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Desperately Seeking Good Leads, The Adventure Driven Loan Officer


As loan officers, the word "lead" is by far one of the most common words we use during the day, it is the topic of many of our conversations, it is praised and cursed, it is good and it is bad, it is loved and it is hated, on bad days it is hard to find, and on good days it falls right into our lap.

The lead is a specter that haunts us constantly, we can't get enough of them, no mater how many or how little we have, we are constantly searching for more.

In a perfect world, a lead would be waiting for us every morning on our desk placed there by the lead fairy, along with a complimentary cup of coffee and a morning paper. With a waive of her magic wand she would ensure that every lead would turn into a deal and we would end up with a 100% closure ratio.Unfortunately this is not the case.

As a loan officer starting out in this industry, I came to work on my first day and expected the leads to just come out of no where, as you can expect, nothing happened. On the second day, I came to work, and again I expected the leads to just start coming out of no where. As you can imagine, nothing happened.

On the third day, I decided to make a move. I began the process of throwing myself into the world of networking. Although the concept was quite simple, I knew that reaping the rewards would prove to be a much more difficult task.

Lets face it, we can never have enough leads, we want to ensure that our pipe line is healthy at all times, with at least one closing per week.

One of the first groups I became involved with was a networking group called "All Business" and that is exactly what it was, all business. This particular group consisted of a President, a Vice President and a treasurer, along with a few other officers whose meaningless titles I cannot recall. The premise of this organization was to filter out any kind of conflict that could result from to many people belonging to the same industry, therefore only one person from a certain industry was permitted to join. As luck would have it, "All Business" did not have a representative from the mortgage industry, and after a two week screening process I was voted into the group.

The officers style of running this organization was militant, but effective. All members had to adhere to strict guidelines. For instance every Wednesday we met at a local diner at 7:00 am sharp, and upon arrival you could only speak of business and nothing else, and if you were a minute late you were fined five dollars. If you failed to show up with out a lead from the previous week, you were fined two dollars, and if you missed two consecutive meetings you were dismissed from the group.

Every Wednesday I was permitted to give a two minute speech before the group and familiarize them with the products I had to offer so they could then sell it for me, and once a month I was given the floor for twelve minutes to really wow them with what I could offer.

I loved to see their eyes pop when I spoke of cofi's, cozi's, and interest only loans, products they did not know existed.

Of course this organization came with a price, the annual fee was $500.00 paid in installments quarterly, but none the less, it paid for itself many times over by the leads I received from this group, which was basically a twenty five person sales force I had working for me.Over all this was time and money well spent.

My next step was to join my local Chamber of Commerce. We met every Tuesday afternoon for lunch at a popular local restaurant where a room was rented to accommodate us and serve iced tea and rubber chicken. The chamber was very large and consisted of many members, more than two hundred. It quickly dawned on me that this was an organization where I was going to really have to bust my but to get results, the chamber was loaded with competition, there were many bankers and mortgage brokers I was going to have to compete with, so I was going to have to be better than the rest, especially when I didn't have the luxury of a company picking up my tab of $300.00 per year and the $15.00 I spent on lunch weekly, to me this was more than just time out of the office.

In time my persistence began to payoff, and the referrals and leads began to come.

One thing I learned very quickly, was that the best way to receive a referral was to give one. Nothing is for free!

Over time my exposure through these organizations provided me with many very useful contacts in the banking and real estate industries. These contacts along with the referrals I was receiving from my family and friends, and also, referrals from former customers, my book of business began to grow at a very nice pace, and business was good.

One of the last things I decided to try was investing a couple of hundred bucks in a mortgage lead company. I didn't save them for last because I didn't have any faith in them, I waited until I had closed a few deals so that I could allocate some money toward this venture.By the time I was done investing in lead companies, and I had dealt with quite a few over the course of my loan officer career, I found that the experience was not as pleasant as the networking organizations I had joined, and a lot less rewarding.

I can't say that they were all bad. A few were quite good. But the few that were good, were only good in the areas of customer service and liberal return policies. However, the ones with the liberal return policies replaced my bad leads with other bad leads.

Part of this was my fault, I made the mistake of diving in without doing any kind of research before I made my purchase. The internet is filled with sites that I should have accessed to get on line reviews and surveys of just about every lead company out there, along with commentaries from loan officers who have used particular lead companies.

