They call their selves "mortgage specialists" or "mortgage professionals". They are definitely everywhere inside the real estate industry and you see their ads all over real estate centric websites, at real estate events and even in your email. They admittedly buy articles to publish which were written by others and since they have the rights to them they publish them as their own.
Then something strange happens - you see them on news feeds and being interviewed on news channels. Oh, they may indeed have been in the mortgage industry and may even have done very well for their own careers. In fact it may not even be such a bad thing. But are they really providing accurate and trustworthy information?
It's expensive to put on a well produced video and maintain a website with fresh content multiple times per day - I know, I've done it myself. In the end I decided I would much rather run my mortgage company with deeper knowledge about the process, the products and the service I can provide to my clients even if it is one of my team members, well trained and prepared, who actually work with them.
So my question is would you rather work with an FHA mortgage professional who has personally held an FHA endorsement or someone who just buys articles about them to get you to call? Would you rather work with someone with wild claims and page long disclaimers or someone who shoots straight even if you secretly wish the other guys could really do what they say?
Listen to your brain. If the advertiser/blogger/YouTuber is making claims that get you excited but clash with everything else you are seeing you better stop, take a breath, and think three times. Even though there have been many changes in the mortgage industry there are still people who have found ways to get you excited about nothing just to keep you from dealing with someone who is more trustworthy.
Moreover we really expected the Federal Trade Commission to crack down on mortgage brokers, lenders and banks who publish false advertising. Much to the dismay of many it seems you can say pretty much anything you want to as long as you publish enough disclaimers. Read it twice, think about it three times and make sure you are getting accurate advice from someone with a long reputation of trust in the mortgage industry.
As The Who said, "We won't get fooled again." The nasty truth is there are people out there jumping at outrageous claims only to be told they don't fit in that particular scenario and instead of doing what I would do and leaving dust in the trail heading to someone I can trust they are rewarding the marketing specialist by allowing them to continue earning thousands of dollars even though they couldn't really offer what they claimed unless you, the borrower, did all the work.
I will finish by saying I haven't seen any advertisement I can't meet except a very rare few. There are hundreds of mortgage professionals like me with years of experience all across this nation. Generally you won't find them to have the biggest ads, the most outrageous claims, lowest rates, lowest closing costs, or fastest closing times. You will find, however, when they give you a number and a date you can depend on it.
(The last time I wrote something like this I got a few phone calls and several emails from "competitors" who thought I was attacking them. Laugh. I was. I may not have known their name but I know their game.)
Ken Cook - Web coder (I write the programs that make the whole world zing!) (678) 439-8683 Anything your mind can conceive I can create - online that is!
Social Media Edge Radio - seriously true professionals who won't misguide you with some crap they made up to sell more books and seminars. Every Tuesday at Noon eastern.
RETSORadio - part of the RETSO family. Great tech information and updates from people who have the answers, people who speak and product and service users.
NOTICE: I have been writing in this blog since July 2006. Some of the older articles may contain information that has changed. Please check the date and phone me if you have any questions.
Ken....well worth the time it took to read this. I always say that there are players and pretenders. Pretenders say the right things, but players do the right things. Needless to say, you are a real player in the field. The reality is that the feds do very little oversight with lenders. It's a real shame. I like the quote "don't get fooled again." Again.....looking at great marketers is one thing. I'd rather have a great loan officer than a great marketer, but the concern is how to distinguish the difference.
Matt - sorry to hear that. There is a "school" of mortgage marketers going on right now that really needs to be exposed. They think the "over promise" method of advertising is acceptable and they are getting quite aggressive about it.
Larry - as you know that's where we come in. We'll never save them all but if we can rescue a few it's worth every effort.
Ken, a very worthy read. You are so correct! Most of us (true mortgage professionals) are the gerbils on the wheel.....doing the job: As promised and on time. Every market has the "marketeer" you describe. Unfortunately, they make the mess and the rest of us wear the label. Thank you for the reblog and am suggesting for a feature.
Deborah - it stinks we even have to deal with it. Those who can't compete with integrity will do anything they can to keep the customers from getting to us. Thanks for stopping in, the reblog and the nomination for feature!
Ken - you are so right. It really IS all about the service and what you can deliver. Glitz and glamour impress on the surface, but in the long run don't mean squat. True in lots of industries, too.
