NAMB Central Digital Magazine Summer Edition

CENTRAL

The Digital Magazine for the National Association of Mortgage Brokers

The Three E’s of Content Marketing

The NAMB National 2021 Schedule at a Glance

The Perfect Pre-Approval Package to Send to Listing Agents

page 06

page 08

page 15 SUMMER 2021 | NAMB.ORG 1

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NAMB CENTRAL MAGAZINE | Summer 2021

Advertiser Index

04 Message from the President Kimber White

02 Direct Mortgage Investors Inc. 06 The Three E’s of Content Marketing Ginger Bell 05 AmeriHome

08 NAMB National 2021 Schedule at a Glance

07 NAMB Industry Partners

12 The Value of Offset Mortgages in the Wake of the

15 Finance of America 19 Scotsman Guide 22 Mutual of Omaha Reverse Mortgage 24 Plaza Home Mortgage

COVID-19 Pandemic Francois Moreau

15 The Perfect Pre-Approval Package to Send to Listing Agents Carl White

20 Loan Officer Sales Primer Ralph LoVuolo Sr. 23 Board Spotlight: Linda McCoy Kelly Coggins 24 Upcoming Training

About the Cover: The cover is a look at the our incredible venue for NAMB National 2021. This year we will be at the iconic Caesars Palace hotel right in the middle of the Las Vegas strip!

SUMMER 2021 | NAMB.ORG 3

NAMB STAFF

Executive Director for ClearPath: AW Pickel Association Director for NAMB: Kelly Coggins

NAMB BOARD OF DIRECTORS President: Kimber White, CRMS RE Financial Services, Inc.

Sales: Lorena Leggett Membership: Meggan Jackson Digital Marketing Specialist: Andrea Castilow

President-Elect: Linda McCoy, CRMS Mortgage Team 1, Inc. Vice President: Michelle Velez, CMC PRMG Treasurer: Wayne King, CMC, CRMS Encompass Lending Group Past President: Rocke Andrews, CMC, CRMS Lending Arizona Director: Arthur Carrasco Creative Lending Corp.

Director: Michael Desantis American Mortgage Resource Director: Damion Hughes Amerifirst Home Loans, LLC Director: Ernest Jones, Jr., CRMS Lend Smart Mortgage, LLC Director: Paul Marsh, CMC, CRMS Encompass Lending Group Director: James Nabors, CMC, CRMS Civista Bank

4 NAMB.ORG | SUMMER 2021

Message from the President: Why I Joined NAMB

T

he mortgage industry and I have been through many years together, in fact, 33 years together.

I have seen it first hand with both the highs and the lows, the frustrations and the exhilarating moments.

I have loved working with borrowers both to refinance and to buy their first or fifth home. Quite frankly, I love people, and I love doing what I do.

When I first got into the business, I did not have any use for the trade associations. I focused on my business – I did not have any time for such non-productive activities. After attending my convention, I realized I was wrong. The first thing I noticed, I was surrounded by like-minded people who truly cared about their customers. The second thing I noticed, there were a lot of smart people out there doing the same thing I was yet more effectively and more efficiently. I could learn from them. The third thing I noticed, there were business partners I could trust.

They could provide better tools, software, technology, and advice. I could stand on the shoulders of giants and see further and operate better. The fourth thing I noticed, my voice was joining thousands of others in protecting what we do and giving us the right to serve people by helping them with a home loan.

Relationships. Reliability. Results.

EMERGING BANKERS

I am sold on the NAMB for all of the above reasons, plus most NON-DELEGATED PROGRAM likely others, that you can name. NAMB is my association INCREASE home. Perhaps now for some things you don’t know. I want you to know that NAMB is a non-profit and the only nonResources profit to serve all mortgage professionals. All of NAMB’s Process Control board members serve at their own expense. NAMB has well over 100,000 members. “Are you kidding me?” you Profits say. Yes, we serve all mortgage professionals, both duesProducts paying and non-dues-paying members. When we go to Capitol Hill, our message is from all mortgage professionals.

WITHOUT ADDITIONAL OVERHEAD AND RISK EXPOSURE With all that said, I invite you to join me on my journey as a mortgage professional and as a dues-paying member of NAMB. It is going to be a great adventure!

