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hi everyone and welcome to today's webinar lead generation learn from the experts my name is kathleen and on behalf of the team at bmortgagebroker.com i'm excited to welcome you to today's session in this webinar we'll be talking to industry experts about generating leads in the wholesale mortgage industry for those of you who may be unfamiliar with va mortgage broker.com we assist individuals in becoming an independent mortgage broker or loan officer now i'm pleased to introduce our panel of mortgage experts jesse drury wholesale development business partner with the united wholesale mortgage samia sexina lead generation consultant with united wholesale mortgage and kimberly perkins senior wholesale development business partner with united wholesale mortgage i have a few housekeeping items to cover the recording will be available on demand after the live session we will email you a link after the webinar if you want to watch it again or share with others if you have questions for our experts please feel free to send it through the q a feature or email us at info bmortgagebroker.com now i'm going to hand it off to jesse to kick things off all right so welcome to the lead generation section to be a mortgage broker i'm really excited for you guys to get a chance to learn more about being an independent mortgage broker as well as how you can generate leads in the channel so uh just a little bit about being an independent mortgage broker overall is it gives you a lot more of an opportunity than you might have normally in retail simply due to the fact that you have more lenders to work with more program options available for your borrower and you get a lot more independence really as a mortgage broker compared to you would in a retail channel so there's a lot of different ways that you know there's going to be benefits as you become a mortgage broker and we have a lot of different resources that will help you out a couple of them are here with us today um want to run you guys through them a little bit so our panelists that we have is smeat and kim both of them work for uwm sumit works for the partner services team which is used to you know provide extra resources in um you know in growing your business whether it be through lead generation marketing recruiting all that good stuff uh kim x is more of a consultant is one of the wholesale development business partners with uwm so we have a lot of different ways that we can help you guys out and we can get started here uh really i know that there might be a little bit of a difference in wholesale than you're used to for lead generation primarily is that when you are an independent mortgage broker all of your leads are going to have to be generated by you as an individual and personally so really what that means is that when you're responsible for generating your own leads you are going to have to go out and find them from different avenues but fortunately being in an expanded environment of options loan programs and everything along those lines also gives you a larger pool of leads that you can source from simply because you have more ways for borrowers to qualify you also have more people that you can partner with directly since you're independent and gives you a lot more options on how you can help there so we have a different a lot of different lead sources we're going to discuss today and how you can tap into them remember keep in mind some of the most important pieces with lead generation is not only diversification and multiply and you know having multiple different avenues you're running through but also making sure that you are consistent in whichever source that you choose so we will dive a little bit deeper into that with organic leads really there's two different kinds of leads that you can get organic leads and paid leads organic leads are going to be leads that you generate through you know your reputation uh through your own sales everything like that without having to pay for them the paid leads are the opposite end of that spectrum maybe you're using mailers or lead by or something like that where you're actually purchasing borrower information to get in front of them so starting out with the organic uh all the organic leads you know really the first place that i recommend people start is their network and sphere of influence once you become a independent mortgage broker you know that really means that you're going to be an independent business owner and yourself and in any successful business you want to make sure that everybody in your network everybody that you know also knows what you do for a trade including being an independent mortgage broker so you want to make sure that anybody knows when it's time to refinance or purchase a home that they're able to reach out to you and you can provide that service for them uh the best way to get your name out there and get the word out there that you're opened up is really running through text messaging i know that a lot of people once they get started you can simply just have a template that you have you'll start top down from your text from your contacts and send them all messages let them know that your new company is opened up and then start to generate leads that way see if you can order some up some refi straight through those messages start getting some referrals or a lot of things along those lines if you don't want to go through and send messages independently there are apps out there like hit them up where you can you know pretty much create a large pool of people and send them all the same message at the same time and you know anytime that you reach out to your people at be a mortgage broker we will be able to help you out and get more information on how to generate those leads or how to funnel through them so a lot of different things you can do there and yeah make sure you're asking for referrals getting them rolling across the board unless you guys have anything to add to that another really great way to generate leads is through title companies and using all the resources that we have there so i know that kim is a huge expert in this and uh pass it off to her yeah so i have a lot of different conversations with new brokers just starting out and a lot of their questions come to how can i get new business in the door and they're starting from scratch so one of the best ways to do that is getting with title companies whether you're already working with the title company or you're trying to establish a relationship with one you can leverage that into asking them for a list of leads they can give you plenty of different lists of leads but the best one that you could potentially ask for especially with how our market's been in the last six months is ask for a list of cash buyers in the last 180 days because what you can do is take advantage of the delayed financing exception with fannie mae and for those of you that aren't familiar the delayed financing exception basically if you paid cash for your home in the last 180 days you don't have to wait the normal six-month seasoning requirements you can get their initial investment back or eighty percent of the appraised value whichever is less which generally in this market with the appraised values going up that's going to be their initial investment so you can get that list start reaching out to them typically the biggest objection i hear on this is that they don't necessarily need the cash on hand if that is an objection that you get this is a pretty easy one that you can solve for even before you start calling on them it's a great opportunity to pair up with a financial advisor in your area one they'll be also great for referrals because