Brokers/LO's what do you think about Wholesale Lender AE's?

Joshigh · Joined: 27 Oct 2006 Posts: 8 Location: Charlotte, NC

I work as an internal account rep for Senderra Funding in Charlotte, NC. I'm wondering what brokers think of my position? New AE's with no book of business are forced to cold call on broker shops to try and convice Joe Broker to sign up and place some loans with a lender no one has ever heard of. I put myself in the broker's shoes, and think that if someone is calling me with products, and service, I want to hear what he has to say.

The way I see it, is brokers who are taking apps and shopping deals, can find time to talk about deals. The ones hanging up, and blowing you off are frustrated, and aren't open to ideas, and might not know what they are doing. Some of the people I talk to seem like they have it all figured out, and they couldn't be bothered with a new avenue of making money.

Brokers, what's your feedback here? The market is changing, and it's turning into survival of the fittest, leanest, and fastest.

I'd like to hear some ideas and opinions.

Thanks, Josh...

DallasLoanGuy · Joined: 26 Sep 2006 Posts: 169 Location: Dallas, TX

if you show up in my office.... you had better know what your competition has....

and if you cant differentiate yourself, then dont beg for loans.

here is how you get MY business.

1. be patient. sooner or later my preferred lender will be out of the market. if i like you, you will get a shot. unless you have something i dont have. and you BETTER be asking me what i dont have and need.... to see if you can fill it.

2. make me like you. how? simple... dont ask for business. provide value.... industry insight, ect. pop your head in and ask if your needed and NEVER sit down without invite. and NEVER touch anything on my desk. dont get discouraged after 30 no answers.

chow · Posted: Fri Oct 27, 2006 3:18 am Post subject:

I always got a hardy chuckle when an AE would walk in and ask me if he could look at the turn downs. Now, why would anyone want to look at turn downs? I wasn't a A paper broker, and I even did a fair share of hard money deals. You'd have to be pretty darn hungry to ask for trash!

Don't ask to look at files without the owner/manager giving approval first. There is nothing worse than having someone who works for you be told that a file can be turned into a deal, and then one look at the broker package hits a snag, or the same offer with the same issues has been turned down by the other 35 lenders they are already signed up with.. (if someone is signed up with that many lenders-how many deals are you going to get?)

Be honest about review appraisals and QC incase someone tries to pull a fast one on the owner (a hungry LO). Make sure the LO's know what you're looking over and warn the owner/manger if you see something.

and like he just said. Don't beg. Not everyone will sign up with you, and sometimes the LO's just need to understand if they keep getting deals they could send you, then be gentle if you call to remind the boss there might be some business he's over looking.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

It's the same with us and realtors. If you don't have a value, they aren't going to use you. If you're hungry, and you present that to them, theyr'e not going to use you. Most likely if you're hungry, there is a good reason for it. I get more business from referral sources now that I am doing consistent business (just from random realtors) than when I was out trying to get business started.

MortgageGuru · Joined: 01 Oct 2007 Posts: 3

I agree with all that was said above. The best AE's that I have had experience with are the ones that let me know something that I did not know before and are able to offer something that I can't get from my lenders that I currently have.

Also, leave your guidelines around in order to put more responsibilty on the L.O. I know it is easy to give an AE a call to give them the basics of a scenario to get a rate, but when you put some more of the responsibility on the L.O. you don't have to worry about your phone being blown up and the L.O. will know from the beginning whether or not the deal will work. I know that you guys baby the L.O.'s enough, so giving them more work will benefit both sides.

These are just some helpful hints from my experience.

JasShapiro · Joined: 10 Nov 2007 Posts: 11 Location: El Dorado Hills, Ca

Hi Josh, as mentioned, you need to differentiate yourself and your products and know where your company shines. Spend time building your relationships. Make sure what you are offering is of interest to the loan officer. Don't bs your guidelines or turn times. Answer your customer's calls as quickly as possible, even when you don't have the answers you think they want to hear.

Oddly enough, the same rules apply to just about any position in our industry.

Jbiberston · Joined: 28 Dec 2007 Posts: 1 Location: Southern California

As a broker and an appraiser in my market place here in CA I had to start from somewhere, that spot was as an AE doing Wholesale loans.
I walked into the office daily and saw the same faces looking pathetic while hoping a broker would call them with a deal or a question. They all used the same old compiled records of approved brokers and hammered them till they were all thrown out or one mega AE had the entire offices book of business. If I was going to make it I needed difference, I had a junky product, I didn't know it then but it was junk. I was an ok seller but I always followed some simple rules I learned as a young boy.

1. I treated my clients like I wanted to be treated I asked for convenient times I could meet with them and discuss business. From these meetings I learned their needs. People always have a "What’s in it for me attitude." I found ways of using my products to meet there needs.

2. MOST important as an AE I stopped trying to get a Giant Broker and I made my own. That’s right. I called the Dept of RE in CA and asked if I could get a list of new brokers... CHA CHING! They mailed me a CD with 10000+ records for $10.00. I invited all the new brokers in my area and signed them with my company, then I taught them how to originate loans, gave them company 1003's, 1008's etc. Gave them marketing products and my phone never stopped ringing from then on. I did this in my office's conference room and did it on over head and white board; I held 2 classes every Friday and was always booked. Monday morning I had the new Brokers stacking 1003s in my office of about 3 a week. That may not seem like much but for me that was great. Once there first deals funded those numbers multiplied a lot. My classes took off and I was happy. The reason this worked was because I used the same time teaching the competition of the brokers that wouldn't see me how to do their business.

3. As a broker now, how do AE's get to me, I know a lot in the industry, so knowledge and products won't work I can find it just as easy, it's the fight my AE's give for me and my files that keeps me using them. The stupid nonsense conditions that they get waved. Appraisal addendums that aren’t needed waived.

4. I'd stay away from offices that don't respect the work you do. If they have the "I’m God's gift to the Lending Industry." like I have read so many times your better off with different offices. Just about all states are regulated on lending get a public list and go down them.

5. Know the value of a phone. As an Appraiser to feed the appraisal practice I never drive offices anymore. I hated that as an AE and I hate it as and appraiser. CALL... and when you call talk to the most important person in the office. That isn't the BROKER, that isn’t the LO"S it's the Processor. She is your gold mine, if she works with you you've got it made. She is very busy, underpaid, overworked and looking for her job to get easier, if you make it easier for her expect more loans even if you don’t have superior prices.

I could go on but I think I have given you too much, plus with the comments above your set. But stay away from brokers who think they are too good. When they call there broker buddies and ask who they are funding with and they say you .... they will call you... then you can them
You’d be glad to represent them and smile to yourself!

PATIENTS.

Jared Bibeston
Special High Intensity Training specialist.

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