A Creative Source for L/O

This is a really good way to get clients!

Dan Hilsman, who is in GA, says he does this, too.

Karen

that's awesome! all great minds think alike I guess. lol

fired up about it though. a lot of possibilities out there is we just "Think a Little Differently" HaHa!

In case you haven't heard it today....I appreciate all your contributions! True asset to us all!

God Bless,
Jen

Miss K You are so fast on the draw. I was gonna say the same thing about Dan. I too first heard the idea from him, but I think Jen added more details of how it could work. Of course, ladies do talk a "little" more and that is probably why. (Lol) Great idea and Im gonna give it a go. Karen there was something else I wanted to ask you.....?? Ill remember as soon as I hit post.

Steve

Good Post Jen, keep up the great work and the sharing.

Jen,

What a brilliant idea! (I have not seen Dan's post about it, so first I hear about it)
I like it! thanks for sharing,

Valerie

When you start thinking outside the box, you can up with some pretty remarkable ideas. And remember, it only takes one great idea to make you rich.

Your post reminded of Rich Dad ( Robert Kiyosaki ) when he says "one idea could be worth a million dollars . "

In the market today , you better be able to think outside the box !

Randy S.
Elkton MD

Valerie: me either. Hadn't came across Dan's info yet. but I am definitely going to search him out. I'm sure he had great points as to how he handled the approach with the lenders.

Thank you Jim, Bill and Steve for kind words encouragement! You guys are awesome!

Hi Jen,

I finally found a lender who is willing to help someone with challenged credit, then I'll get them into a L/O and he'll have a borrower in the future. I went through a few lenders before I found someone willing to invest in their pipeline like this.

Thanks for sharing!

When you call the banks to interview them, what process do you use?

Who do you ask for initially?

Do you introduce yourself as an investor?

What questions do you ask?

Please give an example conversation.

Thanks,
Karen

Hey Karen,

I have set up a spreadsheet that I use to log all the information for my records/reference. I'll attach a copy when I get home tonight for you guys to utilize. It's not a script but a guide that makes sure I cover all the determining factors for ea lender. Then I can prioritize them.

My strategy is take from Joe & Stacey Jurek approach to contact lenders. (copy the successful - lol!).

In a nut shell when you call of course you get the receptionist. I make sure to have a pen in hand and write down all the names (including hers) as we speak. I have found that since most of my phone time is during lunch I get higher up the ladder (most employees will be out on their lunch breaks). I simply tell her I am needing to speak to someone in their residential and commercial loan department that can give me detailed information on refinance options. At this point she'll refer to the person to transfer me to and I again log the name. So when 'Susie' answers the phone I can call her by her name. Ex: Hello Susie, my name is Jennifer Gray and Candice gave me your name as the person that can provide detail information regarding your bank's refinance options and criteria." (They'll say y or n of course that they are the person that can help you) I tell them I am calling multiple banks that day and looking for a bank that will be a 'good fit' for my specific requirements. I then transition into my questions to include:

-LTV on PP or appraisal (LTV based on Appraisal Value Not Purchase Price, of course the higher % the better)

-Season requirements (looking for a NO seasoning refi)
-Close Time
-In house loan programs
-Banks aggregate
-Do they report to credit bureau
-Any other specific criteria that must be met?

I don't start with I'm an investor, but it always goes there. 9/10 times they've never been asked these questions so you earn almost instant credibility. They will inquire on what you are doing! But at this point, I am filtering banks before I work my way up to the VP or President lol. BUT have been referred to a couple very quickly as I go through the questions because sometimes 'Susie' can't answer my questions or like I said they are out of the office.

I keep a very confident tone but a relaxed conversational pace. I literally tell myself "I AM INTERVIEWING THEM" before making the call. It shifts the tone in my attitude/mindset from needing a refi lender TO Are you going to meet my needs.

I personally started calling the large banks first ONLY BECAUSE I wanted the practice before I called the smaller community banks/credit unions, etc. that I wanted to deal with. Usually the larger banks are harder to deal with, harder to get through to and quite frankly can be rude. I like a challenge, want to stretch myself and wanted the skills to handle each situation. You can also google banks in another state/town and call them first to get practice (LOL).

Hope this helps.

Jen

Thank you very much! That is a great help.

Karen

Thanks Jen

Hey guys, as indicated earlier. I am referencing the bank info sheet I use when calling. Which ends up being a duplicate of previous information. (Sorry thought I could attach a file but don't see that option) Soooo cut & paste is our friend today! Set it up in excel and lost the grid lines and format on transfer.
Anyway, I was honoring my word. Have a terrific night!

BANK LEAD SHEET:
CONTACT NAME LIST:

BANKS NAME:
ADDRESS/LOCATION:
PHONE NUMBER:
EMAIL:

● REFINANCE OPTIONS:

● LTV: (BASED ON APPRAISAL VALUE NOT PURCHASE PRICE):

● SEASONING

● CLOSE TIME:

● IN HOUSE LOAN PROGRAMS:

● YOUR BANKS AGGREGATE:

● REPORT TO CREDIT BUREAU:

● ANY OTHER ADDITIONAL CRITERIA THAT MUST BE MET?

You are a jewel!

Jen will you find something for Karen to do so she will stop with her welcome scheme.

LOL! Well everyone loves a warm welcome! She's just showing the DG love! lol