My quest for leads went from sitting around idle to something that rivaled the quest for the holy grail, and my quest continues to this day. This is not the end. It is just the beginning. By visiting my site at www.jconners.com, you can check out some of the lead company reviews we have posted, and get an idea of what to look for in a lead company.

Jay Conners has more than fifteen years of sales and marketing experience in the banking and mortgage industry, and is the owner of J. Conners, Mortgage leads reviews. He is also the owner of http://www.callprospect.com a mortgage lead company, specializing in fresh leads. Jay Conners can be contacted via e-mail at conn1229@yahoo.com


MORE RESOURCES:
Mortgage application increase led by higher refinance volume  National Mortgage News

Mortgage applications increased last week but unlike the prior period, it was driven by refinance volume as interest rates fell to a one-year low, according to the ...


Refinance rates ease for Friday  Bankrate.com

Multiple benchmark refinance rates ticked downward today. If you're in the market for a mortgage, see what that means for you.


Mortgage rates are in a free fall with no end in sight  The Washington Post

Global and domestic economic concerns continue to drive down mortgage rates. According to the latest data released Thursday by Freddie Mac, the 30-year ...


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Refinance rates slide for Saturday  Bankrate.com

Multiple key refinance rates ticked downward today. If you're shopping for a refinance, see how your payments might be affected.


Refinance rates slide for Tuesday  Bankrate.com

Multiple closely watched refinance rates receded today. If you're in the market for a home loan, see what that means for you.


Refinance mortgage rates mixed for Thursday  Bankrate.com

Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected.


Lowest mortgage rates in over a year could give home buyers confidence  Yahoo Finance

Mortgage rates are at the lowest in more than a year, with the 30-year fixed rate now averaging 4.28%.


New VA rules aimed at curbing predatory lending for cash-out mortgage refinances  Bankrate.com

An interim final rule on VA-guaranteed cash-out refinance loans was published on February 19 to protect borrowers from predatory lenders. The rule executes ...


Answers to 9 of the Most Googled Mortgage Questions  NerdWallet

Mortgage questions? We've got answers to help boost your confidence when exploring your options, choosing mortgage lenders and managing your home ...


Millennials use January's low mortgage rates to refinance: Ellie Mae  National Mortgage News

Millennial homebuyers took advantage of a winter lull in interest rates, using the opportunity to refinance their loans, according to Ellie Mae.


Refinance Share Edged Back Down in February as Mortgage Rates Stabilized  Mortgageorb

The refinance share edged back down to 34% of all loans in February, down from 35% in January and down from 43% in February 2018, Ellie Mae's Origination ...


Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

What is FMERR? The Freddie Mac Enhanced Relief Refinance – or FMERR – is for borrowers who want to refinance but have very little or no equity in their ...


5 Bad Reasons to Refinance Your Mortgage  Yahoo Finance

Mortgage rates have gone down in recent weeks, giving you an opportunity to refinance your home at an attractive rate, to lower your mortgage costs or tap ...


LendingTree: Homebuyers save big by shopping around for lower mortgage rates  HousingWire

LendingTree's latest Mortgage Rate Competition Index revealed that borrowers with interest rates under 5% inched forward for the week ending Mar. 5, 2019.


Refinance rates drop off for Monday  Bankrate.com

Multiple key refinance rates fell today. If you haven't locked a refi yet, see how your payments might be affected.


Refinance Appraisals, What You Need to Know - RealtyBizNews: Real Estate News  RealtyBizNews

Refinancing your home can save you a lot of money. The process is not as easy as the commercials and ads make it seem, a little perperation goes a long way.


Refinance rates advance for Monday  Bankrate.com

Several benchmark refinance rates moved higher today. See what that means for you if you're in the market for a home loan.


LendingTree: Number of mortgage borrowers receiving interest rates under 5% rises  HousingWire

LendingTree's latest Mortgage Rate Competition Index revealed that the number of mortgage borrowers with interest rates under 5% inched forward for the week ...


Ellie Mae: Millennials' interest in mortgage refinance spikes  HousingWire

In January, slightly lower interest rates led to Millennial homebuyers increasing their requests to refinance their mortgages. In fact, according to Ellie Mae's latest ...


Refinance rates drop for Saturday  Bankrate.com

Several benchmark refinance rates fell today. See what that means for you if you're in the market for a mortgage.


LendingTree: Fewer homebuyers received mortgage rates under 5% last week  HousingWire

LendingTree's latest Mortgage Rate Competition Index revealed that borrowers with interest rates under 5% reversed course, inching backwards for the week ...