PROGRAM HIGHLIGHTS Thanks, • Competitive Pricing • Wide range of conventional and government

Kimber White NAMB President

products • Easy to use technology platform • Specialized onboarding and training

Website: correspondent.amerihome.com Email: CLsales@amerihome.com © 2021 AmeriHome Mortgage Company, LLC, A Western Alliance Company.

Information herein intended solely for mortgage bankers, mortgage brokers, financial institutions and correspondent lenders. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, License #4131116. NMLS #135776.

SUMMER 2021 | NAMB.ORG 5

THE THREE E’s OF CONTENT MARKETING

By Ginger Bell, Founder and CEO, Edumarketing

I

was speaking at marketing conference last year. A session I was excited about attending was on what to post on social media. One of the panelists in the session said that it really didn’t matter what you post on social media as long as you are posting. He then promptly brought out his phone and began recording a live video saying that he was speaking at a conference on social media.

Really? I thought. Sure, it’s good to brand yourself as an expert in what you do but it would be better to do a video stating that he was speaking at a conference talking about the top three messages that are easy to create on social media that drives attention.

That message would leave his audience wondering what they were.

They may even post something in the chat asking him to share. He could later go on and share his three tips on social and link back to speaking at the conference. Just shooting a video stating you are someone is like telling someone you are going to Starbucks for a latte. Unless you are bringing me one back, why should I care.

Don’t get me wrong. You can post fun photos and videos, but when it comes to business videos. Always lead with value. While a short, “Hey, I’m at 6 NAMB.ORG | SUMMER 2021

the Ritz Carlton” may be good once in a while, if you do nothing but post blank messages, people will tune out.

It’s like fishing with no bait on. Why on earth would you think you would catch a fish with just a pole. You need bait and you need to know what kind of bait the fish are biting on. The right bait, in the right fishing hole at the right time usually results in fish on the line.

Now it’s up to you to reel them in.

As for posting content on social media, I would rather lead from a mix of valuable content that Educates, Entertains or Enlightens. It’s what I call The Three E’s of Content Marketing. (It’s not rocket science, but it is surprising how many people don’t do it.) Now, you may be able to combine all three into one message, but usually you can pick one. Let’s look at Educate, which is my favorite.

Educational Content

an article or guideline u p d a t e .

Stop posting that you just closed on another loan or that rates or low. It means nothing to anyone except you.

Consumers are looking for information and your post or video could be what they are looking for. We have also seen many educational videos shared, over and over again to others. In fact, we recently had one of our client’s videos shared by two big veterans organizations. You never know who is watching you on social media and valuable content gets shared. Think about all the topics you could create educational content around.

For example, you could do a video around down payment options, or what is MI. You could shoot a video about the top three things you need to do before you buy your first home. The topics are endless. The next E is Entertain

There are plenty of things you can educate on in the mortgage industry.

Pick one. Keep it simple and be consistent. If you don’t have time to write your own content or develop Not my specialty, but I have been known your own video, then at least share to garner some Michigan mittens to

Entertaining Content

promote a session I was doing for the Michigan Mortgage Lenders virtual conference a few months ago. Think of fun short videos you may do on what someone thinks happens when you get a mortgage vs what really happens.

Ken Perry with the Knowledge Coop does an incredible job creating entertaining continuing education content.

Always be sure to be sensitive to others so that you don’t offend anyone. Get creative because, mortgages don’t always have to be serious. Once in a while feel free to make people laugh. Finally, the third E, which is Enlighten.

Tha

n e t r r a s P ! u o Y nk

INDUSTRY PARTNERS:

Enlightening Content

Creating enlightening content can really mean two things.

The first is to inform which also links in with educational content. I like to think of it as “bring attention to” something. It may be informing real estate professionals about the misconception of the VA home loan process, or the real difference between pre-approved and pre-qualified.

Informative enlightening content is meant to raise awareness or bring attention to something in a positive way.

The other meaning of enlightening content is more in the lines of inspiring. You know, the Oprah Winfrey stuff.

You may think you don’t have any enlightening content, but tell me the last time you had someone in tears in your office because they were getting into their first home? Or the single parent who you were able to get qualified when no one else could. These are some of the best stories.

It takes some time to create enlightening, inspirational content, but the message is important and one that resonates with consumers. Make a list of some of your clients who were inspired by what you did for them.

If you want to build value, create content that fits into The Three E’s of content marketing: Educate, Entertain or Enlighten.

