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01-22-2006, 02:51 PM
| | Cubicle next to the copy machine | | Join Date: Jan 2006
Posts: 20
| | | The sun rises in the East
I'm a loan officer with Lighthouse Point Lending, LLC in CT. I started in the industry back in June with another company, but that didn't pan out well. Got in with this new place in Nov., but I still have not closed a deal yet. Needless to say it's a little fustrating. However, I admittedly do not have a solid base and have not put in 100%. I love the industry, but was way behind the learning curve.
L.P.L. really invests in its people, which i like. They are truly trying to help me, but I'm having trouble. Any suggestions on how to grow my business, and be successful at this career, would be well appreciated.
Randy Tarasevich
Loan Officer
Lighthouse Point Lending, LLC |
01-23-2006, 05:38 AM
|  | Citizen of MBL | | Join Date: Dec 2005 Location: Salt Lake City
Posts: 1,604
| | | Hi Randy - welcome to the site. There's definitely a learning curve for success in this business so you've come to the right place. There are a bunch of ideas and suggestions throughout the site on ways to generate more business, but perhaps it would be helpful if you listed specific areas that you are having trouble with for specific answers...
What's been the biggest road block for you? Getting leads/apps? Placing loans with lenders? Closing the deal?
__________________
These are not the loan officers we are looking for. Move along. |
01-23-2006, 07:11 AM
| | Cubicle next to the copy machine | | Join Date: Jan 2006
Posts: 20
| | Quote: |
Originally Posted by Erik Hi Randy - welcome to the site. There's definitely a learning curve for success in this business so you've come to the right place. There are a bunch of ideas and suggestions throughout the site on ways to generate more business, but perhaps it would be helpful if you listed specific areas that you are having trouble with for specific answers...
What's been the biggest road block for you? Getting leads/apps? Placing loans with lenders? Closing the deal? | Lead Generation and securing a full application are the two most difficult parts of this industry, IMO. I have technical knowledge of the products. No problem with using L/O software. I just thought that the job would be a tad more simple...like "Hey, you need $$ for ______. I can get you the $$ you need for _______. Let's make a deal!" No, but seriously, why is it so hard to sell $$?? That is, in essence, what I'm doing. |
01-23-2006, 08:13 AM
| | Citizen of MBL | | Join Date: Dec 2005 Location: Salt Lake City
Posts: 1,604
| | | So by this do you mean you are getting leads but unable to convert them to apps?
__________________
These are not the loan officers we are looking for. Move along. |
01-23-2006, 06:28 PM
| | Cubicle next to the copy machine | | Join Date: Jan 2006
Posts: 20
| | Quote: |
Originally Posted by Erik So by this do you mean you are getting leads but unable to convert them to apps? | I'm not getting leads. Granted, my referral base, and overall network, are minimal at best. The first company I was with prepared me very poorly. When I started with this new company back in Nov. the difference was night and day. However, I'm still not confident, and a little unsure, about how to approach real estate agents. Also, I want to approach bankruptcy and divorce attorneys, but am still not really confident enough. |
01-23-2006, 07:15 PM
| | Citizen of MBL | | Join Date: Dec 2005 Location: Salt Lake City
Posts: 1,604
| | | It sounds like you need to focus in on a method or two of lead generation and just dig in. Confidence comes with practice. People will say no more than they say yes - you just have to accept that and focus on finding the "yes" type.
__________________
These are not the loan officers we are looking for. Move along. |
02-02-2006, 06:56 PM
| | Private Office | | Join Date: Jan 2006 Location: New Mexico
Posts: 126
| | | Randy,
Let me try to get a handle on this. Does your present company appeal or target conforming borrowers or subprime?
If they do both, what percentage of each?
If subprime - what is the bottom end FICO your company will write. You mentioned BK's earlier - if you could identify BK homeowners, out of Chapter 7, 12-24 months, with 80% LTV or better and a current mortgage with a known subprime lender and mortgage amounts above $150k, would it help you.
Would it help if you knew they had filled out a 1003 and had a mortgage credit inquiry in the last 24 hours? That's a very strong indicator they might need a mortgage isn't it?
What about if they had recently listed their home...do you think they would probably need another mortgage? (81% of all homeowners move within a 50 mile radius...if you could get a list (not MLS) of everyone in your area that had listed their home in the last 7 days in CT, do you think you could talk to them about a new mortgage and have some success?
I know what some of you are thinking...the listing broker is going to steer the loan business to "their" broker...National Association Of Realtors data states this happens 50% of the time. That means 1 in 2 homeowners find their own financing!!!
I like those odds. There is a military term I like to use when it comes to mortgage marketing...find a target rich environment...
Even the best hitters in the game only connect on 1 out of 3....the types of leads I mentioned above put more fastballs over the middle of the plate. Your odds are greatly improved in these situations.
Guaranteed home runs - nope. More swings at the plate and better balls to hit - you betcha!
If you or anyone else has questions about how to make this work for you let me know...I don't sell leads but I have developed a website that connects lead buyers and lead sellers...it's free to the mortgage community.
Good Luck and give me a shout if you need help.
The Bid Chief  | 
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