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Topic: Please understand |
| The Godfather
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posted 05-20-2005 08:17 AM05-20-2005 08:17 AM
Ladies and Gentlemen,
I have made this request numerous times but I am still getting daily e-mails from ten to fifteen people asking me for individual advice and assistance. I feel bad that I cannot respond to every e-mail and I don’t want you to think I don’t care about your needs but it is really impossible for me to help everyone on a one on one basis.
Please address your questions on this forum so that we could all help you. I don’t have all the answers and you would be much better served by posting your concerns on the forum.
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godfather@mortgageshoptalk.com
Posts: 1185 | From: DC | Registered: May 2004 | |
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| gfe
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posted 05-20-2005 09:13 AM05-20-2005 09:13 AM
i would make a sugesstion at this point.
remove your email address from your posts. whaddya think about that one?
Posts: 152 | From: Maryland | Registered: Apr 2005 | |
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| The Godfather
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posted 05-21-2005 08:11 AM05-21-2005 08:11 AM
You know what is funny….I never put my e-mail or website on my posts. After I did the interview with Bill last November he must have done it for me.
I am not complaining about that. It is just impossible to respond to everyone who writes. I wish there were more hours in a day.
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godfather@mortgageshoptalk.com
Posts: 1185 | From: DC | Registered: May 2004 | |
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| loansolutions
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posted 05-22-2005 08:38 AM05-22-2005 08:38 AM
You’re the GODFATHER you can grant yourself an extra 4 hours a day. That being ordered we now have 28 hour days.
Posts: 190 | From: new york | Registered: Jan 2005 | |
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| loansolutions
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posted 05-22-2005 08:42 AM05-22-2005 08:42 AM
GF. This thread was already posted but I’ll give it to you here (rather than your email
I am convinced after talking with numerous brokers that generating leads from 3rd parties is the least understood and disorganized subject that factors in as one of the most important equations for the success of any broker/banker firm.
Unless you solely depend on referrals there is and always will be a need for generating fresh prospects. That’s a given. Originations are down 30% and many firms referral base are deteriorating. I am amazed with even some of the larger firms how little they are abreast of the technology available to them for automated management of not only leads, but lead origination to closing to CRM, or virtually an end to end borrower/loan management control on a single platform. The benefits to this, not to mention the increase in revenue is far more reaching then many know.
I have been fortunate to meet and conference with significant players in the lead generation business. There is a distinct difference between ‘lead suppliers and lead generators. Otherwise known to very few as manufactures of leads. Once a lead is generated from any media source, Internet, direct mail, tele-marketed, etc. it is a manufactured lead. However, that’s where it stops. Most Brokers and Bankers who generate their own leads will supply them to their in house loan officers. Then there will be those who will produce a condensed list minus the leads that were converted into sales and re-distribute them to another broker. Naturally, the sales conversion percentage becomes less and less, and so too the value of the leads.
Virtually all lead “suppliers” will and do sell the same lead several times to different brokers. Even in many cases where the supplier tells you he has an ‘exclusive’ lead that lead too, may be resold within 24 hours of sale to the primary buyer of the lead.
What does not currently exist (on any large scale) is an organized QC lead management ‘watchdog’ service.
The pressing need for providing legitimate consulting services on this subject that encompasses software tracking to determine cost per funded loan and the like is a real emerging need. For the most part it has and is a” trial & error” and at best a subjective analysis. I am presently working with some individuals who have been successful in the industry for a number of years and know the majority of the lead supply owners first hand. A process of elimination is one thing, a condensing of reliable suppliers who meet a specific criteria is another.
The end objective will be to “enroll” an infinite number of brokers and bankers into a program where they are not only trained on pipeline management, tracking and analysis but to be the beneficiaries of quality lead control and vastly improved bottom line costs. The headquarters, will receive 30 day monthly reports from each client for an on going analysis to make necessary adjustments as to where their ROI is coming from and recommend any modifications.
The very notion that a large lead supplier will be placed on a respected and recognized list that is an integral part of a recommended 6 month to 1 year lead strategy contract (business plan) speaks for itself. By combining the purchasing powers of 100’s of buyers, makes pure economic sense for both the buyer and the supplier.