I'm shocked!You mean when a consumer shops the pretty adds and web sites they don't find the best? You mean that the lowest phone quote or promise of the lowest rate isn't the best? Sounds like you lost another loan to..
It's of little solace but when the consumer thinks the lowest unsupported quote with the promise of the quickest closing is the best he rarely gets ether.
Nice distinction. Marketing skills do not equal mortgage knowledge. Today even as so many originators are gone because of the market, the tightened underwriting, and the licensing, competent and knowledgeable originators must give a high priority to marketing. The good news is that it is possible to market in ways that can distinguish mortgage knowledge.
@Lenn- if it was only rate it would be easier to differentiate the liars from the truth. Unfortunately these "mortgage marketers" over promise everything from fast closings to low credit scores and downpayment requirements. Truth is they rarely deliver on those marketed promises, but since they "hooked" the customer with the slick marketing, they keep the business.
Ken, you always say it SO much better than I could even dream of :)
I'm certainly re-blogging, with your permission of course and giving you the well deserved credit for putting this piece together. Isn't that the way it's supposed to be? You are posting this on MMB too right?!
Jeff - agreed. It's true in most industries where the consumer gets a choice I suppose.
Bill - actually I haven't lost a loan that I know of. I'm just amazed when I do searches on my "competitors" and see totally outrageous claims. Funny thing is I almost went to work for them but thank goodness the day I showed up for work they told me I'd have to close down all my blogs. HAHAHAHAHA!
Richard - "Marketing skills do not equal mortgage knowledge." Well said!
Lenn - and that's as a result of the industry making them think that's the only important part of lending. I do agree with Gerry though that we are seeing outrageous claims like "8 day closing guarantee" and "scores down to 500".
Gerry - if I say something that requires a disclaimer I'm "pushing the envelope" at best. No thanks. I'd rather not do business if I have to promise the sky and deliver the ground. I won't post this same content anywhere else. Maybe a version of it though.
Ken.. well done... I loved this part that you stated...
"There are hundreds of mortgage professionals like me with years of experience all across this nation. Generally you won't find them to have the biggest ads, the most outrageous claims, lowest rates, lowest closing costs, or fastest closing times. You will find, however, when they give you a number and a date you can depend on it."
Well said... Overall.. it is the service, shooting straight from the hip, that should be so much better than the flashing lights per se, those misleading guarantees and so much more. Again, good job and I suggested this as a feature. We need to keep getting this word out. thanks
Well said Ken. Until people know how to really shop for a mortgage professional, they will choose the guy with the most 'promises'. Once the promise is broken, they will find who can fix it. Perhaps you should do a webinar on shopping for a true mortgage professional.
I do have to say that I am saddened that you have not received any comments that start with "i know you are talking about me"...
I work in the second home market down at Lake Sinclair, so FHA... well I don't get to do any of those, but I do send my clients (the ones who will listen) to an experienced "mortgage professional" who has always given my clients great service and does what she says when she says. So even though I don't personally have clients getting FHA loan... I know exactly what you are saying. And frankly I'll take substance over puffary every time.
Jeff - thanks. Why bother with saying things you have to disclaim right back out of reality when the quieter mortgage professionals are going to meet or beat your offers anyway? I know, it's the PT Barnum factor unfortunately.
John - don't get them started!
Tammy - thanks for your comments. This isn't limited to FHA - in fact I wasn't really writing about FHA since that's not all I do. Great that you have someone you can trust and I would love to know them, too. I like knowing trustworthy people in my industry ... and puffary free zones!
Ken - Clever marketing works. Sadly, consumers are usually attracted by the marketing slogans or gimmicks rather than the facts--a contributing factor in the housing crisis.
Very well written post. I think it's our responsibility to educate clients and potential clients this very thing. I've often wondered if lowest quote = lowest service...
Aaron - because I "handle" marketing for my region I understand the importance of marketing. But guess what? If I get a loan to work on the entire regional marketing plan takes a back seat. Qualifications and loan programs change every day so that even a month unfocused will find the mortgage novice/marketing pro in error if they are still depending on month's old knowledge.
Tammie - worse than that are people who never expect to have to do what they say.
John - yes it does. Clever marketing made me a fairly wealthy man. To stay on top you must let people know but better than me promising a litany of things I hope I never have to do is John Mulkey telling Randa W. that Ken Cook is the man to talk to.
