Only LOs with Realtor/Builder Ties Need Apply?

NOV 14, 2012 12:22pm ET
Comments (4)

It’s time to think ahead a bit to the Spring of 2013. Around then refinancings will begin to wane (maybe) and smart mortgage bankers will begin concentrating on (hopefully) a vastly improved purchase money business. All this assumes, of course, that our elected officials in Congress can work with President Obama to fix the ‘fiscal cliff’ mess, thus avoid crashing the U.S. economy and causing the unemployment rate to spike. One thing we all know is this: unemployed Americans don’t tend to buy homes. When a strong purchase money business finally develops it will mean that residential loan officers with strong ties to Realtors and home builders will be worth their weight in gold.  

Comments (4)
That is one thought. Another is MLO's need to get marketing geared upt to get the buyers first.
Posted by | Wednesday, November 14 2012 at 4:39PM ET
Agree with the first comment. This article assumes that originators are only capable of filling orders placed by Realtors and their clients.

Skilled marketers have no need for Realtors in terms of deal flow. LO's who generate their own buyer pipeline will dictate which Realtors get to fill the orders for a new home placed by the originators approved clients.

Any LO depending on their relationships with Realtors or builders to supply their deal flow won't be worth their weight in lead much less gold.

Anyone clinging to this antiquated view of the market hasn't been paying much attention to the market over the last 5-10 years. Realtors have less control than ever over their clients financing decisions as the internet and other technologies make finding a lender (or Realtor) easier than ever.
Posted by | Wednesday, November 14 2012 at 4:55PM ET
Agreed. No matter if you are the Broker, Agent or Loan Officer you need a strategy to capture the customer (lead) up-front. Most start on-line before they call any of us. The key is to not only capture that lead you have to contact the customer within minutes. Then you have to follow-up over days, weeks and months until they are ready to move forward. This builds trust with the customer who makes the decision which LO or Agent they will work with. This kind of CRM strategy takes people, processes and technology to send you buyer ready customers. Make sure your Lender or Real Estate firm offers this kind of value and strategy to keep you busy come purchase season.
Posted by MICHAEL M | Wednesday, November 14 2012 at 7:07PM ET
I beleive this is the third time you have made this same post in the last 14 months. Tell you what you keep evaluating what will happen I will build a huge book and live off the referrals when the market turns. Quicken loans became one of the 5 largest lenders in the country and I dont think purchase business has ever exceeded 50 percent of their volume. If you are just starting out in this business please focus only on referral driven purchase business. One less competitor for me in 6 months
Posted by | Thursday, November 15 2012 at 11:03PM ET
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