Bliss Sawyer's Marketing Blog

Mortgage Rate Trends & Mortgage Success Library

I love it when I find new resources... sometimes I wish there were a few extra hours in the day for utilizing them, but hopefully you can find a few minutes to peruse these great sites:

Mortgage-X (Mortgage Information Service) has a wealth of information for originators.  Current trends, historical data, forecasts and a huge library of articles and reports.

Mortgage Success Library is the FREE section of My Mortgage Community and offers help for Originators as well as managers.  Articles and video on a variety of subjects along with quite a bit of expert advice. 

A portion of your day and week should be spent on education, but it's not just keeping up with all the product/appraisal changes.   Your education time is also for marketing and sales training.  Listening to conference calls, reading articles and magazines.  You'll find new ideas and be motivated to move forward on your marketing. This is what will grow your business.

Improve your writing skills - Get referrals

Part of being the best you can be is to improve in every area of business.  I notice all too often that loan officers are not proficient in their writing skills.  This includes letters, marketing materials and e-mails.

I was very blessed to have a great letter-writing mentor when I first began originating loans in 1994.  Sharon was the assistant to our company president, but was always willing to proof my work before I ungraciously made a fool of myself.  Even after all these years, I feel indebted to her.  My business would not have been the same.

I have written thousands of letters and marketing pieces over the years that resulted in applications and referrals.  Your ability to write to the reader in a compelling way will build your reputation as an expert. 

As a part of my consulting and coaching, I often proof materials for loan officers.  The biggest mistakes I see are:

• Too many words.  We have the attention of a gnat (especially with e-mail) Get right to the point and just give the basics.  You want them to call for the details.
• Too much about the loan officer and not enough about what's in it for the reader.
• No call to action.  What do you want them to do?  Make it specific.
• Nothing stands out.  Send a letter WITH something.  A magnet, coupon or brochure.  Have a great graphic with your marketing piece as this will grab attention.

There are many other things that go into successful writing.  I recommend you go to your local bookstore or Amazon.com and look for something that covers business letter and emails.  Then get busy writing and building your business!

Invest in...

I like to read Jeffery Gitomer's stuff.  It's to-the-point, funny and hey - his advice actually works!  We seem to be at the part of our never ending industry circle that has people being cautious.  Cautious about spending money on marketing and taking risks, cautious about doing more training or coaching... cautious about everything!

Guess what?  Cautious doesn't fill the pipeline, increase revenues or make people happy.  This excerpt is written for managers and owners, but it applies to each of you.  Take your business by the horns and invest in yourself.

"And if you're a CEO or sales leader, here's what to do:

Invest in your people. Double your soft-skills training budget. Teach them attitude, goals, presentation skills, creativity, and selling skills. Now is the time for coaching, encouragement, and leadership by example.

Invest in your PRESENT customers. Market with customer testimonials and endorsements, not self-serving brags. Don't just say it. Prove it.

Improve service. I'll never understand why empty restaurants have lousy service. Now is the time to get the business community, or the community in which you live, to begin talking about you in a good way. Word-of-mouth advertising will bring more customers than traditional advertising.

CAUTION: It's not ONE thing. To get back in the game, it's a bit of all these elements. There is no pill you can swallow that will make the market better, you better, or the customer buy faster - much less make the customer buy from you, rather than the competition.

The good news is that you control your destiny. That's why you got into sales in the first place."

Read Gitomer's entire article HERE.

If you would like more information on my coaching, marketing products or presentations, go to www.blisssawyer.com. 

Motivational Time

We all have times of greater energy and motivation that drive our business to greater levels of success and achievement.  The struggle (and discouragement) comes when we feel low-energy and lack-luster towards our business goals.  Many loan officers blame the market, interest rates, their boss or their staff.  I’m here to tell you that you have complete control over your state of mind.  Yet, I recognize that it is easier said than done.

Hopefully, you already have a library of motivational cd’s that you can listen to. I highly recommend you listen to some type of self-improvement or motivational materials ½ of your driving time every day.  Even when things are going well.  You will find yourself feeling invigorated and may even become more creative as you open your mind to new ideas.

NightengaleConant or Ebay are both great resources to find Brian Tracy, Zig Ziegler, Todd Duncan, Stephen R. Covey, Tony Robbins or any of the other tremendous authors available.

What do you belong to?

It's becoming essential that you have a robust database, as this is the ONLY way to fuel a referral-based business.  Building a database is not a one-time event.  You must be working daily to expand and strengthen this core group of prospects.  (Remember, everyone has the potential to be a prospect and directly refer prospects to you.)

Today's marketing questions is this, "What groups or organizations do you belong to?" This, very simply, is the best way to grow your center of influence.  Of course, your primary goal in becoming involved is to learn from and help an organization.  Contacts and relationships are just a natural by-product of these endeavors.