Terry - absolutely agreed. My "campaign" is to remind real estate professionals, buyers and home owners there is a difference and just because it looks good in lights doesn't mean it's even real. Dashed hopes and stolen dreams are not my method of operation.
Michael - hopefully their weekly emails are to educate you on program changes, qualification differentials and other information the professional needs to know.
Darrell - I'm of the experience the "lowest quote" rarely means "the best pricing". We all get paid from the big banks to the corner mortgage broker. Nobody works for free.
never liked people who will trash others just to make themselves look good. You just trashed your entire industry for that single purpose. Seems that you are no better than the ones you trashed
Reputations are built off doing good work year after year. Those true professionals never resort to this type of banter
Unfortunately some of those you described do appear to take some business away sometimes, I don't hear too much about them getting repeat business, which is why they are constantly out there overextending their claims. Those of us who aren't don't have to worry about doing that because we're too busy working repeat and referral business to have time to concoct any of those confusing offers.
Your point is poignant in every facet of our lives, from business to politics. Unfortunately, I think people make purchasing decisions and cast votes based on who's got the better marketing campaign, rather than substance. It's a reality we have to deal with as originators, but ya know what...we can put our head on our pillow at night with no regrets. Great post!
In the end, all are marketing specialists. As Gene commented (#28), it is the skills (stuff) they bring to the table and the product they market which differentiates them.
I don't think Ken trashed the entire industry. In fact, he clearly pointed out that there are hundreds of diligent mortgage professionals all across the nation who spend their day getting the job done and delivering on time. The difficult part for consumers is that there is no line of demarcation for the "mortgage marketers" vs "mortgage professionals". The mortgage marketers are lurking in the national "Big 5" companies as often as the internet and regional mortgage companies. It's all about picking the right person to counsel and deliver such an important financial product as your mortgage.
Since we are in the same market, I can guess that we have the same idea about the same people. Fortunately, I found myself married to and joined at the hip with my LO. He's the saving grace behind many many of my transactions.
John - read Wendy's comment #32 - there is a vast difference between trashing others and calling out the truth. It's controversial, I get it.
Gene - you pretty much nailed it with "fluff vs. stuff".
Dan - well stated. My post is more to caution the agents who read it to be aware of this reality. They, after all, are constantly caught in the web spun to capture the borrowers. Thus they stand frustrated because they aren't getting paid because the customer isn't get what the lender's ad promised.
Mark - absolutely agreed. You're right on your points and we as a nation, ne as a world, pay the price for it.
Gary - we are. I bet you can back up what you say without a page of disclaimers - there's the difference.
Wendy - you are hired! It's obvious my communication wasn't obfuscated since 31 of 32 comments agreed. I'll take those numbers.
Great post- Having been a mortgage broker for 15 years-I can relate. It always irritates me to hear seminar speakers saying be a local expert, etc. When I started, I was taught to be humble , LISTEN, and if you don't know tell your client you will find out. I became an EXPERT after YEARS of doing hundreds of loans.
It wasn't till I had 7+ years of experience I would express myself as an expert.
So when someone with a couples of years says their an EXPERT- sorry they're not. Simply put - take the time to learn- and don't call yourself something your not.
This hits home in so many ways and you do a great job of pointing out a lot of fallacies in our business. Great Job.
I do have a comment for John on comment #27. I do not see this as trash, maybe as Ken stated controversial, but come on, I know at least 2 guys in my local market that really do not understand the inner workings of the mortgage business but have built a marketing platform of being a mortgage expert. These words and terms on thrown around so loose, that I think Ken does a great job of exposing the truth. Last I have known Mr. Ken Cook for a long time and he is clearly not a man to write a trashy post.
Ken: Thanks for this. Well said! I believe the best and most competent mortgage professionals don't talk about what they're doing much. They just do it. Yes, marketing your business is important although that can take several forms. When I market mine, it's usually not about rates but about something that is helpful to my clients. There are two types of mortgage loan officers. Order takers who advertise low rates and fees and the rest of us who work hard to build relationships over time and provide over-the-top service. My question is which group would a mortgage professional rather belong to? Again, thanks for the post. Although the public succumbs to the low rates and fee models sometimes, I think most of us know the deal. Take care.
