How to Generate Business in Loan Origination
Gaining success in the mortgage business will require the origination of purchase and refinance transactions. You can generate business from a variety of sources that may give you opportunities to help people who need a mortgage loan for buying a home, consolidating debt or borrowing cash from the equity within a property. A loan originator who is dedicated to building his business could eventually generate income from a network of referral sources.
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Instructions
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Locate real estate agents in your market area. Contact the National Association of Realtors or Zillow to find real estate offices that are within 30 miles of your office (see Resources). Take business cards and brochures that display the types of loans you originate. Ask real estate agents to try your services. Deliver the results that you promised and you are likely to receive additional business and referrals from other real estate agents.
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Visit new home developments to speak with the community sales manager. Offer your loan-origination services for clients who need financing to buy a new home. Highlight your programs that can assist first-time home buyers or credit-challenged applicants.
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Use your existing client base to generate refinance loans. Call customers who have closed a loan with your company to offer debt-consolidation loans, home-improvement loans or home lines of credit.
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Buy targeted leads for the types of loans you want to originate. Contact a list broker to obtain data for people who are seeking to buy or refinance a home. Provide your criteria for loan-origination leads such as, the city, state, loan amount, credit quality of applicant and transaction type. Purchase leads that will contain addresses, phone numbers or both. Build your loan-origination opportunities by contacting prospects on your list of leads.
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References
Resources
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