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Face the Future with Knowledge attend the 27 Annual Regional Conference of Mortgage Bankers Associations March 14 - 19, 2010 th
Getting the FHA Business: Presentation & Paradigm ence when I say that many LOs get into an office, establish great rapport with the agents, and give a great presentation. They feel great and on top of the world, but then fail to follow up effectively because other things come up. Whether it’s a bunch of refinances, other referrals or any other legitimate distractions, the bottom line is that if you allow other things to distract you from following up, then the seeds you planted at the presentation—along with those important relationships (and future referral business) —will not bear fruit.
“In the last five years alone, there have been more than 1,000 changes to FHA loan programs!” I would like to offer a Five-Step Paradigm you can follow to help you develop FHA business through presentations:
Our 2010 Commercial Property Program features: General Session: A Market Perspective from Seasoned Industry Leaders - Panel I of our General Session will cover Office, Retail, Fannie Mae and Freddie Mac, Panel II will speak to Recreating the Capital Markets: The New Paradigm Our Afternoon Session deals with Workouts on Commercial Loans: How to Handle a Commercial Loan Portfolio in a troubled market: How are the Banks handling Current Market Issues? Tuesdays Session features a panel entitled Unlocking pension fund capital followed by a Lenders Panel Come hear about the concepts on how business can be done in the new credit underwriting cycle. The panel will share with you their vision and underwriting guidelines as to how they are closing deals in this unpredictable marketplace. The lenders will be in the house on Tuesday morning, will you? Enjoy lunch in our Commercial Property Exhibit Hall New for 2010 - Our Opening Residential Networking Cocktail Reception on Tuesday Evening is in the Exhibit Hall. We’ll start this year’s conference off with a BANG at our Grand Opening Reception on the Exhibit Hall Floor!
Residential Program Highlights Our General Session will look at The Future of Mortgage Finance: Making a Profit in the Current and Future Markets. Enjoy lunch in the Exhibit Hall and meet with your colleagues and gain valuable face time with your clients Wednesday afternoon our Regulators Roundtable feature Regulators from NJ, PA, NY and MD as well as NMLS Representatives. Enjoy our Second Cocktail Reception sponsored by:
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Thursday morning the Information Exchange experts will be seated at roundtables, which will be identified by a sign at each table, available for individual or group exchange on their respective topics. Also in the program: Federal Law update; Special Speaker lunch on Thursday and much more! SAFE Education will be provided at the 2010 Regional Conference on Tuesday, Thursday and Friday.
For Registration and Exhibit Information visit www.mbanj.com
DECEMBER 2009
2. Start with five real estate offices in areas that will bring you your ideal buyers. I got my FHA start in inner city Detroit in the mid-1990s when the auto companies were doing well and buyers could easily qualify. I had to cultivate 10 leads to close one loan. After time, that ratio changed to 30 leads per one loan closed. I had to find business elsewhere to bring that ratio down. If you’re not sure who your ideal buyer is, you need to make that determination before you start your campaign. Call each office, ask to speak to the manager, and then talk about your
ARIZONA MORTGAGE PROFESSIONAL MAGAZINE
1. Establish a series of three 15 min. FHA presentations you can offer to real estate offices. Here are some ideas: “The 3 Things All Realtors Must Know About FHA Buyers,” “How to Avoid the Top Three Mistakes Realtors Make When Writing Purchase Agreements,” and “How to Sell Three More Homes in the Next Three Months.” In each presentation, include the guides you feel will benefit your agents.
Commercial Property Highlights
www.NationalMortgageProfessional.com
I’ve been asked many times by loan officers just how to develop Federal Housing Administration (FHA) business. My patent response is: “You have to brand yourself as an FHA specialist, get out there and give FHA presentations to your FHA referral sources, and then, follow up.” If you are proficient in the basic FHA guides and want FHA business, you need to make yourself the resource for FHA information. Remember, one of the biggest burdens a real estate broker has is providing useful and effective training to their agents. The FHA guides are so vast and change quite often, even we loan officers have a hard time keeping up. What do you think that means for the overall real estate community? In the last five years alone, there have been more than 1,000 changes to FHA loan programs! Keeping up with FHA is hardly the priority of a Realtor! And yet the more knowledge they have, the more it helps their business. That’s where you, the FHA information source, come in. Real estate agents need some catching up on FHA, and they need you to help them. Unfortunately, many loan officers feel they lack the requisite FHA knowledge to go out there and do FHA presentations. I have to tell you that if you know the basics, then you start presenting the basics. Agents don’t need to become FHA underwriters, they just need the FHA information that can help them add to the value they can give their clients. As you learn more guides, go out and present them to your agents. Over time, you will become an expert and a valuable resource to as many agents as you can effectively manage in your database. The crucial factor in being successful in growing your business through presentations is the paradigm you establish. The paradigm I’m referring to is the pattern of steps you take after you walk out of an office following your FHA presentation. This is where many LOs drop the ball … by failing to implement a post presentation system (PPS). But this is where your referral base and your income stream is at. Now, unfortunately I speak from personal experi-
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