I recommend loan officers belong to a minimum of two groups, one being business related and the other associated with your hobbies, interests or family.  Three or four is best.  This could be anything from Toastmasters to a networking group to Realtor/builder associations, community groups, church or school groups, volunteer organizations, etc.  Take the time to get to know the people in the group and consider taking on a leadership role.  This gives you added credibility and easily helps you develop stronger relationships with those you work with.

If you currently belong to a group, take a look at how well you know others in the group and ask yourself if they know you and what you do for a living. If you do not currently belong to any groups, do some research and decide where you want to spend your time.  This is a key component to your marketing that should not be overlooked.

How to write a great letter

As an originator, I utilized letters to reinforce my position as a high quality loan officer and to continually ask for referrals.  Every opportunity I could find, I would send a letter.  Prospect, current client, past client, Realtor, etc.  Anyone and for any (good) reason.  I can honestly say, this was one of the keys to my success as a top producing loan officer.  Here a few tips on writing a great letter:

• Set the tone of your letter early on. You want the reader to immediately understand why you sent this letter. Consumers are smarter than ever and are wary of deception.
• Keep it simple. Too much information will be overwhelming to the reader. You want them to call you—then you can give all the details.
• Get to the point! State your main point up front: in the subject title, in paragraphs, in sentences. Try using reference headings.
• Use different font size, bold, italic, or underline to emphasize different things.  Do not use script or odd fonts. Use a font like Times Roman or Arial as they are the most recognizable.
• Your paragraphs should be between two and five lines in length. Vary each paragraph. If one is two lines in length, make the next three, four or five lines.
• Use warm and friendly wording.  Let them know you care about their needs.
• Write your letter in the first person and be careful about mixing “I” and “we”.
• Make sure your contact information is obvious. Even though your letterhead has it—you want to repeat the information in the text of the letter.
• Proof read. You may not be able to see your mistakes, so have someone else read through.
• Mailings should include items of a different size, texture or color.  The first is, of course, your business card. The other items should have the following characteristics:
  • Size—not as wide as the folded letter, but larger than the business card
  • Color—something bright, but make sure the type shows up well (red paper sometimes doesn’t work well)
  • Texture—this can be a different weight of cardstock or texture of paper
  • For example, I always send a business card, magnet and coupon to someone that I have spoken with and that will now receive their first mailing from me.

So many times, we only get bills and junk in the mail.  Look for opportunities to send value through the mail and your name will be remembered and passed along.

Put yourself in the top 1% of all mortgage lenders

Have you considered obtaining your Certified Mortgage Planning Specialist designation?  In our competitive industry, it is essential to continually strive to obtain as much knowledge as possible.  I have been recommending CMPS to my coaching clients and figured I better know what I'm talking about, so I am listening to the home study CD's and will be attending the CMPS live event in Phoenix Dec 5-7.

Our industry is receiving enough bad press....why not create some good press about YOU.  Consumers are looking for a reason to trust you with their financing.  Rates and fees will always be important, but become secondary once you have a reputation as an expert.  CMPS gives you the knowledge and tools that are unsurpassed in the industry.  Mortgage planners are certainly the future strength of our business and your commitment to excellence will carry you through difficult markets.  In fact, your production will remain strong at all times. 

According to Sterling Campbell with Citiline Mortgage, "This stuff is gold!  Having the CMPS designation and resources has helped me to focus on my clients entire financial situation.  Specifically in getting them away from the old trap of consuming equity and then repositioning so their mortgage financing works in conjunction with their short term and long term financial goals.  My production has exploded!"

BONUS!  Receive a $200 discount to CMPS with discount code BSLE ($300 for early bird reservations.)  Take a look....your future depends on it.  Click here for more detailed information on upcoming events.

Take Control of Your Day (Part II)

In Part I, we discussed being more productive blocking out email and phone while focusing on specific marketing objectives.  Part II is designed to help you become more efficient with your appointments, loans in process and closings.

Obviously, the goal of marketing is to increase production.  But many times when production begins to pick up, loan officers find themselves unable to balance current needs (applications, file management and closings) with continual marketing.  Remember, every time a loan closes, you just found yourself unemployed.  If you spend too much time IN the loan, you will not be PRODUCING new loans.  And if you spend too much time PRODUCING new loans, your current loans IN process will not get the attention they need and your clients will not be likely to refer future business to you.

A fine line to walk no matter how you look at it.  There are a few techniques you can use to help manage your day so you are not spending too much time IN your loans.

1.  Appointments...the lifeblood of your business.  First, be prepared.  Try to gather as much information before.  Ask specific questions of the borrowers and the Realtor.  Have estimates already printed up.  You may go a different route, but taking this step will likely eliminate quite a bit of number crunching in front of the clients.

It is vitally important to create a connection, so small talk is important.  Use the phrase, "Tell me about your situation." to easily gather information.  Do not give too much information though, it is your responsibility to make sure the client understands the loan program they are interested in, but too much information will often just create anxiety for them.  Offer enough that they know what the loan means to them in the short term and long term.  If it is a complicated product, provide literature from the investor.

