Angel Oak Prime Bridge LLC has expanded its wholesale options for mortgage brokers looking to expand offerings to clients that want fix and flip home financing.

The outlook for the fix-and-flip market shows an incredible opportunity for growth in the years to come. The aim is for brokers to have streamlined access to innovative solutions for borrowers looking to get financing in this space. Fundamentals remain on solid footing and markets continue to see robust demand for financing as more borrowers come off the sidelines.

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“Many brokers we work with are inundated with requests for loans as demand for financing skyrockets. It’s clear that there is an opportunity for brokers to expand their business in this area. Now with Angel Oak, brokers have a simple way to access products that fit the needs of these borrowers,” said Jackson, “Our new products are another tool in the belt for brokers looking to expand their offerings and client base.”

To spearhead this effort Angel Oak has hired mortgage and wholesale veteran Will Jackson, who has over 20 years of experience in the industry and a successful track record of managing and leading business efforts in this space, most recently at JP Morgan Chase.

“We’ve witnessed the demand from brokers looking to expand into different product offerings. Given our expertise and success in the non-QM wholesale channel this new effort will be a seamless experience for brokers. We’ve already built out our staff and support team, we’re ready to bring another great product to brokers,” says Steven Schwalb, managing partner of Angel Oak Lending Entities.

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By Pat Sherlock

I believe that in the not-too-distant future, artificial intelligence technology will be integral to the operational side of the business and will usurp functions that originators have traditionally performed. No longer will originators determine product slotting for their customers. Computers can do that better and faster. Just think how fast Big Blue's Watson AI decisions are when competing against world champion chess players.

[caption id="attachment_9789" align="alignleft" width="335"] Pat Sherlock[/caption]

Going forward, originators will be tasked with creating loan demand which requires that producers engage with prospects earlier in the home-buying process.

In other words, they must be micro-influencers.

What is a micro-influencer? While there are various definitions, the one I like to use is a salesperson who has over 3,000 people following them on social media platforms. Whether it is LinkedIn, Facebook or Instagram, the platform doesn't matter. They are recognized for being trusted advisers and according to James Tait's TRIBE blog: "They're relatable, genuine and trustworthy. Three things which are pretty useful when it comes to marketing. Launching an influencer campaign is effectively word-of-mouth marketing at an unprecedented scale."

One of the most significant changes in selling today is that the salesperson must cast a wide net when prospecting to have success. No longer can producers count on a few referral sources and make money.

 

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As a result, originators need to be micro-influencers sharing their thoughts and wisdom with a large target market and having followers. The good news is that social media platforms provide an easy way to engage with more people than ever before.

Unfortunately, many originators have not adapted to their role of being thought leaders who share valuable information with a large "tribe." They are stuck in the past thinking that the lender must provide leads or that they need to be the lowest priced in the marketplace. This outdated thinking is why many originators are doing so poorly today.

It is clear that selling today is not the same profession as before when sales professionals had all the information and the customer did not. The Internet changed this equation forever. Instead, the originator is required to nurture their tribe of followers and engage them like never before. This personal brand strategy is no longer optional and is a critical driver in any originator's success.

At its core, micro-influencing is a proactive selling strategy that requires originators to be active in their marketplace, sharing their knowledge of the financial landscape in the broadest way possible. It means helping prospects understand how lending works and what it takes for consumers to receive a fair deal. Yes, a fair deal, not the lowest price.

It is clear that future success in origination rests on a producer's ability to learn and adopt new selling techniques. Accumulating 3,000 followers isn't easy. In fact, it can take years of effort that involve daily outreach and referrals. It takes thinking of topics that will help prospects vs. promoting your product and service.

Mortgage banking has shifted from "me" marketing to "you" marketing and being a micro-influencer is a key role that each originator must play if they want to be successful.

About the Author: Pat Sherlock is the founder of QFS Sales Solutions, an organization that help sales organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com

 

 

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By Dave Hershman

Last time, we started the process of defining and identifying one's "sphere." We noted that the sphere should be the basis of a personal marketing plan, and therefore, it is imperative that we have a true understanding of the scope of one's sphere.

Now we will describe four additional parts of your sphere:

Associations. When we described the sphere, we described both a "relationship" and a "commonality" segment. Your associations will produce targets that represent both segments, but this category actually has the ability to add more from the "commonality" segment than any other category. Associations would include religious, academic, business, civic or even special interest associations. Your church or temple, alumni association, chamber of commerce, homeowner’s association and even country club are all examples of these associations.

If you are not a "participator" or "joiner"--your marketing plan may require that you start joining and participating in these associations. An alumni association may have 2,000 members. You might develop a relationship with only 50, but you have something in common with all of them.

Vendors. There are actually two subcategories of vendors. First, there are those from which you purchase. You make both business and personal purchases. Your business vendors may include your landlord, printer, advertiser and so forth. Your personal vendors may include your dry cleaners, favorite restaurant and others. Every time you make a purchase from a vendor, you are helping that vendor succeed. Our question to you: Is that vendor helping you succeed? This brings up an important sphere-marketing rule: Stop buying from vendors that are not helping you succeed.

The second subcategory of vendors would include those that sell to your targets. For example, if you are a real-estate agent, you are not the only one who calls on potential homeowners. If you are a loan officer, you are not the only one who calls on real estate agents. It is from this subcategory that you can find potential synergy marketing partners. Synergy marketing partners are those who have the same targets as you but sell a non-competing product. Why not coordinate your marketing efforts and share relationship referrals?

Professionals. The professional category includes doctors, lawyers, accountants, financial planners and other professionals who might be singled out among your sphere. Professionals are very important because they typically have a higher income than the average person and have large spheres of influence themselves.

Professionals know many other professionals. For example, if you are interested in marketing to divorce attorneys, you can cold call them. Or you can meet many divorce attorneys through one divorce attorney. You may know one or two, but they are likely to know 10 or 20. They went to school with them, practice with them and compete against them. And we all know that divorces produce many transactions, especially in the real-estate world.

Your marketing plan should revolve around your sphere. The goal of your plan should be to identify, grow and provide maximum value to these important segments of your sphere.

About the Author: Dave Hershman is a VP of Sales for Weichert Financial Services and founder of OriginationPro (www.OriginationPro.com), providing marketing content and training programs for the industry.  Email him with questions or comments at This email address is being protected from spambots. You need JavaScript enabled to view it.

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