I am a new loan officer and Its really becoming hard to produce my first loan. How can I get them?

Answer 1

Get it from friends or family first.

Answer 2

Referal is something which can help you in the begining... But as you said you are having hard time closing first loan i would suggest you to invest some money in marketing and close loans quickly.....

Buying leads from telemarketing companies is the best option these days as those leads are exclusive, fresh and are delivered only to one officer at time.

We are a telemarketing company and generate Refinancing leads from all 50 states. The best part of our leads are they are sent to you the same day they are generated. Our leads guarantee you the closing ratio of 10% - 33% depending on the convincing power of a loan officer.

It cost approximately $42.5 to $58 per lead depending on the criterias.

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Answer 3

People new in the business usually hit up friends or family...this isn't the best idea. If something goes wrong with the loan (and it probably will since you've never closed one,) then you'll end up hurting someone close to you instead of a stranger.

Invest in internet leads...if you can't bag these, then you need to get into a new line of work.

Answer 4

I am an old loan officer, and I got out before it became so difficult to fill your pipeline. I recommend getting a new job...... really I do. Maybe try talking to a Marine Recruiter

Answer 5

I don't know if you'd care to go about it this way, but make yourself, or have one made for you a fold-able portable booth that will fit it the trunk, or back seat of your car and set up a weekend information event. Use a little creativity that will be eye catching, don't be afraid of bold and bright vivid colours, even if it's just like picture frames made of cardboard to frame your info that you will post up on your open booth. Hook up with charities and enquire if you could set up there. Charities that are involved in fashion shows, home renovations, crafts, anything like that. Go out to the people. Have all your applications, forms, etc organized in your briefcase, and keep extras in your vehicle just in case of high volumes of future clients wanting to apply through out your weekend events. Have a lot of business cards handy, and remain positive. That's all I can think of right now. Good luck!

Answer 6

My first deals came from my family and friends, then from referrals from them. You have to tell everyone you know that you are now in the loan business, and that you will make sure that they get the best deal possible. Don't be afraid or embarrassed to promote yourself- it's part of the business. Good luck!

Answer 7

Usually with sales jobs like this, your best bet is Your Family & your friends..I know it sounds weird.. but let them & everyone in your social network what you are up to and that you appericiate any Leads. . refferals. .things like that. Maybe offer an Incentive or kick backs for refferals if this is Legal in your industry ( i kno its not for Real estate agents). Go to your local chamer of commerce. . see if they have any networking events sponsored. . .get involved in your community. go out there meet people, make cold calls, network with some Real estate agents. . Iam in NY & iam a Realtor. . if u want 2 network. . email me directly. . .

Answer 8

You have to do what every L.O. hates, bang on doors.
The business is out there. Go hard or go home

John I Loan officer

Answer 9

Builders: for const. Loans
Contractors: for Purchase loans
Investors: for prushase and refi loans
Realators: for purchase, comercial loans

Answer 10

I really hope you are kidding.

There are billions of people filling loan applications right now!