At present lead suppliers have little metrics (if any) in place to maintain a customer loyalty base. The buyers are indifferent no less than as the loan borrower is to the infinite number of brokers and bankers to choose from. As long as the lead supply industry is viewed as ‘pot luck’ or worse, too many scams, there will continue to be a credibility issue.
I am of a firm conviction that all that can be changed. A prime example is the pre-conceived notion that in order to maximize revenue from the sales of leads means the standard quid pro mentality of multiple sales of the same lead for the sake of profit margins. The repetitive sale of the same lead can be either eliminated or controlled by expanding the lead supplier’s client base and therefore eliminate inventory where lead value diminishes with time.
I am interested in hearing from anyone here suggestions on a set of qualifying criteria ‘rules’ to be used in determining the placement of a lead supplier on the “recommended list”.
1. Length of years in business.
2. 12 verifiable references doing business with for more than 6 months.
3. Average length of time a client is retained for your services?
4. Ascertain average closing ratios
5. Lead wholesale costs?
6. Methodology of lead generation.
7. Current software (if any) in place to removed duplicates and other variable lead parameter selection capabilities.
8. Guarantees?
9. Indemnification of legal fees for any DNC violations (not just scrubbing of list).
Anything else?
Posts: 190 | From: new york | Registered: Jan 2005 | |
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| The Godfather
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posted 05-22-2005 02:36 PM05-22-2005 02:36 PM
I think marketing is the most interesting and challenging aspect of our business and it is a subject that can be discussed for ever. Personally, I have never had much success with purchasing “leads” for all the obvious reasons. However, I have managed to create my own lead generating system that has served me well for the past few years.
WW has made some interesting points about the nature of “leads” that you can purchase as opposed to those that you get from referral sources. I cannot agree with the notion that the only way to survive in this business is to build a strong referral source because the traditional methods of getting business from Realtors, Financial planners and builders are rapidly changing. Furthermore, borrowers are becoming more and more educated about the mortgage process and they no longer just depend on their Realtors or accountants for referrals. They actively shop for loans on the internet to make sure they are getting a good deal.
Whether we like it or not, mortgages are commodities and price/rate is the most important aspect of our products. We all have access to the same programs so product knowledge and price will determine our ability to compete. The average home buyer/owner is not looking to develop a long term relationship with a loan officer, since they don’t plan on buying or refinancing every year. All they care about is getting the loan at the best rate they can find. I don’t know of too many people who would pay a higher rate out of loyalty to their previous or current lender. So you have to find a way to reach them when they are looking for a mortgage and what better way than buying leads from the credit bureaus? Why should that be illegal? It is a free market and if you can’t compete with a “cold call” from another lender who knows your client is shopping for a loan, then you are not a very strong contender.
As far as what to look for in a lead source, I don’t think you will ever find a reliable and ethical source because the “real” product they claim they are selling, is too rare and valuable to sell. If they were really able to sell good leads they would open up their own mortgage companies and make at least ten times more money on each “lead”. At least that is what I would do…
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godfather@mortgageshoptalk.com
Posts: 1185 | From: DC | Registered: May 2004 | |
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| Descartes
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posted 05-23-2005 06:31 AM05-23-2005 06:31 AM
GF, This is an unnecessary tangent for me but I feel strongly and emotionally about this issue. I must therefore respectfully disagree with your statement.
“So you have to find a way to reach them when they are looking for a mortgage and what better way than buying leads from the credit bureaus? Why should that be illegal?”
I guess at this rate one day when my toilet gets stuffed 20 plumbers will show up at my door. It smells like big brother and I just don’t like it on many levels.
If you have not already seen it this link may be interesting.
http://www.ftc.gov/os/2000/03/transunionopinionofthecommission.pdf
DES
Posts: 149 | From: Phoenix, AZ | Registered: Apr 2005 | |
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| Descartes
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posted 05-23-2005 07:28 AM05-23-2005 07:28 AM
Im willing to bet that a vast majority of Americans who apply for credit or perhaps apply for a job have no idea that information about thier personal movements are being sold. I think there would be many objections if they knew. It would be nice if they were informed about this in the required disclosure about privacy for all mortgages. It’s all done behind the borrower’s back about information most would think was confidential. I don’t know exactly how experian does it but I see they have a number to call for more information about their marketing programs.
