The High-Income Mortgage Originator Sales

What's better than selling a product that everyone wants and needs--mortgages--in a career requiring no special education and minimal start-up costs, where you decide how much money you'll make? Nothing! What does it take to turn this "dream job" into a reality? Richard Giannamore's The High Income Mortgage Originator isa comprehensive and practical guide to a rewarding career in sales in the rapidly growing mortgage industry. This engaging combination of nuts-and-bolts technical information and "tell it like it is" guidance on "best practices" fully prepares readers for success in the exciting world of mortgage origination. The High Income Mortgage Originator brings the mortgage loan process and the secrets to creating a successful mortgage business to life, enabling readers to start earning money immediately. Tips, advice and best business practices in each chapter create a solid foundation to establish and grow a customer base and a thriving, money-making business. Combined with solid and complete information about mortgage instruments, the book's practical, step-by-step business orientation prepares readers for the marketing, selling and customer relations activities needed to attain success quickly.

Richard Giannamore is President and CEO of Mortgage Services, Inc., and has more than twenty-five years of experience in the business. He is also CEO of Financial Program Strategies, Inc., and creator of the $-Road to Riches-$® education seminars.

Barbara Bordow Osach, MBA, is a consultant to Mortgage Services, Inc., and has designed training and best practices documents for numerous industries.

Preface	p. xi
About the Authors	p. xiv
Introduction	p. xv
Acknowledgments	p. xix
What You Should Know
Mortgage Originator-The Best Job in the World: How to Make Lots of Money Selling Money and Fulfilling Dreams	p. 3
Expectations: Getting What You Want	p. 4
It's About Selling	p. 5
Learning the Ropes	p. 7
An Overview	p. 8
Making a Difference, One Loan at a Time	p. 9
Choosing a Company, Getting Training, Deciding How Much You Want to Earn	p. 10
A Day in the Life of a Mortgage Originator	p. 12
Big Picture: Understanding the Mortgage Loan Process	p. 15
Borrowers: Understanding Events That Motivate Them	p. 15
First Steps: Initiating Contact to Submitting the Application	p. 27
Home Stretch: Processing, Underwriting, and Closing the Deal	p. 37
After the Close: Maintaining Relationships with Borrowers	p. 44
Key Points: Recapping the Highlights	p. 45
Players: Defining Your Interests and Those of Borrowers, Lenders, and Brokers	p. 47
Borrowers: Seeking a Solution	p. 48
Investors: Defining the Market	p. 51
Lenders: Playing the Market	p. 54
Brokers: Crafting the Transaction That Works for Everyone	p. 57
Originators: Creating Opportunity	p. 60
Processors: Keep It Flowing	p. 63
Underwriters: Assessing Risk and Reward	p. 65
Supporting Players: Providing Assurances	p. 66
Next Steps: Getting Up to Bat	p. 67
The Mortgage Selling Cycle
Step 1: Generating Leads, Prospecting, and Keeping Score	p. 71
Making Your Delivery Special	p. 74
It's a Numbers Game-Know the Score	p. 89
What Makes an Effective Sales Presentation?	p. 92
Attention: Targeting Needs, Providing Solutions	p. 96
You Don't Have to Start from Scratch	p. 100
Step 2: Moving a Lead to a Prospect	p. 103
Eight Rookie Sales Mistakes and How to Avoid Them	p. 106
From Lead to Prospect-Getting the Go Ahead for the Application	p. 112
Rating Commitment	p. 117
Integrity	p. 122
Keeping Track	p. 124
Step 3: Facts and Forms: Taking the Mortgage Application	p. 125
Why Do You Ask?	p. 127
Let's Talk	p. 143
As Soon as You Get Off the Phone	p. 148
Credit Reports	p. 149
Keeping Score	p. 157
Step 4: Interpreting Credit Reports and Ratios, Building Trust	p. 161
What Does It All Mean? Transforming Data into Information	p. 162
Reality Check: Qualifying the Prospect	p. 173
The Credit Call	p. 176
Integrity	p. 187
Step 5: Determining the Right Product for Your Prospect	p. 189
Fixed-Rate Loan Products	p. 190
Adjustable-Rate Mortgages (ARMs)	p. 191
Payment Options	p. 194
Matching Prospect Goals and Qualifications to Products	p. 197
Pricing Loans-Unraveling the Rate Sheet	p. 203
What to Do When There Is Nothing You Can Do	p. 205
Automated Underwriting Tools	p. 207
Keeping Track	p. 207
Step 6: Selling a Proposal That Makes Sense	p. 211
Basic Calculations for Comparisons	p. 213
Presenting the Choices	p. 216
Objections	p. 221
Keeping Track	p. 224
Step 7: Creating a Customer Relations System	p. 227
A Little Technology Goes a Long Way	p. 229
Loan Cycle Communications	p. 230
Track Your Communications	p. 239
Wrap Up
The Loan Package: Preparing the Loan for Processing	p. 243
Uniform Residential Loan Application (1003)	p. 244
Good Faith Estimate	p. 248
Truth in Lending Disclosure Statement	p. 253
Final Touches	p. 256
Making It Official	p. 262
Tracking	p. 265
Brokers and Lenders: Identifying and Serving Their Needs	p. 269
Processing to Submission	p. 270
Submission to Approval	p. 274
Approval to Close	p. 277
Keeping Track	p. 279
The Wrap Up: Closing the Loan	p. 281
Preparing Your Client for the Closing	p. 281
Other Closing Documents	p. 285
Show Me the Money	p. 287
Next Steps toward Your Future	p. 289
Starting from Scratch	p. 290
Finding the Right Firm	p. 291
Conclusion	p. 294
Afterword: Downturns in the Mortgage Cycle	p. 295
What to Do	p. 296
Appendixes
Key Mortgage Industry Resources on the Web	p. 297
Glossary	p. 299
A Day in the Life of a Mortgage Originator	p. 309
Overview of the Loan Process	p. 311
Comparison of Loan Instruments	p. 315
Key Ratio Calculations	p. 317
DTI and Housing Ratios	p. 317
Quick Ratio Guidelines for Conforming Loans	p. 319
Using Microsoft Office for Customer Relations Management	p. 321
Mail Merge for Personalized Letters	p. 321
Searching Through Your Client Base	p. 323
Setting Reminders	p. 325
Index	p. 327
Table of Contents provided by Ingram. All Rights Reserved.

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The High-Income Mortgage Originator Sales Strategies and Practices to Build Your Client Base and Become a Top Producer

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