While at the New Jersey Mortgage Bankers Associations show today in Atlantic City, Genworth’s Steve Richman was discussing ways for lenders to drive more business. “Customers do business with you for a number of reasons. They do business with you because of your corporate brand, they do business with you because of your personal brand relationship, because of your price, because of other services that you offer or because of your expertise. There is no single “sliver bullet” that lenders can concentrate on to drive business.

Perhaps the best way to help drive business, according to Richman, is to differentiate yourself.

“If your all about rates you’re a one-trick pony. And some people want a one trick pony. But if you want to be in the business for the long term you can’t put yourself in a position to be out of business once someone comes along and beats your one trick,” said Richman.

One way to differentiate is to diversify by offering a more comprehensive, meaningful product offering, such as the following:

• Find partners and programs that help you. Genworth’s Home Suite Home program, which was introduced about a month ago, allows lenders to offer identity-theft protection, a warranty on your home appliances or a rebate on your homeowners insurance. This helps consumers make a purchasing decision based on more than price.
• The four expectations that customers want from an originator is they want their mortgage fast,  and they want  to work with someone who is easy to work with.  Everyone wants their originator not to make mistakes and to be reasonably priced. All of these can be used to differentiate if you use numbers. There is a big difference in saying, “We help a lot of first-time home buyers” compared with ”98% of all first-time home buyers I saw last year we approved for a loan.” Originators have to be able to measure their performance.
• Leverage technology to help address your customer’s needs. For example, rather than giving a house warming present, offer to set up your clients Alexa system for the new house. Alexa has over 70,000 skills on it. Alexa can order pizza, play music, start their car or turn on their house lights if they can’t make it home.

Another way to leverage technology is to show clients different applications that help them address their needs, such as the following:

• AroundMe App: Shows your clients what’s in the neighborhood
• NameShark: Helps you remember names
• Memorize Anything: Learn things by hearing them over and over
• Magic Plan: Use your camera to capture the dimensions of a room
• Paint Tester: Take a picture of a paint sample and it will show you what the room will look like in that color.
• Wayfair: Good prices on things for the home.

“All of these measures are best done taking a customer-centric approach. Let the consumer know the good decisions they have made, don’t try to sell them," Richman. "For example, a lot of people say, “Home values just went up 5% so if you sell today look how much you can make.” That’s the wrong approach. It’s better to say, “home values just went up 5%, you were smart to buy this home in this neighborhood. You just made it about your customer, not about you.”

[caption id="attachment_11630" align="aligncenter" width="185"] Brian Sacks[/caption]

Dear Brian,
I am having challenges getting buyers who I am pre qualifying to share accurate information with me. Any suggestions?

Tammy P
Detroit

Dear Tammy,

Thanks so much for writing in and asking your question. Of course, every originator including me has struggled with this question. Take a minute and think about our job when we are first meeting or speaking with client.“ Hi How are you ? How’s your credit? How much do you make? How much money do you have in the bank?” It’s awkward at best and very scary for most buyers. So, let me share some ideas and suggestions with you. There are a number of areas to focus on.

How Are They Finding You?
When clients are referred to you from a professional they trust, such as an agent, attorney, financial planner or accountant they are often more likely to already have a degree of comfort with you. This is the same with clients referred by their friends or family. But there is also another way to establish trust and creditability and that is by using the media. Many of my clients find me from articles I have written or tv and radio appearances.

Do They Understand Your Role and Why It’s Important to Get Pre-Approved?

It’s important that the client understands that they are going through this process, so they know what programs are best for them and what their options are. They will also need to know what their own comfort levels are for out of pocket cash and monthly payments and that all starts with your conversation getting pre-approved.

Is the meeting by phone, in person or a video call?
I may be old-school, but I always prefer to meet with my clients in person. If they are out of state, or not able to come in, I like to arrange a skype or join.me call so we can actually see each other. Talking to a faceless person on the phone is scary, because they can’t see your expressions or exactly what you are intending to get across. The benefit of in person meetings is often your ability to have them get to know you and this leads to referrals!

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Would You Give Me a $1,000 Question?
When all else fails, I will ask them the $1,000 question. I ask them if they would give me 1000 dollars if I promised to never give it back. There is usually a pause on their part as they try to process this question.

I then go on to explain that if they go out and don’t get pre-approved they risk losing $1,000. If they go to contract and their mortgage is not approved, they will have spent $500 for an appraisal and another $500 on other inspections. This money will not be refunded since services were performed.

Besides, getting pre-approved allows the seller to know that they are able to move forward and will likely help them get their offer accepted. This is also important to explain to your prospects.

This usually breaks the ice and allows them to understand that this is an important starting point for purchasing a new home.

Tammy, I hope this helps and gives you some ideas you can implement right away.

If you have a question in an upcoming Ask Brian column please send them to me at  This email address is being protected from spambots. You need JavaScript enabled to view it.with the Subject line Ask Brian Article

About the Author: Brian Sacks is a branch manger and originator with HomeBridge Financial in Owings Mills Maryland. He is also the author of 48 Proven Ways To Immediately Close More Loans https://briansacks.samcart.com/products/48books---tml/and the founder of http://toporiginatorsecrets.com

The Money Store Launches New Ops Center

The Money Store announced the opening of the Western Division Operations Center located in the heart of Central Phoenix, Arizona.  Led by Operations Manager, Tracy Brooks, the center will support the West Coast based sales teams with processing, underwriting and closing functions. Brooks has been in the mortgage industry for 30 years, having held management positions in Operations, Sales, and Credit Risk for such companies as Movement Mortgage, Quicken Loans, and even The Money Store back in the late 90s. Her experience coupled with her skillful team will provide even better service to the homebuyers and real estate professionals on the West Coast.

"I am extremely excited to be a part of The Money Store's expansion to the west coast.  We have assembled a best-in-class operations team here in Phoenix, working alongside some of the industry's top sales leaders to deliver amazing customer experiences.  Having the chance to open this Operations Center for a forward-thinking company that is dedicated to becoming the best in the business is a breath of fresh air for someone who has been in this business as long as I have.  The energy and excitement to grow the Western Division is felt by every member of my team. The potential is amazing and we are ready for what lies ahead!"

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Angel Oak Home Loans Continues Expansion in Georgia

Angel Oak Home Loans, a full-service residential mortgage lender, brings new mortgage options to Warner Robins homebuyers with its newest branch in The Peach State.

“We take great pride in ensuring that our customers get the best mortgage product to meet their needs,” says Sierra Hudson, Warner Robins Branch Manager. “Customer service is our top priority and we are looking forward to giving Warner Robins homebuyers a seamless mortgage experience. Whether it is your first or third home, it is an important moment and every homebuyer should make sure they work with a lender who can assist on all levels of the experience.”

Angel Oak Home Loans, in addition to traditional products, offers non-QM options for borrowers who do not meet today’s tight bank-lending standards. Alongside Angel Oak’s ability to close loans quickly, borrowers can also use the Angel Oak “MyHomeLoan” mobile app, which gives users streamlined, 24/7 access to their application, loan process and other features.

“Angel Oak’s commitment to bringing speed and expert service to each borrower has been a key growth factor,” says Mac Cregger, SVP Regional Manager of Angel Oak Home Loans. “The Warner Robins branch has an expert team and we look forward to seeing them meet the high standards borrowers have come to expect from us.”

The Warner Robins branch is the 10th Angel Oak Home Loans office in Georgia. The company’s expanding presence shows that there is a demand for flexible products to better serve the growing number of homebuyers. Angel Oak now services borrowers in 18 states. In 2018, Angel Oak saw record-breaking volume in non-QM lending across the company.