I'am a new loan officer and wonder if anyone knows the best way to get leads for loans?

Answer 1

I taught a loan officer class a few years ago and told them as a joke to as a contingency plan to make signs " Will finance your home for food " and stand on onramps. We laughed and went on with the class and last year a student called me and was doing real well and said he tried that onramp thing and got in the paper. The publicity from that had a domino affect. I dont recommend that you try the same but sometimes one must just stand out from the rest and impress their business clients as a innovator and free thinker. You should try this as its a safer thing and see if it helps you. Offer to do finance options available on the backs of real estate fliers for FSBO properties. Start there as they are easier to approach than agents and most agents already have a few lenders in their sphere. Once you start pre-qualing buyers you have something to interest agents with.
Another item is those talking house transmitters. I have used them for over a decade and they are cheap to buy,but priceless to have. You can offer the usage of one to an agent or FSBO in exchange for 30 of the 90 seconds availabe for your personal ad. As for buying leads or company provided leads. There is little exclusivity in the lead selling business and the client doesnt know you and see's you as another telemarketer. Dont cold call them when other things can make them call you instead. Agents can be a good source but you first have to have something they want, its a bit harsh but the truth.

Answer 2

Good lucky, Ginny. It's a tough business especially if you're new and you're asking about leads. Yep, go talk to the Real Estate companies in your area. But, most of those places already have lenders and since you're so new, you'll be lucky if you get any scraps. Make up a little flyer and mail it out to friends, family members and anyone you ever met trying to solicit business. I hope for your sake that your position isn't straight commission since you don't have any leads. It's a tough business and don't be defeated if it doesn't work out for you. It's very cut throat. Yes, that's the other thing, this doesn't happen overnight. It will take some people years to get a good client base.

Answer 3

It is simple really, spend time with the people. Not as a salesman, but as a person. This takes some time but the payoffs are enormous. Build real relationships, not one time sales opportunities. Think of it this way, would a total stranger give you their keys? No. They would have to trust you first. Same thing with the biggest asset they probably will own, and their referrals. They have to trust you first, business second.

Answer 4

I have been in the buisness for 5 years and if you dont work for a company that provides them for you you should look at realtors and market to them. Otherwise there are a ton of Internet sites that provide leads but nothing is free and you must choose wisely.