Low interest rates and consumers’ “flight to safety” is what Shimmy Braun attributes his success to for 2010. Braun, who works at Guaranteed Rate, Chicago, was No. 2 in the Origination News survey by dollar volume at $225 million and No. 3 by number of units originated with 722. Braun occupied those same positions in the 2009 ON survey.
As loan guidelines tighten and regulations impact how the mortgage originator does business, “I seem to be doing more business. I think that is because people are looking to go with the safe choices when they are making these kinds of decisions,” such as buy a home or applying to refinance their existing loan.
It is working hard, being honest and looking out for people which has paid off for him. That kind of reputation is what Braun means by consumers deciding to make the safe choice when choosing an originator to do business with.
Last year was a market where consumers were looking to save money, whether it be a refi or purchase, and Braun received a lot of referral business because of his reputation with Realtors, financial planners and attorneys as well as his past book of business; this reputation exists because of his performance.
In 2010, he originated the most purchase money mortgages in Illinois and the most refis in Chicago.
Furthermore, Braun says over the years he has been very consistent regarding his income per loan, focusing on his overall volume rather than individual profit on a loan, “and so that’s always allowed me to have a competitive edge.”
Like many originators, what had been a refi-oriented business in 2010, this year has become a purchase-oriented one.
About 70% of his time last year was on refis, now it is reversed. Because there is a lot of activity in the Chicagoland purchase market, and consumers are once again starting to buy, he is seeing a lot of pre-approval requests coming in.
While the news about the overall economy might not be exciting, people are feeling it is moving in the right direction, the bad times have hit bottom and now is the time to act while home prices are low, as well as take advantage of the low rates.
Most of his business comes from referrals. However, Braun’s marketing has remained the same for years, including sending customers informative e-mails consistently as well as the more traditional print mailers.
What is new in his marketing efforts is that he has moved into the social media. Starting last year, Braun used Facebook and LinkedIn to drive more business his way.
It is hard work, keeping things honest and straightforward and looking out for his customers is what has paid off for him in the big picture and allowed him to return to the No. 2 ranking.
