Attention Loan Officers: In 4 years, I originated over $15 million in homes loans and generated a substantial amount of side income. But because of the Federal guidelines and new licensing requirements, you'll benefit since my loan business was shut down by the government.

As of December 12, as a licensed real estate agent, I no longer can do home loans. So what does the new mortgage broker licensing law mean for loan officers? 

If Your A Newer Loan Officer Here's Your Immediate Opportunity.

Since producing real estate agents like myself, can no longer do loans, here's 3 things that you could do tomorrow:

1. Contact all those real estate agents who use to do mortgages, but no longer can't. (Some have newspaper ads running stating their dual roles).
2. Give them strategies on how you could partner with them in no-to-low cost strategies to increase their business. (Guest articles in a blog maybe).
3. Lay-out clearly and have proof of how you professionaly communicate to prospects, clients, and to the agent (this was my biggest problem with loan officers and why I became one).

Well, since I can't do them anymore, here's what I am going to do...

And I'm going to throw all this information down your throats like caster oil in the next few weeks. Here's why...

On December 10, 2008, I received a call at 4:07 pm.  It was a return call from the marketing manager for the mortgage bank I originate loans for. After the niceties, she stated because of the new licensing guidelines, all realty and mortgage consultants (RMCs) could no longer do loans under their platform.

Since I have my real estate license, I can't receive direct compensation from FHA loans, which I knew (they did have a RESPA backed and approved way for me to receive a small referral fees). However with the new guidelines, every mortgage loan officer must be licensed, something I applaud and agree with.

Then she lowered the boom, that made me nearly made me cry and shudder.

"Currently, Kendall, 96% of all our loans in the pipeline are FHA refinances around the 4 to 5% interest rate," she said. "And unfortunately, we have to take you and the other 1,300 RMcs out of the system by Friday, December 12, 2008."

I almost cried because, talk about a marketing opportunity that most people who follow the media think doesn't exist...

Target people with FHA loans. Refinance them to a lower interest rates. Or target a select group of conventional loan holders and refinance them to FHA assumable loans.

I shuddered at the next thing she told me.

"I know your not married, don't have kids or a girlfriend and just have two cats you live with. If you had someone who could do the loans for you even part-time, we would put them in the system for you, but we have to know by Friday morning."

"I'm receiving this call on Wednesday afternoon." I said, "Wednesday! Thanks for the short notice, right!"

More importantly, who did she think I was anyway, I thought to myself, living alone with two cats?!

First, I love my cats. Their names are Flavio and Roxy.

Second, I'm married.  Soon, we are going celebrate our 10 year anniversary in Ireland.

I told her that I was married. She stated with enthusiasm my wife could do the loans for me as a part time loan officer. I could refer the business to her.  I said great send me the paperwork, when do I need it by again...Friday! No problem!

Problem.

I came home with excitement and frustrastion.  Told my wife everything that happened and how I was going to have her do the part-time loan thing. I explained to her that on Saturday, I was going to meet 3 people who would complete $1.1 million worth of loans in the next 30 days.

If you are a women or married, you know my first mistake already, but if your not I'll spell it out.  I stated to my wife, "I was going to have her do..."

After ten years, you would think I would realize. If your a happily married man, telling your wife you going to have her do something is not the way to go.

"I don't want to do that," My wife told me. "Yes, it stinks that we are going to lose another stream of income, but maybe working with them isn't going to be for you anymore."

My jaw-dropped. 

Sign the documents for part-time employment, take my place and I hand over to her $1.1 million loan origination package...and she says no.  Then she says the new rules and guidelines are there for a reason, why can't I get licensed to do both.

I explained to her about FHA guidelines. I explained to her the long process to get licensed. I explained to her my point of being an RMC was not to be a full-blown loan officer, but to guide my clients through the process and understand completely what my clients were going through and connect them directly to the underwriter, the person who ultimately makes the decision.

