The Top 10 Mortgage Referral Sources for You

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When you think about your mortgage marketing.do you have any type of plan, or do you just sort of wing it? If you want to improve your business this year, it’s time to take massive action with your business — right now!
Here are 10 referral sources that you need to be speaking with every week. Are these totally new, never-heard-of-before ideas? No. Of course not. But the problem with marketing usually isn’t that we don’t know what to do; it’s that we don’t do it — consistently. So, don’t be fooled by these ten items. Utilize them in your marketing every week, and you’ll see a huge difference in your productivity!
1) Real Estate Agents — Obviously, real estate agents are the #1 referral source for most of us. Their entire career is built on finding home buyers; your entire career is built on funding home buyers. The perfect match! There are many approaches you can take with agents to get them in your corner. The most important one: go out there, meet them, and find out how you can help them grow their businesses while you grow yours.
2) Insurance Agents — Approach them, and let them know that refinancing with you is a great way for their clients to review their policies and consider raising coverages, etc., which in turn makes the insurance agent money. Team up with a few in different areas and work hard to send them a lead from time to time.
3) Financial Planners — Influential with their clients’ money, they can be a great source for you, if they trust you. If they don’t trust you then you have no chance. So, share with them your track record of customers you’ve successful helped.
4) Divorce Attorneys — Where there is a divorce there is usually a refinance. Unfortunately, divorce brings along with it the necessity for home owners to split up their belongings — and the house is one of them. There is almost always a settlement agreement that says party X or party Y has responsibility to refinance or sell the house within a certain time frame. If you build a good relationship with an attorney this may also bring about referrals for your Realtor partners, too. Be creative, and consider building a small networking group with like-minded folks who are interested in growing their businesses.
5) Bankruptcy Attorneys — If you are in this business for the long haul, a good working relationship with a BK attorney can allow you to start meeting with clients who want to buy a house in the near future. You can begin to build your pipeline for 2 years from now with FHA buyers who follow your advice on rebuilding their credit and getting their finances back in order. This is a long-term strategy, but if you offer help to people in this situation and stay in touch with them, they will come back to you when the time is right. A steady stream of bankruptcy discharge clients can take your origination numbers to a whole new level.
6) Friends — Keep your friends close, and your friends’ referrals closer! Let your friends know that you would like to work with their circle of influence when it comes to mortgages. Be judicious with this one, but it is ok to mention it from time to time. Just don’t be a nagging pest!
7) Family — If you can’t count on your family for referrals, who can you count on? I put them in the same category as your friends. Work hard to leverage their contacts and always be willing to reciprocate in any way possible.
8) Title Company Agents — I received a mortgage lead from a title person last week, and it was great. The title agent knew that she would get some business if I could get her referral approved. Be nice to your title agent, and you may just see a referral from time to time. If you are the lender who is always rushing them to squeeze your closing in on Christmas eve, or complaining about their settlement fee being $10 more than another company, however, you might want to move on to another referral source.
9) Human Resource professionals with larger companies — These folks always know who is moving to, or leaving, the area for their company. Consider a partnership of some type where you offer a basic relocation special for their employees. Think outside of the box on this, and you may be surprised at the results! It’s been a terrific source of business for many LOs over the years.
10) Past Customers — If you have read any of my articles for very long you know that a solid core of past customers should be in your pipeline every year. I am a huge proponent of marketing to past clients and keeping in touch with them. Don’t assume they are automatically going to come back to you when they need another loan. It is your job to continuously remind them that you are their “LO for life!”
I hope this article helps you decide to take some massive mortgage marketing action and make the next 90 days the best time in the mortgage business that you have ever had.
Happy originating!

By: Nathan Soliday, www.ultimateloanofficer.com

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