Analysis: All signs point to a housing boom ahead  Chicago Daily Herald

With the decline in interest rates over the past three months, the housing market now has three tail winds all lined up for the first time in this cycle.


Why out-of-control bubble-era mortgages still threaten to smash major U.S. housing markets  MarketWatch

The 2004-07 bubble era in U.S. housing markets was a time of utter madness. Much has been written about it, but almost nothing has been said about the ...


LendingTree: This is how much homebuyers could've saved on their mortgages  HousingWire

Last week, the share of borrowers with rates under 5% grew moderately larger. According to LendingTree's Mortgage Rate Competition Index, borrowers with ...


Paul Manafort charged with committing residential mortgage fraud — which is more common than you’d think  MarketWatch

Mortgage fraud risk has risen substantially in recent years as refinance activity has dried up for lenders.


Mortgage Sector Performance May Lag as Fed Pivots to Treasuries  Bloomberg

Mortgage securities may perform worse than government bonds in the coming months after the Federal Reserve said it plans to move more of its debt holdings ...


4 More Questions To Ask Before Refinancing Your Home  Forbes

We've already brought you a couple of questions that you should ask yourself before you refinance your home. However, in the interest of helping you be as ...


Freddie Mac increases total and refinance origination forecasts  National Mortgage News

Freddie Mac again increased its origination forecast for the next two years, as the rate drops of the past few months are expected to boost refinance volume.


All Signs Point to a Housing Boom Ahead  Bloomberg

Just as many millennials enter their home-buying years, the labor market is strong and interest rates are low.


Mortgage Rates Continue to Drop in 2019: A Good Time to Buy?  Home Buying Institute

According to the latest survey conducted by Freddie Mac, mortgage rates continue to drop. They have fallen steadily thus far in 2019.


TRANSACTIONS: CV Capital Funding refinances mixed-used portfolio  Real Estate Weekly

Roundup of this week's middle market loans features Arbor Realty Trust, Meridian Capital, Eastern Union Funding, GCP, Houlihan Parnes and CV Capital ...


Mortgage rates increase for Friday  Bankrate.com

Multiple benchmark mortgage rates floated higher today. If you're shopping for a home loan, see what that means for you.


Key mortgage rates mixed for Monday  Bankrate.com

Mortgage rates were mixed today. The average for a 30-year fixed-rate mortgage held steady, but the average rate on a 15-year fixed dropped. On the ...


Mortgage Rates Are Down – but Is the Housing Market Looking Up?  Knowledge@Wharton

Is it time to cheer for aspiring home buyers or existing homeowners looking to refinance their home loans? Mortgage rates fell for the third consecutive week on ...


Report indicates financial woes at former Franklin Mills mall  Philly.com

A loan backed by the former Franklin Mills mall in Northeast Philadelphia has been assigned to a company that manages troubled commercial mortgages — a ...


Mortgage rates today, February 22, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Average mortgage rates rose very slightly yesterday. So slightly, indeed, that your lender may not have bothered adjusting yours, although it may have slightly ...


Mortgage rates fall for Monday  Bankrate.com

Several key mortgage rates slid lower today. The average for a 30-year fixed-rate mortgage decreased, but the average rate on a 15-year fixed were higher.


Mortgage rates today, March 15, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Average mortgage rates were unchanged yesterday. So they remain at their lowest level for 15 months. That was in line with our prediction. But it's been a ...


RC19: The Mengali Group at Guild Mortgage, Best Mortgage Company  Davis Enterprise

Mengali Group at Guild Mortgage 404 Second St., Davis 530-753-8980 homeloanteam@caramengali.com. Second — First Northern Bank Third — Wells Fargo ...


Shopping center firm Retail Value Inc. lands $900 million loan  Crain's Cleveland Business

Retail Value Inc., the public company that Beachwood-based SITE Centers Corp. formed last year to shed properties, has secured a $900 million loan to ...


Mortgage rates just tanked thanks to the Fed – and they could go even lower  CNBC

The move in mortgage rates followed Fed Chairman Jerome Powell's announcement that the central bank would end the so-called runoff of bonds from its ...


How to Get Good Yield From Mortgage-Backed Securities  Barron's

The second-largest mortgage real-estate investment trust, AGNC Investment, conjures up yield from what may be the most perverse securities in the bond ...


