How can a mortgage loan officer get referrals when there is no money to invest.Legal/ethical suggestion?

Answer 1

If this is really the position that you want. You will think of a way to stay in the career field that you have selected.

You say there are no money to invest so you can get referrals.

Referrals are not the only way to get leads. You are sitting in your office looking at the other loan officers wondering how they get the leads they have.

Since you have already mentioned that you have no money.

Get off your duff,find an area that you would like to have loans from. You will need approximately 5000-10000 houses for this ti work. You are dealing with percentages. Make yourself 5000-10000 flyers, depending on the number of houses you have selected. Once you have decided on what you want your flyer to say,have them ran off at Staples or Office Depot.Cost about $120.00 for about 5000.

You should introduce yourself as the newly assigned loan officer for this area. Place a few products that you can talk about on your flyer. You might also tell your new clients that you can assist them with good or ba credit. Another thing you might do is inform anyone that would like to sell their own property that you will be able to help them out. You can assist them by linning up the escrow closing, title insurance, but most of all you can hold open house. By doing this you can pre-approve all that come to look at the house that are not pre-approved.

On Saturday, or any day you are not doing anything at the office, go to the area you have selected and pass out your flyers. It is better to walk this area the first couple of times. If there are neighbors out doing lawn work or something chat with them about what you do ask if they presently need a loan or HELOC. Write down their name for your data base you will be starting, get as much information as you can but don't forget to get an email address. Do this for about 3-4 months. Doing it once and not doing it again, Don't do it the first time.

After the third or fourth month send them a newsletter. Get the addresses of your new clients from your title rep. Just tell them the farm area you are working, they will provide the name. Now place these names in your data base. You will have to develop a system because you will be adding information as you go along.

Now you need to get yourself a professional team to assist you with your job. You will need, but are not limited to the following. A attorney, a title rep, a notary, a insuance agent that sell insurance to home owners and a real estate agent. (One that does not have to give his leads to the in-house lender)

Now you should pass out their cards to your clients that need their service. They should pass out your cards to their clients that need your services. If you find one not doing their best for you, there is a possibility that you might have to change these guys until your team is helping you as you should be helping them.

Passing out these flyers and getting your professional team together is hard work, but you have to lay the foundation.

Now look around the area you have selected, look at the liquor stores convience stores, barber shops, beauty shops and other shops in your area. See if they will allow you to place flyers in their shops. Buy the flyer holders at staples or Office Depot.

When you are ready to run your newsletter perhaps a few would want to place an ad or two in your newsletter, so make sure you get to know them by name. Give them your business card also.

You can get articles for your newsletter from the internet, your local papers or you can write them yourself. If you use someone
else's article make sure you give them credit in the by-line.

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

"FIGHT ON"

Answer 2

Do you mean Can a loan officer pay a referral fee to someone? Then the answer is no. A gift valued at less than fifty dollars is all that's allowed.

Answer 3

Buy Fresh leads and start from small pack of like 20 leads... Some companies are amazing and guarantee you a closing ratio of some %

Answer 4

You can get referrals, you just can't pay for them. Do you make your barber pay you a fee 'cause you referred your friend? You did it because he does a good job.

Answer 5

GET A JOB!!