SUMMER 2021 | NAMB.ORG 7

SCHEDULE AT-A-GLANCE

THURSDAY, OCTOBER 7, 2021 3:00pm - 6:00pm

NAMB Board of Directors Meeting | Emperors Ballroom I

FRIDAY, OCTOBER 8, 2021 8:00am - 2:00pm

Golf Tournament to Benefit NAMBPAC

8:30am - 5:00pm

Certified Veterans Lending Specialist (CVLS) Class | Emperors Ballroom Exhibitor Check-in and Setup

2:00pm - 5:00pm 5:00pm - 7:00pm

Exhibitor and NAMB Member Welcome reception | Palace Ballroom Pre-Function Area 2

SATURDAY, OCTOBER 9, 2021 8:00am - 12:00pm

Attendee Registration and Exhibitor Check-in and Setup 9:00am - 9:45pm Area of Expertise | Finance of America | Augustus Ballroom 10:00 am - 10:45am Business Planning for Brokers 101 | Plaza Home Mortgage | Augustus Ballroom 10:45 am - 11:00 am President’s Outgoing Speech | Augustus Ballroom 8 NAMB.ORG | SUMMER 2021

SCHEDULE AT-A-GLANCE 11:00am - 11:45am

Freedom Mortgage | Augustus Ballroom

11:45am - 12:00pm

Keynote Introduction | Change Wholesale | Augustus Ballroom 12:00pm - 12:50pm Keynote Session: Get Personal with Glenn Stearns | Kind Lending | Augustus Ballroom 1:00pm - 1:50pm Women’s Panel | NAMB | Augustus Ballroom 2:00pm - 2:50pm 1:00pm - 6:00pm 3:00pm - 3:50pm

How to Capitalize on Today’s Housing Trends and Uncover Opportunities | Lendsure Mortgage Corporation | Emperors Ballroom II Exhibit Hall Open | Palace Ballroom Path to Pivot: A Discussion on the Future of Sales and Marketing Automation | PRMG | Emperors Ballroom

KEYNOTE SPEAKER Founder/CEO Kind Lending Star of Discovery Channel's Undercover Billionaire

NAMB National 2021 Las Vegas, NV | October 9-11 Register NAMB.ORG

SUMMER 2021 | NAMB.ORG 9

SATURDAY, Continued 3:00pm 3:50pm

Transitioning from the REFI Boom to Untapped Opportunities | RCN Capital | Emperors Ballroom II

3:00pm 3:30pm 4:00pm 4:50pm 4:00pm 4:50pm 4:00pm 4:50pm 5:00pm 5:50pm

Supercharge Online Marketing & Reduce Credit Report Cost | Universal CIS | Sicily L3 Ecosystem | NAMB | Sicily Winning in a Purchase Market | Homepoint | Emperors Ballroom CF Wholesale Happy Hour | CF Wholesale | Emperors Ballroom II How to Strategically Incorporate and Engage Your Origination Force In Non-QM for Volume Growth in 2021 and Beyond |Arc Home LLC | Emperors Ballroom I

SUNDAY, OCTOBER 10, 2021 9:00am 9:50am 11:00am 11:50am 12:00pm 12:30pm 12:30pm 1:00pm 1:00pm 4:00pm 1:00pm 1:50pm 1:00pm 1:50pm 2:00pm 2:50pm 2:00pm 2:50pm

Legislative Update | NAMB Government Affairs | Augustus Ballroom Millennials, the Largest Cohort Ever to Move Through the Housing Pipeline | Freddie Mac | Augustus Ballroom Installation/President’s Speech | Augustus Ballroom Keynote Session | SRE.com | Augustus Ballroom Exhibit Hall Open | Palace Ballroom Leveraging Resources to Build a Non-Delegated Business | Amerihome Correspondent | Emperors Ballroom II Create Recurring Income Through Real Estate Investing | Finance of America Commercial | Emperors Ballroom I Real Estate Agent Engagement Strategies | First Funding, Inc. | Emperors Ballroom I Eliminating Multiple Platforms for a More Seamless Process | Broker Plus by PreApp 1003 | Emperors Ballroom II

10 NAMB.ORG | SUMMER 2021

SUNDAY, Continued 3:00pm 3:50pm

3:00pm 3:50pm 6:00pm 10:00pm

Long Term Rental Financing for Short Term Rentals | Temple View Capital | Emperors Ballroom I Non-QM Business Mixer | A&D Mortgage, LLC. | Emperors Ballroom II End of Event Great Gatsby Party Featuring the Moonshiners! | Augustus Ballroom

