What's Inside for September 2004
Final Loan Officer Training for 2004 -- October 14th in Philadelphia
The Regional Loan Officer Training Program is designed for individuals who are new to the LendingTree Network, as well as those who have been on the Network and need a refresher course. Presented by the LendingTree experts, this program brings to you the newest LendingTree initiatives, ideas and techniques that will keep you one step ahead of your offline competition. At this event you will:
- Learn Best Practices for using LenderWeb APEX
- Hear from LendingTree Loan Officers how the "Find a REALTOR®" Program has increased their purchase mortgage close rates
- Discover what LendingTree is doing to support our Network Loan Officers through programs such as Loan Officer Certification
- Understand how the Lender Scorecard works and how your daily performance makes a difference in your company's ranking
Registration is now open, but seating is limited so register soon! For more details and to register for this event, go to www.lendingtree.com/regionaltraining.
Sales Excellence Workshops Coming to a Location Near You!
By popular demand, LendingTree will continue to offer Sales Excellence Workshops across the country. Led by Alysia Nealon, Director of Sales Training Programs for LendingTree, the Sales Excellence Workshops are designed to empower loan officers to effectively gain control of the sale and encourage the consumer to close through LendingTree. Through this interactive training, loan officers examine the traits that make the LendingTree consumer unique and are presented with tips for gaining the consumer's trust, overcoming objections and, ultimately, making the sale. Workshops for the remainder of 2004 will be held in:
- Boca Raton, Florida on October 21
- Irvine, California on November 10
- Detroit, Michigan on December 9
For information regarding these training programs, please contact salesexcellence@lendingtree.com.
Free Loan Officer Training Available on the Web!
Lending Tree is pleased to announce a new training service for our Network Partners. Conducted by the LendingTree Experts, the LendingTree Webinar Training Program is designed to provide Network loan officers with an interactive learning environment.
Current LendingTree Webinar Offerings:
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"Find a REALTOR®" Webinar Training Description
This is a 45-minute Webinar which gives loan officers the opportunity to learn more about the “Find a REALTOR®” tool which will help them close more purchase loans. The loan officers will understand the benefits and best practices of using this tool, as well as the successful results that other loan officers have experienced. Loan officers will also gain an understanding of how to access and use the tool on a daily basis.
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LenderWeb APEX Webinar Training Description
LenderWeb Apex and anxious to ensure you have the training you need to make the most of this improved system. This new and improved tool features:- Ease of navigation - Menu driven versus left navigation
- Contact management system complete with reminders and automated task generation
- Ability to manually decision all three offers on one page
- Enhanced search capabilities including by co-borrower's name and by borrower's phone number (both home and office)
General Information:
Participation in these Webinars is limited and is offered on a first come, first served basis. Registration is required.
For additional information regarding any of the LendingTree Training Programs, or to register for any of our Lender Training Webinars, visit www.lendingtreetraining.com.
New LenderWeb Apex Tools for the "Find a REALTOR®" Program
LendingTree is pleased to introduce new tools in LenderWeb Apex that will assist your loan officers to more efficiently use the "Find a REALTOR®" program. This program can dramatically improve close rates for those referrals who have not found a home and do not have a REALTOR®.
The new LenderWeb Apex tools will help your loan officers easily identify a consumer who needs a REALTOR®, and then quickly assign that consumer to one of LendingTree's Network REALTORS®. The process is simple to use:
- In the "Day-At-A-Glance" queue, a "Find a REALTOR®" task will automatically appear for consumers who need a REALTOR®.
- After a consumer agrees to opt-in to the program, a loan officer will click on the "Find a REALTOR®" link embedded in the task. A pre-populated form will open.
- The loan officer will review the information with the consumer, provide any additional detail, and then submit the consumer into the "Find a REALTOR®" program.
- After submission, the loan officer will receive reminders in their "Day-At-A-Glance" queue to contact the Relocation Director and the Real Estate Agent in order to build rapport and answer questions.
Alysia Talks . . . About Letting Go of Dead Deals
Do you have deals in your pipeline that have been there for a very long time? Do you have deals that you know in your gut are not going to close?
On numerous occasions I have hung onto deals way too long. I remember one deal that was in my pipeline for 169 days (and it was a refinance!). It was a very big fish, so I hung on and hung on and hung on - hoping and praying it would close. I would sit and imagine the commission check to come. When I looked at my pipeline total every day I would think, 'I am in great shape. My month is looking good!' It was painful, but I learned the hard way that padding a pipeline offers false hope and no paycheck.
Perseverance is extremely important to being successful in this business. But, as you grow your business, you quickly realize how valuable your time is. The key to maximizing efficiency is determining quickly where to spend your time and energy. Do a cost-benefit analysis – is this deal worth my time and effort? Only you can answer that question. There is not a golden formula to determine when to let go of a deal, it is up to you.
When making this decision, try what I like to call the "headache test":
- Do you get a headache every time you look at the file?
- Does your underwriter get a pained expression every time you mention the customer’s name?
- Do you avoid the customer’s calls when it pops up on caller ID?
- Do you get laughed at every time you ask your manager about it?
