Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
MORTGAGE BROKERS OVERVIEW<br />
As a mortgage broker, you have without a doubt an excellent source of leads available for<br />
owner finance contracts.<br />
The reason: you have a never ending stream of buyers with cash who don’t qualify for<br />
conventional mortgage financing that you can’t do anything with.<br />
As you already know based on the myriad of mortgage brokers surveyed over the last few<br />
years, roughly 8 out of 10 loan applications are getting declined nationwide.<br />
While certainly a terrible statistic, the important thing to remember is that anytime there’s “bad<br />
news”, there maybe opportunity.<br />
How about discussing the idea of creating a team to help your non-qualified clients and close<br />
more loans in the process?<br />
We have a way that you can profit today from your declined clients (dead files) with profit in the<br />
future and never lose them to another mortgage broker.<br />
In the case of denied loan applications, the opportunities are:<br />
*Buyers with cash who meet the DTI (debt to income ratio) requirements, meaning you can<br />
service the debt, that have the liquid cash available for a down payment.<br />
*Ability to develop a relationship with your client and add value since in most cases, you have to<br />
be the bearer of bad news and decline their loan, thereby shattering their hopes and dreams.<br />
Having done it many times as a mortgage banker myself, I can tell you it’s not pleasant and the<br />
ability to offer a positive alternative solution that can achieve the same end goal is a HUGE<br />
positive.<br />
*Ability to refer over other mortgage brokers and realtors who can also refer deals.<br />
*Ability to help you generate an additional income stream by doing joint venture deals in and out<br />
of the markets you're licensed in.<br />
*Ability to help you develop your own joint venture partner network.<br />
Here’s the sad reality: mortgage brokers, like most realtors, investors, and pretty much everyone<br />
in sales, work deals they know they can close and deals they can’t get put in a dead file pile<br />
never to be touched or resurrected again.<br />
In other words, declined loans have zero value to you because you still gotta eat this month.<br />
What you have the ability to do is solve an immediate problem and become a hero while also<br />
developing a multi-year pipeline of deals that you will close that otherwise would not have come<br />
to fruition.
Change language