Share with you got 80 Calls on 250 Mailers!

[arasner]

Hi Everyone, I thought I'd share with you direct mail system I bought! I bought this direct mail system and I sent out 250 mailers as a Test, this guy hypes this Greatest Direct Mail System in the world right, I sent it out last Saturday and Monday thru Today I've gotten 80 phone Calls!! I think it is unbelievable, it shattered my expectations! Basically what it is, is a Deed Of Trust, what happens is you get a lead list of whatever borrowers you want to go after Arms, High Finance Companies, Neg Ams whatever you want to go after for Refi's, well you get the lead lists in a an excel format and then you follow this guys instructions and do a mail merge into this Deed Of Trust Blank Template, it isn't completely blank, it has all of the legal mumbo jumbo in it, and if you have 500 leads your mailing to, you then mail merge them into this deed of trust template and it Pops up 500 deed of trust templates that you print out, If you don't know the deed of trust is the First Page of the Mortgage that the borrowers sign at closing, you know it has there Lender Name, Date it was recorded, The Borrowers Address, all kinds of stuff on it, and it automatically populates it into this deed of trust, NOW you print off those Deed Of Trusts then you have a Deed Of Trust Cover Letter and on it you put your info on it, Example I'm with Carteret Mortgage I put in Carteret Inc. and my address and on the Cover Letter you put your 800# and your Name on it and it Says Please Call Regarding the Enclosed Document and there is of Course a Reference # on it, Example A1 you then look at your sheet and Circle A1 when someone calls in and you look at there Lender Name and there Loan Amount, And when People start calling in you ON MONDAY (Send Mailer out on Saturday) You say this is Andy Can I help you, they then Say I got this letter in the Mail what's this about, You say what is your reference # you then Say, Yes that is a Copy of your Deed Of Trust that was sent to you, And it's the First Page of the Mortgage that you signed with (such and such lender ) , And we work in Connection with the County Register of Deeds and County Clerks office and we contact people who are with a high finance company because you have a high interest rate and payment and we are able to lower your payment and rate! You then without Hesitation Fill Out a Mini App that the system gives you and Start Asking Questions, What's there interest Rate, Payment etc. and Tell them you will call them Back within a few hours or tomorrow at the latest to tell them how much you can save them! The reason you fill out the Mini App is because Your Phone will literally be ringing OFF THE HOOK I MEAN IT, I even had one person show up at my office with the deed of trust to Ask About it And I got there Loan App!!! I did not have one Pissed off Person, or one person hang up or say anything negative, They were happy to give me there information and a shot at seeing if there is something I can do! Well I got 35 Mini Apps and 8 Loans Going out of that Campaign! What a Christmas all from $90 in stamps and $10 worth of envelopes I bought at walmart!!!! I'm sending out as many as I can this Saturday, All I can tell all of you is This Will Generate a Lot of Business For you IMMEDIATELY! The Guy I bought it from is Oliver Maldonado if you want to get it, it's $395 the site is www.MortgageDirectMail.net I am in no way affiliated with this person and do not know them, I am letting everyone on MortgageBrokerLand know about The Best Method I've Found to generate Business PERIOD!!! Anyone has any questions for me either post it here or email me andyrasner@hotmail.com

[florida man]

dude
congratulations. How you even have 80 people out of 250 wanting to refi right now is amazing unto itself. They all got 9% mortgages ? They all have tons of equity to refi a better rate? Sounds a little difficult to believe.

[arasner]

FloridaMan you are a complete idiot, why you would even post such an idiotic remark is beyond me, Look I don't know what the deal around here is, I am sharing with other brokers an AMAZING direct mail campaign that worked for me, if you don't want to use it I could Care Less, but I've had other brokers share with me things that work for them and I'm trying to share it with other brokers that do care, I never said I have 80 Loan Apps going idiot, I said I had 80 calls, so if you get 80 calls in your office for a week do you get 80 Loan Apps? I mean without using a gun? Didn't think so, All I am saying is your phones will ring and you at least have a chance at getting loans when people are calling you!!! Right, Right! If you have a better direct mail campaign please tell me about it! I mean other than forcing people with guns, wow what a Loony!!! Everyone else disregard I'm sure Erik will ban him for talking like this! Andy

[arasner]

By the way I bought a lead list Florida Man, if you don't know what that is it's a list you buy from a lead list company and you choose the type of borrowers you want minimum 10% interest rate, they are with a high subprime Mortgage Company and they have an ARM or 2 Mortgages and you get those people to call you and you see if you can refinance them and help them out if that answers your question!

