Do you want to grow your business but need a new game plan? It could be as simple as rethinking how you go about it and focusing on creating a strategic future. We know that in the mortgage business each month starts at zero. What if we told you that it doesn’t have to be that way every month? Watch the latest video with Frank Garay, co-host of The National Real Estate Post and Angel Oak’s Tom Hutchens, EVP of production. They will tell you how to create a strategy to earn residual income utilizing non-QM and non-Agency products.
We have been talking a lot about residual income lately. That is because it can exist utilizing portfolio products which consist of non-QM and non-Agency. The process is not complicated! Close a portfolio loan, set your calendar to follow-up with that client to refinance their loan, and get them to the closing table. We know it works because we have clients who have told us it does. One of our partners was thrilled when his business was up 30% over 2018 by implementing this strategy. He closed loans using non-QM and then refinanced with that same borrower a few years later.
Refinancing a loan you closed in the past a few times each month adds up. Wouldn’t you agree? Watch the video and find out how to get these deals and where. Tom and Frank also discuss follow-up strategies, growing your pipeline and scenarios that you probably encounter frequently.
As soon as you know a borrower won’t fit into government or agency guidelines, plan on when to follow-up. Set your calendar to check in with that borrower to see if a refinance makes sense for them. If it does, then make it happen and close that loan. Do you know a borrower’s bankruptcy discharge date? Mark it and follow up to help them with a new loan.
Rethink your habits and strategies. Not following up could mean that your client walks into their bank and closes their refi with someone else. If you forget about them, chances are, they have forgotten about you. Don’t let that happen! Following-up could result in another closed loan and more money in your pocket.
Listen and find out how to win the battle.
Angel Oak is your partner helping you close more loans today and in the future!