Very eloquently spoken. I originally got into the mortgage broker field because I wanted to help people make their dreams come true. I got out of it because the guy I was working for was making promises no one in the office could keep.
I figure honesty is always the best policy and well, some of these guys just don't get that.
There are always shills who try to separate us from our money. When i come across someone like this, my gut usually tells me they are trouble. I listen to my instincts and encourage others to do so too.
Great stuff man! Unfortunately, there is a sucker born every minute and so there will always be a crook waiting to take their money. The root problem lies in an element of human nature: we believe in what we want to believe.
Andrew - could I do more business if I took that course of action? Maybe. Then I'd have to hire people and train them how to explain how applicants may not exactly fit into that very narrow band of acceptance. I have always despised online rate advertising and have engaged in it very little because of that reason. We don't advertise the worst possible scenario we advertise the best possible scenario. By "we" I mean the mortgage banking/brokering industry. Sure, if everyone had a 750+ middle score, 20% down or equity, no mortgage lates, no judgments, no credit lates, an appraised value that matched the sales price, steady employment, spending the upper band of the market area average - SURE! They get the best rates for the best prices. But the other 95% of America usually doesn't qualify for those awesome rates. Thanks for your input - you can see you hit the nerve :)
@ John, comment # 27.. trash talking to me is calling people names, telling people that these individuals suck, stink, etc, etc... and so much more. On the other hand, one might construe that Ken is slightly being negative.. okay, so what... the truth and hard core facts aren't always positive... and I think that is where so many jump on the negative band wagon. Ken's post is factual, that this stuff is alive and happens daily. And more now than ever before, because the public won't always know the difference. ken is just educating to others what the differences are and I think he did a terrific job with this post.
@ Wendy.. comment # 32.. good comment. It does come down in choosing the right person that can educate the borrower without bias opinion and who can deliver.
Ken, you know what gets me when these people market themselves, are those that are extremely misleading... such as you stated those low rates, but the fine print says that you need 740 credit scores and 20% down. The other type of marketing that truly ticks me off are those that brag and boast about 10 day closings guaranteed or now some that are advertising 8 day or 7 day guarantee closings... especially in today's market. Talk about smoke and mirrors... and fine print that would be about a whole page long... lol
Again, well done and thanks for the mention in your comment to Gary.
Wow, Great Post. I love it. This has been an ongoing issue in our area. I can not begin to tell you how many times I talk to people who tell me about these outlandish claims that as industry professionals we can all agree do not exist-EVER! The latest and greatest seems to be the call center lead game. Some unscrupulous lead generation company will spend big $$ promoting terms and rates that are best described as retarded for the current pricing environment. When you call, they immediately go into the information gathering mode, never disclosing to the customer that they are not a lender. The borrower thinks they are getting a great deal, or applying for a great deal. In reality all they have done is given their personal data to a lead company who is now going out and reselling the information to various brokers and lenders. Oh and yes they will use whatever tactics necessary to extract the information from the prospective borrower. FYI to any Realtor, Consumer, or General Members of the Public :
1) No YOU Can Get a 3.65% Loan for a 30 Year Fixed Term -
2) N0 YOU Can Not Get this Without Any Closing Costs -
3) NO YOU Can Not Close in 48 Hours in Today's Regulatory Climate -
4) YES YOU Can Get Honest Reliable Information from a trusted local Professional - Hint these are not the people mentioned with the huge advertising budgets and falsely claimed advertising that sounds to good to be true!
5) YES YOU Can Get Very Reasonable Terms such as Interest Rate and Closing Costs From a trusted local Professional - See end of Line 4 for further explanation on who this may be
6) A Trusted Local Profesional Can Guide you properly through the entire transaction - telling you step by step what to expect along the way - Again See Line 4-5
7) No YOU Can Not Get a Mortgage With Rates below 5% if You Cannot Document any Income, or potentially any loan for that matter.
