Earning Residual Income – The Series Continues
Tom Hutchens, EVP of production here at Angel Oak and Frank Garay, co-host of The National Real Estate Post, have been talking a lot about earning residual income in their webinars. That’s because it is such a simple concept as long as you plan for it. Non-QM plays a crucial part in earning residual income. This webinar goes further into implementing that strategy.
At the end of each month, many people in the industry have to close their volume and start the next month back at zero. We think it would be nice to have a built in pipeline to have something else coming in to you. We know you agree so listen up. After you close a non-QM deal, simply set a calendar reminder to contact this borrower again about a refinance. We keep hearing so many stories from originators who are now closing refinance deals from people they closed a non-QM loan with two years ago.
Again, very simple concept: 1. Close a deal. 2. Set a reminder. 3. Refinance two years later.
This webinar is going to tell you how to execute and plan this strategy. It starts with being an advisor to your borrower. Present a plan to them to help them achieve their goal now and non-QM is the tool to facilitate the plan. The conversation goes something like this, “I can help you with your unique situation and this is the plan to make it work. You will have this rate short term and in two years, you can refinance for a better rate. You just have to get there. This is your plan based on your circumstances”.
Follow up is crucial. If you close a portfolio deal, do not forget about the borrower. Don’t let them go to the bank and their banker ends up closing the refi. Maintain the relationship!
This webinar discusses follow up strategies in more detail along with growing your pipeline and actual scenarios that have worked for many of our customers. We’d love to work with you and help you put this plan in action!