Three Ways To Increase Mortgage Applications

If you are in the mortgage business, the very first thing you need before you can get anywhere, is an application.



I spent years working in the mortgage industry, and my goal was to close one loan per week.



Monday through Friday I would find myself a spot in the back of the office where I could pound out my phone calls from 5:30pm until 8pm every night. My daily goal was to take at least three applications per evening, resulting in fifteen applications per week.



This is how I obtained my applications.



1. I was always prepared. Every thing that I could possibly need was at my desk. If a customer had a question about monthly payments, my mortgage calculator was right there. If a customer had a question about a particular loan program, I had my literature right there. When a customer commented on their needs and situation, my stationary was right there to take notes.



It is very important to have all of your resources at your finger tips, otherwise you will be fumbling around looking for things, or putting your customer on hold, while you find what it is you need.



2. Take the edge off



When you are speaking with a potential customer, the conversation doesn't have to be 100% business all of the time. You can take the edge off by finding something in common with your customer. If you hear a dog barking or a baby crying, make a comment about it. People love to talk about their pets and baby's. This will relax your customer, making it easier for you to get the appropriate information from them to complete your application.



3. Overcome objections



During the application process you will be hit with many objections.



This is perfectly natural, most people don't jump at the chance to fill out applications for mortgages and refi's.



Here are some of the more common objections;



A) I have to speak with my spouse.



A good response to this would be; Is your spouse available to go over it with me right now? I would be more than happy to discuss it with him/her.



Another objection . . .



B) I have to think about it.



A good response to this would be;



Is there something that I didn't explain clearly enough? Or, is there anything you would like me to go over with you again.



The above objections are probably the most common you will come across. If the responses I recommended don't get your customer talking again, than politely thank them and ask their permission to send them some literature.



4. Purchasing Leads



I often found purchasing leads from a reliable lead source to be beneficial when it came to taking applications. The reason is obvious, these people are making it very clear that they want somebody to call them so they can apply for a mortgage, and most likely they are waiting by the phone.



So its worth a shot.



These are only a few of the activities I practiced during my time as a loan officer, and it was rare that I didn't meet my weekly goal of fifteen applications per week.



I'm sure if you practice these same activities you will experience the same success that I did! Good luck!



This article may be reproduced by anyone at any time, as long as the authors name and reference links are kept in tact and active.

Want To Refinance Your Home Mortgage

Refinancing mortgage home loans is quite different from Second mortgage loan or home equity loan as discussed earlier. Here you are replacing you previous mortgage home loan with new one putting your home as collateral and paying closing cost and fees for previous loan.



Before refinancing your mortgage loan you should be careful of few things:



-Not to take out a new loan that comes with prepayment penalties.



-Must be careful of seasoning periods where most lenders are adding few clauses into your contract like you can not refinance unless or until you spend more than 1 years in your home, Thus preventing you from refinancing too early.



-Early pay-off penalties - Some lenders are charging such fees or fines that you have to pay to replace your previous mortgage with new one. So you have to pay these penalties before taking out a new loan.



Break Even Point



It's obvious that you have to pay more than you save at the start of loan

But the time will come when you will easily recover all of your loan refinancing or closing fees and penalties.



Working out break even point (Comparing much you save per month with the total costs) will help you predicting the number of months left to reach break even.



So before going for mortgage refinancing you should ask for few tips and advices because lots of policies are available there.

Sub Prime Internet Mortgage Leads

If you are a loan officer or mortgage broker looking for sub prime internet mortgage leads. Look for a lead provider that allows for you to view the lead before you buy it.



Also, look for lead providers that gather information that is important to loan officers looking for sub prime leads. For example, when working with sub prime customers, you want to have leads that offer a comment section so that you can get a good idea of what the customers needs are and you can than base your decision to buy the lead based on this information.



Lets say you call a prospect and they tell you that the bank has already begun the foreclosure process. Chances are, this is a dead lead for you.



Now, if you have the opportunity to view the lead before you purchase it and you can see what comments the prospect has made on the lead and they stated that they were heading into foreclosure, you probably never would have bought the lead to begin with if you did not specialize in foreclosures.



Take the time to research the internet lead providers that are out there.



There are many, so take your time.



Here are a few things you can look for.



Where does the internet provider obtain their leads from?



Make sure the lead company that you are considering obtain their own leads. By this I mean, make sure they obtain them through lead generation web sites they own and operate on their own.



Steer clear of the mortgage lead companies that are recycling their leads or are purchasing their leads from third party vendors than selling them to loan officers at a profit.



You don't want to call a customer and have them tell you that you are the tenth person to call them this week.



Also, make sure you speak with someone in customer service. It is always good to know that there is someone to speak with in the event you need some assistance or you are looking for a refund on a bad lead.



And remember, the type of customer service you are provided with should be a clear-cut indication of the quality of the leads you receive.



If the customer service stinks, than most likely the leads will also.

National City Mortgage Partners with eLynx for Electronic Document Delivery

National City Mortgage Selects eLynx



For Electronic Document Delivery







NCM cites service and security as driving factors in becoming the fourth top-ten lender to adopt eLynx WPS (Web Posting Service).











Cincinnati, OH: 13 September 2002 โ€" National City Mortgage (NCM), one of the nation's leading residential mortgage lenders, has named Cincinnati-based eLynx to provide secure delivery for mortgage data and documents via the Internet.



