Promote to mortgage Prospects who need help getting "mortgage ready". Then, direct them to the right help and keep in touch.
1) Find a customer relationship management (CRM) that works with your mortgage loan operating system (LOS) to help you keep track of “not yet mortgage ready” Prospects.
There are CRMs that connect to most loan originator LOS systems. Most are set up beautifully to stay in contact with past purchasers, but many CRMs lack the same ease of the process to follow-up with Prospects who are delayed on the front end from purchasing as they “get mortgage ready”. Cultivating Prospects who are working towards a purchase and keeping in touch with them and their HUD counselor until the client is ready to purchase a home can lead to a new avenue of business for loan originators.
2) Find HUD Housing Counseling Agencies (HCA). Refer Prospects for help needed.
When loan originators try to keep clients on a mortgage track themselves, attention to detail usually wanes when business picks up.
3) Embrace marketing tools that connect with Prospects as well as past clients.
Most of us have marketing tools to keep in touch with clients through the mortgage loan process and after the purchase. Fewer marketing tools are available to keep track of "not mortgage ready" Prospects, and marketing to these clients is often a second thought.
4) Most needed help for Prospects is with credit!
Good credit is the foundation block for purchasing a home and provides the greatest selection of programs, best interest rate and lowest mortgage insurance when purchasing a home. Get help with improving credit from HUD approved credit counselors for short and long term issues.
5) Learn about new mortgage products!
There are more Affordable Housing programs available at present that are income driven and for 1st time homebuyers (haven’t owned home in last 3 years) than ever before for FHA, VA, USDA and conventional mortgages!
This will take some work on the loan originators part and you will need to learn new details about programs along the way. But laying the groundwork for incoming new business is one of the best tools a loan originator can have in this ever-changing mortgage market. Stay tuned.
As you can see there are a lot of details to put in order. If you need help, please contact Pam Marron or call 727-534-3445.