- Does everyone in your office know this customer's story?
If you feel like you have a dead deal, check with your sales managers and/or underwriters to make sure you have exhausted every possibility. If so, move on and go sell another deal. Replace them with new customers. You will feel invigorated and inspired. You will feel a weight lifted that will inspire you to get on the horn and create NEW business. Remember the scene in Jerry Maguire when Jerry is driving down the road singing “Free Falling” by Tom Petty. You will feel like this once you clean out your pipeline. Let go of your dead deals and go generate new business, there is plenty to go around.
Introducing LendingTree Settlement Services
We are excited to announce the launch of LendingTree Settlement Services (LTSS). LTSS is a joint venture between LendingTree and GreenLink, a wholly owned subsidiary of Wachovia Bank, and will feature title, closing, appraisal, and flood services. Lenders can expect world-class fulfillment from a process that has successfully closed over 500,000 transactions the past four years alone.
We believe there are several aspects of this product that will excite you. Here are just a few:
- Rigorous QC process with an expert double-checking each title and appraisal order prior to transmission.
- Customized order review and delivery based on your unique operational needs.
- Tools that allow you to close more loans including a $50 gift card to The Home Depot® to customers that use LTSS's title and closing services and special LTSS designations throughout the QF process.
Loan Officer Kudos -- Where LendingTree Customers Say Thank You!
". . . I am taking a moment to let you know about the top quality customer service I received from Chris Goggin during my home refinance process. I was introduced to Evergreen Mortgage via LendingTree. From the beginning Chris set out to get us the best mortgage structure possible to meet our needs. He had 2 options at first and after we discussed them, he came back with 3 more options. I appreciated that. I could call him or email him and he responded quickly and took the time to answer any question that I had. I never felt like I was just a file number. I believe in letting people know when I receive great customer service. Although the process itself was less than a pleasure, Chris helped to make it bearable. He deserves to be recognized for his top quality work."
- Michael M.
"We would like to thank Rod Davis, Jamie Thorton, and all the support people in your organization who have worked very hard to exceed our expectations in securing a mortgage for our new home. When we challenged your group to deliver a loan with a competitive interest rate within 7-10 days, we knew we had set a stretch goal that United Mortgage Lenders would have a difficult job achieving. In fact, you personally pushed our application through to the internal lending and appraisal team to find a way to make it happen. We appreciate all of the long hours and hard work you put into the process. You have set a new standard for the lending community that should be recognized as 'GOLD STANDARD.' Thanks again for the extraordinary efforts of your team, all led by your commitment and passion. You are the best! Thanks for the support!"
- Anthony and Samantha C.
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LenderWeb Apex Tip of the Month
What is in the history Tab?
This tab will display all the functions, tasks, etc. the QF has completed. The Task tab will show all the tasks still to be completed and the History tab will show all completed or cancelled tasks.
Visit the new Customer Education Center at LendingTree
We are pleased to announce the launch of LendingTree's all-new Consumer Education Center (CEC)! The mission of the CEC is to drive incremental QF volume and enhance the overall customer experience by providing best-in-class Consumer Education content.
The proprietary content developed for the CEC provides LendingTree a basis for communicating with prospective and past customers in an entirely new way with educational eNewsletters. Prior to the launch of the CEC, LendingTree mailed the first educational eNewsletter to our customer base. By providing recipients with valuable, product-related articles, tips and fast facts, LendingTree generated significant incremental QF volume, with over 90% of that volume coming for Mortgage and Home Equity requests.
LendingTree continues to provide tools that educate your customers and generate more volume! To visit the CEC, go to www.lendingtree.com and click on the Education Center tab.
ADE Tip of the Month - Are you allowing ADE to help you sell?
Did you know some loan officers don't call a borrower when ADE has sent an offer? They feel like, "I sent them an offer and my phone number is on it. If they like it, they’ll call me." Can you imagine?! How much business is left on the table simply due to lack of communication? Don't let that happen to you. One of the biggest benefits of having ADE (or Instant Offer) in your office, is being able to eliminate the time and labor of manually creating and sending out a pre-qualification to your borrowers. ADE is there to help you get on the phone with your borrowers faster, so you can do what you do best – SELL! See you on the phones…..
Remember, if you have a security issue, contact your Relationship Manager. If you have technical issues, please contact Lender Technical Services at LTS@lendingtree.com or by phone at 704-943-8686.
LendingTree in the News
Check out these great articles on LendingTree!
Save the Date –- LendingTree's 2nd Loan Officer Sales Rally
Mark your calendars now and plan to attend LendingTree's 2nd Annual Loan Officer Sales Rally on April 7-10, 2005 at the MGM Grand Hotel & Casino in Las Vegas!
This must-attend event is designed exclusively for LendingTree Network loan officers! You will have the opportunity to learn how to be more effective from LendingTree experts and industry leaders. In addition, you will be inspired by motivational and leadership development speakers.
More details will follow in the coming months, but save the date now!!
The Home Depot® is not affiliated with LendingTree, Inc. The Home Depot® is a registered trademark of Homer TLC, Inc.
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.