Whats the best way to get business as a loan officer?

Answer 1

Go to real estate offices to tell Realtors about yourself and the products your company offers.

There's a catch though......
..... you must actually know what you're talking about, and have a product to offer that is more difficult or more expensive elsewhere.

If you are a newly licensed loan officer, or all you've done up until now is re-fi's and home equity loans and you don't really know yet how to do purchase loans, then you may try approaching newly licensed agents and teaming up with them. Both of you will be eager and willing to work harder for your first few deals, and both of you will understand that you both need to be going to your respective brokers for advice and confirmation on things.

Answer 2

You may go to all the real estate offices you want. They will not listen to you. If they do they will give you the worse possible loan they have and tell you to prove yourself by doing it. If it could be done they would have done it by now.

The reason most people fail in this industry is they are not accustom to working for themselves. They are used to being told what to do, when to do it, how to do it after which they go home and return the next day for more of the same.

In this career field you are required to think and work on your own. No one will tell you how to do your job, when to do your job, nor will they tell you how many hours you have to put into your job to be successful.

One other you should do is develop a marketing plan. In other words how do you intend to make contact with individuals that need your services.

I have came to the conclussion that the best way is to select an area in your city that you would like to work. This is called a farm area. This is where you should be getting the majority of your business from.

This area should have a minimum of 5000 houses. You should make yourself a flyer with a little information about yourself. If you are a local person, attended the local high schools and colleges you should include this in your flyer. You should also tell them the type services you provide.

You should walk this area and place these flyers on the doors of each house. This will give you an opportunity to meet any neighbors that are in the yard working or outside their home. If you have children or a spouse you might consider letting them assist you in this chore.

You should also get to meet any and all commercial shops in your area such as beauty shops. liquor stores and any other commercial retail outlet that will allow you to place a stand for your flyers in their shop. You should also leave a business card with the shop owner or manager.

Once you have passed these flyers out for 3-4 months or so, you should start a monhtly newsletter. Get the addressess from your title company. There will be one that comes to your loan office. They will be provided to you free of charge.

Before you start your newsletter see if any of the retail shops want to pay to advertise in your newsletter. You can charge them based on the size of their ad. This will defray some of the cost of your newsletter. They will be glad to do so because it is in their local neighborhood.

You should also put together a professional team to assist you in your business. You will need a title rep, a cpa or tax preparer, an attorney, a notary, an insurance agent that sells home fire policies and others that you think will be able to assist you. Give these individuals some of your business cards and you get some of their business cards. You should pass out their business cards to individuals that need their seervices. They should pass out your cards to individuals that need your services.

In your newsletter you will also need someone that will post an article each month. Find a doctor, lawyer, cpa or other professional that will assist you. They should pay to have their article printed in your flyer. They should also be in your local area where you work.

I hope this has been of some use to you, good luck.

Answer 3

I would start by looking at who you know. You will never get a more loyal clients than if they come as a referal. Get out there, go see your friends, family, anyone in a position that is in front of people. Ask them to refer you anyone who is looking to purchase or refinance.
Second, this will give you busy work, small loans, but steady business that will build you a book of clients to call on in the future. Get in touch with construction companies, not the big ones, the little guys. These people tend to do alot of remodeling jobs for clients. Pitch them that they run on 10-20 "bids" a month and alot of the people cannot afford to go through with the work. That is where you come in, give them a stack of inquiry sheets, you can be their prefered lender. Your fax machine will be running steady. While these will tend to be smaller, HELOCS, and a few that you may get the whole refi, it will give you CONTACTS. And that is more valuable than any lead.

That is one of many ways to jumpstart your business, Im not sure where you are working out of, so Ill leave it at that. Just in case you are in my "back yard"