Don’t they need to have a filter which sorts by loan ammount, current payment, etc. to target thier audience as they claim to do. Isn’t this information contained in the clearly confidential tradelines.
I don’t know much about this but I know I object to it personally in any form. I think credit reports are a sacred trust and credit agencies have a conflict of interest over doing anything else with that information than what it was intended for in the first place.
Also it can be viewed as a trust violation in terms of the 3 credit agencies having a monopoly on doing this sort of transaction. It’s an unfair advantage that they have over other lead service providers. Sorry to go on like this.
DES
DES
Posts: 149 | From: Phoenix, AZ | Registered: Apr 2005 | |
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| webwizard
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posted 05-23-2005 09:48 AM05-23-2005 09:48 AM
IF you sign up for the service, you give them the filters you want.
They are providing only the contact info, not the tradelines. So it does not violate the law but I certainly feel that it violates the trust I have with any company, especially a company I have to use, who is willing to sell my client info to anyone else.
As far GF’s comments:
“It is a free market and if you can’t compete with a “cold call” from another lender who knows your client is shopping for a loan, then you are not a very strong contender.”
I don’t mind competing with the sharks but that doesn’t mean I have to invite them into my fish pond. Even If I think I’m the smartest and the best, I know there is someone out there who is better than me. So why should I help them.
The reason that customers are not loyal to brokers is not because they are always looking for the best rate. It’s because brokers generally do such a crappy job of marketing to their customer base that only 25% return for a second loan.
The average home loan only lasts 3-5 years. Major events in their lives besides refi’s cause them to buy another home. Marriage - New Job - Divorce - Births - Death. Plus people are now refinancing for cash to send kids to college, or lower their payments. More people are buying second homes; investment property. These are all opportunities you have to get ahead of your competition if you market to your client base and maintain the relationship.
After spending 30-60 days learning the intimate financial details of your client, most brokers put the file away and never look at it.
DUUUHHH!! If you do that. . .well, you probably ought to just go buy those crummy leads.
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WW
Posts: 1367 | From: Pensacola, FL | Registered: Apr 2004 | |
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| Descartes
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posted 05-23-2005 10:33 AM05-23-2005 10:33 AM
What is so sketchy about a referal based business?
Is it just because we lost out on refinances? That would effect every lead source. The housing market can’t be so soft that people can’t find someone who qualifies to buy a house who wants one. Why do we need to go fishing in other states when the best relationship is personal and face to face? I live in the second fastest growing city in the US. My customers are everywhere.
I want to have the best rates I can, but I have seen many good salesmen make 3 points+ on poor rate sheats because of the relashionship they had with thier customer.
DES
Posts: 149 | From: Phoenix, AZ | Registered: Apr 2005 | |
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| The Godfather
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posted 05-23-2005 02:22 PM05-23-2005 02:22 PM
WW,
You said:
“I don’t mind competing with the sharks but that doesn’t mean I have to invite them into my fish pond. Even If I think I’m the smartest and the best, I know there is someone out there who is better than me. So why should I help them.”
But you are not inviting them. The lead sources (Experien, etc…) are inviting them. I never said you should voluntarily share the “kill” with other scavengers. I said it is only natural for the market to develop new methods to reach potential clients at the most critical stage of the buying cycle. When a borrower has applied for a loan with a lender that is the best time for a competitor to approach and offer either a better product or a better price.
When you give a forwarding address to the post office, you start getting marketing material from moving companies, furniture stores, etc. When you move in to a new home you start getting mail from landscaping companies, home improvement companies, etc. Every industry finds ways to market to potential clients at the most critical stage of their buying cycle. People should know that when they apply for credit their whole credit profile is available to the lending institutions. They should also know that credit grantors periodically send them offers based on their credit profiles even though they never applied for credit. Besides, I don’t think most borrowers would want to discourage receiving better loan offers from lenders they never knew about. How can that hurt them?
