the factoids, it’s time for Strange laws in the U.S.!!Michigan:
–A state law stipulates that a woman’s hair legally belongs to her husband.
–Under state law, dentists are officially classified as “mechanics.” New York:
–In NYC, “it is disorderly conduct for one man to greet another on the street by placing the end of his thumb against the tip of his nose and wiggling the extended fingers of that hand.”

Oklahoma:
–Whale hunting is strictly forbidden.  (Bet you didn’t know that Oklahoma is a whale hunting hot spot!)
–People who make “ugly faces” at dogs may be fined and/or jailed. (Define “ugly faces” please…)

Ohio:
–In Columbus, it is illegal for stores to sell corn flakes on Sunday.
–In Youngstown, it is illegal to run out of gas. (Sure.Kick me while I’m down and walking to the next gas station!)

Oregon:
–The town of Hood River prohibits the act of juggling without a license. (Good thing I like in St. Louis… I would have been fined just last night! From now on, all my juggling will take place indoors!)

Montana:
–In Whitehall, it is illegal to operate a vehicle with ice picks attached to the wheels. (How about a fork? Is it ok to attach a fork?)
–It is a felony for a wife to open her husband’s mail.

Nebraska:
–If a child burps during a church service in Omaha, his or her parents may be arrested.
–It is illegal for a mother to give her daughter a perm without a state license.

Florida:
–Unmarried women who parachute on Sunday’s will be jailed. (I think I saw this on Cops last week… It was quite the intense episode)

Georgia:
–In Quitman, it is illegal for a chicken to cross the road. (Wow… You have no idea how many corny punchlines you narrowly escaped. I decided to not spare you all! Haha)
–In Columbus, it is illegal to sit on one’s porch in an indecent position.

Pennsylvania:
–”Any motorist who sights a team of horses coming toward him must pull well off the road, cover his car with a blanket or canvas that blends with the countryside, and let the horses pass. If the horses appear skittish, the motorist must take his car apart piece by piece, and hide it under the nearest bushes.”

Rhode Island:
–Its illegal to throw pickle juice on a trolley. (But eye-stinging lime juice is perfectly fine apparently! Joy!)

Tennessee:–It is illegal to use a lasso to catch a fish.
–In Dyersburg, it is illegal for a woman to call a man for a date.
–In Memphis, it is illegal for a woman to drive by herself; “a man must walk or run in front of the vehicle, waving a red flag in order to warn approaching pedestrians and motorists.” (I’m guessing this law dates back to the early 1900’s. I’m trying to imagine the serious conversation that took place as this law made its way onto the books)

Texas:
–The entire Encyclopedia Britannica is banned because it contains a formula for making beer at home.
-It is illegal to milk another person’s cow. (darn cow milking bandits!)

Utah:
–A husband is responsible for every criminal act committed by his wife in his presence.

Virginia:
–In Richmond, it is illegal to flip a coin in any eating establishment to determine who buys a cup of coffee.
–In Lebanon, it is illegal to kick your wife out of bed.

Vermont:
–It is illegal to deny the existence of God.
–It is illegal to whistle underwater. (I’m frightened… Frightened I say! What crazy event took place that motivated someone to pass this little gem?)
–Women must obtain written permission from their husbands to wear false teeth.

Arkansas:
–A man can legally beat his wife, but no more than once a month.

California:
–In L.A., a man may legally beat his wife with a leather strap, as long as it is less than 2 inches wide, or she gives him permission to use a wider strap.
–It is a misdemeanor to shoot any kind of game from a moving vehicle, unless the target is a whale. (I’ll remember that for the next time I spot a whale swimming down highway 270 here in St. Louis)

Massachusetts:
–It is illegal to wear a goatee without a license.
–North Andover prohibits its citizens from carrying “space guns.”
–In 1659, the state outlawed Christmas.

Indiana:
–Monkey’s are forbidden to smoke cigarettes in South Bend.

Illinois:
–In Chicago, it is illegal to take a french poodle to the Opera. (Simply because they can’t appreciate the fine art that is the opera no doubt…)
–According to state law, it is illegal to speak English. The officially recognized language is “American.”
–In Joliet, it is illegal to mispronounce the name Joliet

 There you have it folks! My yearly “Strange But True” post! I hope you’ve chuckled at least once or twice as you browsed through the list. I look forward to meeting some of you in Atlanta or Orlando next week. See you there!

Chad Weber - www.fsboleadportal.com - www.loanofficermarketinglab.com

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 - Free Audio Replay -

If you missed our free FSBO Marketing teleseminar earlier this week, here’s your chance to listen in now! This audio recording is 90 minutes of pointed questions and answers designed to get your marketing efforts working hard for you. I have to warn you though, as usual, we don’t pull punches! There’s no fluff here, just the facts!  (Get more marketing ideas in 90 minutes than most trainers give in 4 hours!)  Enjoy!

http://www.mortgagemarketingcoach.com/chadweber2replay

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- Free Teleseminar -

Good morning!

