News Update
September 1, 2008
Limited Time Special - Free Priority shipping on all products at the store.
We are running a one week special on our Complete A-Z program that has the entire Loan Officer Survival (10 Audio CDs), Cold Call Mastery (3 Audio CDs + Book of Scripts), Complete Mortgage Salesperson (10 Audio CDs + Data CD), and The Owner & Manager Training (8 Audio CDs). A total of 31 Audio and 2 Data CDs with about 40+ hours of solid training.
We are offering it for $263.50 which is 50% off from its normal price.
Next shipping day is Friday, August 5th.
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Introduction
Many people find that they struggle to make a good living at being a Loan Officer. In other words there is A LOT of road kill in our industry. Many times the blame comes on sales managers and owners who either A: Don't have the energy to train new Loan Officers properly or B: Hire them in mass and throw them onto their sales floor hoping a few survive to make them money.
This web site is designed with YOU the loan officer who is struggling to do 1 or 2 deals a month while trying to figure out the golden key to this business. There are many many sales trainers out there who are willing to sell you products that can run you up to $1,500. I have purchased many of the major name brand courses out there and have compiled those things that have worked in my business and also what I've learned off LO's who consistently do 8+ deals a month and who make more than $10,000.00 every 30 days. I have been a telemarketer, loan officer, branch manager, lender account executive, and currently own a small and highly profitable shop, so I have seen almost every aspect of this business.
As a gift to the rest of the world I am sharing these sales secrets with you for free. While I could charge new LO's a lot of money for this, I feel that there is enough business out there that we can sell side by side and not even touch each others pipeline. I just want my 6-10 deals a month and you guys can split the rest. For people who want to have a deeper understanding of cold calling or how to run a profitable company I have additional training I do sell at the online store.
I learned this business the HARD way. I came to California to get married and my Georgia and Florida real estate licenses were worthless. Even better, the state of California took about 3-5 months just to get my license so I could go back to being a Realtor. However I quickly looked in the jobs ads and there were several large mortgage shops hiring, and I didn't need a license since they were correspondent lenders. I had years of telemarketing and sales under my belt so their method of getting business seemed to make sense. I worked hard in my first shop which was a boiler room of 60 loan officers, 5 sales managers, and a floor manager. After their 2 week sales program I had to have about 10 pages of scripts memorized and down pat to be able to hit the floor in my first few days. We were flat out expected to work 10am - 8:30pm, Monday - Friday and God help you if you missed Saturday if you were new or under quota for the month. They ALWAYS reminded you that a training class of 10-15 people was getting ready to hit the sales floor to fill up those empty desks (their turnover was horrific due to their employee treatment, I was a veteran at 3 months!). Considering they paid you minimum wage DRAW versus your first few deals getting paid at 12.5% going up to 60% if you closed a nearly impossible 75k in gross commission with their system I had to find a more humane shop. While working there I survived and learned a lot about how to sell in a hardcore sales setting. They destroyed their clients on fees and did some really really bad things (they were eventually shut down by the Dept. of Corporations in CA). But for all their deep moral flaws their approach to selling was awesome, I found when I went to other shops they couldn't believe how smooth I was on the phone with clients with my memorized scripts.
From there I drifted to several different shops picking up things as I went along until I found a good shop that paid me a good split and gave me good support. When I became a sales manager of 15 telemarketers and 7-8 Loan Officers I designed this training for my own internal uses. I feel that you can sell 4-7 deals a month without great lead support from your managers. With proper training and lead support on top of your self generation you can sell 10+ deals a month and make really sick money. This isn't theory and everything I have in my mp3 files I have made available to other LOs is based on what I've done in my business and what I have learned various mentors who do 10-20k+ in income a month in net income.
So while the knowledge I give is free, it isn't cheap. It's freeware training and I hope you enjoy it. If you are a manager or company owner I have also created a comprehensive training program to help you build a profitable company, you may wish to checkout in the store after you listen to the full training series to your right.
So good luck on your new start as a sales professional in our industry. People say the refinance market is gonna die. This is only true if you focus on one part of the industry: Prime Paper and Rate/Term refinances. American's do not change their spending habits. They need us to bail them out on a regular basis. While the lousy LO's who buy leads and kill their monthly profit may perish, you will be fine and dandy when you cash your monthly commission checks with a high net profit margin.
