whats your opinion about mortgage Consultants calling people to help them with their Mortgage needs?

Question

Tell me if thats a good or bad thing. If its bad why and if its good, why? and is there a specific way that you would like to be approached over the phone as someone that might need a mortgage? -opinions please-

Well I am a Loan officer but never generated loans from cold calling, I just did it by referrals and hot leads, but I want to start doing it by using the phone. Any advise on how to approach this consumers?

Answer 1

Do you mean cold calling? I'm a Mortgage Exec. I hire people to cold call for me all the time. It's a great way to generate business. But if that is the only way you are doing it and your doing it on your own be prepared for a lot of heart ache and stress. You will hear NO 100 times before you hear a yes. People will hang up in your face, be rude, cuss you out. A lot of ppl are getting 3 - 10 calls a day about their mortgage and are just sick of it. If you want to get into the mortgage industry find a place that generates leads for you. That is alot easier then calling strangers. When you cold call your dealing with ppl who procrastinate. You have to convince them they need a new mortgage as opposed to ppl who are out activly looking to refinance.

Answer 2

I am a Realtor who shares Michael Dell's philosophy of direct sales. Here is what's important in cold calling:
1) the number of hours you will prospect a day (I suggest at least one)
2) How many contacts (people you actually talk to regarding mortgages) you make (average 12 per hour).
3) How many contacts it takes to generate a lead.
4) How many leads actually result in appointments.
5)How many appointments turn into signed contracts.
Have a good numbers tracking system and most importantly don't forget to follow up on your on leads.
Once you start calling people, you will face a lot of rejection. One thing to keep in mind is not to take anything personal. It simply means they don't need our services. As you make more calls, you notice that you skills on the phone improve. Try finding a good script, then practice and internalize it. That way it comes out naturally.
P.S.
You will be surprised how much money you will save by doing the work yourself and not paying too much money to lead generating companies. These companies get the same leads that you can get by being on the phone for 2 hours. Good luck.

Answer 3

It is called telemarketing. There is an active do-not-call-list, so if you made one mistake by calling a person on the do-not-call-list and they were angry enough to sue you it would cost plenty.

There are plenty of ways of getting mortgage leads without the dreaded list of those that don't want to be called.

We picked up a list from our title company, which the list was to have been screened for those that did not want to be called.

Then there is a fee that you have to pay before you are even to make a call to a person.

Since the do-not-call-list has been enacted into law, I see no reason to make those calls any longer.

I see that the politicians left themselves off the list, they can call you when they are running for re-election.

Now if you do this legally, I see no reason for it not to work as it has been a good way of getting leads before the do-not-call-list went into effect.

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

"FIGHT ON"

Answer 4

I think a mortgage consultant should call people who have shown interest only. There are several ways to show interest, such as lowermybills.com. I work in the loan processing business and it is my experience that the people who truly want help with refinancing or buying do reach out to advertisers.

I believe any OTHER call made is a cold call and should be avoided simply for courtesy reasons.

Answer 5

Did you ever think of going to the courthouse and getting a list of active mortgages? Check out the high percentage rates, they are very eager to refinance for a lower rate. Check the ones that are 3+ years old, the younger ones usually don't want the prepayment penalties.

This was an excellent source for me, an original idea that nobody realizes that it's available. You will shoot your competition out of the water with this one. You're not calling blindly and get people who are thankful you are interested in helping them most of the time! (it might take you a week to get these all written down, but worth the trouble. These files are open to anyone who wants to search them).

I never did Cold Calling...

Good Luck!

Answer 6

I have had a few call me, not all credit councilors are the same. Some are with companies that are only interested in earning a profit. Some of the ones that I spoke to were with non-profit companies that help people get around the credit trap that our society allow.

Make sure you understand that you are paying a fee for this service wither it is a non-profit or for profit.

Answer 7

i don't care for it.if you need money they will jerk you around. a lot of ppl have lose their house over this