 Just a brief heads up that I’m at it again… Yep, I’m running free training teleseminars this week. Most notably, tomorrow we have a FSBO Marketing training session scheduled with Doren Aldana as part of his Meetings With Mortgage Masters interview series.

We’ve already had plenty of questions submitted, but if you’d like to participate in this training call, you can register at the following link: http://www.mortgagemarketingcoach.com/chadweber2-reg.html

There’s been a flurry of activity in the industry these last few weeks, and it’s difficult not to get distracted. But a good solid hour of learning can be worth its weight in gold, so I hope to see you there!

Chad Weber - www.fsboleadportal.com

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 -The Cost of Making Money-

Most of you are already aware that I’ve been out of state the last few weeks. Public speaking is certainly exciting, but can be quite frustrating dealing with all the airline delays, lost luggage and more. Haha - We survived though, and had a great time meeting many of our members and readers in person.

It’s amazing how many interesting people there are, but such little time to meet and get to know. I want to thank all of you for your support, referrals, membership, and kind words.

Now, onto the subject at hand.  During these travels, I have been of course, speaking about FSBO Marketing. After each presentation, my group is flooded with members of the audience with questions, stories, and current issues.

Lately I’ve been taken aback by how much money is thrown at some of the marketing campaigns many lenders and realtors are using. Apparently more and more of oyu have turned to direct mail, radio ads, and magazine ads.

First off I want to applaud those of you who “get it.” In a rough market, the absolute worst thing you can do is stop advertising “because money is tight.” If your marketing activities are bringing in a certain level of income n a good market, and you spend less money and do less marketing in a slow market, all you accomplish is to seal your fate that you will earn less money than ever before.

Unfortunately, it seems most take this defensive reaction to a slow market and ultimately pay the price with their income. But on the opposite end of the spectrum, we have those who are spending more than they ever have before.

Let’s do a quick cost comparison:

Direct Mail - average response of less than 1/2 of 1% = $3,500 - $5,000 spent to generate 100 leads

Newspaper ads - Display/Box ads - Range between $450 for tiny ads - $4,000 for large page ads. These costs are for 1 weekend or less for most large metropolitan areas, and require a 2 - 4 cycle commitment/contract. = $3,500 - $7,000 spent to generate 100 leads (Small classified ads are cheaper to run and probably a better use of your money to generate leads. Be sure to run multiple classifieds in various areas with classifieds for best results)

Buying leads - I don’t think I have to say much here. Most lenders and real estate agents have purchased leads at one point or another. The results are just not what they used to be. Despite what the ads may tell you, the industry average closing ratio barely tops 2%. At $25 - $40 per lead averages (Live transfers top out at $100 per lead), you’re looking at spending $2,500 - $4,000 per 100 leads.

The fact remains that the more you spend to generate your leads, the less your return on investment will be. With several thousand dollars to earn back before you see a profit, these methods are not the most efficient way to generate business. (Please note that there are always exceptions to the rule, as there are some  who have a campaign dialed in far better than the average lender or agent, and it makes financial sense for their situation)

But what if you could spend less than $200 per month to generate 100 quality leads per month? Less than $150? If your cost per lead generated is $1.50 per lead, then your potential return on investment has just gone through the roof.

Even better, unlike buying your leads, you no longer have to worry about someone else selling that lead to dozens of your competitors. (Been there, done that, right?)

If you’ve planned your campaign properly, then you’ll build quite the database of qualified candidates during this process, and sooner rather than later, you’ll find yourself with plenty of prospects landing in your pipeline month after month.

Yes, there is a cost to doing business. But this does not mean you have to waste money either! A properly executed FSBO campaign can generate business quickly, efficiently, and cost effectively.

Don’t forget to visit www.fsboleadportal.com <<< New marketing tools have been made available to existing members!  

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 Mash That Button

Lately I’ve been chatting with quite a few loan officers. In the last 10 days, I spoke with someone who was so desperate, he offered me 50% of his closings for the next 6 months if I could help him close more; and I also spoke with a loan officer who closed 28 loans in the last 30 days. (His average is over 25 per month - This guy is a machine!)

The irony of this situation is that both loan officers worked within 30 miles of each other. This raises a question… What is the difference between those who are closing hundreds of loans this year, and those struggling to find 1 or 2 per month? Attitude, and trust…

This is not to say that those who are struggling have a bad attitude. Rather, what I’ve noticed is that those who seem to be kicking in the doors lately, and closing loans at an exponentially higher rate than their competition have a high degree of trust in their marketing and sales ability. If you don’t think you can succeed, then why should your actions tell you any different?

