getting bank turn downs

[ton1523]

Has anybody had any success getting turns downs from banks? I know theres a good amount of banks out there that do not have a subprime lenders to refer them to. Does anybody have a certain approach or method they use to solicit this loan officers at banks? or credit unions?

[florida man]

LLOL
Ummmmmmmmmm.........

Do you know how MANY retail loan officers are PIPING loans out the back to broker buddies and collecting illegal kickbacks???

There is going to be an FBI sting sooner or later and a ton of retail LOs busted.

As for actually getting the leads from the bank legally for free? I have been trying for years to suckhole, but no sucess so far.

[ton1523]

years? what are you doing calling , sending letters? you would think if somebody put in allot of effort they would be rewarded. I walked into 30 banks last week and met with 25 people. Ive already received my first turn down this morning .
screw letters, postcards, and calling you have to get in front of people and build rapport SET YOUR APART FROM OTHER LOS

[florida man]

Did you ever consider that the bank would have a VERY STRICT policy about handing over a clients information of any kind to an outside third party entity without DIRECT WRITTEN CONSENT of the bank.

I dont imagine the president of the bank is willing just to give you FREE potential loans like this.

Do their clients know their info is being shuffled out the back door to some anonymous 3rd party broker ?

I cant even begin to tell you how many privacy issues the bank would be breaking to pull this stunt. Not to mention ethical and legal issues.

Whomever is feeding you free leads 'out of the goodness of their heart' is on thin ice, and could face charges, if not certainly lose their job.

I dont buy your assertion , and even if it were true, its not going to last. The only thing you are going to get is a knock at the door from the FBI.

[Secret!]

I can explain how to do that. First off, you need to understand the most important asset of a BANK is it's customer base. When my operating company did this (in 2001 before we went full time as an industry training facility) I hired a 37 year banker senior exec VP from First InterState Bank (recently retired) and sent him out to make the contacts. He knew almost everybody in that industry, and Vic Stone was very good. It was a banker talking to another banker, in banker speak.

What I learned was that dealing with a Branch manager or even the Bank President was a waste of time, we needed to get approval by the full Board of Directors of the actual Bank, and then they needed to get a "Safety & Soundness" approval (a due diligence investigation on our company) from the FDIC.

Once we had the FDIC's blessing, then we were off to the races. Needed to get inside and train their tellers to direct their customers to our website, gave them buttons to wear, banner signage, hand-outs, etc. Signed up 8 different Banks in 3 States. It's not something you can do on the cheap, or any other way but this way. Our plan was to expand to a 2 dozen or more banks and plop a computer terminal in their lobby, hooked up to our retail borrower website and our application form. I spent a lot of time thinking through the best way to do it, takes a LOT of effort!

We went at it the right way in the first place, took 4 months with each Bank, Vic earned a lot of salary and I had a lot of expenses as he was out there calling on Banks - it's not something for thinly capatilized firms, or young green people to even try (your front man's gotta be old and look like a banker - Vic was perfect!). Dealing with Boards of Directors and the FDIC is a real ball-buster!


PS: tom you always scream about "details" -- run this through your mind, is this enough?

[florida man]

Wow.

This is probably the first time where I have seen your experience pay a tangible benefit.

While it is my assertion that its almost impossible, your post proves that it is possible with enough effort.

Very good post Peter.

[Secret!]

Originally Posted by florida man

Wow.

This is probably the first time where I have seen your experience pay a tangible benefit.

While it is my assertion that its almost impossible, your post proves that it is possible with enough effort.

Very good post Peter.

Thanks tom. I'll take my time and explain this issue to you tom. You see lawyers, consultants, teachers/trainers, Mentors, and others that SELL information, usually don't GIVE AWAY what other people have paid good money for. That's why you never see other industry trainers inside discussion boards providing answers.

It's a very careful line I need to follow when I reply to threads/topic posts inside discussion boards, so I don't anger any of our students by GIVING AWAY answers that they paid their hard earned money for last week (for example). This I think has always escaped you in the past. This reply above here, is me merely explaining something my company actaully did (and yes it was difficult as hell), it is not a part of any lesson plan that we sell or have ever sold -- that's my primary focus when I reply to people tom. Many times in the past in this forum and others, I have told you details are available on our website - that was me saying 'go there and you can buy them' like others do. Makes sense to you now?

Here's a quote from Bill Gates that drives this view of mine: 'Microsoft's primary products and services are created to be sold. This is the traditional, practical, sound-minded business model.' -- simply substitute Secret! University for the word Microsoft tom.

[Ninjaboy]

Here is an LO that makes his living at it. In this video he tells it all. Very cool vid.



You can see all their business booster videos here:

YouTube - Broadcast Yourself.