2.  Loans in Process...If you want a happy processor, you have to know your files and be able to jump in and help with emergencies.  But remember, you are not the processor.  Many originators find it best to take a few minutes each day to discuss files with their staff.  You will often find problems before they become full-blown fires, thus taking less of your time.  The more you practice this approach to file management, the better you and your staff will become at resolving things before a crisis.

3.  Closings...Be there!  This is the good part.  You went to all the effort to get the loan, push it through processing and underwriting, why wouldn't you want to be there for the finale?  But I will be the first to admit; sitting through an entire closing is like having bamboo shot up my fingernails.  (I may be slightly exaggerating.)

First, you should always go over the information prior to the closing.  This includes interest rate, funds to close, loan amount, spelling of names, vesting and terms.  This alone will create a positive experience at the closing table.  Then, at closing, let your borrowers know that you are tight for time but want to make sure they don't have any questions.  Explain that you will be staying for the settlement statement, trust deed and note and that after that you will be available by phone.

You have the wonderful opportunity to create clients for life and prime the way for future referrals.  Your visibility at the closing is essential for this.  Take the few minutes to shake hands, make sure there aren't any questions and ask for referrals.  You will be surprised at the positive feedback (and names!) you receive.

Stay tuned for Part III - Taking control and staying ahead.

Tips on reading effectively

Or, as my husband thought I should title this post, "How to read a book like an obsessed maniac."  I'm going to take that as a compliment.  That's a picture of most of my business/sales/marketing books.  I haven't taken over the house yet.

I love to read and feel that learning is critical to continued success.  Alvin Toffler has said, "The illiterate of the future will not be the person who cannot read. It will be the person who does not know how to learn."  Often, what keeps us from reading is the thought that it will take too much time, we don't know what to read, or we won't get much out of it.   Here are a few tips to help you read successfully.

1.  An hour a day.  Read instead of watching TV.  Many people say, "but I only watch the news."  First of all, what's uplifting or motivating in the news?  Your business will not become more successful, your family happier or your waist trimmer if you spend an hour a day watching the news.  Trust me,  you can find out what's important by reading headlines on the internet for 5 minutes every morning.   Better yet - read CNNMoney so you get financial news as well. 

2.  Don't know what to read?  Look an inch to the left.  I try to recommend a variety of marketing, sales and motivational books.  I've read many, many more than this list - but I've picked the best as recommended reading.  Click on any to purchase from Amazon.  If you need more recommendations, ask successful people around you what they recommend.

3.  Effective reading.  In college, most of us highlighted our way through.  Take your reading one step further and make your own cliff notes on the inside of the front cover.  Tim Sanders, in Love is the Killer App, recommends this to reinforce what jumps out to you as important.  You then have an easy way to go back and easily reference what impressed you.  First, put the page number, then use whatever abbreviations or shorthand to write a brief synopsis of what you want to remember.  My comprehension took off once I began reading this way.

4.  Share the love.  Talking about the books you read does a couple of things...  It actually reinforces the concepts since your mind is hearing you reiterate what you learned.  You also open the door to great conversations.  Anything is better than the weather.  People respect people that are continually learning and your reputation as an expert will improve.  If you have read a book that was especially significant - give copies to people that might be similarly influenced.  I loved Brian Tracy's Eat that Frog, so I purchased a case to give out to my coaching clients and others I thought would enjoy.   

I find it absolutely amazing to see the ideas and motivation I get from reading.  The thought may not even be related to the reading, but I have opened my mind to opportunity and inspiration.   See these related posts on reading:  Reward reading,  What are you reading?  Or you can look under categories on the right side of my blog for more detailed recommendations on a few books.

What does your reputation say about you?

A strong reputation is essential in creating a referral-based business.  Your marketing will become more effective, clients will shop around less and rates will not be as important as the value you provide.  One way to gauge if you have a good reputation as a lender is by looking at how often people call you with a mortgage-related question or ask questions at social events (I've even been approached at church - and I certainly haven't been marketing there!)

A positive reputation attracts people to you, as most consumers have a strong desire to work with someone they feel is an expert or has been recommended as an expert.  If you understand mortgages, interest rates and simple financial planning you will naturally be a magnet for those seeking guidance with their mortgage needs.

If you don't feel strong in your mortgage knowledge, make this a priority today!  Subscribe to Mortgage Market Guide, read CNNMoney, study loan programs.  Invest the time to improve your understanding and you will reap great rewards.  You will become more confident in talking about mortgages and the applications will follow.

Another critical area that greatly affects your reputation is the way you handle problems that arise in the loan process.  This is a business full of obstacles.  Your ability to calmly and efficiently take care of these things will earn you a strong reputation as a high quality lender.

It is also vitally important that your level of customer service exceed expectations.  Your client's experience will leave a lasting impression.  An over-the-top, WOW experience will earn you more referrals.  Take a look at every contact you have with prospects, borrowers and Realtors and look at improving their experience.  Your reputation depends on it.