Anyone who has been a top-producing mortgage loan originator is asked, “How did you do it”? In the quest for answers, many new originators and their company spend thousands of dollars at seminars and motivational fests, to find out that the process can be simple, but it is rarely instant.
Personally, I found the best way to acquire new borrowers was to educate those in my origination area. Whether that is one town, a county or the entire country, you get by giving. Think about how you are motivated to buy from one company or person versus another. Those that have educated you or provided you value are likely the ones that you will seek out. This is also where price becomes less of an issue, when you are competing for the little business that is out there in this market. You don’t have to have the best price, but you do have to have a fair price.
I trained consumers and new real estate agents in the nuances of money and mortgages. They could attend my classes for free, and in time my garden grew to make me a top producing originator within my first year.
In today’s regulatory environment, not only is this information desired, but it also demonstrates social outreach on the part of the lender. Bringing knowledge to underserved areas is greatly appreciated provided you do it in a non-biased way. Mortgage bankers are now required to demonstrate this, just as banks have for years.
The CFPB has a great new training program and they have developed all of the materials that you need to plant a garden of new homebuyers. Essentially, these programs go from the basics of money management to the more complex issues of buying a home. As we all know, we rarely learn any of this in school or even college. And the best part is that you feel comfortable, that you are lending responsibly to those who have been educated about their money. You now have applicants who understand their entire money situation, including the mortgage. To access these materials, just click on the link below.
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