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How to Create an Effective Mortgage Direct Mail Campaign
2008-02-07 00:49:00
Direct mail is the most effective and cost effective way to generate new mortgage business there is. Marketing as we know it has changed dramatically over the past few years. Homeowners have more resources than ever before, they can research almost any type of mortgage, company, or product online, and within seconds have the information they wanted. This has taken a significant percentage away from conventional forms of marketing. New spamming laws and telemarketing Do Not Call lists (Which over 58 percent of homeowners in the United States are registered on) don’t leave a lot of ways to directly market to homeowners. With these factors in mind direct mail can be the best most cost effective way to reach new mortgage prospects. With direct mail you’d have the potential to reach 100 percent of all homeowners in the United States.What if I told you I’ve discovered a direct mail piece that generates an amazing 20 to 30 percent response?I send 75 pieces per week, at a cost of $35 ...
More About: Mail , Mortgage , Direct , Campaign , Effective

Success Using Telemarketing - Even For People Scared of the Phone
2008-02-07 00:49:00
Even if you have fear of the phone, or fear getting rejected on the phone, don't let this stop you from using telemarketing to your advantage in your business. In today's economy, telemarketing is a great opportunity for your business to increase revenue without a lot of initial marketing expense. Here are (3) tips you can use if you fear the phone.Tip #1- Start warm. First, gather a list of names and numbers from contacts, clients, leads, prospects and anyone you have done business with or that you have had contact with in the past. The idea here is to get a group of 50 or so contacts- even if don't have that many contacts to work with, start with 10, or 20. It doesn't matter, the point is to get a warm list together of people you are familiar with. Second, develop a script. This can be simple and your objective is not to get immediate sales, but to just call, say hello, and follow-up by saying you are ready to assist if they need your product or service. If you can muster the ...
More About: People , Phone , Success , Scared , Telemarketing

Book Review: Refi-Bust: Mortgage Brokers Gone Wild! by David Lawrence
2008-02-07 00:48:00
Many mortgage lenders and bankers are upstanding professionals, some though like any business are not. Finding your way to the right one is explained by short-hand in a new book by David Lawrence. Peeling back the facade of an industry in the fore-front of the real estate boom, a no-holds-barred perspective brings to light the growing mortgage refinancing hangover.Refi-Bust: Mortgage Brokers Gone Wild! by David Lawrence, Book Surge 2006, ISBN 1-4196-3581-6, Paperback, 150 Pages, $18.95 is written by an experienced professional in the mortgage industry. Featuring an keen eye for looking at his own peers and seeing through the fancy offices to the dark side of an industry that has run out of steroids and is coming off record years in the origination and refinancing of residential mortgage loans. Laying out the foundation for troubled waters ahead for home owners who didn't complete their due diligence before signing on the line, Lawrence's style makes you think twice about your own e...
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Mortgage vs. Real Estate Lead Generation
2008-02-07 00:47:00
It is fairly common for real estate companies and mortgage brokers to use leads. There is a difference between mortgage lead generation and real estate generation. Mortgage lead generation deals with people who need to refinance their homes or apply for loans, while real estate lead generation is a service that connects potential buyers with real estate agents.Mortgage leads are generated in a number of different ways. One way to create the leads is for the lender, that is the mortgage broker, to appear in a paper or online directory. This lets potential customers make the first contact. The lenders give information about themselves, like the interest rates they charge and types of lending programs they offer, along with their contact information. This allows potential borrowers to search out the lender that is best for them.Real Estate lead generation is somewhat different. It involves connecting prospective buyers to real estate agents. It is usually a good idea to use a real esta...
More About: Real Estate , Generation

Mortgage Marketing Tools
2008-02-07 00:46:00
Mortgage companies today are employing different kinds of tools – both conventional and non-conventional – to market their businesses. On top of the list of mortgage marketing tools are telemarketing and web marketing.Telemarketing is marketing through call centers. Mortgage companies are contracted with call centers that provide leads on potential mortgage buyers. Call centers call people from a random list. If the person is interested in a mortgage, then the lead is forwarded to the mortgage company. By the method of hot transfer, a call can be directly transferred to an official from the mortgage company. The success ratio of call centers in mortgages is an estimated 8 to 10 percent.Websites providing mortgage-lead generation services are another option. Websites describe several features of their mortgage companies, and try to attract customers. Interested buyers are pre-qualified online via an application form. This is also the lead which is forwarded to the mortgage compan...
More About: Marketing , Tools , Marketing Tools , Mortgage

