hey i was wondering if i am doing something wrong i have applied at serveral broker company's and keep getting the run around every one who agrees to take me on either has no time to train and want return my phone calls or there phone is turned off at least once a week for not paying there bill the only place that actually wants to train me a national company called global equity marketing that makes their clients pay a 100 bucks up front for an app. fee regaurdless if you get the loan or not what should i do

Unfortunately that is the sad reality of this business. The brokers want to make a buck off of your seat but do not have the time to train you how to do your job correctly. This is why there are some many brokers that have no idea what they are doing. Please make sure your new company will train you.

thanks the one companny that will train me wants me to charge 100 dollars up front to see if they can even get the loan is this normal

That's called an application fee, it sounds like you are dealing with a broker that values time and refuses to waste it. Unless you have a mentor this may not be the best fit for a new LO. Is there a designated person in the office that would be training, a training schedule? My broker had the best intentions and offered training, the team leads including myself were responsible for the training, and it turned out badly. We never had time to train and we are all commission based so why would we take the time to train when we could be earning a living. There needs to be an office manager who has the time and a salary.

well there is training as such you split your first 3 deals with your trainer which is good if your a trainer because you are getting paid for your work and the have mostly training vids, and some weekly training but how can i convince someone to use my services as a broker charging 100 bucks only to tell them they might not get the loan while my competition will let them know for free

#1 You are now in a sales position!
Your job is to sell. <= Notice the period. I'm not sure why you got in the industry, but if no one told you that you would have to sell then you better get your stuff and get back to whatever you were doing before. I don't mean to sound harsh, but you can't concern yourself with what others are doing unless you see a benefit that will get you more business. Quicken Loans, a very large company charges a $500.00 application fee. I would approach a client with "Well Mr. and Mrs. Borrower, there will be a $100.00 application fee to process this file. This is a great benefit to you because you know that we handle our loans very seriously and if we can't do it, no one can. Our business is growing so rapidly due to the great rates/products that we can only afford to work with borrowers that are very serious. I'm sure you can understand, right Mr. and Mrs. Borrower?". If you still meet with rejection, explain that the larger lenders can and will charge up to $500.00! How fortunate are they that they decided to do business with you over the big loan giant. They will get better service, better rates, and your application fee is on 20% of what your competitors charge! If they still have objections then they are going to knit pick the heck out of your loan, fees, etc. that the loan probably not be worth doing.

#2 Be in front of only the most highly qualified prospect at all time
You can't afford to waste your time on shoppers or people who are only going to use the information you give them to negotiate with some other broker. Be grateful that you have this commitment from the outset, I wish my brokerage charged a $100.00 application fee! It probably would have helped get me by when I first started. This is a commitment from the borrower, nothing else.

Interesting way to looking at this......from a buyer's point of view.
From lender's side it may very well be as you coined it and I won't even despute it, but I'm interested to know how may lenders (and LOs) actually care how their customers think. Not expactly what they think (this is often easy to tell) but how, and if they/you adjust accordingly.

Point in case the above expample. A customer who know sa bit about the business, has nothign to fear as far as getting a mortgage walks in to chat....everything's well, then he hears about a $100 app fee, which can even be mentionned as counting towards closig costs, right? This person (I, for example) does not fear the app fee, and if he is comfortable enough with the lender to proceed he may not object to the app fee at all.
Now take some one who's counting blessing to even hope for approval, has limited funds and counts every penny to boot. Regardless of education, knowledge, "street smarts" and so on, such person may walk away because of that app fee. Their reasons? Well, they may say anythign to themselves (this lender is trying to screw me on every corner, they don't care about little people, etc.).

It seems that some charges, services can be justifiable and reasonable for lenders, but they need to realize that they must carefully approacht eh customer with them. I guess in the end the skill and attitude of a LO/etc plays a major role in customer retention. Sometimes you won't change a cust.'s mind no matter how hard you try.......but I guess you can't win them all.
Interesting to reach your perception on these issues, etc.
Hope you guys don't min me "butting in" where I don't belong, but aside from my personal agenda (finding house+mortgage, etc) I enjoy reading into your RE and LO lives, problems, concerts , etc. It's educating at the very least and I think it helps to show that agents and lenders are people too.
(well, some are....LoL)
-Mike

These are exactly the kind of people you want the app fee to scare away. When you are brand new in the business it is all about keeping your head above water. A new LO doesn't have the skill to massage a deal through for someone who is that close to qualifying/disqualifying.

Good point.
Shows how I don't think like a LO...............yet. Heh.

If you see a person hang up in mid air once an app fee in mentioned do yo ugenerally try to at least explain how it's "part of the process" (even if jst to say something) or do you prefer to simply state it and see what happens?
On one hand you may win someone over, on the other you weed out the weak one, right?
-M

Unfortunately my company doesn't charge an application fee. If we did though, I would state it as a fact, explain as I did above the benefits, and if they still were hesitant then I would cut bait and move on. It is all about commitment, if a borrower shows me that much commitment then I will work harder for them than someone who can't show me the same level of commitment.

Truthfully, if a prospect can't afford a $100.00 app fee, or isn't interested in paying it, then what does that say for their level of commitment? If $100.00 is a problem, then should you waste anymore time dealing with that person when an appraisal will have to be done; costing $350.00-$450.00? Also, it's important that borrowers have money saved (reserves) whether for a refi or purchase...so if that app fee is a problem, move on to someone that won't waste your time. Time is money in this business. Best of luck!

True Dat...

This is very true iand i think i have came up with a way to fix any objsections i will let them know that if approve i can refund the 100 application fee once the loan is closed and done with

Wow... why don't you try it without saying that. Your commitment is nothing at that point. If they are worried about 100.00 in a transaction that could cost 10,000.00 then you are probably spinning your wheels anyway.

well i was thinkning that might them at ease if they are thinking they are getting the their money back when the deal closed so they will be a lil more at ease but i will let them know that if the deal does not close they dont get it back

I know this seems a lil strange but dont most l.o. and r.e. give little gifts after they complete the deal

I have never checked it out but doesn't Dietech charge a $495 app fee?

Don't sweat the gift, if you do an outstanding job that means more than a trinket. If you begin to develop a relationship with Realtors and professionals like a CPA or divorce attorney, I recommend getting them a Cross pen, after your first transaction together. Never gets old.

hmmm well think im going to give this company a shot unless a better one comes along i think i have everything planned im going to use a call capture to help generate leads and contact for sale by owners and allow them to use my service for free as long as i can do the loan for the person getting the loan and contact agents and let them know i have some leads to get a referral process going and will be doing some cold calling in the afternoon to see about refi's so does anyone think i am missing any ideas to become successful in this business

Yes! A very thorough understanding of the Do Not Call laws!

Would hate to see you get nailed w/a huge fine right out of the gate

well its my understanding that if a person calls a call capture line you can call them with out getting into trouble and my company has a program that screens numbers before we call them so i can use it before i call everyone in the evening to make sure i dont get into trouble nut one thing i forgot is how do i go about getting a copy crv from the records office

what is a crv?

i believe it is a certificat of residential value is the term some one on here told me about it and said you can get it for free showng people who have arms in your county

CRV is the HUD term for appraisal. Certificate of Reasonable Value, you will see those for FHA/VA loans.

where can i get those at

i might have the wrong name what is the name of the form you get from records office that has people who have gotton an arm mortgage