Happy Hunting,
Erik Webster
Email Me
"cheating resources" for quick reference
Mortgage-X ARM Index - A up to date list of EVERY major index we use as mortgage professionals. If anyone wants to know where the MTA, World COSI, the CODI or LIBOR is... here you go! A great cheating tool that should be on every LO's web browsers "favorite" tab. This site is a slacker LO's best friend for ARM indexes.
Mortgage101.com - Its a site that is a gateway for a major internet lead vendor. But it has nearly every calculation you would use in qualifying, quoting, or selling with. They only thing it doesn't figure is prepayment penalty payoff estimation and first years tax deduction estimation. This is a great tool that I use even to this day to do quick and dirty calculations with estimated numbers.
Scotsman Guide - Lenders pay big bucks to have their products advertised in here for Loan Officers to see. They also have a online edition that's free to download. The subscription is free so I would sign up and have a copy come to my office ASAP if I were you. Its a great resource for finding extremely "nitchy" lenders who take those oddball deals that even your mainline sub prime Lender AE's roll their eyes at.
Educational resources I have used in the past
The New Loan Officers Handbook for Success - Buy the .pdf file and you have a great training resource for your LO's. We pay about $35 bucks to have it printed out at Staples and bound double sided. My telemarketers training to be LO's love this book and I think it may be the best written book out there. Very understandable overall and well written by a experienced LO in plain english.
Doug Vairo - Hes one of the best live trainers out there today, period. He developed the inhouse training for a large national lender and now does regular inhouse training for large companies like GMAC/Ditech and Countrywide. His Loan Officer Bootcamp is a excellent program for learning the technicals.
Chad Weber / Average Joe LO - Chad has a great program for going after Realtors and purchase business. He has a sterling reputation and is a great guy to learn from.
Rob Lawrence / Battlecall.com - He offers training for brokers on how to have a smooth infrastructure for closing loans. He also does speaking engagements and inhouse trainings to teach loan officers the technical side of the business.
Brian Peart's DVD Residential Loan Training Course - Its 40 hours long so you better get ready to camp out. Very comprehensive, covers agency, conforming and sub prime. Explains the secondary market in depth and goes into his system on how to hook Realtors. If your a branch manager this could be the best $530 bucks (including shipping) you may ever spend in newbie training materials for the technical side of this biz.
Dale Vermillion - His training is good for breaking loan officers of being rate quoters. I rehash much of what he says in my own words but its well worth the money to buy his training. For branch manager his training DVD's are awesome value for training new loan officers. His training is all about selling benefits to the client and taking the clients focus off rate shopping.
Bill Sparkman - He has a great system for getting pre-qualified buyers to trade with your Realtor partners. I like his approach and marketing tools. I use some of them now in my business.
Jack Davis - His training focuses on closing skills for mortgage originators. He does a good job giving you scripts and rebuttals for different situations and scenarios that come up in your daily operation. It's especially good for someone who is entering the industry from another non-sales related industry and needs to learn sales skills fast.
Brian Tracy - Brian Tracy, the greatest sales skills trainer on the planet.
Mike Ferry - The original hardcore telemarketing trainer. His stuff is Realtor centric and has changed my life. After listening to his materials over the years over and over it keeps making more sense. Essentially he teaches you can work for the biz or you can buy it in the form of advertising, mail, etc. And that if you are willing to work for it your net profit will be way way higher. I love his materials and snap up His stuff off ebay all the time from defunct Realtors who didn't bother to pick up the phone and apply it.
Lead Vendors I have used in the past
Best Rate Referrals - Mortgage Marketing - Ok, if you REALLY can't pick up the phone and cold call to self generate this is the next best thing. Raymond runs a telemarketing room and sells telemarketing mortgage leads. He has a great reputation and has been a member of Broker Outpost for a long time. If you want to spend net profit on leads or need a quick pipeline boost Raymond is a good way to go. Best Rate Referrals handles everything you need to generate new business including telemarketing lead list, ARM mortgage lead, live transfer mortgage lead, mortgage direct mail, mortgage trigger lead, and mortgage lead generation services.
NetROnline.com - Here is a huge public resource database for public records that are scanned in and available for printing online. Many counties have public deed records and ARM riders where you can access them via their internet gateway. If you want to do direct mail or highly targeted cold calling towards people who are adjusting this is one of the main places where you can get the info directly without dealing with lead resellers. It takes alot of research and time, but its free if you want to target adjusting ARMs before you pay big bucks to others who use this service anyhow and resell the leads for big bucks. Enjoy!