MONDAY, OCTOBER 11, 2021 8:00am 5:00pm 9:00am 5:00pm

NMLS-Approved Continuing Education Course | Emperors Ballroom I NAMB’s Certified Credit Specialist Course (CCS) | Emperors Ballroom II

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The Value of Offset Mortgages in the Wake of the COVID-19 Pandemic by Francois Moreau, Writer and Risk Analyst

T

they get several different accounts: the mortgage loan, a checking account, and a line-of-credit or loan So how do offset mortgages work, and against the equity in the home. All who should take advantage of them? of these accounts must be at the same We address these questions and more institution. below.

Money sitting in the checking account How does an offset mortgage work?

First, it is essential to understand the reduces the mortgage principal balance terminology. The word offset refers when calculating interest. Because to the fact that money contained in interest payments are consequently linked savings or checking accounts lower, the monthly mortgage payment offsets the mortgage balance, reducing reduces the outstanding principal interest payments and allowing the balance more quickly, allowing Most buyers can’t afford to pay cash for buyer to pay the mortgage off more homeowners to pay off their mortgage much faster. their new home. But the prospect of a quickly. mortgage well above what the buyer initially intended to pay is daunting. However, if you are looking for offset Homeowners can still use the money Not only may there be difficulties loans in the United States, you may not in the checking account as they obtaining the mortgage because the find them under this name. Because would in any other checking account. assessed property value can’t keep up of IRS regulations prohibiting using Withdrawals from the checking with the bidding war, but if buyers earned interest to offset paid mortgage account take the form of increases successfully get the mortgage, the interest, the term offset is not in the home equity line outstanding payments may be quite high. completely appropriate. Buyers will balance. often see them referred to as all-in-one One mortgage option gaining loans instead. The IRS regulations also Why does this help homeowners? popularity globally in recent years make US offset loans operate slightly Consider the monthly cash flow of a typical homeowner who has a direct is the all-in-one or offset mortgage, differently than in other countries. which allows buyers to reduce interest deposit for their paychecks. Most payments by applying their savings So how does an all-in-one mortgage people will not spend all of their against their mortgage balance. Indeed loan work in the US? When a salaries as soon as it comes in the some banks have seen the requests for homebuyer applies for an offset loan, door. So the money is there to help he housing market in the United States has been scorching for the last year, with prices skyrocketing and supply plummeting.

Homes sell within days, if not hours, of going on the market. Competition for existing homes is stiff, with many properties receiving numerous offers, often in cash and frequently well over the asking price. Some buyers have even paid 7 figure premiums over the asking price to beat out other potential buyers.

12 NAMB.ORG | SUMMER 2021

offset mortgages double in the first quarter of 2021 compared to 2020.

reduce the mortgage balance until the homeowner spends it. costs or other fees) is $1,011.85. After deducting taxes and Because the bank calculates mortgage interest daily, the days other living expenses, Avery saves 10% of their income or following the deposit of the paycheck have a much lower $750 a month in their associated checking account. accrued daily interest.

Avery gets several benefits from an all-in-one mortgage.

Let’s look at a specific example in the context of the new gig First, because Avery’s expenses are spread through economy. Because of COVID, the prospective homeowner, the month, their paycheck balance helps reduce daily Avery, is a freelancer, a popular career path following the accumulated interest. And because Avery doesn’t spend massive unemployment resulting from the pandemic. all their paycheck, the mortgage’s principal balance rapidly Indeed, according to recent surveys, three-quarters of full- declines, further reducing the accumulated interest. Avery time freelancers in the United States are making just as much keeps their accrued savings but may reduce the payoff time income as they were when employed before the pandemic for their mortgage by half. struck.

In other countries such as the United Kingdom, Australia, Avery makes $7500 a month. They want to buy a $300,000 and New Zealand, offset loans are much simpler. The home and let’s say the going rate is 3%. After putting 20% amount in savings directly reduces the principal balance down, the monthly payment for a 30-year mortgage (not used to calculate interest, but there is no associated line of including set-asides for property taxes and ignoring closing credit as in the US.

Become a Certified Veterans Lending Specialist (CVLS) Better Serve Your Veteran Customers!

Register at NAMB.org

SUMMER 2021 | NAMB.ORG 13

Why are offset loans so popular right now?