How to Avoid Private Mortgage Insurance (PMI)
2008-02-01 22:24:00
Many home buyers find it difficult to provide the required 20% down payment and are forced to pay private mortgage insurance, or PMI, in order to buy a home. Private mortgage insurance solves the down payment problem but creates another two: it increases monthly payments and on top of that it is not tax deductible. Fortunately, there is more than one way to get your desired home without having the 20% down payment and avoid PMI at the same time.Terminating PMI When You Already Have OneThe use of private mortgage insurance has been a great way to make it possible for a borrower to buy a home with as little as 3-5 % down payment and give the lender insurance in case the borrower defaults on the home loan. However since PMI payments can be significant, the borrower starts to ask himself/herself how to get rid of those payments.The Homeowner's Protection Act includes rules for automatic suspension of PMI payments and cancellation of PMI when 22% equity in the borrower's home is reache...
More About: Insurance , Mortgage , Mortgage Insurance , Avoid

Mortgage Marketing
2008-02-01 22:24:00
No business can go a long way without marketing, and the mortgage industry has long understood this fact. Mortgage companies actively market themselves via different channels to boost their businesses. Their marketing could be through personal methods such as seminars, presentations, and demonstrations, or through external agencies like call centers and lead generating websites. Mortgage companies that do not have the means to spend more money on marketing employ simple tactics such as flyers, press advertisements, email contacts and also word-of-mouth publicity.The first step in mortgage marketing is to understand the market thoroughly. Mortgage companies sometimes conduct random surveys to understand the type of population they cater to. The services of an external agency could be enlisted. Another preliminary step is to have an insightful study into the company’s own strengths and weaknesses. Mortgage companies try to highlight their positive points, and at the same time improv...
More About: Marketing

Telemarketing Speaker Suggests Keeping Your Call Center FULL!
2008-02-01 22:23:00
In a separate article, I wrote that if you truly know your job, you probably are aware of 1,000 more things than somebody else, who doesn’t.This definitely applies to managing call centers, and especially to overseeing telemarketing units.For example, we know from experience:(1) Louder voices sell better than softer ones.(2) Call ers are more robust, extroverted, and successful pitching from a bullpen than a private office.(3) Informal leaders, usually your top reps or those with the longest tenure, will be more influential than the formal supervisors and managers in the phone unit.(4) Scripts are inevitable, but to succeed they need to be enforced, strictly.(5) Turnover is part of the telemarketing beast, that can be tamed, but usually isn’t.If you want more information about these ideas, please see my articles that provide details.In this piece, I want to bring up a sixth piece of knowledge: If you want peak performance from your telemarketers, keep every seat in your center oc...
More About: Speaker , Full , Center , Call Center

Reverse Mortgage Scams
2008-02-01 22:22:00
Reverse mortgage scams are business propositions that may sound good at first, but turn out to be a huge waste of money. Reverse mortgages are the most popular home loans among Americans above age 62 who own a home. These mortgages help older homeowners in America convert the equity of their home into cash. Even though many reverse mortgage sites and organizations are employed in the task of serving people, a whole bunch of them are fraudulent sites and firms.Reverse mortgage scams are traps laid by fake sites or reverse mortgage companies who try to charge a huge amount to people going for reverse mortgages. As with other scams, telemarketing is the most popular mode used for cheating. Senior citizens are often contacted via telephone and goaded into disclosing personal information. Information on reverse mortgages is actually provided free of charge by the Department of Housing and Urban Development (HUD).Sometimes these fraudulent companies ask six to ten percent of the loan amou...
More About: Mortgage , Scams , Reverse Mortgage

Cheap Exclusive Mortgage Leads
2008-02-01 22:21:00
Many mortgage lead providing companies advertise some leads as `Free Leads ’ in their websites. In effect, these leads are Cheap Leads. When a Borrower fills in the `Request for Mortgage Loan’ Form, the Lead Provider forwards these to the Mortgage Broker or the Lender’s loan officer. Even if they are Cheap Leads, the latter tries to handle them. This is because the broker or the loan officer would receive commission and gain benefits by processing the leads successfully. When such Leads are handled by one Lead per loan officer or broker, they are known as Cheap Exclusive Mortgage Leads.A Cheap Mortgage Lead includes all basic details about a mortgage, such as information about any existing loan, credit profile and so forth. A Cheap Mortgage Lead usually provides a free accessible account to the Broker or the loan officer. Some Mortgage companies charge for every lead that is accessed, and others charge for only those leads that are contracted over a period of time.Lead Provider...