they're reviewing clients financial situations can see what rate they're currently at and see if there's anything that you can do for them and two they can let you know of different investments that the borrower can potentially qualify for it with a rate of return let's say over seven percent so if they're paying a six to seven percent interest rate and they have an investment where you can get a rate of return of ten percent like how can they say no to that they're going to be making at least three percent on that and you're narrowing down that objection another big thing with these delayed financing leads a lot of people don't realize is that you can take advantage of this on the bank statement program and dser this isn't just with uwm i know there's a lot of other non-qm investors out there that don't have the same seasoning requirements so here at uwm you could take advantage of it or you know if it's a one that uwm potentially can't do it can go to other non-qm lenders out there so yeah and one great example of how to get leads is straight through title companies uh there's a lot of different ways that you can get you know leads through them delayed financing is always a great place to start uh but is there anything else you can do through title companies so using the title companies for the delayed financing leads is i just wanted to talk about the success rate with that because i actually have a california broker that actually took the steps reached out to a local title company that's been trying to earn his business because he's also a real estate agent they were able to give him a list of 900 cash buyers within the last six months which is a huge amount it's just him himself he doesn't have a loan officer assistant he doesn't have a processor anyone help him so he actually had to take those leads and outsource it to an outside call center to call on these leads for them and what they're doing is they're warming him up he was able to give him scripts and different talking points and he's been getting so many transfers he's been doing this for about two weeks now and he's had about 17 different conversations already and he's turned them into eight different applications so it's definitely a successful play i'd be recommending everyone run right now well absolutely and again delayed financing a huge way to roll i love hearing the success that people are having from it and again this is another huge advantage of being an independent mortgage broker is that you have the opportunity to partner up with other companies out there that are also independent including title companies so right out of the gate start making those relationships find ways to get more leads and really on that same is the real estate agent is just a very known way to make sure that the independent mortgage broker is making a partnership that'll turn into rates of return for them well into the future one of the strongest things you can do is partner with a real estate agent and samet has more information with us on that and how they're the broker 401k so take it away to me ah thank you jesse yeah so on my consultations one of the first things i talk about with loan officers and mortgage brokers are the first thing you need to do is you need to develop real estate agent partners especially now with the rising interest rate market right now purchase and it's the purchase market so you're going to get a lot more purchase leads coming through the door and one way to make sure that that pipeline is steady of leads is uh developing that relationship with real estate agents and so you know i always recommend um you know every day at least calling three to five real estate agents a day and setting one-on-one face-to-face meetings and this is where you can sell um you know what you do uh for their clients as far as purchasing a home you know the process and and and how um you know you can stand out from other lenders um as far as purchase purchase deals and getting loans um closed within within contract dates even well before that um and then also too another good way of providing value to these real estate agents is doing open houses with the real estate agents so what i always recommend doing is creating a pricey scenario flyer uh specific to that listing with different scenarios for conventional fha and va with down payment amounts of course purchase price and then you know you can get your monthly mortgage payments so you can show potential buyers that come to the open house you know what is the estimated cost for this home if they decide to put on five percent 10 or 20 down and it's very beneficial to potential buyers because then they they have an idea of what their budget is and and you know what they can afford as far as a house payment and also too the real estate agent really finds these buying this find this um you know pretty valuable to them because you know when a release when a loan officer goes into um open house with the real estate agent then like i said that helps them talk to potential buyers and helps them lose the agent out of that in that aspect of it so that's the number one thing that i tell mortgage brokers to do especially new loan officers that are coming in this industry is you need to um you know develop real realtor relationships and and get those leads flowing into purchases yeah absolutely so that's i mean that's another huge way is making sure that you're making those connections getting in front of more folks and make sure you're tapping into all your resources because a lot of the lenders that you work with or really uwm the lender you're going to work with is going to have a lot of ways for you to contact real estate agents and start to find them to go through but open houses are a perfect way to get the ball rolling and working with them across the board keep in mind those relationships as you build them out every time they get a transaction gives you an opportunity at another transaction and that's how it continues to create value for you in the future as you can create value for them as you're working with a lot of different companies one of the things that's important as an independent mortgage broker is building your reputation which in itself is a form of uh you know marketing is a form of lead generation and building your independent reputation is important there's a few different ways that you can do that submedial dive deeper into this and how we can start to connect with more folks yes absolutely so uh so one of the new trends that um i've heard of lately is mortgage brokers advertising on podcasts uh this is definitely a good way to uh generate leads and it's kind of like what i call outside the box thinking uh with the interest rates rising um you know we need to find new ways to generate leads and this is a good way uh to generate leads it's trending for the last six to twelve months and basically what you're doing is you're reaching out to your local podcast that's popular in your area and you're contacting them and asking if you can uh sponsor their podcast or be one of their sponsors and if you notice you go to the website there's actually several different uh sponsors as well so you know you could also you know connect with referral partners there as well but the biggest thing is you know creating an ad setting it to the podcast having them displayed other websites so anybody that goes to the podcast to or the website i should say to listen to the podcast will see your advertisement throughout the duration of the podcast and if they're interested in setting appointment they would click on that ad which then take them to your landing page to where you know you can collect the leads information they could schedule an appointment so this