The answer is relatively simple. COVID created a savings boom, but interest rates on savings accounts have been historically low since the subprime mortgage crisis caused the housing market to collapse in 2008. So there are a lot of people with increased savings looking for a better return.

The rapid increase in remote working arrangements and the number of freelancers also contribute to the interest in offset mortgages. As more and more people work from home, they are looking for homes with amenities more suited to their new work paradigm. Whether refinancing to improve an existing home or finding new properties, remote workers are looking to apply the savings they built during the pandemic efficiently, and offset mortgages give them that opportunity.

Who should consider an offset mortgage?

Offset mortgages are not for everyone and, indeed, not everyone is even eligible to apply for one. Homebuyers must have excellent credit to qualify for an offset mortgage, as most lenders require a FICO score above 700 for applicants.

Homeowners also should only consider offset mortgages if they are confident that they can consistently save money, i.e., have a consistent positive cash flow. Because the interest rate on offset loans is typically higher than for conventional mortgages, reducing principal through disciplined savings is necessary to make an offset mortgage work.

One group that potentially stands to benefit substantially from offset mortgages is the millennial generation.

Although they do have significant debt issues, they are also firm believers in saving money. Indeed, millennials start saving much earlier than their parents and grandparents (average age of 24) and are more likely to put money in savings rather than in investments. So, an offset loan can give Millenials the best of all worlds - they can save as they normally would, while also more quickly reducing their debt load and creating equity in a home, which is itself an investment.

What’s the future for offset mortgages?

While offset mortgages are currently promising for savers, prospective homebuyers should keep an eye on the market because the government has recently indicated an intent to begin increasing interest rates.

14 NAMB.ORG | SUMMER 2021

While both savings and lending should respond similarly, there may come a time when it once again makes more sense to invest money in traditional savings vehicles. And buyers must also watch closely for any signs of a new housing bubble. If a new bubble bursts, holders of offset mortgages could find themselves with negative equity and high-interest rates, a recipe for disaster.

Francois Moreau is a fintech writer and financial risk analyst based out of Paris. For the last decade, he’s worked building financial risk models for multinationals and local banks.

The Perfect Pre-Approval Package to Send to Listing Agents

By Carl White, The Mortgage Marketing Animals

N

ever in my lifetime have I seen such a widespread housing inventory issue as we’re facing right now.

There are more real estate agents than houses for sale. It’s unreal.

As loan officers, we’ve got pre-approvals coming out of our ears, and they can’t find properties. Sellers are getting 10-15 offers on their houses, and many times, our buyers don’t stand a chance.

What can we do to get our buyers’ offers accepted? How can we make them stand out in the competition?

My friend, Mark Day, has come up with a brilliant solution: the Perfect Pre-Approval Package. Loan officers can send this package to listing agents to help bump their buyer’s offer to the top of the list.

The First Thing You Do Before you send the Perfect Pre-Approval Package to the seller’s agent, you’re going to pick up the phone, call that agent, and tell them what’s coming their way. I cannot stress strongly enough the importance of making this personal connection.

So, what’s the script? Something like: “Hi, my name is Carl White with Carl White Mortgage Company Dot Com. I’m the lender for Mr. and Mrs. Green. Who are working with Ms. Buyer’s Agent? They’re getting ready to make an offer on your property. They’ve passed the 15-point preapproval checklist, and they’re good to go. If I was selling my house, I would want to sell it to the Greens.”

Ask the agent sincerely, “What does the seller want here?

What are they looking for in a buyer?” Then just shut up and listen. Whatever it is—as long as it’s legal, ethical, and moral—try to make it happen.

While you’re at it, send a video, too. There’s no such thing as overkill here. Show them you’re a nice person, you know what you’re doing, and you’re going above and beyond.

Then send over the entire offer all packaged up with a proverbial bow (or an actual bow) that sets you apart from your competitors.

Here’s what’s going in that Perfect Pre-Approval Package:

SUMMER 2021 | NAMB.ORG 15

#1: 5-Star Reviews Pull your three favorite client reviews from Google, Facebook, or Yelp and send them with the offer. If you don’t have any, get them. Call up past clients and ask for a quick review. “Carl’s great! He closes on time! No surprises!”

Then recommend that the buyer’s agent do the same thing. Have them collect reviews from other realtors saying how nice they are and how easy they were to work with. Other lenders and realtors aren’t doing this. It will set you apart. #2: Buyer Love Letter One of my favorite things in the package is a letter from the buyer making the offer. “Hi, I’m Jan Jones.