8) YES There is a Possibility that things will come up last second and throw a monkey wrench into the entire transaction - This Happens Fairly Often, However a Trusted Local Professional will have the knowledge and the mental capacity to deal this these things in a manner that saves your transaction - Again See Line 4-5-6 for Who That Professional Is
9) YES - We Will handle your transaction ethically and responsibly with clear disclosures on every aspect of your loan even if it requires disclosing things that someone else tried to hide previously to seem more competitive or attractive
10) With the Exception of Origination Charges and Underwriting Fees, Most other closing costs such as Recording Fees, Doc Stamps, Tax Transfer fees, Deed Stamps will remain same regardless of what lender you choose, These Third Party Fees are not in the control of anyone other than your local counties and municipalities. So With That Being Known and Said It should be easy to Shop. If there is a Estimated Closing cost of $4,000 disclosed by a Trusted Local Professional, and Big Bad Advertiser states that it will only cost you $1,200, knowing what you now know from the previous few sentences should ring a HUGE ALARM.
That's My Additional Rant to an otherwise Excellent Post. Please Keep Up The Good Work. Those Of us who care about our customers, the health of our industry(or what remains of it) and the general health of any potential recovery and future stability need to keep banding together as one universal voice. Love the Post, You obviously are one of the Local Trusted Professionals I am referencing.
Chuck - I'm sure people who get swilled let their excitement and desire to believe the less likely lead them right past the truth. Thanks for your comment!
Ashby - there is "another group" out there saying we're just whiners and complainers. Let them. In the end, though, we do need to stick together. Glad to know you're around.
Jeff - thanks for your support.
Steve - thanks for your passionate comment. Likewise it was very good to speak with you. We need to rally our own troops and wagons to get the truth out there to surpass the wild claims with accurate and reliable information.
After the SAFE law takes effect, yes, they will be, for sure, the Gov. says so. Unfortunately, there are many originators, active many years giving excellent valued service who cannot pass the burro-cratic tests and other hoops to junp through, and like appraisers who must jump to the tune of AMCs . The unfortunate loosers in their game are the borrowers and the agents.
Personally I would rather work with someone who knows what they are doing. However the reality is that we are in a sales industry and one can know their stuff inside and out but if they can't market that message no one will know they exist. To really succeed one needs to combine knowledge with marketing to deliver a believable message to potential clients and then deliver killer service.
Your comments below is what loan officers should strive for. I think it says it all.
Ken,
Since we are in the same market, I can guess that we have the same idea about the same people. Fortunately, I found myself married to and joined at the hip with my LO. He's the saving grace behind many many of my transactions.
#27 John.....Sorry dude. You seem to be as much of the problem as those who delienate bad information or disinformation. The reality is that we need to call out the scum buckets in our industry. Ethics, integrity and people who serve clients are who belongs in loan originations. Every field has bad eggs. But people who turn the other way and won't deal with it are almost as complicit as those who are the sleezes. Needless to say, I think Ken's right on with this. I like his comment. Yeah, it's controversial, but so what? I'm all about taking the trash out. I think you should be as well. Thanks for calling it like it is Ken.
Unfortunately, the public normally doesn't know there's a difference between someone who purchased info to use and who creates it from in-depth knowledge until they get in bed with them unless they had a referral. Or unless they have followed you for awhile. Just like for real estate agents.
Recommend remedial reading lessons for one guy here.
Aptly put post- every market has a publicity hound who is long on promises but short on delivery and still makes money based on their marketing, not referrals.
Realtors are morons and loan officers are lazy with their hand out that don't work nights or weekends.....
Now THAT"S trashing the entire industry!
Pointing out that there are those that pay for other people's content and claim it as their own is a completely true fact that people need to be aware of. You made alot of valid points Ken, Great Job!
p.s. I don't think realtors are morons and I work nights and weekends....LOL
I don't suppose you know a true mortgage professional in Idaho that you can refer me to...
My son wants to do a refinance, and he wants to work with someone who knows what they're doing. But, the one we used to use retired, and now we have no idea who is real and who is not.
Almost all of my business comes from people that know me personally. I do have a website / blog, but I really try to provide useful information and do not do any claims I cannot fulfill.
On a personal level, I hate bait and switch and like straightforward buisness transaction. I gues this no-nonsense straightforwardness brings people back to do business with me.
But I lost buisness to great marketers, and their clienst coyuld not briung up the energy to get out of the loan process because they felt they were already too deep into it.
Truett - but Washington is protecting the innocent people from the unscrupulous banks and appraisers. Ahem.
