Mortgage Broker/LO '900' HOTLINE may get the ax!
Two years ago I developed our 'quick' training concept for Secret! University. Considering nearly all LO's and newer Mortgage Broker are a part of the cell phone generation, it seemed a natural to me to offer up instant training answers (via their cell phones or through the telephone systems of their employers) where they could get the answer to virtually any question they had at the moment, and where all answers were guaranteed to be correct, or your money back. Given the simple fact that each answer could easily be worth several hundreds of dollars in income for them, the small cost of a '900' call should have not been a barrier to them utilizing this service, especially since the training of LO's and most of the newer Mortgage Brokers has been awful - I expected a much larger response to this service. Today after 27 months, I'm almost ready to throw in the towel on this concept, the home-run idea I thought I had has actually performed poorly as compared to the lofty results I expected. You can see how this all works buy visiting THIS webpage of our website.
The sort of questions I've gotten have been pretty much all over the map, a range and varierty that shows how much this service is really necessary ... these are several of the recent ones: How do I find more customers, I need to know how to do equipment leases for my self employed borrowers, where can I learn how to do LP, how can I co-broker a loan legally, is a net branch right for me since I'm a corporation, ... but if I hire 3 or four LO's my own production will suffer ... so should I, how do I go from Broker to Banker and should I, who can help me understand appraisals, what's the smartest way to fire somebody, is Realtor business really this hard, is my boss being ethical when he does ..., is net branching smart, I'm a 15 year mortgage banker - how do I become a servicer, what should I look for when I interview a processor, what LOS software do you recommend, where do I go to learn how to read a preliminary title report, what are good products to cross sell my customers, what makes a loan a good loan, I'm moving my office going from 400 sq ft to 1200 - what's a good layout, is this or that ... a RESPA violation, I understand about the APR trigger terms ... I was wondering what specific disclaimer has to be in the advertising? Ex: "Certain restrictions apply" etc., and whether or not I have to have "Equal Housing Lender/Opportunity" in all ads? Can I offer a coupon for "200 dollars off closing costs" in a flyer, how much typically does a steel man-hole cover weigh?
On the other hand, our E-Mail Answers program - HERE - which I expected to be used much less by potential students, has been an unexpected success, my guess is that it has a fixed cost (vs. the length of a phone call), the replies ar eprinted out, and can deal with more complex questions. I'll want to come up with something to replace the '900' HOTLINE, before I cut it, but my mind is looking now.
Oh yea, and speaking of my Oakland Raiders - in their Monday night football game they made me cry again.
Two years ago I developed our 'quick' training concept for Secret! University. Considering nearly all LO's and newer Mortgage Broker are a part of the cell phone generation, it seemed a natural to me to offer up instant training answers (via their cell phones or through the telephone systems of their employers) where they could get the answer to virtually any question they had at the moment, and where all answers were guaranteed to be correct, or your money back. Given the simple fact that each answer could easily be worth several hundreds of dollars in income for them, the small cost of a '900' call should have not been a barrier to them utilizing this service, especially since the training of LO's and most of the newer Mortgage Brokers has been awful - I expected a much larger response to this service. Today after 27 months, I'm almost ready to throw in the towel on this concept, the home-run idea I thought I had has actually performed poorly as compared to the lofty results I expected. You can see how this all works buy visiting THIS webpage of our website.
The sort of questions I've gotten have been pretty much all over the map, a range and varierty that shows how much this service is really necessary ... these are several of the recent ones: How do I find more customers, I need to know how to do equipment leases for my self employed borrowers, where can I learn how to do LP, how can I co-broker a loan legally, is a net branch right for me since I'm a corporation, ... but if I hire 3 or four LO's my own production will suffer ... so should I, how do I go from Broker to Banker and should I, who can help me understand appraisals, what's the smartest way to fire somebody, is Realtor business really this hard, is my boss being ethical when he does ..., is net branching smart, I'm a 15 year mortgage banker - how do I become a servicer, what should I look for when I interview a processor, what LOS software do you recommend, where do I go to learn how to read a preliminary title report, what are good products to cross sell my customers, what makes a loan a good loan, I'm moving my office going from 400 sq ft to 1200 - what's a good layout, is this or that ... a RESPA violation, I understand about the APR trigger terms ... I was wondering what specific disclaimer has to be in the advertising? Ex: "Certain restrictions apply" etc., and whether or not I have to have "Equal Housing Lender/Opportunity" in all ads? Can I offer a coupon for "200 dollars off closing costs" in a flyer, how much typically does a steel man-hole cover weigh?
On the other hand, our E-Mail Answers program - HERE - which I expected to be used much less by potential students, has been an unexpected success, my guess is that it has a fixed cost (vs. the length of a phone call), the replies ar eprinted out, and can deal with more complex questions. I'll want to come up with something to replace the '900' HOTLINE, before I cut it, but my mind is looking now.
Oh yea, and speaking of my Oakland Raiders - in their Monday night football game they made me cry again.
posted by Secret! at 8:43 AM
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