Written By:
Stacey Sprain,
NAMP Volunteer Writer
I'm hearing a lot of sad stories these days from contract processors whose pipeline sizes are on the decline due to market conditions and I feel for all of you-I really do. But please don't let today's market challenges get you down. March forward with the determination you started with when you first began processing. Look back at all of the past challenges you've defeated, look at how much you've been able to learn and absorb and look at how far you have come since the very first day you ever processed a loan on your own. You've managed to ride out bumps in the road before- and YOU can do it again!
Here are a few suggestions and ideas on how to continue marketing yourself and bringing in consistent business to keep your families fed and your bills paid:
>> Buddy up with mortgage representatives in your market area. Most investor websites allow you the option to search for your area's account rep. Get in touch with that rep, invite them to lunch and strike up a business relationship with them. They can serve as your eyes and ears out there as they are constantly making the rounds to broker shops and they will know what banks and/or brokers are in need of processing help. Simply ask if they're willing to consider passing on the word of your availability if they should happen to hear of processing needs out there. Make sure that you have some professional presentation material to send with them. You can do a favor for them by reading up and learning more about the products and programs offered by their company which can serve equally beneficial to them.
>> If business is down for banks and brokers in your area, they've probably never had a stronger need for marketing but probably don't have a lot of funding set aside in their budgets to pay for professional fees. If your processing pipeline isn't keeping you busy or as profitable as you'd prefer, perhaps you can offer such services as creating mailers and maintaining mailing lists for your clients for a fee. Realtors and real estate offices can probably also use your help with mailers, flyers, and don't forget the holidays coming up. Can you offer your time to assist with holiday mailing lists and mailer projects? Can you offer your assistance to loan officers or realtors who may need their databases brought up to date? Offering your help to get projects completed can serve as an additional source of revenue for you.
>> How are your skills as a trainer? If you have significant experience, you might consider marketing yourself locally to offer one on one training sessions to loan originators in your area which in turn, can help you build new relationships and bring in new business. Example-Obtain Freddie Mac's LP Certification and you can start offering LP training seminars for additional revenue. And what about other specialized processing skills? Can you offer any other training that originators or processors in your area might find beneficial?
Anything you can do to keep yourself motivated and active with your business will keep your name moving out there and will prove helpful both mentally and financially! Be creative with your thinking and you can make anything happen!
About the Writer. As one of NAMP's volunteer writers, Stacey Sprain is currently a NAMP member in good standing and is a NAMP Certified Ambassador Loan Processor (CALP). If you would like to become a volunteer writer for NAMP, please email us at:
blog@mortgageprocessor.org.
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