More inventory, lower mortgage rates as 2019 homebuying season tilts toward buyers  Bankrate.com

Spring is here, which means peak homebuying season is right around the corner. Although it varies from place to place, generally most people start shopping for ...


Kroll says some banks are rethinking viability of mortgage lending business  HousingWire

The mortgage industry has witnessed very few mergers and acquisitions in the last year, despite what Kroll Bond Rating Agency calls a “fertile environment” for ...


Mortgage Rates Lowest in a Year: Top 4 Housing Picks  Zacks.com

The housing space looks promising as mortgage rates drop to the lowest level in a year.


Jumbo Mortgages Are Slowing Down, Testing Banks’ Postcrisis Playbook  The Wall Street Journal

High-end home buyers are turning cautious, a blow to banks that refocused their mortgage businesses around wealthy borrowers in the years after the financial ...


Mortgage refinancing spree becomes a race against the clock  Bankrate.com

Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...


Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes  Credible News

Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.


Using a Cash-Out Refinance as a Financial Tool  Zing! Blog by Quicken Loans

A cash-out refinance can be a useful financial tool. Read on to find out how to make your home value work for you.


Mortgage refinance applications hit 18-year low  CNBC

Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ...


Report: Homeowners gained nearly $10K in home equity last year | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Home price growth might be slowing, but homeowners are still gaining serious equity in their properties, According to new data, the average homeowner saw ...


The Fed Turns a Page, We Stay Focused on Growth  Forbes

Zero increases for Fed Funds in 2019, and no more sales of bonds after September: That's the latest monetary policy guidance from the US Federal Reserve.


Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ...


Rick Bloom: Should I use a down payment assistance program to buy a house?  Hometownlife.com

Dear Rick: I have a question that I hope you can help me with. Currently, I am divorced and I have been renting a home. My landlord has offered to sell me the ...


5 Signs It's Time To Refinance Your Mortgage  Forbes

You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ...


Defying Mortgage Delinquency Trends  DSNews.com

While mortgage delinquencies continue to drop, February appears to have been an outlier. What made February's delinquencies climb?


What to consider before determining whether to refinance your mortgage  Washington Post

REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...


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BidaskClub lowered shares of TFS Financial (NASDAQ:TFSL) from a buy rating to a hold rating in a research note released on Friday. Separately, Zacks ...


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Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...


The main reason to refinance your mortgage: Save money  Chicago Tribune

A substantial drop in interest rate on a fixed rate mortgage could save you money with a refinance. But you must factor in closing costs on the transaction.


Young lawmakers drive conversation on reducing student debt  Philly.com

When freshman state Sen. Lindsey Williams, a Democrat from West View, learned Philadelphia Sen. Vincent Hughes was crafting a bill to tackle student debt ...


Fixed mortgage rates are diving. Here’s where to get the best deals  The Globe and Mail

Payment burdens are easing for hundreds of thousands of borrowers.


CoreLogic launches intelligent multisource property data aggregator  National Mortgage News

PanoramIQ compiles and analyzes both public and proprietary property data, saving mortgage lenders time and costs by filling the gaps in property histories.


Young Americans Owe $1 Trillion Of Debt  Forbes

The latest consumer debt for young Americans may be higher than you think.


How should I apply for a mortgage refinance: in person, by phone or online? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ...


Is it okay to apply with more than one mortgage lender at the same time? | Mortgage Rates, Mortgage News and Strategy  themortgagereports.com

If you're worried about getting approved for a home loan, or getting the lowest possible rate, you might apply with more than one mortgage lender. But that ...


Refinance mortgage rate moves lower for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate trended down. If you haven't locked a refi yet, see how your payments might be affected.


Refinance mortgage rate slides for Friday  Bankrate.com

Refinance rates were mixed, but one key rate sunk lower. See what that means for your chances of scoring a killer refi rate.


Refinance mortgage rates mixed for Tuesday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you.


Mortgage rates drop below 4.5%. Homeowners scramble to refinance | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

There is a quiet refinance boom brewing, as mortgage rates sink to 9-month lows. Not since April 2018 have rates been this low. Freddie Mac, in its weekly ...


How to refinance to pay off a mortgage faster | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You probably have a number of ways to pay off a mortgage faster. You can refinance to a shorter term, pay more on your existing mortgage or free up your ...


Refinance mortgage rate advances for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate floated higher. See what that means for your chances of getting a better mortgage rate.