My husband and I (and our 2.1 kids) would love to live in your home. The tree in the front yard would be perfect for Bobby and Becky to climb. We’re so excited that this house is zoned for North High School. They have an incredible marching band, and Becky has her heart set on being a drum major.”

People usually have an emotional attachment to the house they’re selling.

They want the new owners to love it as they did. Paint a picture of the buyer carrying on that tradition of warm, fuzzy experiences of puppies and rainbows.

It sounds corny, but corn works. #3: Close On-Time Guarantee Put your money where your mouth is.

Offer to pay $500 toward the buyer’s closing costs if you don’t close on time.

You can’t give this offer to the listing agent or the seller, but it still affects them. Say, “Ms. Selling Agent, I’m going to write a big check to my buyer 16 NAMB.ORG | SUMMER 2021

if we don’t close by May 1st.” This serves as tangible proof that you’ve got skin in the game and will do everything in your power to close on time. #4: Offer Rent Back Let’s say the seller sells their house, closes, then the closing of the house they’re buying gets delayed. One thing we’ve done is ask the seller, “Do you need a little extra time?”

Make sure it’s compliant, of course. I would never suggest doing anything against underwriting guidelines. Let them stay two or three weeks for free. We call it “Rent Back.” It doesn’t cost the buyer much, and it’s a great incentive. #5: Pre-Approval Checklist Tell the listing agent and the seller about your pre-approval checklist. Make it look good. Include 12, 15, 20 different items. This shows that you didn’t just do a quick pre-approval while driving down the road. You were thorough.

You did your homework. You covered all the bases and then some. You’re going into much more detail than the other buyers submitting offers. #6: Expert Positioning & TBD Underwriting Position yourself as an expert on whatever kind of loan this is. Tell the listing agent and the seller about your expertise. Let’s say it’s a condo. Your expertise is lending on condos. Or VA, FHA financing, whatever. You can specialize in all kinds of different loans. Most people do. They just don’t think to say it.

Let them know you’ve done a TBD

underwriting (if you have). Let them know the depth of your pre-approval.

The borrowers have already been completely approved. All we need to do now is approve the property. Show them you’ve gone the extra mile here.

Tie It All Up with a Bow Now is not the time to lay low or hold back. Put it all on the line. Give it everything you’ve got. Fill that Perfect Pre-Approval Package with unicorns, confetti, candy hearts—whatever will make your buyer’s offer stand out from the crowd.

You’ve heard the line “Go big or go home.”

Go BIG, so your clients can go HOME. Their NEW home.

Carl White is a Mortgage Branch Manager of one of the top branches in America today. His podcast, Loan Officer Freedom, is the #1 podcast for loan officers in North America, has the most recommendations in LinkedIn of anybody else in the entire mortgage industry, all while running one of the most successful mortgage marketing training programs in the US for topproducing loan officers that teach the strategies that loan officers in his mortgage branch use today.

Podcast: www.LoanOfficerFreedom.com

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18 NAMB.ORG | SUMMER 2021

WE’RE SETTING

INDUSTRY STANDARDS AT NAMB NATIONAL 2021

NAMB National is going all-out this year for their members and non-members to succeed in the industry. Whether it’s through our breakout sessions with the leaders of tomorrow, showcasing advancements in technology, or providing the opportunity to grow your business, NAMB is setting the industry standard. Don’t miss out on going all-out for your business today.

REGISTER NOW AT NAMB.ORG

SUMMER 2021 | NAMB.ORG 19

Loan Officer Sales Primer

By Ralph LoVuolo Sr., The Mortgage Godfather

L

ook around you. No! I mean it! Hey, I’m the coach, so go with me here and look around you. Start at your desk, if that’s where you are, and then swivel around to look carefully at the “things” that are in your room. Just for a precious few, try what I’m asking. If you stopped at your desk, there is nothing I can do to force you, but there is a solid reason I’m asking you to take just a few seconds out of your life to just try something, something different to prove a point and give a lesson.

Let’s first channel Simon Sinek: His book Start with Why is a best seller and can easily be purchased on Amazon if you’re inclined to learn more about your SELF. I’m going to try here to give my personal insights based on about 60 years of doing, watching, and helping what most of you do or try to do every day.

