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The High-Income Mortgage Originator:
Sales Strategies and Practices to Build Your Client Base and Become a Top Producer
BY Richard Giannamore, Barbara Bordow Osach
BUSINESS & MANAGEMENT / MANAGEMENT / STRATEGIC MANAGEMENT /
The High-Income Mortgage Originator
"The authors have produced a comprehensive guide to becoming a successful mortgage originator. The book will benefit both the entry-level and seasoned originator."
°™Anthony N. Gugliotti, Vice President, Naugatuck Savings Bank
"The High-Income Mortgage Originator is a must-read for anyone starting out in the industry or changing careers. I found that the book clearly illustrated the necessary information, skills, and knowledge needed, complete with forms and tools, to get started in the business. More importantly, the authors emphasized the service side of the mortgage business, which would greatly benefit someone just starting out."
°™Mary Sue Cavanagh, Executive Director, EntrepreneursNOW, Inc.
"The author writes step-by-step procedures in detail, spelling out regulations and including forms. Key communication skills and operating practices are explained throughout the text. This book truly will provide a business opportunity for readers who take it seriously!"
°™Byron Eddy Waterman, EdD, Connecticut Adult Education System
Richard Giannamore is President and CEO of Mortgage Services, Inc., and has more than twenty-five years of experience in the business. He is also CEO of Financial Program Strategies, Inc., and creator of the $-Road to Riches-$® education seminars.
Barbara Bordow Osach, MBA, is a consultant to Mortgage Services, Inc., and has designed training and best practices documents for numerous industries.
TABLE OF CONTENTS:
Author and Contributor Biographies.
Part 1. What You Should Know.
1. Mortgage Originator--The Best Job in the World: How to Make Lots of Money Selling.
Money and Fulfilling Dreams.
Expectations: Getting What You Want.
It's About Selling.
Learning The Ropes.
Making A Difference, One Loan At A Time.
Choosing A Company, Deciding How Much You Want To Earn.
A Day In The Life of a Mortgage Originator.
2. Big Picture: Understanding the Mortgage Loan Process.
Borrowers: Understanding Events That Motivate Them.
First Steps: Initiating Contact to Submitting the Application.
Home Stretch: Processing, Underwriting and Closing the Deal.
After the Close: Maintaining Relationships with Borrowers.
Key Points: Recapping the Highlights.
3. Players: Defining Your Interests and Those of Borrowers, Lenders and Brokers.
Borrowers: Seeking a Solution.
Investors: Defining the Market.
Lenders: Playing the Market.
Brokers: Crafting the Transaction that Works for Everyone.
Originators: Creating Opportunity.
Processors: Keep it Flowing.
Underwriters: Assessing Risk and Reward.
Supporting Players: Providing Assurances.
Next Steps: Getting Up to Bat.
Part 2. The Mortgage Selling Cycle.
4. Step 1: Generating Leads, Prospecting and Keeping Score.
Making Your Delivery Special.
It's a Numbers Game - Know the Score.
What Makes an Effective Sales Presentation?
Attention: Targeting Needs, Providing Solutions.
You Don't Have to Start From Scratch.
5. Step 2: Moving a Lead to a Prospect.
Eight Rookie Sales Mistakes and How to Avoid Them.
From Lead to Prospect - Getting the Go Ahead for the Application.
6. Step 3: Facts and Forms: Taking the Mortgage Application.
Why Do You Ask?
As Soon As You Get Off the Phone.
7. Step 4: Interpreting Ratios and Credit Scores, Building Trust.
What Does it All Mean?
Reality Check: Qualifying the Prospect.
The Credit Call.
8. Step 5: Determining the Right Product For Your Prospect.
Fixed Rate Loan Products.
Adjustable Rate Mortgages (ARMs).
Matching Prospect Goals and Qualifications to Products.
Pricing Loans ®C Unraveling the Rate Sheet.
What to Do When There Is Nothing You Can Do.
Automated Underwriting Tools.
9. Step 6: Selling A Proposal That Makes Sense.
Basic Calculations for Comparisons.
Presenting the Choices.
10. Step 7: Creating a Customer Relations System.
A Little Technology Goes a Long Way.
Loan Cycle Communications.
Track Your Communications.
Part 3. Wrap Up.
11. The Loan Package: Preparing the Loan for Processing.
Uniform Residential Loan Application (1003).
Good Faith Estimate.
Truth in Lending Disclosure Statement.
Making It Official.
12. Brokers and Lenders: Identifying and Serving Their Needs.
Processing to Submission.
Submission to Approval.
Approval to Close.
13. The Wrap-Up: Closing the Loan.
Preparing Your Client for the Closing.
Other Closing Documents.
Show Me the Money.
14. Next Steps Toward Your Future.
Starting From Scratch.
Finding the Right Firm.
Afterword. Downturns in the Mortgage Cycle.
A. Key Mortgage Industry Resources on the Web.
C. A Day In The Life of a Mortgage Originator.
D. Overview of The Loan Process.
E. Comparison of Financial Instruments.
F. Key Ratio Calculations.
G. Quick Ratio Guidelines for Conforming Loans.
H. Using Microsoft Office for Customer Relations Management.
Mail Merge for Personalized Letters.
Searching Through Your Client Base.
Downloadable Forms and Templates.
Standard Loan Origination Forms and Documents.
Lead Generation Templates and Samples.
On-Line Application Submission Link.