You said:
“The reason that customers are not loyal to brokers is not because they are always looking for the best rate. It’s because brokers generally do such a crappy job of marketing to their customer base that only 25% return for a second loan.”
The above statistics may be accurate but they don’t prove that people will pay a higher rate out of loyalty. I said that most borrowers do not plan on buying a new home or refinancing every year (although they may end up moving every five years). Most people don’t think they will be moving or refinancing for the foreseeable future, which is why most people (although this is changing) prefer fixed rate mortgages. They don’t look at a loan officer the same way they look at their accountant or financial planner. It is sad but it is true.
I agree that we do a bad job in marketing to our client base and I know we could increase our productivity by staying in touch with our previous clients but I also know that the same clients are going to shop and compare prices (if they have an ounce of intelligence) when they need a new loan and if I can’t compete with other players I will not be able to keep my clients for too long.
The market is going to get more and more competitive and we need to form joint ventures more than just relationships. We need to form partnerships with our referral sources because they want a share of the pie and if you don’t give it to them someone else will.
This goes back to the subject of RESPA violations by the big players… But you know more about that than I do.
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godfather@mortgageshoptalk.com
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| Alan B
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posted 05-23-2005 05:18 PM05-23-2005 05:18 PM
I’ve learned a lot from reading the Godfather’s posts, though I do disagree with some of his comments on this thread.
In the A paper single family owner occupied market, especially the 15 and 30 year fixed, and even the intermediate ARMS and interest only products, the mortgage is becoming a commodity product. For the person who only has one property, and who easily clears the credit, income and asset hurdles, there is a lot of shopping. Since we agree that it’s tough to make much margin on this product, how is it going to be possible to partner up with referral sources and give them a piece of this thin pie and still make any money?
For subprime especially, Alt-A, and even A agency business for the investor market and “just made it” owner occupied agency paper (and FHA), there is a lot of chance to differentiate yourself from the competition. If you can deliver what you promise every time, you will get a lot of loyalty because most of these people (or family or friends) have been bait and switched (unintentionally or not) at least once. Sure some of them who you got into their purchase after they’d been turned down elsewhere will leave you for a refi when their profile is better, just as there are people who go to 3 supermarkets to buy the specials at each place, there will always be that segment. Keeping in touch with your customers and giving them articles of value like a Brian Buffini teaches will go a long way; I only do 10% of what he teaches but there are clear results from what I do.
Posts: 24 | From: Cranston, Rhode Island | Registered: Jan 2005 | |
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| Descartes
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posted 05-23-2005 08:33 PM05-23-2005 08:33 PM
Besides, I don’t think most borrowers would want to discourage receiving better loan offers from lenders they never knew about. How can that hurt them?
I would be curious to know on what you would base this statement. I see most borrowers will avoid their phone after the 20th call. Often I see in the east people install these fancy security screening services to avoid having to deal with more salesmen. If a borrower likes to recieve calls from salesmen then let them give thier name adress and phone number to one of the, I think, thousands of online forms. Why would you be in favor of the credit agencies doing it behind thier back?
DES
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| The Godfather
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posted 05-24-2005 12:17 AM05-24-2005 12:17 AM
Alan and Des,
I am more often wrong than right and I learn just as much when I am challenged and criticized on this forum.
The reality is that most “large” Realtors and builders have formed partnerships with “large” mortgage lenders and title companies because it is very profitable for all parties involved. Everybody wants to be at the point of sale because it sharpens their competitive edge. In this area, the average loan size is about $350K and the average gross margin on A paper loans is around 125 bps, which adds up to approximately $4500 per transaction. You can give $1500 to a Realtor or builder and still make over $3K per loan and if you close ten loans per month you would make just under $200K per year with a 50% split. That is a decent income for the average loan officer.