Reverse Mortgage Leads
2008-02-01 22:21:00
Reverse mortgages are a booming industry in which people are buying and selling property at lightning speed every day on the market. It is a great way to make money. Reverse mortgage leads are details about prospective customers made available to reverse mortgage agencies. The most convenient way for a reverse mortgage firm to secure reverse mortgage leads is by getting information from any of the various mortgage lead-generation services available. The information obtained often directs the agencies to the most worthwhile customers.Commendable and efficient services add value and credibility to the firms providing leads. Reverse mortgage leads can be obtained from the Internet and other mediums, such as telemarketing and call centers.Reverse mortgage leads are also provided by individuals who work in the field as freelancers. The leads are sold to various companies at very competitive and affordable prices. The right reverse mortgage leads can facilitate business for a reverse mort...
More About: Leads , Mortgage , Reverse Mortgage

Exclusive Internet Mortgage Leads
2008-02-01 22:20:00
Exclusive Internet Mortgage Leads are exclusive Mortgage Leads that can be purchased online. Being a relatively new phenomenon in the mortgage industry, Internet Mortgage Leads are seen to have given unprecedented freedom and flexibility to Borrowers, Brokers and Lenders. All that one has to do is to search for "internet leads". Search engines display several accredited Internet Mortgage Lead Providers just at a click of the mouse or the keyboard button.Websites of Mortgage Lead Providers bring the Borrowers, Brokers and Lenders under `one roof’. Borrowers fill up the Loan Request Forms [Leads] at the websites. Loan officers or Mortgage Brokers register themselves by quoting their lending criteria at the same websites. They browse the leads [or sometimes receive them by email by quoting how many and what type of leads that they require] and make a selection of the leads that they like to purchase. They sometimes use filters , based on the following parameters, to be more specific ...
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Exclusive Real Time Mortgage Leads
2008-02-01 22:19:00
Real Time Leads are those leads that are fresh, as against those that are sent to several brokers and loan officers and hence recycled many times over. How fresh can Exclusive Real Time Mortgage Leads be? Let’s take an example.John is interested in a mortgage loan. He gets to the website of a Lead Provider, registers, fills out the Form of Request for Loan, and clicks the `Submit’ button. Immediately, his Form reaches the Lead Provider. The Lead Provider has a look at it. He gets to the online database of loan officers who have registered at the website and finds out which loan officer’s lending criteria matches with the lead generated. He immediately sends in the Lead to the matched loan officer. This takes at the most, a few minutes.Thanks to the Internet and Web Design Technology, databases of Borrowers, Leads and Loan Officers [with access to their own Lead Management Systems], are used in an amazingly fast manner. All the information, as soon as John clicks the `Submit’...
More About: Real

Semi Exclusive Mortgage Leads
2008-02-01 22:18:00
As the term `Semi -Exclusive Mortgage Leads ’ would suggest, these are Leads that function somewhere in between Exclusive and Non-Exclusive Leads. The Lead Provider sends Exclusive Mortgage Leads to one Lender at a time, and Non-Exclusive Mortgage Leads to several Lenders at a time.Many Mortgage Providers restrict the number of loan officers, for instance 4 or 5, to whom they send any one lead. Such Leads are known as Semi-Exclusive Mortgage Leads. These leads don’t enjoy the 100 per cent confidentiality that is associated with Exclusive Mortgage Leads. It is because more than one person accesses the loan request information that is provided by the Borrower. This is bit of a disadvantage. But then, the above circumstance brings in some competition, unlike in the case of Exclusive Mortgage Leads. This fact brings down the cost price of the lead. This is an advantage.In Exclusive Mortgage Leads, as there is no question of competition, whatever fees that the lender charges usually wo...

Telemarketing Mortgage Loan Leads
2008-02-01 22:17:00
There are innumerable mortgage loan lead generation websites all over the internet. These websites attract mortgage buyers with their schemes. The normal procedure followed then is to make the interested buyer fill an online application form. These online application forms are in fact nothing but mortgage leads, which are then forwarded to the mortgage company. After this juncture, it is the mortgage company that decides to follow the query either by an email or by the telephone.The business of internet lead generation is booming. More and more mortgage buyers today are becoming internet savvy and browsing the net for better deals on their mortgages. Hence, mortgage companies have begun tapping the potential of this extensive lead generation market. They may pay the lead generating website as much as $50 per exclusive loan lead and $25 per non-exclusive loan lead.That said; mortgage companies are extremely cautious of lead generation websites. It is a well-known fact that most inter...
More About: Leads , Loan , Mortgage , Telemarketing

