The LendingTree Face of Success
Two of the most important, and overlooked aspects in lending is expertise in loan programs and attention to details. Many loans "fall apart" because the details of the borrower's credit history, income, assets, and the property type were not carefully analyzed. Also, know which loan programs are best suited for your borrower, and more importantly how to properly submit the loan. A common mistake is that loans are improperly submitted, and the processor is expected to correct it. That is the Loan Officer's job. Proper loan submissions for the correct programs lead to a smooth closing. One must remember that their most precious commodity is time, and you cannot originate new loans when you are "fixing" improperly submitted loans.
The most important job for a loan officer is to originate closable loans. Everything in your schedule must revolve around originating new and closable loans. Be sure to have an efficient and organized system for contact and follow up. Stay focused and never "rest on your Laurels".
Craig Petit
Senior Loan Officer
HomePlus Mortgage
Staying in Touch with the Customer Experience
We're all watching the latest market trends - interest rates going up, application rates slowing down. Getting consumer attention and setting ourselves apart today requires an innovative approach to drive new QFs. Here are some of the messages that bring your customer to LendingTree.
Lowest Price Guarantee Campaign
This campaign is designed to drive volume by instilling trust in skeptics and motivating consumers to call or visit LendingTree. It's also a great way to highlight the fact that LendingTree lenders (that's you!) beat the national average on rates.
Best of Both Worlds
LendingTree is in now running three new television ads as part of our new 'The Best of Both Worlds' campaign. The ads feature messages that break down barriers to building trust for online lending and LendingTree. Watch for them during the early morning shows on major networks.
"Join the 18 million people getting a better loan at LendingTree. When banks compete, you win."
ARM's are Adjusting
In response to consumers that have "adjustment jitters", we have introduced new advertising that offers a reason to take action with LendingTree. Look for the "Rate Roller Coaster" and "Lock-in-Loan." Both designed to make consumers consider their own ARM adjustment and the option of a fixed rate.
Online Promotional Offers
LendingTree often tests promotional messages that are geared towards specific terms and actual dollar savings taken from real offers made by lenders on LendingTree. Stay familiar with the terms of all current LendingTree promotions through a link at the bottom of LendingTree.com.
Find A REALTOR®
The Magic 200
Building a Successful Purchase Pipeline
Real Estate expert trainer Floyd Wickman is fond of saying: "Building a successful career in this business is simple. All you need to do is get 200 people to think of you whenever they are talking about real estate. If you do that, you will have volumes of referral business that will last a lifetime."
To build a successful career as a loan officer, you can also look to Floyd's sage advice. Your success is ensured if you have 200 people who think of you whenever they are talking about a real estate loan of any type. The question is; who should those 200 people be? Past clients or active real estate agents?
We all agree past client referrals are important, but real estate agents seek loan assistance every day. They have new customers who need assistance. They have questions on various loan products. They need help interpreting what the media is saying about rates and new products.
If you focus on building that core group of 200 people, a good share of them should be active real estate agents. A great way to begin building this important network is to use Find A REALTOR®. When you deliver a quality lead to a RealEstate.com broker partner, you will receive the agent's contact information in an email alert. That's your opportunity to reach out to that agent - and not only engage the home buyer and keep them from wandering off - but to also begin building a relationship with that agent for the future.
Find A REALTOR® opens the door for you to deliver a quality lead to a real estate partner who will team up to produce a closed transaction this time, and possibly many more times in the future, based on the excellent help and service you provide. When you build on this initial referral, you can add that agent to your roster and be closer to your goal of 200.
Bill Yeager
Regional Vice President, Real Estate
REALTOR® -- A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
He Said, She Said
Loan Officer Testimonial
I have had the privilege of working exclusively with the sub prime borrower for the past 7 years. It is imperative to be tenacious and have the ability to "Think Outside of the Box". You need to truly listen to what these borrowers are saying. Many times unfortunate situations, such medical bills or loss of employment, has taken a prime customer down to sub prime standards. No matter what has put these customers into the situation they are in, it can be embarrassing and sometimes humiliating. It is not my job to point out the negatives, but to find the positives. The puzzle has to be put together for both the borrower and the underwriter to paint the picture of a solution.
Five key pieces to success are:
- Listen and assess the situation
- Take control and give the customer confidence in what you have to offer
- Know your products
- Keep communications open so that your borrower stays focused
- Have passion for your trade
My wish is that everyone could enjoy being of service to these customers as much as I do.
Pamela Downing
Senior Loan Consultant
The Lending Connection