Why do you do what you do: is there a deep philosophical reason, one that you can actually elucidate as to why you get up in the morning? It would seem to most of my peers Ok, thank you if you did that, and if you didn’t, I’m still that if you can’t explain why you do what you do, you’re in going to move forward with my tutorial. You can’t stop me, a heap of trouble. So, here, I’m even going to try to tackle so there!! I sound like a child, right. Just as this information that question (Why?). Now please don’t be flippant with me. will prove to be so simple, so A, B, C like, I’m thinking that I’m asking serious questions, so we together can come to a you’ll be amazed at its simplicity. Hold the thought of the few points that will have an existential effect on your future. individual contents of your room. I’ll use them later.

You’re in the sales business. Now that irrefutable truth Most Loan Officers don’t really consider why they do what might surprise some of you, especially those of you who are they do. Starting here as question/lesson 1 will help you new to our business. As the mortgage industry has matured move to question/lesson 2. most of you will find my point of view hard to take in. But truthfully, you sell something. You’re not a loan processor, Are you a loan officer because you think this is a business underwriter, or closing agent. The challenge for most of where you can make a lot of money and making money is you is to actually know what you’re selling. Not to eliminate your primary reason for existence? I’m not going to judge those of you who have been in the mortgage business for you if it is. Making money is a worthy endeavor. If that a long time, if you stick with me here, you’ll see and read “Why” gets you to the point that you want to be, then who something that most of you will find mind-expanding. am I to say that money is just the source of all that’s bad But more than tickling your synapses, if you want to learn with the world. Many people do what they do, as a Loan anything here my tutorial will help you become much Officer in order to earn a living and a handsome living at better at Why, What, and How you do and think about your that. Is your “Why” because it looked like an interesting everyday behaviors than you are presently. business? A business that seemed to be filled with numbers 20 NAMB.ORG | SUMMER 2021

and arithmetic and you’d been told that you’re good with numbers. Ok, fine with me! Were you a Realtor and as a Realtor, you saw Loan Officers come and go through a revolving door and you thought that you could do better than they did? Is it because you want to help people? Ah! There is the one that seems to catch everyone off guard.

Sure they say, I’m a member of the greater good and I want the world filled with people who have been served by someone who really cares about helping the earth be a better place and helping people acquire and finance a “home” is a worthy ideal. Additionally, it is not as hectic as being a salesperson in the real estate business. It is possible that you do what you do because you thought that your skills were founded in your ability to interact with people, and you want to make use of that particular skill. Maybe I haven’t touched on your Why, and maybe it’s a conglomeration of many worthy thoughts. That’s fine with me. It doesn’t require that we hit this first lesson on the bull’s eye, but it is necessary that you see what you do as fulfilling some need your psyche has that makes you a better person.

What you find or have found is that the Realtors with whom you interact are bored with this message. They’ve heard it hundreds if not thousands of times, from every Loan Solicitor that has been permitted to cross their threshold. I’m putting to bed this method of sales. It is wrong-footed, ill-thoughtout, inconceivably ignorant, and finally Silly. Why? Because here I am able to strike the chord with your brain that you know that is what you were told, especially early on. You’ve also been instructed to sell your SELF, your personality, and your ability to get loans through your corporate pipeline. This is another fallacy.

WHAT you should be selling are IDEAS. Ideas that will help your referral sources accomplish their goals. And their goal, just to make it crystal clear, is to establish a rapport with people: People who want to sell their home or buy a new house and turn it into a Home. I’ve been touting this philosophy for generations, and the only way to stop me is to shoot me. But be careful, I now live in Florida.

Ideas that help your referral sources are built on a variety of marketing approaches. I’ve written a number of articles and issued a number of videos where I address this, but space does Now that I’ve gotten you to start to think a bit in the not permit me to elucidate further. If you want those Ideas, abstract, I’m now going to move in the direction of What just ask, and I’ll send you the list I’ve compiled with 80 of you do on a daily basis that helps you accomplish your them.

Why. As to HOW you do what you do, I believe this is also terribly You “sell” something. My challenge and it’s been my simple. You need to do three things and three things only: lifelong quest to get you to understand this is that almost 1-Give people ideas that help them be more effective at their all of you Sell the wrong thing. Why the capitalizations? work; 2- Explain that as their “Partner” you’ll continue to share To emphasize that you’re in the Sales business. The your ideas as they refer clients to you, and; 3- be persistent in problem I find almost everywhere is that you’re selling the your approach with the people who can refer clients to you same things that I was taught to sell when I started as a who need your service.