As far as contacting people who are shopping for a mortgage, I never said you should call them at dinner time and annoy them. You can send a letter and let them know that you want to compete for their business and allow them to decide if they want a proposal from you. Perhaps 99% would not even open the letter but that is their choice. When I am looking to make a major purchase I like to know as much as possible about my options and I don’t mind receiving information as long as it is delivered to me in good taste and without pressure. I hate telemarketers but I don’t mind mail or e-mail because they are not intrusive and I can choose to either read them or trash them.
You can’t pretend that your life is private when almost everything you do is subject to public scrutiny and exposure. Every loan application, bank account, credit card purchase, telephone call, e-mail message, etc… can be subpoenaed during discovery in legal proceedings and turned in to public property. Your house can be watched via satellite and your every move can be recorded without your knowledge or permission. Whenever you use a credit card your profile is recorded and used to analyze your buying habits so that they can send you more “filtered” marketing material. They used to say that half of your advertising dollars go to waste, except you never know which half. Now, with the new tools and technologies, we have managed to reduce that unknown factor to less than a third and perhaps one day we could reduce the unknown factor to almost zero. That should reduce our marketing costs (hit and miss model) and lead to increased savings for the consumer. What is wrong with that???
After all we live in the information age…don’t we?
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godfather@mortgageshoptalk.com
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| webwizard
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posted 05-24-2005 09:35 AM05-24-2005 09:35 AM
Just because RE Brokers have JV’s or captive mortgage companies associated with their firms, doesn’t mean a mortgage broker can’t get around these relationships.
RE agents are independent 1099 contractors and have little loyalty to their broker. Show a smart RE agent a prequalified buyer and get them to understand there are more to come and they will be your love slave.
Brokers cannot force an agent to require the client to use the captive company but most customers are influenced by the agent because they spend the most face time with your client. IN fact according to Lending Tree, there is a 7 times greater chance you will get the loan if the RE agent is working with you. If the agent doesn’t see the wisdom of your proposition, move on. There are plenty of RE agents in the world.
Too many of us expect the RE agent to bring us the buyer. Why should they? If you bring them buyers, then you control the relationship. Once they see the benefit of the way you work, they will start bringing you buyers too.
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WW
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| buckeyes
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posted 05-24-2005 12:36 PM05-24-2005 12:36 PM
We are using the “trigger” leads. You can’t just mail them and expect a good response in my opinion. If you do this the data cost is to high for the response you will get. You have to TM them. I have my LO’s do this, NOT just a TM, this allows them to answer the questions right then and there. We are getting SSN’s on 7% of the list so far. That means our “lead” cost is about $18, I don’t have closing percentages yet (I am guessing about 12-15%, which would put my cost per closing at under $200 per loan!), I will post them when I do, I will tell you this is by far the best thing I have done in this industry for my business.
At the same time about 10% of the list is purchase money, thus we get pre-approved buyers to funel to RE agents we want to work with.
The ethics question about weather Experian should sell this data is a tough one. Obviously it is helping my office and myself so I have a vested interest of being in favor. I will tell you what I am noticing is that we are helping many people who got turned down at the local bank because their fico was not 620 or the bank/broker did not do FHA/VA (amazing how many brokers tell the customer that FHA/VA is a BAD loan@!!?!?!?)…or we are just putting them in a better loan PROGRAM (it is not always about the rate and closing costs), educating them to a better way of doing their loan is helping us win some files over.
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| Descartes
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posted 05-25-2005 04:58 AM05-25-2005 04:58 AM
GF I always have a lot of fun listening to you and I always learn a lot. I have seen you, at different times, take on both sides of the same issue. It’s realy fascinating!
I realy don’t agree with RESPA’s principle on referals. I don’t see how paying someone for each closed loan referal can be more exepnsive to the borrower or inflate the price of doing a loan more than to pay for every lead.
Buckeyes,
I realy don’t have issue with the people who use these leads. In a scence they are like any other leads. If information is power then the credit agencies have all the power. The problem is they get that power from the trust placed in them by all the people who need to use thier services. If they are so eager to violate that trust in a back room for more profit then in my opinion they are no longer worthy of that trust.
