You know that you need mortgage processing support... during Booms and Busts.
Without strong mortgage processing support you won’t survive the boom times with your health and sanity intact.
And without strong mortgage processing support, your income will go up and down like a yo-yo … month to month and year to year. You know this…
When times are good, loans are falling off trees... and you're so busy trying to keep up with the volume that you put your marketing and sales on hold. Keeping your borrowers happy and getting your mortgage loans processed become your top priorities. The result: too many hours, constant headaches, and no marketing … setting you up for an even BIGGER crash when volume slows (as it always does!).
An expert team handling the tedious paperwork will let you fund more, work less and still grow your business.
When times are tougher either because the economy slowed or rates have gone up, it takes 4 times the effort and time to find a new client, which means you need a top notch team freeing your time up and handling your paperwork more than ever. Sitting at a desk following up on a past due appraisal for the 3rd time is not going to bring more loans in the door.
The dentist may be more fun than prospecting but if you don't make the time to do a lot of it... every day, every week.... your income and lifestyle will suffer.
Pushing papers isn't going to bring you early retirement, long days on the golf course or more time at your beach house.
That knot in your stomach isn't just an adrenaline rush... it's a sign you need more support so you can spend your time where it is needed most.
For some, the answer may be an in-house mortgage processor...
Here's how it usually works: you hire one or more people in-house, pay them a goodly sum of money, including paying them when they are sick or on vacation. Next you buy computers, expensive software, desks, chairs, phones office supplies and pay rent on a place for them to sit every month. Then there is time commitment of hiring, managing and training people... time you could spend getting new loans into your pipeline.
This might work while the loans are coming in like hotcakes, but then the market changes, or the winter market slows things down for a month or two.
Suddenly, you're stuck with a high salary, payroll taxes, health insurance, and a lot of fixed expenses that you'll pay no matter how many loans you close!
Having that person right down the hall is a BIG commitment with real risk. |