I'm a new mortgage broker-- how can I find more business outside of cold calling and buying poor online leads?

Question

As a Chicagoland mortgage broker, I'm always looking for more business. But, as rates increase, and the public records get hit harder with cold calling (and I don't have any established networking with realitors and builders ...yet) whats the best way to find more business? I would love to charge less in fees, but since those fees put food on my table, I at least need more volume. I know referrals work well too, but I need the business first.

Answer 1

1. Specialize in loans for people with spotty credit, then do a mailout to local realtors saying you can get these folks financed if a traditional lender turns them down. One or two may remember you when they're about to lose a deal.

2. Partner with a small local builder. My townhouse was built by a private local company. The builder offered a 1% discount on the purchase price if you went with his mortgage broker, which was another small local company.

3. Get some of those signs made that can be nailed to wooden stakes. Usually 100 for $50 or less - can be done at Kinko's. Put them everywhere you can think - new neighborhoods being built, near busy intersections, etc. Put on the sign the best terms you'll ever be able to offer (0 down, 0 closing, 5.5% or whatever).

4. Find a bank that can close loans fast - from app to close. Get to know their process till you have it down to a science. Then hand out your cards at real estate auctions, tax auctions, etc. saying you can close a loan in 14 days or whatever you can do. Some of these folks will call you when they've bid on a property but can't close by the payment deadline.

Good Luck

Answer 2

We are a telemarketing company and generate mortgage leads (basically refinancing) for different loan officers and mortgage companies in whole 50 states. We generate different leads depending on the criterias of our clients(loan officer). The best part of our company is leads once sold to you will never be resold again and this makes us bit special than other people into this industry. So if you think you are intersted in purchasing few leads and start closing loans soon just shoot us a short e-mail about you and your requirements at [e-mail]

You also mentioned that you don't want poor online leads, i know we sounds same like other but we don't ask to trust us, we ask to test us. Moreover before any purchase you can speak with loan officers and companies already working with us. We are confident that we are the best and can get you the best leads too.

Answer 3

Most realtors have very little business, buyers and sellers have been very cautious.

If you give this some thought, you will find inspiration for where the potential borrowers are. Borrowers that dont realize something is going to shake up that Most Admired Lender that currently holds thier mortgage. Find this lender, identify the portion of thier clients that may have a huge problem on the horizon, start working on fixing the problem, and then find the homeowners who have this loan and lender. Most of them will never know unless an outsider points this out.

HINT- 1 current loan index is going to end in 2006. Its rumored to be replaced by a index we avoid like the plague.

Answer 4

I understand you're having trouble getting new business. When you do business, get referrals. If you do good business and people like you, ask your clients for referrals. When you close the loan and your client gets their money, I advise you ask "Did you like doing business with me?" If yes, then ask "Would you recommend my services?" If yes, then get out a sheet of lined paper and write "Referrals" at the top, divide the paper into two columns by drawing a line down the middle, label the left column "Names" and the right column "Phone #", and hand it to your client. Finally, call the list of referred names and phone numbers. Do this warm calling and you will do more business.

Answer 5

There are many ways, from my own experience do a very good job and ask previous clients for referrals, design a webpage and other various forms of marketing to promote what you do.

Be creative.

Answer 6

I feel your pain... Cold calling really stinks!! I wish you blessings as you seek business.. Only one piece of advise, follow up is very important, but if a potential customer is not ready or not really interested, move on!! Don't waste time and money on dead leads.. Best wishes to you.

Answer 7

Visit your local realtor's.Tell them what you can do...maybe buy them lunch.