[florida man]

Originally Posted by arasner

FloridaMan you are a complete idiot, why you would even post such an idiotic remark is beyond me, Look I don't know what the deal around here is, I am sharing with other brokers an AMAZING direct mail campaign that worked for me, if you don't want to use it I could Care Less, but I've had other brokers share with me things that work for them and I'm trying to share it with other brokers that do care, I never said I have 80 Loan Apps going idiot, I said I had 80 calls, so if you get 80 calls in your office for a week do you get 80 Loan Apps? I mean without using a gun? Didn't think so, All I am saying is your phones will ring and you at least have a chance at getting loans when people are calling you!!! Right, Right! If you have a better direct mail campaign please tell me about it! I mean other than forcing people with guns, wow what a Loony!!! Everyone else disregard I'm sure Erik will ban him for talking like this! Andy

ansner

my suggestion was GUARANTEED to get you more replies - didnt say it was moral, or ethical, or even legal. Nor did i say i personally did it myself.


your initial post 'forgot' to mention that your 'leads' were selected low end sub prime -bordering on hard money loans . No doubt you have everyone calling you off that list.

You should have got all 250 people to call you off that list. Why only 80?

The important thing here is you are actually getting 1 out of 10 into underwriting. That is a very poor average. Out of that, how many of those are really going to fund?

Thats a hell of a lot of work for at most 8 loans. 80 inquiries? 80 inquires takes A HELL OF A LOT of time.

For all the work you had to do - you could have targeted different people spending more on mailers-got 20 leads -and funded 16 of them.

None of us here CARE how many 'inquires' we get . We dont CARE how many we get into some kind of underwriting. We CARE how many FUND. We care about HOW MUCH TIME AND EFFORT it takes to get those loans.

Thats TOO MUCH WORK to get at MOST 8 loans funded. Id much rather spend a little more cash to get loans that will fund.

I fund well over 50% of the calls i take. Thats over 80% of the apps.

Yes, i do direct mail. I would never telemarket.

In the end, i didnt mean to scoff at your happy moment. My suggestion was pretty harsh -and i am sorry.


For me to get 80 inquiries, it would take about $20,000 dollars of direct mail. This includes the mailer cost, the envelopes, labour, ink and scrubbed lists. I have targeted homeowners, and i am only doing local. The 20k in mail gets me 88,000 mail pieces directly targeted. 80 inquires is a low estimate of not even 1% inquiry rate. It is more.

for those same 80 inquires, my sales data proves that i can rely on 64 applications, ending in 45-50 loans.

If my average is about 3k in fees per loan, then i can expect $135k -to $150k in fees. My netbranch fees will be about 25k for those loans. So i will make roughly $100,000 for those 80 inquiries. This translates into barely 4 loans a month. Not a heck of a lot of work. So lets also suppose i only do that many in the whole year.

How much are you going to make off your 8 loans from 80 inquires? Lets say you make EVEN MORE on each loan on average. lets say you make someohw 5k in fees on average.

thats 40k if you fund ALL 8. Then minus how much your mortgage company gets. What are you left with?

I dont mean to 'rain on your parade' . But i will pass on your form of advertising.

cheers


But thanks anyways.....

[Greg]

Andy he has the right to his own opinion. He thinks your full of it.

But, this post should not have gotten the respect level it did in my opinion. It is a public document that assures them you know they have a bad mortgage or that you have proof you know you can do potentially better. I think it is a marvelous strategy that needs some rep points myself. Just please try to avoid half page long posts always posting url's and bold selling language if you know what I mean. Participate in general talk sometimes and build a tiny bit of rapport. Go to the watercooler and talk about news or something.

I agree with points in both posts. That is poor turn over sure but mini apps are quick if you are asking to just pull credit. I can tell if a loan will close with a report.

Still 8 deals is nice. Better than most people I have run into these days.