If you’re skeptical, and keep playing the sales game defensively rather than going on the offense, you are making your job much, much more difficult than it needs to be! Let’s look at a loan officer named Omar.

Omar came to me, and told me his situation. It was a tough spot to be in to be sure, but he said something to me that I knew would make him a great candidate for a rapid change in his career: “Just tell me what to do, and I will do it.” Omar stuck to that promise. Despite the tight spot he found himself in, he made that decision to give it his all, without wasting time playing the “what if” game.

Too often I find originators worry about what will happen IF this or THAT doesn’t work… This is a defensive attitude that will kill your progress dead in its tracks. Its the same as trying to play basketball by doing nothing more than blocking. How many points would you score? None! You’d almost certainly lose every single game since no one is good enough to block 100% of the other teams shots!

In a similar vein, no loan officer on the planet can successfully block bad things from happening 100% of the time, so stop trying! A defensive mindset stops you from reaching your potential. Go on the offense, and tell yourself the same thing Omar did: “I’m going to do it - Success is NOT an option!”

Why should it be? You have the exact same opportunity that everyone else has. Some of our members were hurting so bad they had to take small loans or borrow the money just to join the Loan Officer Marketing Lab… Yet, most of them have added several closings per month to their wallet… If a loan officer so tight on cash can still market themselves effectively, then anyone can! (No, I am not promoting mindless spending here, but rather, CALCULATED risks. There is nothing wrong with being prudent with your spending, but at some point, you MUST make a decision to move forward and commit yourself to that decision)

Find your “ON” button and keep mashing it throughout the day. What gets you going? What gets you excited? What makes you stand up and take action? For Omar, he told me he didn’t have a choice, he HAD to make this work! I love hearing that, because it tells me things are about to get done! People seem to transform when all options are removed. A mental decision is made that “I’m going to do what I have to… Nothing is going to stand in my way.” That’s the mode you need to be in right now. Forget the market, YOU are in control. Just ask the loan officer who closed 28 loans in April…

Chad Weber - www.loanofficermarketinglab.com - www.fsboleadportal.com

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For those of you waiting patiently for the FSBO Lead Portal, we released a “mini-demo” as well as a limited time special offer at www.fsboleadportal.com. I hope you enjoy it! We’ve packed plenty of great features into the program, and we’re now at just under 100 members in less than 1 week since launch.

The FSBO market is booming right now for those who are taking advantage of the fact that many home owners feel they have no choice but to sell By Owner.  These are great opportunities to pick up buyer leads by the bucket-full. Not to mention you can build a profitable database at a rapid pace… Take action now and begin building your pipeline by next week.

CW - www.fsboleadportal.com/specialoffer

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The FSBO Lead Portal has launched for those on the Early Bird waiting list! There’s 1 link, and 1 link only to join for the next 24 hours (And to take advantage of the deep discounts) If you’re not on the list, then the only way to get on that list is to forward an email with the words “early bird link” in the subject line to chadw@fsboleadportal.com.

This is quite exciting! I hope to see you on the site!

www.fsboleadportal.com

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-Tomorrow’s Launch-

 Tomorrow is the day! We’re excited, yet up to our ears in work right now to prepare! I fully expect to enjoy a 19 hour work-day today. It’s all been worth it though. The FSBO Lead Portal is shaping up to be the most innovative and unique marketing tool seen in a long time.

Everything points to more and more buyers shopping the web to find their new home, realtor, and loans. Well over 80% surfed the web to help find their home last year… That’s a significant number that loan officer’s can no longer ignore. The FSBO Lead Portal is designed to help even the most “techno-phobic” of us take advantage of technology to close more loans.

The FSBO Lead pOrtal is about as easy to use as it gets. I personally hate complex, tiny buttined admin panels. If it looks difficult to use, I won’t… I am far to busy to play “detective Chad” just to figure out how to get a program to function. The FSBO Lead Portal definately reflects my views on this! I would guesstimate the learning curve on this to be about 2 minutes. Haha.

If you’re serious about finding a new revenue stream, and you feel as if “nothing ever seems to work” then this is something worth investigating. Head on over to www.fsboleadportal.com/blog right now. We launch tomorrow, so keep your eyes peeled!

 CW

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 - Case Study -

We tried something new this week. Our latest video shows you one of my students who went from searching for a new way to earn business as his refi’s died down, and 2 - 3 loans per month max, to 73+ leads per week, and doubling his production in less than 30 days.

Take a look at how he did it: >> www.fsboleadportal.com/blog <<

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