Navient (NAVI) versus Federal Agricultural Mortgage (AGM) Head-To-Head Review  Fairfield Current

Navient (NASDAQ:NAVI) and Federal Agricultural Mortgage (NYSE:AGM) are both finance companies, but which is the superior investment? We will contrast the ...


Refinance mortgage rate moves higher for Monday  Bankrate.com

Refinance rates were mixed, but one key rate trended upward. If you're in the market for a mortgage, see how your payments might be affected.


Couldn't qualify to refinance last year? Lenders more likely to say yes in 2019 | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you have been wanting to refinance but had a hard time getting approved, 2019 might be your year. Lenders are allowing higher debt-to-income ratios, ...


Refinance mortgage rate dips for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate decreased. If you're in the market for a home loan, see how your payments might be affected.


Factors to weigh when considering whether to refinance your home  Washington Post

Q: I was offered a mortgage “recast” and I need help evaluating if it is a sound financial move. My home is worth $250,000. I owe about $68,000, as I have been ...


Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Refinance rates decline for Thursday  Bankrate.com

Several benchmark refinance rates decreased today. See what that means for your refinance.


Mortgage applications fall, as refinancing hits 20-year low  CNBC

A significant drop in mortgage interest rates was not enough to entice homeowners to refinance their loans last week.


Refinance mortgage rates mixed for Monday  Bankrate.com

Refinance rates were mixed today. If you're shopping for a mortgage, see how your payments might be affected.


Refinance mortgage rate falls for Friday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're shopping for a mortgage, see how your payments might be affected.


Mortgage refinance applications decline to 18-year low: MBA  National Mortgage News

Mortgage applications decreased 1.8% from one week earlier as refinance submissions fell to their lowest in nearly 18 years, according to the Mortgage Bankers ...


Credible Expands Their Marketplace Into Mortgage Refinancing  Lend Academy

Credible made a name for themselves in student loans. They are the first and largest marketplace for people looking to refinance their student loans. Borrowers ...


Should You Refinance Your Mortgage?  Forbes

Evidently many mortgage borrowers fail to understand that mortgage refinances have a variety of possible purposes, and their success depends on a variety of ...


Refinance rates retreat for Monday  Bankrate.com

Multiple benchmark refinance rates tapered off today. If you're in the market for a mortgage, see how your payments might be affected.


Refinance mortgage rate rises for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed higher. If you're shopping for a mortgage, see what that means for you.


Refinance rates fall for Wednesday  Bankrate.com

Multiple key refinance rates ticked downward today. If you haven't locked a refi yet, see how that could affect you.


Refinance rates advance for Saturday  Bankrate.com

Multiple closely watched refinance rates notched higher today. If you're shopping for a refi, see how your finances could be affected.


Refinance rates tick higher for Monday  Bankrate.com

Multiple closely watched refinance rates moved higher today. If you're in the market for a home loan, see how your payments might be affected.


Refinance rates tick lower for Thursday  Bankrate.com

Several closely watched refinance rates dropped today. See what that means for you if you're in the market for a mortgage.


Refinance mortgage rate ratchets higher for Thursday  Bankrate.com

Refinance rates were mixed, but one key rate climbed. If you're shopping for a mortgage, see how your payments might be affected.


Refinance mortgage rates mixed for Friday  Bankrate.com

Refinance rates were mixed today. If you haven't locked a refinance yet, see what that means for you.


Refinance rates hold steady for Friday  Bankrate.com

Several benchmark refinance rates held steady today. See what that means for you if you're in the market for a mortgage.


Refinance rates tick higher for Tuesday  Bankrate.com

Multiple benchmark refinance rates notched higher today. See what that means for your chances of scoring a killer refi rate.


With today's mortgage rates, you can still refinance for lower payments. Here's how | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Many homeowners refinance for lower payments or interest rates. Here's what you need to know about your options and some pitfalls.


Thinking of Refinancing Your Mortgage? Check These 4 Financial Areas First  Forbes

Refinancing your mortgage can be a great way to save on your monthly payment or to change up the terms of your loan. However, while it's a financial move that ...


Refinance mortgage rate falls for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate dropped. If you haven't locked a refinance yet, see how your payments might be affected.


How to use a cash-out refinance to buy another home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Can or should you use a cash-out refinance to buy another home? Maybe, if that's the most cost-effective source of a down payment or even the whole purchase ...


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