Lead Senders - A great service that gives you daily expired listings to call on. This is a great way to build a diversified purchase pipeline.
Sales Genie - InfoUSA's all you can eat service. Make sure you have a SAN number from telemarketing.donotcall.gov since they tend to be strict about allowing you to download records in areas you have bought from the FTC for the Do Not Call List. But they have about every criteria you could ever dream of. Had a new LO who can speak Vietnamese and we actually pulled 60,000 vietnamese records (who have rarely if ever been telemarketed.. huge!) based on ethnic group. If your focusing on Spanish prospecting this is an amazing resource to you. You can also pull by interest rate, number of trade lines, etc etc. If you have a SAN number and $400 bucks a month this is a great resource for tight highly targeted lists.
Haines & Company - The criss cross directory giant that's been around for a LONG time. If you are in a area they don't serve look up Hill & Donnelly which is their competitor. I download ALOT of leads by sub prime lender from this place. Cross search them by the sub prime lender list in Scotsman Guide and you got something worth calling. They aren't cheap but if your running a serious call room operation they are great.
Vendors I have used in the past and recommend
Solus One - Solus One is a predictive dialer provider I have been using on and off since the early 2006. Their product allows you to dial 3 phone numbers at once per person that is logged in. If your cold calling on seasoned internet leads, title lists, or around listings and recently solds this is a great tool to triple your effectiveness. If your sitting at your desk everyday and manually dialing a pile of title leads with a ruler to keep you organized on the sheet your living in the dark ages my friend. I can vouch they are a good, stable company that treats its customers well. This is a good solution while ramping up your call center quickly.
Make My Calls - A solid vendor if you want to outright purchase a autodialer or predictive/powerdialer solution for yourself or a call room. Their product allows you to triple your speed by giving you multiple phone lines and the Dialogic card built into the dialer filters out most voice mail, fax machines, and even people who are jerks (well.. not the last one.. but the other two for sure :). They are a quality operation that stands behind a time tested dialer product. After you close a few loans why not invest in yourself by getting one of their systems? Its fairly easy to setup and get running with their tech support backing you up. They are offering a FREE 30 Day Trial on their One person predictive dialer! Its a pretty good deal.
Loan Ace - A freeware (yes 100% free) Loan Origination Software. They make their money by you using their major vendors to pull credit and title and they get a little bit from them as a residual. They have a amazing product with a amazing price (absolutely nothing). For a small shop starting on a shoe string this can easily save you a few grand compared to buying Calyx/Point or Encompass. I think they have a great model to grow. It takes 3 minutes to set up and get running. Also auto-updates to new versions.
800 Info Homeline - This is the best call capture company I have found out there for the price. For a flat fee every month you can do as much toll free call capture as you want, it runs about $60 bucks a month. A very reasonable investment for the service you get.
FSBO Trac - Hug a Realtor or cut their throat and leave them bleeding on the carpet... its all fun. This service gives you FRESH daily lists of For Sale By Owners. You can call them and pitch them as a Loan Officer saying you will help qualify their buyer prospects. For fun have a yard sign printed and stick it where the Realtors sign would be, make them feel a bit weird about it when they drive by.
Warnocks / Landvoice FSBO - The other major FSBO service out there. Been around a long time and they do a good job also. Less technically fancy than FSBO Trac but they each have a few FSBO's that the other doesn't in their daily hot sheets.
Extreme Fax - I have been using Extremefax for about 3 years now. They allow you to have your faxes go to a web site, email or to their software you can download. I have a toll free phone number and it runs me about twelve bucks a month. This is a great product that I have used for my entire branch. It allows you to get faxes without losing them to other LOs who mess up your paperwork at the public fax at your company. The clients love the toll free fax number also if they are sending stuff from home. This is a great vendor that I can personally vouch for because of the high quality of service.
HTDI Financial - They repair credit for clients who are really messed up. I had some personal junk on my credit from college and they fixed it up fairly well. Whether you send clients to them or use them yourself, I can say they are good and deliver what they promise.
Encompass- For a large operation Encompass is more streamlined than Calyx/Point for pipeline management, processing overview, and the ability to have a multi-office sales force on the same platform.
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