After experiencing firsthand the pitfalls of an email-based document delivery system, the nation's #7 lender turned to eLynx for an enterprise-wide solution that would meet the service and security needs of their business. eLynx delivered.







โ€œeLynx provided the perfect combination of experience, adaptability, scale, and service, for a process that we consider to be absolutely business-critical. They were able to address our security concerns and prove the value of their service by offering a superior product, exceptional support, and a price point that demonstrated how expensive our โ€œfreeโ€ email delivery had become,โ€ said Bill Shuler, Senior Vice President of National City Mortgage.



โ€œeLynx WPS integrates seamlessly with our existing enterprise systems, increasing processor productivity and ensuring our electronic delivery processes are compliant with emerging privacy and security regulations.โ€







By partnering with National City Mortgage, eLynx further solidifies its position as the standard for secure electronic document and data delivery services in mortgage banking.



The eLynx network is now comprised of more than 120,000 partners โ€" including mortgage originators, title companies and closing attorneys in all 50 states.



Four of the top ten and 14 of the top 50 U.S. lenders now utilize eLynx WPS as their primary document delivery service. eLynx WPS (Web Posting Service) is the mortgage lending industry's premier electronic delivery vehicle.







Said eLynx President Phil Huff, โ€œWe're proud to welcome National City to the eLynx network. As part of the implementation process, our engineers employed our second-generation conversion software to Web-enable their loan documents and streamline their delivery process.



Today, it's about more than just sending documents over the Internet. Each client has a unique set of needs and business processes, and we see it as our job to provide value each step of the way.โ€







โ€œIn the case of National City Mortgage,โ€ added Casey Foreman, eLynx CEO, โ€œwe were able to foster the transition from their existing delivery process to a secure, auditable system. Now, they're able to send secure documents in real-time, directly from their enterprise system.



And as part of our efforts to accelerate the ROI through pre-registration, our client services team is finding National City recipients eager to come aboard with another eLynx-enabled lender.โ€







Proof positive: eLynx offers service, savings and security in EDD







In choosing eLynx as its EDD provider, National City Mortgage recognizes the unique offerings of this leading e-delivery service:







Service-



โ€œWhile our email-based delivery solution provided a limited amount of success, we were seeing the impact of security-conscious networks that prohibited email attachments, and our help desk was experiencing record numbers of service calls, significantly adding to our cost of a โ€œfreeโ€ email solution,โ€ said Shuler.



โ€œIn the final analysis, our limited success rate was also limiting our cost savings as frustrated closers reverted back to more costly, and slower, paper delivery.โ€







The eLynx Web Posting Service makes electronic delivery simple โ€" data and documents are delivered directly from any origination system through a secure document hub, without altering the integrity of the document set. Recipients download and print documents via a unique, customer-specific, secure Web site and the free eLynx Print Utility.



โ€œWith the implementation of eLynx,โ€ added Shuler, โ€œwe're able to leverage their expertise and infrastructure to provide us with our own, custom-tailored, highly reliable, EDD solution that meets our demands for business-critical applications.โ€











Savings-



In comparison to traditional overnight document delivery services, eLynx users save up to 75%. Instead of printing, copying, collating and couriering document packages, eLynx users can send and receive documents in real-time, ensuring fewer documentation errors and more on-time mortgage closings.



โ€œAnd we'll be growing our savings in coming months as we incorporate eLynx' XML delivery status messages directly into our TMO application,โ€ said Shuler.







Security-



In comparison to email-based electronic delivery solutions, there is no comparison. eLynx provides a completely integrated, secure delivery channel โ€" capturing, compressing and encrypting the native printstream language of data and documents, for the most rigorous security parameters available.







โ€œHigh profile privacy legislation such as Gramm-Leach-Bliley has quickly become a dominant consideration for all of us in the financial services arena,โ€ said Shuler, โ€œand eLynx' multi-layer security model, documented by yearly Level II SAS 70 audits, and opportunities to visit their highly secure facilities in a world-class hosted environment, made the selection of eLynx very comfortable for us.



eLynx is indeed a partner we can trust.โ€











About National City Mortgage Co.



Founded in 1955, National City Mortgage Co., a member of the National City Corporation family, is a leading originator of residential real estate loans through a network of retail offices and wholesale/broker branches. The company has over 250 lending offices located in 37 states. The company's servicing portfolio totaled over $106 billion representing nearly 900,000 mortgage loans as of June 30, 2002.



Visit us on the Web at www.nationalcitymortgage.com.







About National City Corporation



National City Corporation (NYSE: NCC) is headquartered in Cleveland, Ohio and is one of the nation's largest financial holding companies. As of June 30, 2002, National City had total assets of $99 billion and total deposits of $57 billion. The company operates through an extensive distribution network in Ohio, Michigan, Pennsylvania, Indiana, Kentucky, and Illinois, and in selected national markets.



Its primary businesses include commercial and retail banking, consumer finance, asset management, mortgage financing and servicing, and card processing. National City's Web site can be found at www.NationalCity.com .







About eLynx, Ltd.



eLynx, based in Cincinnati OH, launched its secure EDD service in June 1999. eLynx WPS (Web Posting Service) interfaces with any existing system to deliver data and documents securely on the Web โ€" in a fraction of the time and cost of conventional overnight and mail services.



Throughout 2002, eLynx customers will account for over 25% of all mortgages originated. For more information regarding eLynx, Ltd., please visit www.elynx.com.











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