I've seen incompetence and gouging, and I do not want that to happen to any of my clients.

"That's nice," she said, "But I don't want to do it, but don't throw away the paperwork, I'll look it over on Thursday."

Thursday night. I get home from work (my wife is a stay-at-home mom for Flavio and Roxy), and I see on my desk... the paperwork... perfectly unblemished and unmoved... I have my answer.

Plan B

I called a young college student that I have mentored in the past. He doesn't have a real estate licensed and is always talking about wanting to go into business. I tell him my problem, I tell him I'll start him off right by sending him 3 hot-pre-closed leads with $1.1 million in slam-dunk loans that could close in the next 45 days, but I had to know by Friday morning if he wanted to do it. 

I don't know about you, but have you ever heard the expression, "Throwing a juicy prime rib steak on a trash can lid as the serving plate."

That's what I felt I did, but time was of the essence.

Naturally, 10 am past, then 11 am past, noon, 12:14... at 12:38 he left a voicemail that he would pass on the offer,  my wife was right.

My loan origination days have been foreclosed on, and I can no longer due loans for my clients.

That means everything that I have with regards to mortgages is of no use to me: the home study courses, the mortage marketing packages, the ebook on improving credit, all the techniques that I've learned over the past 4 years in mortgage origination, I no longer need. I don't need to hold the information close to my chest and not tell anyone how I did $15 million in loan originations as a supplemental business.

So I decided to just Give It Away for Free.

If someone wants to be a full-time/part-time home loan consultant with the mortgage bank I worked with (type in my name you'll see that I've been removed) then I will give them the employment paperwork. Have them complete it and send it back to me, and I'll forward it to the right people.

Yet being a real estate and mortgage consultant is no longer in the cards for me. My energies will solely focus on investing, development, and marketing. The loan origination money stream is gone.

Remember, Over The Next Few Weeks Here's what I'm going to do.

A) Open Up My Mortgage Marketing Library
B) Spill The Beans About What Does Not Work And How Much I Lost Doing It
C) Explain The 20-minute Solution for Searching
D) Give You The Magic Sentence I Used To Get One Investor To Do 5 Loans With Me
E) How To Use A Government Program To Fill Your Own Pocket With Money

And I'm going to give you all this information before I go on my trip. The only thing you have to do. The one thing that I am going to ask of you. To get all this heavy information I'm about to lay-out in the next couple of weeks is to...

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I'm not asking for credit cards, social security numbers, or bank accounts, I don't want your money for this information.

So you ask why are you doing this Kendall?

Simple, because...

• If I don't write it down I will forget it.
• If I put it in an obscure file on my laptop, my hard-drive will crash.
• If I write it on a piece of paper, my cat Roxy will eat it (she also like to chew holes in stinky gym socks).

There you have it no-strings, no e-books to buy, no guru course to invest into, just a personal frank discussion about my many Abraham Lincoln type failures and a few of my successes thrown in to keep things interesting.

All I ask it that you subscribe to my website if your interested in letting me spoon feed you nearly everything I know about mortgage marketing.

Here are 5 reason's why I want you to subscribe:

1. You never have to check for updates again, and you get to be the early bird and get the worm of information first.
2. It's completely free.
3. Your information will never be shared with anyone.
4. You'll won't have to remember where you found this great information.
5. Subscribers are intelligent, good looking and highly favored.

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I appreciate your time reading my venting.

Moving Forward,

Kendall Matthews
Former Realty & Mortgage Consultant

Ps. As a bonus of information for all you loan officers and other interest parties out there I'm going to tell you:

• What Type of Loan Officers Do Real Estate Agents Prefer?
• 5 Things To Remember When Searching For Qualified Leads Under Pressure
• 20 Creative Ways To Originate Home Loans
• Top 10 Things Every New Loan Officer Should Do As Soon As They Get Licensed
• 5 Shocking Things I Learned About Loan Officers