I would tweak your list and seek 8-10%. You should improve your ratio's. You gotta get that arm 1 yr later and convert it to FHA if you can.

Little tip. New Arm filings.. Wait 2 months and call and just introduce yourself and tell them you are calling as a courtesy to see if they want free advice. Move into credit and if it was good or bad. See if their LO calls them. Likely not believe it or not. Coach them.

Then this happened

FloridaMan you are a complete idiot

Come on you invoked that attitude. Idiot.? Unprofessional.

I would have just expected a more sophisticated reply myself. Sounds like my son calling his brother a stupid idiot for dumping Lego's on the floor....

[florida man]

greg

I appreciate the reply.

my initial reaction to this thread was 'over the top' . I could not believe he got 80 phone calls off 250 mailers. That is insanely good.

Even though he only turned 10% into loans , that is still way beyond industry norm, and i of course have done direct mail as my advertising since i started in the industry.

I can believe he did get calls because they are sub prime /hard money deals, and anyone with 1/2 a brain would call hoping to get into a better situation.

Even i would call.

However, i dont believe still he will fund 8 loans out of 250 mailers. That would be some kind of fantastic result and even if that were true, i doubt it would become a reality on some kind of regular basis.

I will continue to 'sharpen' my target audience to what my sales data tells me i am consistently selling, but i will not target sub prime.

We all know subprime brokers must also have an economy bottle of asprin beside their desk. If half of them fund, we are praising god.

I like the idea of getting the arm after one year and shoving them into FHA, but the asset requirements and LTV room are issues. Also, judgements, job status, mortgage history are also a mess quite often . FHA doesnt like to screw around, and i cant see that many people per 250 mailers needing and QUALIFYING for FHA after they had such a bad history they needed a rough deal to begin with.

For me - i will steer clear of Sub prime high ltv deals.

cheers

[carlo@CreditReportAtlas]

Originally Posted by arasner

Look I don't know what the deal around here is, I am sharing with other brokers an AMAZING direct mail campaign that worked for me,

Andy - Maybe it's just your attitude. People are having a hard-time believing you b/c you're a bit confrontational.

Originally Posted by arasner

Everyone else disregard I'm sure Erik will ban him for talking like this!,

Be careful b/c from the sound of Greg's replies... you might be the one getting ban soon.

And everyone.. please keep this type of attitude somewhere else. There's another forum for this type of conduct and it's definitely not this community. We all know that place and some of you came from there and now you're bringing it to this forum. You know who you are and I suggest you STOP. It's peaceful here in MBL and we like it that way.

Thanks for reading.

Carlo

[amerieric]

Yo, I think Andy's post about the mailing system might have some truth to it.
I have used or sold every type of lead there is when it comes to mortgage leads. I know of the certain list Andy is talking about and I know for a fact that these leads will produce a high application ratio. For example 8 applications out of 60 names. This is really good for any type of lead list. Using mailers, or call centers on lead lists is the best way to get the most applications out of that list. So 250 mailers with 80 calls is not that hard to believe. I would call too if I got a Deed of Trust in the mail with my lenders information on it, I would really listen and probably refinance if I could.

If you want to know the truth about something look into it yourself before you knock someone else. Try it, you're a loan officer $400 bucks ain't going to hurt your bank account. If you have no success, then you learned that the best lead is the lead you generate yourself or a live transfer lead from a call center. I know these is what is working for my network of brokers.

Your #1 Mortgage Leads Pro!
Eric McClenon III

Mortgage Promotions 2006
215 119th St. S.E. Suite A
Everett, Washington 98208
http://mortgagepromotions.50megs.com
mortgagepro2005@comcast.net
425-355-5487

[carlo@CreditReportAtlas]

Originally Posted by amerieric

If you have no success, then you learned that the best lead is the lead you generate yourself or a live transfer lead from a call center.

that's exactly what we teach here at CRA. stop buying leads and start generating them. by purchasing the credit data leads (http://www.creditreportatlas.com/leads.htm) and sending them targetmailers (http://www.creditreportatlas.com/targetmailer) is a winning combination. we would rather have our clients win than nothing at all. our goal is for them to pull as much credit, order title and escrow so we all get paid. i win if the lo's win, i make money when they make money. it's a great deal for both parties.