Back in 2009, the National Association of Realtors (NAR) stated that more than 80 percent of homebuyers began their search online. These numbers have significantly increased since then, and I would not be surprised if nearly 100 percent of potential homebuyers, at some point during the homebuying process, at least did some kind of research online. Mobile devices and smartphones are also making these online searches higher than ever. The same is true when consumers are researching mortgage loan programs and interest rates and it’s imperative that you have a local online presence.Click to continue
If you are considering purchasing mortgage leads, here are some tips you should know before working with a lead vendor and things you should consider when developing your campaign.
►What makes a quality mortgage lead?
►How to develop a successful campaign that will give you a good ROI
►Managing your campaign and converting applications into closed loans
►Targeting qualified and motivated prospectsClick to continue
On Jan. 10, 2013, the Consumer Financial Protection Bureau (CFPB) published its long-anticipated Ability-to-Repay Final Rule. Under the provisions of the rule, effective Jan. 10, 2014, creditors will be required to make a reasonable, good faith determination of a consumer’s ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan). The rule provides four methods of complying with the ability-to-repay requirement:Click to continue
Every business needs marketing in order to grow, and mortgage professionals are no exception. Investing in effective marketing strategies grows your business by attracting more clients, building the loyalty of your current clients, and building your company’s brand in general. Looking into marketing can be daunting for some business owners, so let me show you the 4 elements you should definitely be implementing in order to put together the most complete marketing plan possible. Combining these four elements will bring your company the best marketing results.Click to continue
So many times, managers ask me why their loan officers don’t ask for the business enough, or are the loan officers asking for business but asking the wrong way or asking the wrong question. In this case, I believe that the real problem is not what your loan officers are saying, but where they say it. And by location, I am not saying indoors versus outdoors or any other geographical reference. I am actually referring to where in the marketing process they are asking it.Click to continue
During the last two years, Bank of America, Citi and Ally have all made business decisions to shutter their correspondent channels. The reasons are varied, but it can be boiled down to two main drivers. First and foremost, everyone is shivering at the thought of repurchase risk and rightfully so. There are lawsuits in process right now that have and could continue to force huge buy-backs, and at a minimum will be a drain from litigation costs. Second is the constant and aggressive regulatory environment.Click to continue
Perhaps one of the most powerful borrower safeguard components of the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) program is the mandatory requirement for all parties to the transaction to undertake FHA-approved HECM counseling.Click to continue
We all know the mortgage industry is a completely different world than it was just a few years ago. Market and regulatory changes have transformed the way we do business, including:
►How we compensate sales staff, and to some degree, who we hire.
►Our marketing messages … what we can no longer say.
►How we select business partners, and how we are allowed to partner and promote with them.
►How we generate new business, including the way we capture and nurture new leads.Click to continue
The year 2012 was a busy year in our industry. Many experienced one of the most successful years in their careers fueled by historically low interest rates and consumers refinancing their mortgages. It’s no question that the majority of national production was derived from refinance business, but the future also looks bright for growth in the housing markets and more home purchase business.Click to continue
In a previous article in National Mortgage Professional Magazine, we discussed five disciplines to incorporate into each work day to keep your pipeline full. In addition to meeting strategic partners daily, the importance of daily communication with at least 10 clients or strategic partners is a must.Click to continue