I just completed a killer interview with Denise Phillippi, a branch manager in Overland Park, Kans. Every single week, she has at least one file transferred to her (requested by the real estate agent or the buyer) because her competition simply screwed up. You know what I’m talking about—they are great files but the original loan officer just did not know how to put it together or that the underwriting rules had changed and they had no clue.
Denise says agents are truly interested in what you do because of what you do and how you do it affects the deal. That’s why her sessions with real estate agents include topics like “How a loan is processed; How to income is figured and how the 4506T factors into it all; Loan officer compensation & licensing," and more
Every month, Denise and her staff hold a “Coffee & Chat” mastermind meeting. It’s by invitation only and includes 25 of top agents in her community. An average of 20 people show up every month. The room is set up arranging the tables to be “U Shaped” so everyone can face each other. Agents introduce themselves and give a short synopsis of their niche or special area of interest.
Denise says, “We have a great mix of top agents—those that have been around for 30 years and others maybe five years or so. What they have in common is that they are top real estate agents. The 'older' agents have told me that they love our meetings because they learn new ideas and tactics from the 'newbies.'"
The mastermind lasts from 9 am to noon, with a box lunch around 11:30 am. Now, here’s the important part—Denise’s assistant takes notes throughout the meeting, recaps the important parts and e-mails them to everyone after the session is completed. In addition, she includes the name and e-mail address of those attending so they can also keep in touch with each other.
What is really awesome about this interview is that Denise shares 10 topics that anyone can duplicate.
Here are the 10 topics:
- Top 10 Things You Need to Know About Appraisals: An appraiser talks about how an appraisal is written and the 10 things that could affect the value of a property
- How To Bid on Fannie/Freddie REOs: A Fannie/Freddie approved REO broker talks about her experiences, the contract and pitfalls of REOs and how to get them financed.
- Income & 4506T Form: Denise goes thru formula of what income can be counted, what cannot be counted and how the 4506T form plays into the verification process.
- What’s the Difference Between Fannie, Freddie, FHA & VA?: Denise and her staff provide an overview of each agency and compare the difference loan programs
- What’s an Investor Overlay?: Denise and her staff discuss what they are, how each investor is different and why it can vary from lender to lender.
- Loan Officer Compensation & Licensing: Detailed explanation on the difference between being licensed or registered, outline of continuing education courses, and how loan officer compensation will be handled in the future.
- Bring Your Best Marketing Idea: Agents bring their best customer service or lead generation idea. They must contribute or they won’t be invited back to the meetings.
- Business Planning: An expert on business planning discusses different types of business plans.
- How to Set up a Corporate Benefits Program: Denise shares how she calls on corporate accounts, offers discounts on closing costs and how the real estate agent can participate in this unique program (see also www.corporatebenefitskit.com)
- Top 10 Roadblocks to Processing a Loan, From Contract to Possession: Denise and her staff take the agents on the paperwork trail of getting a loan from application to closing and what’s all involved.
People ask her how she got 20 real estate agents, who are competitors in one room and have all of them, willing to ask questions and share?
Her response: “All of them are wise enough to realize that there are more enough deals in this city for everyone. They want to be educated. They want to know how their loans are processed. They are top agents who work hard to make sure every deal has a chance of closing. And, because it’s by invitation only, I get to pick who I want referring loans to me.”
Karen Deis is the publisher of
