The High-Income Mortgage Originator: Sales Strategies and Practices to Build Your Client Base and Become a Top Producer

( 4 )

Overview

Master The Art Of Selling Mortgages!

The High-Income Mortgage Originator is your guide to a rewarding sales career in a growing field. What could be more satisfying than helping a young couple buy their first home, or helping a parent fund a child's college education, or helping an entrepreneur start a dream business—all while you make a great living?

Mortgage originators not only experience the satisfaction of helping people borrow the money ...

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Overview

Master The Art Of Selling Mortgages!

The High-Income Mortgage Originator is your guide to a rewarding sales career in a growing field. What could be more satisfying than helping a young couple buy their first home, or helping a parent fund a child's college education, or helping an entrepreneur start a dream business—all while you make a great living?

Mortgage originators not only experience the satisfaction of helping people borrow the money they need; they get to be their own bosses, make their own rules, and make plenty of money. Whether you're looking for your first job or transitioning from a corporate position, The High-Income Mortgage Originator gives you all the tools to grow your wealth and your career in real estate finance.

This comprehensive guide not only provides a beginner's course on getting into the business, but also provides references, examples,and business practices that lead to high incomes. It teaches proven principles and practices in customer service, marketing, and lead generation that will build your reputation—and your business.

For example, you'll learn how to mount an effective marketing campaign to bring in more business than you can handle. You'll also read sample scripts that help you talk to prospects and bring them into the buying process without using pressure or gimmicks. Plus, you'll master the art of selling mortgages, understand every step of the mortgage process, deliver effective sales presentations, learn to evaluate mortgage applications and credit reports, and draft loans that make all parties happy.

Becoming a mortgage originator is a proven path to financial freedom, and good mortgage originators can make great money even in bad markets. The High-Income Mortgage Originator gives you the tips, advice, and best practices you need to build a thriving business with a growing and loyal customer base.

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Product Details

  • ISBN-13: 9780470137314
  • Publisher: Wiley
  • Publication date: 10/19/2007
  • Edition number: 1
  • Pages: 332
  • Sales rank: 977,784
  • Product dimensions: 6.42 (w) x 9.25 (h) x 1.27 (d)

Table of Contents


Preface     xi
About the Authors     xiv
Introduction     xv
Acknowledgments     xix
What You Should Know
Mortgage Originator-The Best Job in the World: How to Make Lots of Money Selling Money and Fulfilling Dreams     3
Expectations: Getting What You Want     4
It's About Selling     5
Learning the Ropes     7
An Overview     8
Making a Difference, One Loan at a Time     9
Choosing a Company, Getting Training, Deciding How Much You Want to Earn     10
A Day in the Life of a Mortgage Originator     12
Big Picture: Understanding the Mortgage Loan Process     15
Borrowers: Understanding Events That Motivate Them     15
First Steps: Initiating Contact to Submitting the Application     27
Home Stretch: Processing, Underwriting, and Closing the Deal     37
After the Close: Maintaining Relationships with Borrowers     44
Key Points: Recapping the Highlights     45
Players: Defining Your Interests and Those of Borrowers, Lenders, and Brokers     47
Borrowers: Seeking a Solution     48
Investors: Defining the Market     51
Lenders: Playing the Market     54
Brokers: Crafting theTransaction That Works for Everyone     57
Originators: Creating Opportunity     60
Processors: Keep It Flowing     63
Underwriters: Assessing Risk and Reward     65
Supporting Players: Providing Assurances     66
Next Steps: Getting Up to Bat     67
The Mortgage Selling Cycle
Step 1: Generating Leads, Prospecting, and Keeping Score     71
Making Your Delivery Special     74
It's a Numbers Game-Know the Score     89
What Makes an Effective Sales Presentation?     92
Attention: Targeting Needs, Providing Solutions     96
You Don't Have to Start from Scratch     100
Step 2: Moving a Lead to a Prospect     103
Eight Rookie Sales Mistakes and How to Avoid Them     106
From Lead to Prospect-Getting the Go Ahead for the Application     112
Rating Commitment     117
Integrity     122
Keeping Track     124
Step 3: Facts and Forms: Taking the Mortgage Application     125
Why Do You Ask?     127
Let's Talk     143
As Soon as You Get Off the Phone     148
Credit Reports     149
Keeping Score     157
Step 4: Interpreting Credit Reports and Ratios, Building Trust     161
What Does It All Mean? Transforming Data into Information     162
Reality Check: Qualifying the Prospect     173
The Credit Call     176
Integrity     187
Step 5: Determining the Right Product for Your Prospect     189
Fixed-Rate Loan Products     190
Adjustable-Rate Mortgages (ARMs)     191
Payment Options     194
Matching Prospect Goals and Qualifications to Products     197
Pricing Loans-Unraveling the Rate Sheet     203
What to Do When There Is Nothing You Can Do     205
Automated Underwriting Tools     207
Keeping Track     207
Step 6: Selling a Proposal That Makes Sense     211
Basic Calculations for Comparisons     213
Presenting the Choices     216
Objections     221
Keeping Track     224
Step 7: Creating a Customer Relations System     227
A Little Technology Goes a Long Way     229
Loan Cycle Communications     230
Track Your Communications     239
Wrap Up
The Loan Package: Preparing the Loan for Processing     243
Uniform Residential Loan Application (1003)     244
Good Faith Estimate     248
Truth in Lending Disclosure Statement     253
Final Touches     256
Making It Official     262
Tracking     265
Brokers and Lenders: Identifying and Serving Their Needs     269
Processing to Submission     270
Submission to Approval     274
Approval to Close     277
Keeping Track     279
The Wrap Up: Closing the Loan     281
Preparing Your Client for the Closing     281
Other Closing Documents     285
Show Me the Money     287
Next Steps toward Your Future     289
Starting from Scratch     290
Finding the Right Firm     291
Conclusion     294
Afterword: Downturns in the Mortgage Cycle     295
What to Do     296
Appendixes
Key Mortgage Industry Resources on the Web     297
Glossary     299
A Day in the Life of a Mortgage Originator     309
Overview of the Loan Process     311
Comparison of Loan Instruments     315
Key Ratio Calculations     317
DTI and Housing Ratios     317
Quick Ratio Guidelines for Conforming Loans      319
Using Microsoft Office for Customer Relations Management     321
Mail Merge for Personalized Letters     321
Searching Through Your Client Base     323
Setting Reminders     325
Index     327
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Customer Reviews

Average Rating 3.5
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Sort by: Showing 1 – 3 of 4 Customer Reviews
  • Posted April 6, 2009

    I Also Recommend:

    Great For New Loan Officers

    I am a new loan officer and this is one of the several books that I purchased when I started in January.

    I found this particular book to be a good general information source for a new loan officer. It is concise, clear and informative.

    I would definitely recommend this as a good basic book for new loan officers.

    0 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted January 3, 2008

    A reviewer

    If you are serious about a career in the mortgage industry, then this is the bible. A must read, a must have!

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted March 10, 2010

    No text was provided for this review.

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