WW A subscriber to experian’s marketing service would know that the borrowers that made it through thier filter are in a certain range. Please correct me if I’m wrong. For example if I asked for borowers with Loan Amounts between 150,000 and 300,000 and payments above 1200 I know that the borrowers returned through my filter have loans in that range. Is that not significant information taken from tradelines.The filter’s range could be very tight and then I would know more accurate information.
GF,
Because invasion of privacy is rampant doesn’t justify the practice. One of the things that has been difficult and that I am learning here on this forum is the degree to which many corporations will put all ethical concerns aside in favor of furthering their bottom line, especially when their goal is to impress dissinterested stockholders with higher profits.
I wouldn’t want an unethical purely profit driven corporation to have the same power as the courts do to subpoena confidential information and then distribute them for a price. At least the courts have a valid reason for doing this. The courts don’t take thier information and create a lead source out of them.
You know full well that these leads are not going to be used only by polite honerable LO’s who read in thier leads when these people are likely to be eating dinner so as not to quietly disturb them durring their family time. I have called on plenty of leads and I myself have tried to reach these people as soon as possible before the next Broker does and to reach these people and to know that among all the brokers calling I am the one who will earn thier business so they will “buy or die” because this lead is paid for. That is the philosophy I have seen in this business. It realy doesn’t benefit the consumer.
I think the pile of unopened junk mail sitting in your trash, (which is objectional to many for many reasons including environmental), may be the identity thief’s dream. Ironicly most of the tools used by identity thievs are provided by the credit agencies themselves for a price.
I don’t understand the theory behind better closing percentage. If technology increases closing percentage then more brokers will get the technology. In the long run what it ads up to is that more brokers will market to the same people. If only 3 people were trying to close the same borrower then only one could win and the average closing percentage would be 33% if 10 people called the same borrower then the average closing percentage would have to be 10%. The more people call the same borrower the lower the closing percentage will be. If we narrow our focus to include only those most likely to be closed, the now smaller population target will only get bombarded by more targeted marketing, many might be left out of the equation who might realy want a loan and the overall closing ratio would be unefected or go down. How will it end?
Please answer some of those questions.
DES
Posts: 149 | From: Phoenix, AZ | Registered: Apr 2005 | |
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| Jim
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posted 05-25-2005 08:19 AM05-25-2005 08:19 AM
I believe you need to differentiate and separate yourself from your competitors, the broker shops, the net branchers, and the national lenders. How do you do that? I hope I have the answer. I’m not able to reveal my complete marketing plan today, but will unveil it soon. Part of the plan is to offer the borrower a number of in-house services. These include, but not limited to, providing the loan, the appraisal, the inspection, title, and the closing.
Here is my point. When you buy these lists, what do you have to offer that is different than the other LO who is dialing and smiling? If you sell price, you will starve.
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| buckeyes
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posted 05-25-2005 09:19 AM05-25-2005 09:19 AM
“Part of the plan is to offer the borrower a number of in-house services. These include, but not limited to, providing the loan, the appraisal, the inspection, title, and the closing”
Don’t all Loan officers offer those services? What is the advantage of having them all “in-house”?
We order all those services for our clients, the title company I do own half of, but how can you own an appraisal company? Don’t you need to be licensed? Or can you just hire a licenced appraiser to work exclusively for you? If so, don’t you need a ton of volume so that appraiser won’t starve? I would love to have an appraiser who did the whole state of Ohio and worked for just me, I just haven’t figured out how to do it yet.
I do agree, fighing rate and closing costs is tough, you have to differentiate yourself to stand out. That is why ALL my customers get a customized 5-10 page proposal outlining the benefits of doing or in some cases NOT doing a loan(you wouldn’t believe how many referals you get when you tell someone it is not in there best interest to do a loan). That is where my Proposal software helps me.
By the way we should have a usable version of the CRM/Proposal Web Based Application by July 15. We were delayed a bit because I decided some additional functionality needed to be in the site. Anyone else that wants a demo, feel free to email me.