Bruce - absolutely marketing must be done. I do it all the time. In fact, that's what I do. But ethically, and accurately - I even belong to a group that keeps each other in check with facts and claims. It is a bane to the industry to advertise something as the key point that only a very small percentage of people can actually acheive. I'm of the same thought with car companies advertising 0.0% interest. Sure, if you have a 780 score, 20% DTI and one line of credit that has been open and active for 15 years. (Not saying those are the actual qualifications but I've been hit with that exact scenario for myself.)
Lewis - chances are good some are the same.
Larry - for years and years I have said education beats legislation. But that would limit Washington's control so they prefer to keep the people uneducated and continue to make regulations they can't really enforce.
Bev/Bob - you are absolutely right with your comment. It's what I spoke with Steve about earlier. I can't reach them all but I can reach a few hundred or thousand and so can everyone reading this. We can all do more together. Thank you for joining in.
Philip - what a perfect, concise response. Feel free to forward it to him.
Colleen - you're hilarious. And that's right. I didn't trash anyone - simply pointed out that if the claim seems out of line with others why would you even trust those people with your business? If they'll choose that path from the beginning what else will they do once they have your social security number, appraisal money and all your personal docs?
Marte - does the one you used to know have anyone they can recommend? There may be someone in this group who is/can/does. Bueller? Bueller? Anyone?
Claus - and you already know that's where the problem is. They get people hooked into feeling like they cannot change because they are too deep into it. So the "other guys" win again. Side note - did you used to live in Atlanta? I used to play darts with a guy named Claus Dieter who looked a lot like you ... 15 years ago maybe 17.
Just like in the real estate industry, you need to have NO knowledge to become and work as a loan agent or mortgage specialist. That is why so many uneducated people do it. Many have no college degree. I have been asking for a different license for mortgage agent and loan agents, so the consumer at least knows that these people have some financial knowlodge. Last year, I had a client trying to short sell a fourplex becuase their loan aganer thad told them to refinance and take $108,000 out of equity to buy another property. He pocketed $26,000 in commissions. That my friend is stealing.
No wonder we ( mortgage specialists and real estate agents) have a great reputation.?!?
If it sounds too good to be true, it probably is! Yet everyone still chases the "deal" and ends up paying for it at the end of the day.
I do think there is less of this happening now in this market, but still enough of the crap to keep life interesting.. the mailers that look like they come from uncle sam saying "refi now" borrowers that get their mortgages churned to save a few dollars a month, just nuts.
But then again, after 20+ years in the business it doesnt shock me, and I bet most of the ones you speak of are not going to be around for the long run..
then again, whow was it that said "There is a sucker born every minute"
brings me back to the people that really thought they closed on a 1.9% fixed rate mortgage when everyone else was getting 6 or 7%, DUH......
I think most mortgage brokers don't even know what they are doing. I work in Boston and Cambridge homes for sale. As real estate agents we pull everything we can to make deals happen. For mortgage brokers even the best, once a little bump in the road happens you see them give up and walk away from deals, even the best of them.
However the office I work for recommend 3 great mortgage brokers and I love them.
I would go with the FHA certified but in my market most home values are way over the limit.
Good read Ken! If something is too good to be true, it probably is. I can sort of translate this into cut commission or rebate Realtors(but that's another sermon)There is a reason people get desperate I suppose.
To me, SERVICE is everything. If a buyer comes to me without financing I have 3 lenders I rotate with.They call you back and tell you how it is. PLus, they also send me business too.
Either way, my issues the past year is never with the mortgage broker, it's with been with UW and processors of which are 2-3 states away and have no bone in the fight...Perhaps a good marketing tool for a mortgage broker would be "I speak with my UW on a daily basis.In fact, he/she is right across the hall" Again, I think this is another sermon!
Shelly Whitworth - I deleted your "ad" even though I appreciated your comment. Please don't put links and advertisements in the comments section of other's blogs. If I want someone to have a mortgage or real estate website I will refer them to Jeremy Blanton.
Didn't realize that Realtors were so dumb that they had to be told the obvious? Glad you could point that out for them! If I was a Realtor I would find your post, pretty condescending.
The Realtors aren't referring people to "Shady Internet Companies" or companies that turn out to be sleazy! They are much smarter than that. The ones I know do everything they can to keep their clients away from those type of companies.
Your post would have been Great - if it had been directed at the consumers! It's the clients that get lured in by this type of advertising- not the Realtors!
Robert - I quoted you in my Examiner.com article today.
