Skip to main content

California industry appointments update - 1/25/2007

Jan 24, 2007

Maximize your profits: Adopt orphan customersGary Opper, CPA, CFPorphan loans "You shall not ill-treat any ... orphan." - Exodus 22:21-23 Orphan mortgages are previously closed and unclosed loans of mortgage brokers no longer employed by your company. When these brokers leave, they usually do not take their orphan loans or orphan customers with them. Take advantage of these leftovers and turn them into a gourmet feast for you! Systematically review each unclosed loan in your office. Think of how to close these orphans in a creative way that your former colleague did not think of. Review each unclosed loan to establish a new relationship with them. Do not underestimate the potential of these orphans. Frequently, these orphans may find themselves in need of refinancing or may have relatives and friends with similar needs. Nurture these orphans, so they will be apt to close with you and recommend you to those in need of your services. Re-establish a relationship with these individuals. Before adopting this project, check with your office manager for approval. Once you have his permission, here are a few suggestions as to how to adopt these strays: - Send holiday and birthday cards to your orphans. - Set a date each month to phone these individuals. - Arrange a dinner party or event for these orphans. - Design a flyer, brochure or card, to prompt your potential customers. - Produce magnets, pens, pencils, etc., as a reminder of your company. Holidays and birthdays Have a special calendar specifically designed to keep you aware of holidays and customers' birthdays. On these occasions, send cards wishing them well. Be sure to include two business cards in each envelope (one for the customer and another for a friend). Delegate someone in your office to be in charge of this calendar, so as not to forget these important dates. Pick up the phone Each month, set aside a day to telephone your orphans. Be sure to reintroduce yourself and your company, and remind them of your services. Ask these individuals if they know of anyone in need of a mortgage. Encourage them to share your business cards with those in need of your services. Wine and dine Have a barbecue, dinner party or social event for these abandoned individuals. Use holidays to your advantage. Welcome these people to your office or a local establishment. Be sure to bring plenty of information on your company to hand out. Make sure to indicate on the invitation that they should bring friends. Design a flyer Create a flyer that is specifically designed to target your orphans. Make your flyers fun, creative and informative. Holidays are good themes to use when creating flyers. These flyers can be mailed or faxed to your orphans. Free souvenirs Take some time to produce magnets, pencils, pens, notepads, etc. with your and your company's name, logo and telephone number, as well as other important information. These items can be displayed in your office and handed out at the functions suggested earlier. The souvenirs will serve as take-home gifts so that your orphans will have a reminder of your services. Conclusion These marketing strategies will efficiently target these orphans and could greatly increase your income. Your profits could increase significantly, if you implement these tactics. These are only a few suggestions as to how you may successfully market orphans. If you are the mortgage company owner, have a meeting with your employees and see if they can come up with other effective marketing strategies. Help your company become the Daddy Warbucks of the mortgage industry by adopting these orphaned mortgages. Gary Opper, CPA, CFP is the president of Approved Financial Corporation and is past president of the Florida Association of Mortgage Brokers Miami Chapter. He may be reached at (954) 384-4557 or e-mail [email protected].
About the author
Published
Jan 24, 2007
CMG Acquires Norcom Mortgage's Retail Side

The 25-branch addition will enhance CMG’s northeastern presence from Maryland to Maine.

Apr 12, 2024
CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

NEXA Begins Search For New CFO

NEXA CEO retires the president position after Mat Grella's termination.

Apr 01, 2024
Recessions: Know What’s What

Volatile components present few indications about subsequent growth

Mar 28, 2024
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024