Posts: 530 | From: oh | Registered: Dec 2004 | |
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| Jim
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posted 05-25-2005 09:54 AM05-25-2005 09:54 AM
Let me give you an example. The title company, which I own, can offer the borrower free closing if they choose. In addition, since the title company is in the same building, which I am buying, the borrower has a one-stop shop for loan, title, appraisal, closing. I might as well buy an insurance company and offer homeowner’s insurance. My CPA, who will rent from me, can offer tax advice. The possibilities are endless.
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| Jim
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posted 05-25-2005 09:57 AM05-25-2005 09:57 AM
I can own the appraisal company and have licensed appraisers work there. I can own a real estate company. All I need is a broker. I can own anything I want. It’s America.
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| buckeyes
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posted 05-25-2005 11:33 AM05-25-2005 11:33 AM
Do you need to be licensed to own the appraisal company?
And why would an appraiser want to work for you and not themselves? It may be different in Ohio, but the only appraisers that usually work for someone are the apprentices that need 2 years experience….but then they go out and open up their own company. Thanks for the info.
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| Jim
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posted 05-25-2005 12:17 PM05-25-2005 12:17 PM
Lot’s of appraisers will go 50-50 ownership with a large mortgage broker owner?
Posts: 1144 | From: Richmond, VA | Registered: Jul 2004 | |
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| swmortgage
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posted 05-25-2005 01:55 PM05-25-2005 01:55 PM
You can own anything, as long a you disclose.
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don yount
Posts: 141 | From: dallas texas | Registered: Oct 2004 | |
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| Jim
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posted 05-25-2005 02:28 PM05-25-2005 02:28 PM
Yes sir. I have a stack of disclosures.
Posts: 1144 | From: Richmond, VA | Registered: Jul 2004 | |
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| buckeyes
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posted 05-25-2005 03:45 PM05-25-2005 03:45 PM
How many appraisals a month do you need to feed him/her?
Posts: 530 | From: oh | Registered: Dec 2004 | |
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| Jim
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posted 05-25-2005 08:22 PM05-25-2005 08:22 PM
He stays booked up.
Posts: 1144 | From: Richmond, VA | Registered: Jul 2004 | |
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| SwishAllNet
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posted 05-25-2005 08:59 PM05-25-2005 08:59 PM
Jim,
You are talking my language now. I have exactly the same type of growth ideas in mind in terms of one stop shop and providing a true expanded service for the borrower. Ease and trust are the two solidifying factors. Good stuff! Though I have a ways to go to gat to the point that you are at currently it is nice to see that there is someone out there that is thinking a long the same lines so that self doubt about my expectations for this type of an environment for my client is not so far out there after all.
Thanks,
Swish
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“We are what we repeatedly do. Excellence, then, is not an act but a habit.”
Aristotle
Posts: 586 | Registered: Sep 2004 | |
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| Jim
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posted 05-26-2005 07:10 AM05-26-2005 07:10 AM
I thought I was on to something. I might even hire an attorney and offer family legal advice or a certified financial planner and offer investment advice.
I can buy the land, build your house, do your loan, do your appraisal, close your loan, offer homeowner’s insurance, offer financial planning, make out your will, and do your taxes.
5 years later, I can handle your divorce or do a pre-nuptial.
Posts: 1144 | From: Richmond, VA | Registered: Jul 2004 | |
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| webwizard
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posted 05-26-2005 09:04 AM05-26-2005 09:04 AM
Jim,
Why don’t you throw in Bar Mitzvahs, weddings, funeral services? You could also provide cemetery plots (as long as you are in the land business).
The one stop shop has been done before, although not to the extent you are planning. There are national builders that have captive mortgage companies so I know the model can work.
If it works for new construction, why wouldn’t it work for existing home loans? For FSBO’s?
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WW
Posts: 1367 | From: Pensacola, FL | Registered: Apr 2004 | |
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| Jim
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posted 05-26-2005 10:34 AM05-26-2005 10:34 AM
Bless you.
Posts: 1144 | From: Richmond, VA | Registered: Jul 2004 | |
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| Jim
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posted 05-26-2005 10:35 AM05-26-2005 10:35 AM
Get married here and get divorced here. How about adoption sevices?
