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FIB - Scams 101 - Ye Olde Archives

No Problem!

Posted By: The big Dog!
Thursday, 3 March 2005, at 2:47 a.m.

In Response To: just had to saay hans to The Big Dog!! (Jessie Loou)

Jess:
Here is what I did. When I first started I was waiting tables and making decent money. I was doing the mortgage job in the day and I mainly waited tables on the weekends. So yes, I would recommend so because it's truly feast or famine out there.
Now here is what you need to be doing to be successful. Pass out business cards like crazy, if possible, meet the consumer at their home!!! very very important. When you come to their home they are more at ease. You can do a deal on the phone but it's so impersonal. The mortgage business is a people business. People work with who they trust.
Here is another thing, always, always ask for referrals. And if you get some and close on them, send the person who gave you the referral a gift certificate from a nice restaurant or store.
You may also want to do some cold calling. We went down to our local county building and looked at the names of mortgage holders. Here is a tip, anyone that has a mortgage through a company with the word "FINANCE" is usually paying a high interest rate. Target these people!!! A lot of them didn't have great credit so were forced to go there. Many of them have gotten themselves together and can get a better deal (through you of course).
Being a good broker is like being a car salesman or a realtor. You have to build a clientele, get all of their referrals, get their referral and so on. I knew some guys that were awesome. They didn't even have to look for anyone. They made all of their money through friends, referrals and more referrals. Here is another neat trick I used to do. Call around some of the banks and tell them that your a mortgage broker and you would love some referral business. They will sometimes send you some turndowns. You can sometimes get deals for these people.They typically didn't mind since they felt bad for the customer and since they had nothing to lose could refer them elsewhere.
My boss did just this and received a lead of a guy that was in foreclosure and no one else would give him the loan. MY boss got the loan closed and the guy out of foreclosure. He also made about $10K in profit between origination and "back end" points. $10K profit on 1 loan. I got a guy out of foreclosure once and I also went down to the jail in Lexington, Ky to close a loan. The guy had his orange jump suit on and they uncuffed him so he could sign the loan papers. You never know where you will find your customers.
I made some pretty good money with it, I just wasn't able to budget my salary because I never knew when I would close a loan and some months you do better than others. Plus I had a wife and 2 kids to take care of and I needed health insurance and a steady check. It just wasn't steady enough for me and I didn't have the time to wait to build up my pipeline. But, If your a good sales person, persistent and enjoy people this is a good business and you can make $100K per year or more. I have seen it done by several people.

Good Luck, THe BD!

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You'll find great information in this "Read Only" Archive, but remember..... things change.
Be sure to visit the Current Message Board when you're finished here.

We're very friendly, so don't be shy... just jump right in and post your question.
Scams outnumber legitimate biz ops about a bzillion to one, so it's well worth your time.



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