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09-18-2006, 10:50 AM
| | Newbie at a desk in the hall | | Join Date: Sep 2006
Posts: 3
| | | New LO needs help
Hi everyone-
I just found this site and I feel like I could sit and read all day-there is so much info. here. Also apologize in advance for all the questions. Here goes. Family in real estate w/office. I have recently become a LO working in our office, but under a Mortgage Company nearby-a branch I guess you would say. They are a small, no frills company that my family has dealt with for quite a while. They have always been great-no surprises-or bait & switch. My problems so far are these: How do you know in the beginning if you are giving the best rates, deals when you are the middleman? Ex. Lets use first time homebuyers,no $ down, No Income verification-100% financing-What is a competitive rate at the moment? Also, leads, marketing...a small company so I am pretty much on my own to get my name out there...flyers?? I hope this makes sense. I could use some direction.
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09-18-2006, 11:32 AM
| | Banned | | Join Date: Dec 2005 Location: Southern California
Posts: 496
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Quote:
Originally Posted by admortgage  Hi everyone-
I just found this site and I feel like I could sit and read all day-there is so much info. here. Also apologize in advance for all the questions. Here goes. Family in real estate w/office. I have recently become a LO working in our office, but under a Mortgage Company nearby-a branch I guess you would say. They are a small, no frills company that my family has dealt with for quite a while. They have always been great-no surprises-or bait & switch. My problems so far are these: How do you know in the beginning if you are giving the best rates, deals when you are the middleman? Ex. Lets use first time homebuyers,no $ down, No Income verification-100% financing-What is a competitive rate at the moment? Also, leads, marketing...a small company so I am pretty much on my own to get my name out there...flyers?? I hope this makes sense. I could use some direction. | My reply to the (RED COLORED) question you've asked is this. Odds are YOU will NEVER be 'giving the best rates' --- you need training more than anything else ... RATES are not what it's all about ... if you disagree with me and feel you NEED to be able to "give the best rates" it's time to quit your job, since there will always be plenty of other firms who offer better rates than you AND they all sware they give top notch service too!  Your own Integrity, Ethics, values, and credibility will put you ahead of the other guy!   |
09-18-2006, 11:41 AM
| | Newbie at a desk in the hall | | Join Date: Sep 2006
Posts: 3
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O.K. Wait a minute-Yes I absolutely need more training-That is why every free minute I am reading, questioning and trying to soak up as much knowledge as poss. Maybe what I meant to ask was competitive rates. Right now I am at the mercy of whatever my Sr. Loan officer gives me. I have had a few walk away. I know all about bait and switch and know that someone can always offer a "better" deal. Thanks for you reply. I also know the plan is to make $, however I do want to be about customer service and helping people.
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09-18-2006, 05:50 PM
| | Newbie at a desk in the hall | | Join Date: Sep 2006
Posts: 2
| | www.loanofficersurvival.com
A completely free training course for new LOs
let me know what you think....
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09-18-2006, 05:53 PM
| | Window Cubicle | | Join Date: Dec 2005 Location: La Jolla
Posts: 82
| | | From an AE.
Ok you want a good rate how about 1% a good rate rite now tell me why it is'nt .service,no popups,speed of close and explaining whats good and whats not they dont know any better. 1% i'll take it! (but what you dont pay now get tacked on the back of your loan) oh yah i told you all about it. you singed the papers so i must have told you. I've seen it done. and i've tried to help some of them after it screws up there life. a good lo can get through to them and explain it to them.thats what needs to be done.
But I'm an AE. what do I know?  |
09-18-2006, 08:17 PM
| | Newbie at a desk in the hall | | Join Date: Sep 2006
Posts: 3
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Hector-
Thank you so much for the info. I am getting started!!!!
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09-20-2006, 08:40 PM
|  | Super Moderator | | Join Date: Dec 2005 Location: Chillicothe, Ohio
Posts: 2,179
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Best way to find out is to run each scenario with various lenders and get a feel for their strongpoints. Sometimes you can even ask what they feel their best niche's are.
Each situation has a different twist. No VOR, Private VOR, Cancelled Checks Only, Job Time...... So many..
I do know that FHA is the ultimate loan for 620 and under, No Down Payment, and No Credit (Alt Credit)
New Century Prime has the best conforming and Jumbo rates right now. Sometimes they may get beat on the higher LTV stuff like over 97%.
Argent Mortgage usually has the best sub-prime rates at higher LTV's and Aegis Funding has better rates than them on occasion on the 80% and below.
It is ever changing....
You want someone you work well with for right information, delivering, closing, and timely response too so if the rep is bad then that may kill your opportunity.
The answe you are looking for would be a million page book. Baby steps lol.
__________________ Greg Phillips Manager Fairfield Mortgage Company Web : Home Forums Blog |
09-21-2006, 08:43 PM
| | Newbie at a desk in the hall | | Join Date: Sep 2006 Location: www.loanofficersurvival.com
Posts: 6
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Quote:
Originally Posted by Hector_H |
Thanks for the plug, saw this link on my websites backend where i can see referrers. Didn't even know this forum existed. Its the real deal and my gift to my fellow LOs.
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