Planting a Garden of Responsible First-time Homebuyers

Posted by Joel pate in Uncategorized. Tagged:

Anyone who has ever been a top-producing mortgage loan originator has been asked, “How did you do it? How did you become as successful as you are?”
In the quest for answers, many new originators, moderate producers and their companies spend thousands of dollars at various seminars and motivational fests, only to find out that, yes, the process can be a simple one, but it is rarely, if ever, instantaneous.
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 normally get by giving. Seems pretty basic, doesn’t it? As we said, simple…but not necessarily instantaneous.
Think about how you are motivated to buy from one company or person versus another. Those that have educated you or provided you value upfront are likely to be the ones that you will seek out first. This is also where price becomes less of an issue when you are competing for whatever business is out there in your particular market. You don’t have to have the best price, but you do, of course, have to have at least a fair price.
When I started by career as an originator, I trained consumers and new real estate agents in the many nuances of money in general and mortgages specifically. They could always attend my classes for free, and in time my garden grew and helped to make me a top-producing originator — within my first year of business.
In today’s highly regulated 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 Consumer Financial Protection Bureau, sometimes vilified by folks in our profession, has a great new training program, and they have developed all of the materials that you need to plant a garden of new homebuyers. It makes the process of training new borrowers easy because you don’t have to reinvent the wheel!
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 vital info in high school — or even in college. And the best part is that you’ll feel comfortable that you are lending responsibly to those who have now been educated by you about their money. You now have applicants who understand their entire money situation, including the various issues of getting a mortgage.
This approach builds trust and credibility. What two qualities could be more important to your real estate agents and their customers as they consider with whom they wish to do business?
So, if you’re interested in building your business, I strongly recommend developing a first-time homebuyer training program and using the approach and materials graciously provided by the CFPB.
To access these materials, just click on the link below.

By: Tammy Butler,

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