If you're a Loan Officer these days, you probably were hired as a salesmen/bird-dog hunting down potentials applicants. Spending money 'Advertising' is the real answer to that task, but since that's what today's Broker/owners think is the primary role of a LO, you need to be careful not to get caught in this 'referral' trap by an inexperienced employer.
One point you need to carefully consider, is just how talented is your employer and the degree to which they train you to be the best you can be(or is he/she merely a former LO and that's all they know about being an owner).
Because they don't know any better, far too many broker/owners push their newer LO's to attract potential applicants via the "referral" method. That's where you pester all your friends, relatives, and others to use you themselves, when they have a mortgage need, and to also send you their contacts.
The boss - who should already knows better - neglects to reveal to you those friends and family and the carefully cultivated referral sources will probably blow up in your face when one of their loans: 1). has an appraisal that comes in 'short'$%:; 2). The credit score doesn't support the loan they need; 3). your wholesaler stips you to death - and many of them are silly; 4). The doc prep girl at the wholesaler drops the ball getting your docs correct and out on time; 5). the notary/closer messes up the signing - oops; 6). and the next 50 things that DO go wrong on most loans every single day. So you simply CAN'T be efficient and keep your promises to the customer, providing excellent service like you want to. This is where your supplier/vendors make YOU look clueless and seriously unprofessional.
Consider at what's that will do to your 'relationships' - be honest. I have found over the years the "referral" biz plan simply doesn't work over time. A definite way to stay small, Yep - on that issue I agree - but growth$%: Nope
What you seriously have to offer any applicant - if you get properly trained - is (a). your own skills at being an LO, (b). which includes the loan programs your employer makes available to you, AND (c). the supporting vendor/suppliers who have a major effect on all the moving parts that come into play between 1003 and funding. Instead of 'referrals', These are where you should concentrate your attention, getting trained, clearly understand loan programs you'll use, understanding what all the vendor/suppliers do and how you can help manage them, as your loans move through your pipeline - focusing on referrals isn't gonna be a good idea, you'll quickly discover if you don't do these things.
Far as customer/potential borrowers, cold markets (strangers) are far easier to handle when things go wrong (plus they won't expect you to earn nearly near zero on their loans). If you don't have a boss who can supply you with these things, and to advertise for customers to come to his/her company, it's time to resolve to change employer's right away this new year! Get with a company that prides itself on its Integrity, Ethics, and solid Values - these are the characteristics which will help you the most in your career. Article by Peter Samuel Cugno, Chairman :%$amp; CEO of Secret! University, the educational division of Americas Money Center, Inc. with 40 years experience in the subprime industry niche. Questions or comments may be directed to Peter 310-833-4068 or online at:
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