Alex - thanks for your comment. Please edit and remove the finely placed SEO link. You may leave your comment and your signature file is your adspace - the rest belongs to me. Nothing personal I just don't know you yet.
Lee - you said good marketing. I bet you do good marketing but these people aren't good. They are at the very best pushing the limits of deceit. Thanks for chiming in!
Bret - be careful! I mentioned rebates one time and started a small war. Nuclear. Aimed at me! Thanks for your comments, sir.
Ben - I'm writing on a real estate community site to my brothers and sisters in the real estate industry to help us mortgage folks explain the difference between reality and pie in the sky. My best friends are agents and I have owned a real estate brokerage - some are REALTORS and I'm a member of the NAR so there is no slight on them. Hope that clarifies. People like Jason Crouch, Bryant Tutas, Missy Caulk and others aren't offended I'm sure.
Knowledge of our products, and procedures combined with the service we provide to our clients and referral partners is what makes us "mortgage professionals". I recently read that about two thirds of the people shopping for a home or a mortgage buy from the first person they speak with. What are you doing to position yourself first? Although our egos prefer terms like "mortgage specialist" or "mortgage professional", we are just salesmen. Without marketing, office visits and phone calls, there will not be any loans to close. If we are loosing our clients to the internet or a large number are shopping us, it is likely that we didn't take the time to build rapport with either our client or referral partner. Slick advertising cannot compete with a good referral and once we create trust, the shopping is over.
Similar is from real estate people who write articles and haven't sold in ??? gosh, don't know when & they have cobwebs on their license. Work with someone who's in the trench's giving real world advice in 2010.
Think there are a couple warning shots for experts in this post and the comments that relate both to Realtors and MLOs. (I are a MLO expert btw). Please take this post in the good intent and humor it is written in and intended.
1) It's a new marketing world. Get on the bus. (The false expert are not waiting for biz to come to them. Gotta be admired, even if it pi@#s you off. Maybe it's a "fail your way to success." Much easier to do when you have lot's of practice fast. Think I heard Tony Robbins talk about that.)
2) If we are experts, do we want it to be a best kept secret, known to a chosen few? If we have all the business we need now, no sweat, no marketing needed.
3) Marketing does take time, effort, and creativity. As a expert, who can help us, at a investment we can afford? College student? Stay at home Mom who used to be in marketing? They are looking for you. Are you looking for them?
4) It doesn't need to be expensive, even with video. (I'd put a link to my agent blog that has video as an example, but Jeff Belonger recently educated me on that practice. Thanks Jeff!)
5) How do we get our message out to the community or nation? We are chock full of knowledge we take for granted that consumers clamor for. Get up 45 minutes early and go to your computer and write. Don't turn email on. Then post it to your blog, and you tube and all those other places. (Ken, your blog is excellent btw.)
6) Some people actually DO SAY IT BETTER than you or I can. Re post, re print with credit given to the author. It's still new to your audience. Because you are bringing the info to them....you are the source and expert. (That may not work with the NATIONAL press, but it will put you in the line of vision.)
7) Experts with no marketing may be like the Maytag Man.
8) If we be the experts, let our clients pro-claim it. And not in the old tech way of a written letter. (I'd put in a link to video testimonies from real clients as an example, but Jeff's reminder is still on top of my mind.)
9) Thus saith the Lord: "Them false experts who are great marketers shall be exposed for what they are and cast down with great re-joicement and celebration by the brethren.
But hear me! Until that time cometh, learn ye from their marketing and do the same with your maven-ness, and quickly, least ye be laid by the wayside as those homes and loans pass you by."
It's the biggest no-brainer in the history of the world. And then, with my Australian accent, I can tell you how I am watching the market so that you can make money on your mortgage...
Ken, I appreciate your points and find no argument with you. Another reality I suggest is honesty is not practiced without cost. As many among us are as Paul Simon's lyrics of long ago suggest, "...they hear what they want to hear and disregard the rest."
Ken, I read the article in the examiner.. Very good!
I think clients, (agents and borrowers alike) just do not understand that rates come from the secondary market. Every reputable lender will always be close to each other, and the price differences are either fees/points or the time of day you speak to them.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Posted by 
;)
;)
;)
Ken: iknow you're far away from here but you just described someone from this market to a "T". Guess they're everywhere.