Posts: 1144 | From: Richmond, VA | Registered: Jul 2004 | |
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| SwishAllNet
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posted 05-26-2005 10:42 AM05-26-2005 10:42 AM
Jim,
You forgot to include a land development company and private investment schools of choice as well as faith based life enrichment counseling…the possibilities are endless! …Jim City.
WOW!
Swish
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“We are what we repeatedly do. Excellence, then, is not an act but a habit.”
Aristotle
Posts: 586 | Registered: Sep 2004 | |
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| buckeyes
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posted 05-26-2005 02:44 PM05-26-2005 02:44 PM
So you personally keep him booked up or are you solociting business for him from other brokers?
One stop is a good idea as long as you have a very good person to manage each area.
I have the same plan. I own half a title company now, I have the Allied branch, by the end of the year I will have a real estate franshise. The only one I “run” though is the mortgage office, I have a really good attorney run the title company, I will hire a managing broker for the real estate shop. Investments (since I was a financial advisor), is the next step.
There are some pluses to the one stop shop, but there are some minuses as well. For example: If I own my real estate shop, this means all my leads will funnel to my shop. If I did not own it, these leads would go to 10 realtors who may all refer me back business. So the extra income I get from the RE shop, I may lose because I may not have as many RE referal sources with those same leads I am giving out.
Posts: 530 | From: oh | Registered: Dec 2004 | |
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| The Godfather
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posted 05-27-2005 05:33 PM05-27-2005 05:33 PM
Des,
The reason why I take on both sides of the same issue is because there are always two or more sides to every story. I am not a proponent of RESPA any more than you are but I am irritated by the hypocrisies of people who claim to be law abiding while breaking every law and regulation that interferes with their objectives. Most of the large companies that pretend to care about compliance are actively engaged in numerous schemes to bypass the law.
I often ask myself if I should obey the law regardless of my own opinion and self interest or whether I should follow the laws that suit my needs and ignore the ones that interfere with my interests. I can’t make up my mind because I am just as greedy and hypocritical as the rest of us.
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godfather@mortgageshoptalk.com
Posts: 1185 | From: DC | Registered: May 2004 | |
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| Descartes
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posted 05-28-2005 10:33 PM05-28-2005 10:33 PM
GF,
I also take different sides at different times and admire you for your honesty in your last post. I’m secretly doing a charector study. It’s my GF hypothesis. I hope that one day, after you are satisfied, you become a teacher.
DES
Posts: 149 | From: Phoenix, AZ | Registered: Apr 2005 | |
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| webwizard
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posted 05-29-2005 09:12 AM05-29-2005 09:12 AM
I don’t personally believe that anyone can have any credibility by taking both sides of an issue at whim. You either believe in what you are saying or you do not.
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WW
Posts: 1367 | From: Pensacola, FL | Registered: Apr 2004 | |
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| Descartes
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posted 05-29-2005 11:08 AM05-29-2005 11:08 AM
WW you are an intelegent man. I’m sure you can see how complex issues can be looked at, even with strong feelings, from different points of view by the same person. I would think that even Ronald Reagan didn’t become a Republican over night. There were many gray areas and many debates from different points of view. I’m sure you can see the value in this. I know you do, because you couldn’t be as objective as you are without knowing this.
DES
Posts: 149 | From: Phoenix, AZ | Registered: Apr 2005 | |
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| Descartes
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posted 05-29-2005 11:28 AM05-29-2005 11:28 AM
And from another point of view, I realy did agree that John Kerry flip flopped too much on the issues so I also agree with you in that if one constantly adjusts thier dogma like a new pair of pants they will most likely loose credibility.
DES
Posts: 149 | From: Phoenix, AZ | Registered: Apr 2005 | |
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| webwizard
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posted 05-29-2005 01:12 PM05-29-2005 01:12 PM
Actually Reagan started out as a democrat and as his values evolved, his viewpoint changed. However, he didn’t choose one side of an issue just because he could be more entertaining or more popular, or have people fawn on them.
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WW
Posts: 1367 | From: Pensacola, FL | Registered: Apr 2004 | |
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