Exclusive Telemarketing Mortgage Leads
2008-02-01 22:16:00
Telemarketing Mortgage Leads are faster and more personalized than Internet Mortgage Leads. How do Telemarketing Mortgage Leads work? Let’s take an example. Barry wants a mortgage loan. Barry, the borrower, fills the Form of Request for Mortgage Loan on a Lead Provider’s website. Tina, a telemarketing representative working for the Lead Provider Company, contacts Barry over the phone, verifies all the important aspects in Barry’s Lead (i.e. property type, loan type, and state in which the property is located) and confirms whether Barry is really interested in the loan.Immediately after this, she puts Barry on hold and phones Larry, a loan officer attached to a lender, and provides him with Barry’s name, type of loan sought, and phone number. Larry, the loan officer, uses this phone number to preview the data associated with Barry, by using a standard web browser in his computer. Usually, lender firms have toll-free numbers to call.If Larry is really interested, he phones Tin...
More About: Exclusive , Telemarketing

What Ever Happened to Common Courtesy?
2008-01-19 04:32:00
realize I’m not living in the Victorian Era where good manners were expected, but I still think a level of civility should prevail. The obvious situations where gentlemen hold open doors for ladies, are not to which I’m referring. It’s easier to explain through an example.I’m at a store waiting for a clerk to show up at the cash register. After a few moments, she arrives and I’m about to give her my item when a woman pushes past me and throws her purchase on the counter, saying, “You take visa, right?”I stare at her for a moment wondering what she was thinking. Then I decide to clarify the incident by saying, “I was actually here first.”She gives me a slight smile and says, “That’s okay. I only have this one purchase. You really don’t mind, do you?”With irritation, I reply, “Actually I do and I guess you didn’t see me,” with sarcasm literally dripping from the last phrase. She ignores me and talks to the clerk.IAs she finishes her transaction, she lea...
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No More Cold Calling Leads - Just Closing Deals
2008-01-19 04:32:00
Calling Cold Calls is simply tiring and annoying. People hate cold calling "Fake Leads ". People also hate being on the receiving end of a cold call. How many times have you been watching your favorite show and the phone rings, and guess what a telemarketing. That is probably the most annoying things that can happen to you.Most cold call leads are really not leads at all, they are "Fake Leads". The Sales person did not buy leads, they bought a list of contact names. You can get the same effect from cold calling people from the yellow pages. A little know fact is when a telemarketing computer system goes down, guess what they pull out, the yellow pages!Getting a prospect for a mortgage for example is the most difficult part of a sales job. Most people do not buy cars from people calling them to sell one, why would it be a better idea to call them about mortgages? (which is usually a lot more than a car).Real Leads are real people actively looking for the product or services that you a...
More About: Calling , Cold calling

Overcoming Voice Mail Challenges
2008-01-19 04:30:00
If you are in the business of sales, than ultimately, cold calling is part of your weekly, if not daily routine.Let's face it, cold calling just isn’t very exciting, and you need to make many cold calls in order to have success.During my days working as a loan officer for a mortgage company, I would spend two and a half hours each night, Monday through Friday banging out my cold calls.My goal was to take at least three applications per evening, resulting in fifteen applications per week, with a goal of turning at least three of the fifteen applications into actual loans.I faced many challenges during those evenings of cold calling. Such as hang ups, and people saying things such as “I already took care of that,” and “take me off of your calling list,” etc.One other challenge I came upon was the answering machine. There was nothing worse than selling to a machine.But after much rejection from the actual live human beings I was dealing with on a nightly basis, I began to th...
More About: Mail , Voice

Sales Training Tips - 7 Ideas Proven To Boost Sales
2008-01-14 00:21:00
Many people, including some in the sales profession, believe that sales training is a waste of time and money. A popular belief is that sales people are born to sell, and that an individual either "has it" or they don't, and nothing can be done to change it.This belief has been proven to be wrong. Selling is a learned skill. Many of the beliefs about the skills required for success are much different than those actually necessary.Below is a list of truths about the sales profession:Sales is a learned skill. A sales rep will never reach their true potential until this fact is accepted. True professionals study and practice the skills proven to be effective and continue sales training throughout their career.Sales calls can be made any time. Many sales reps actually believe sales calls can only be made after 9:00 or before 3:00. The professional knows someone prefers 7:00 a.m. and others work evenings. Professionals find people to see them for a full day every day.The minds controls ...
More About: Ideas , Tips , Training , Boost