“Loan Solicitor” in August 1971. Yes, that is what we were titled. It was a reference to what our “what” and it remains Every item you saw in your room was marketed to you. It prevalent to this day. You solicit mortgage applications via was sold to you by tickling your brain to believe that it would many methods and tragically those methods are wrong improve your life. You saw it as only an idea of a benefit. You on their face. needed it so you bought it. But all you bought was the idea of it, not the actual item. To be a successful Loan Officer, you Argue with me if you will, but what most of you have need to present ideas to your referral sources. They need them been told to do is go out and meet as many Real Estate more than ever. if you want to know how to do that, let me salespeople as possible and let them know how great your know. company is, how terrific your rates are, your wide variety of programs, your exceptional service and that your Meanwhile, go to my website OneIdeaaday.com and sign up company stands head and shoulders above every other for a short, daily email message with ideas that will help you company. I’m not going to weary you with a rant here, be more professional. but on its face, this is a terrible way to sell what you do.

SUMMER 2021 | NAMB.ORG 21

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H

ave you ever looked through the past-presidents section on the NAMB.org website? It’s great to see the faces of the many leaders throughout the organization’s history who helped mold the National Association of Mortgage Brokers into what it is today; however, something is missing from that list. There are only three females out of around forty names who have held the top role of President of the association. If you needed proof that the mortgage industry is a male-dominated field, you don’t have to look much further than that.

Still, times are changing, and the gender gap is narrowing at NAMB. NAMB is about to welcome another woman to the ranks of President this October: Linda McCoy. So, what does it take to make it to the top, and why have so few been successful? If Linda is any indication of what you need to be a female leader in the industry, you will see that strong will, determination, and a love of the industry are paramount. Linda has been making the necessary connections and taking on more responsibility for years.

She has a long history with NAMB. Linda opened Mortgage Team 1, Inc., a woman-owned business in Mobile, Alabama in August of 2002. It’s a business she runs with the help of her Husband, Tiffany McCoy, her daughter, Jamie Frampton, and hard-working staff. Before that, Linda managed Chase Manhattan Mortgage Corp in Mobile. She has also worked at Wells Fargo Home Mortgage and Citizens Industrial Bank. Linda was a top originator at all of those companies but realized she still had a lot to learn. That is when she turned to NAMB.

Linda stated, “NAMB had a great education platform in 2000, the best in the industry. I took a NAMB 24-hour course from the Alabama Mortgage Broker Association back then called the Residential Mortgage Loan Specialist, and that is when I decided that I needed to join my state association and NAMB.” Linda got started as part of NAMB’s delegate council because she served on the AMBA Board of Directors as PresidentElect and then President. She was sent to Washington, DC. as an AMBA State Delegate. That is where Linda felt the power behind an association. “There was a couple of hundred people in DC that year. Paul Mondor, an Attorney with the Federal Reserve, was speaking, and you could tell that he was going to try to eliminate brokers. I stood up and spoke out against what he was doing. That is when I decided one person can make a difference and that one person can be me.” After that trip, NAMB’s Government Affairs Committee asked Linda to join. That led to being on the Membership Committee and the Education Committee.

Even though Linda volunteers a lot of her time and leads a successful company, she still takes loan applications daily.

“I love helping people. We help everybody. It is my mission in life. Every time someone walks in the door, I get excited.

It is a challenge. I love it.” And NAMB is excited about her walking through this door of opportunity. NAMB will usher in Linda McCoy as President of the National Association of Mortgage Brokers this October at NAMB National 2021 in Las Vegas, Nevada. You can sign up to attend online here: https://namb.org/page/NAMBNational2021.

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Upcoming Webinars & Events

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Pre-NAMB National Event-State of the Housing Economy: Freddie Mac 10/8/21 - NAMB National 2021 in Las Vegas, NV 10/11/21

Register Today: namb.org/events Please note: Editorial and contents of this magazine reflect the records of the National Association of Mortgage Brokers (NAMB). NAMB has done its best to provide useful and accurate information, but please take into account that some information does change. NAMB takes no responsibility for the accuracy of the information printed, inadvertent omissions, printing errors, nor do they endorse products or services. The reader is advised to independently check all information before basing decisions on such information.

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