Cold Calling Made Easy
2008-01-14 00:20:00
In my ten plus years of sales and marketing work with small businesses, many of them would ask me “Does cold calling really work?” They would profess to be leery of doing it for fear of rejection or simply through fear of making the call. They had questions such as: “I hate feeling like I'm being sold, so I want to learn how to come across less like a salesman.” “What's the MAIN purpose of cold calling anyway?” “Is it to get the decision maker's name or to make an appointment?” “Do you recommend phone calls, or personal visits, or mailing literature first?” “How often should I try to contact a person?”First of all I want to mention that you need to make sure any list of names or prospects or whoever you are calling is not on the Do Not Call List or you could get in big trouble. Go to donotcall.gov to find out more about it or to sign up as a consumer or a telemarketer.I did a little research online before I sat down to write this and I found just a ton of ...
More About: Cold , Made , Calling , Easy , Cold calling

Top Sales Trainer Asks: Can Someone Who Says: "I'm Not A Salesperson!" Beco
2008-01-14 00:19:00
“He has the gift of gab; he should be in sales!”“People really like her; she’d make a great salesperson!”“He’s the funniest guy I know; a natural for selling!”Have you ever wondered how people get into the sales field?Clearly, some are born into it. The President of the local car dealership has his son working as the sales manager of one of the divisions.For those two, and for many others, you might say selling is in the genes.If you’re a people-person, others notice, and they encourage you with the sorts of lines that opened this article.But can anybody else become a good salesperson?Must you be extroverted, outgoing, someone who doesn’t mind shaking hands and smiling into the eyes of strangers?You can.If I didn’t believe this, I wouldn’t have written the best-selling book, “Selling Skills For The Non-Sales person,” or “Telemarketing For Non-Telemarketers.”But it’s not easy converting ardent non-salespeople into top achievers, especially if they say...
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How to Create an Effective Mortgage Direct Mail Campaign
2008-01-14 00:17:00
Direct mail is the most effective and cost effective way to generate new mortgage business there is. Marketing as we know it has changed dramatically over the past few years. Homeowners have more resources than ever before, they can research almost any type of mortgage, company, or product online, and within seconds have the information they wanted. This has taken a significant percentage away from conventional forms of marketing. New spamming laws and telemarketing Do Not Call lists (Which over 58 percent of homeowners in the United States are registered on) don’t leave a lot of ways to directly market to homeowners. With these factors in mind direct mail can be the best most cost effective way to reach new mortgage prospects. With direct mail you’d have the potential to reach 100 percent of all homeowners in the United States.What if I told you I’ve discovered a direct mail piece that generates an amazing 20 to 30 percent response?I send 75 pieces per week, at a cost of $35 ...
More About: Mail , Mortgage , Direct , Campaign , Effective

Stop Cold Calling and Double Your Sales in 30 Days
2008-01-11 04:33:00
Everyone knows what “cold calling” is, but how about “warm calling”? That’s easy, warm calling involves contacting your former clients and people you have already identified as prospects.These are the people you had made previous contact with and are listed in your database or on your Rolodex. If appropriate for your industry, I recommend spending one hour a day calling your database.To gain the greatest benefit from your warm calling efforts, you should provide an exceptional level of customer service and give unexpected bonuses to your clients throughout your sales process.This way, your past clients will be happy to hear from you and eager to help you find new business.Let’s see how you can “heat up” your warm contacts to create hot new business leads.Build rapport – All right, it may have been some time since you last talked with your contact, so a little refreshing of his or her memory might be necessary. Use the time to re-establish your relationship, inform ...
More About: Sales , Double , Cold , Stop , Days

Researched Mortgage Marketing Techniques - Do Leads Still Work?
2008-01-11 04:32:00
I have seen many post on websites, broker chat rooms, outpost, and comment sections about mortgage leads being bad and down right fraudulent. Well I have taken this question to the next level, "Are mortgage leads still worth buying?"The answer is of course. I ran an experiment in late July that tested major mortgage lead websites and this is what I generally found.Mortgage leads are a much more competitive marketing tool compared to several years ago.Online shoppers definitely do submit their application to more than one site when shopping online - this is the biggest issue noted through out our research.Return policies are the biggest key to making this investment profitable.Time spent on calling mortgage leads can be enormous if you let it.The ROI on mortgage lead purchases is still high if you manage your purchases, people, and profits correctly.The biggest issue with calling mortgage leads is that we as mortgage brokers and loan officers are spoiled or think that we are calling ...
More About: Marketing , Work , Leads