is a good way to generate leads that actually collect that information up front um and that's what a lot of mortgage brokers are starting to do now uh to generate leads and the results i've heard have been awesome they've been getting some great leads coming through and it's actually some of the mortgage brokers is the number one lead source um you know it's it's better than television and radio and it's in a cost it's cost less as well than tv and radio to do advertising on podcast so that's huge uh another thing is social media you want to make sure you're you're present on this on all social media platforms facebook linkedin instagram and twitter you want to constantly every day post um any type of mortgage content on there it's very important because a lot of people obviously use social media and they you know they look for real they look for loan officers lenders on social media pages so if you can have a good presence on social media that's definitely going to help you out getting leads coming in and then you still want to be consistent with it every day you don't want to do it two three times a week you want to do it every single day even on the weekends um and then also two uh reviews are big as well you want to make sure you have uh good five-star reviews too on all your social media platforms and your website as well because as we know people that want to buy mortgages or buy buy a home or refinance their house you know they go to social media or they go to the website but they also look at reviews because they want to see you know what other clients have had to say about about you as far as client service experience and how it went when they went through the mortgage process so those three things are very key um in growing your business and generating leads on a regular basis and making sure that pipeline is full of leads because that's what you want you want to make sure your your pipeline of leads is smooth flowing in smoothly and constantly um as we know you know this is a referral based business and you know if you don't close loans then you know your business doesn't grow so um these three things in addition to uh meeting with real estate agents and developing a partnership will help you grow your business and that's absolutely true so you know making sure that you're present everywhere that you can be you know getting on the different podcasts thinking outside the box and gathering reviews are all big things that you can do to make sure that your leads aren't only generating uh you know from one local area you know you want to diversify as much as possible and having everything run you know through multiple facets is going to be the best way to do it whether it's staying present showing the work you've done before or finding new ways to get in front of folks all things that are going to need to do as you are generating leads so i actually came up with an idea and brainstormed it with a few other brokers that i work with but the idea really came from um actually it started with my fiance he's actually a contractor and there's a lot of times that he'll go out to give bids on jobs and a lot of people's expectations on the cost of what it should be is a lot lower than what it actually is so of course being with me and getting the whole spiel about you know how much equity they potentially have in the house and how much equity has gone up over the last couple of years he's gotten really good with you know talking about cash out refinances with them which came into thinking about other type of tradesmen out there that you could potentially reach out to and start networking with for cash out refinance opportunities obviously rate and terms starting to dry up a little bit hopefully it'll be here again in the future with rates ticking down but right now is a great time to look at cash out refinances with alternative referral sources that a lot of people don't think of that's going to be again contractors painters plumbers landscapers roofers especially appliance repair pool contractors heating and cooling specialists you name it you can even add in some local restaurants into there to see if you can network with them but essentially you're going to want to look for small local people not larger companies that offer in-house financing and in return what you can do for them once you of course connect with them give them the spiel about you know how they could potentially be helping these homeowners get cash out to increase their job and get more business out of them hopefully you would be advertising for them in return by putting together what's called a welcome home folder for all your purchase clients you know you can ask them if they have any type of advertisement they would like to use or you can see if you know they want help preparing it whether you know you're good at doing that sort of stuff or if you want to outsource it to a company obviously would be beneficial for you both so you can put together this welcome home folder so your buyer gets something nice to close with and a list of companies they could potentially reach out to especially if they're new to the area or even just a new homeowner they're probably not going to know who to reach out to so they have a nice list of people you have a nice referral network that can drive up your cash out refinances and hopefully that right there will bring in an extra source of revenue for you and one thing that someone i worked with recently added on which i thought was an awesome idea is they are offering friends and family deals to all these companies that they're working with these small companies so anyone that they refer them over to they're either giving them a discount on their closing costs maybe going borrower paid and lowering their comp covering their appraisal working out some sort of deal so they can also earn friends and family loans it's definitely a really effective way to build up your business and something a lot of people don't think about i love it and that's a fantastic idea uh just especially considering that as an independent mortgage broker and having your own company you know one of the most important things is making sure that you're anchoring yourself into your community so this is a huge way to not only get more loans to your doorsteps but again also create that brand recognition and start to get in front of more folks in the local community and really this is just scratching the surface there's so many different ways that you can use organic lead leads and lead generation to start to get more business and grow your pipeline more than you have in the past one of the biggest things about organic leads is that it's the free way to gain leads overall um and it allows for a lot of creativity so really not a bad way to do it uh any way that you shake it so there's a lot of different things that you can do here um but if organic leads isn't your thing and you know you want to just get straight to the point and start purchasing leads there are ways that you can actually buy leads through the paid leads options um i mean really the main two pieces that we see out there in the in the industry is mailers and lead by directly i know that really you know they vary in effectiveness depending on the area that you're in the skill level that you have or the size of the company that you're going to grow so i don't know if either one of you guys want to add something in about here about the lead about the lead buyer mailers i think uh you know doing paid lead sources there's obviously multiple sources for it but i definitely think it's a great way to sustain because obviously organic lead generation takes time networking developing those relationships with title companies with the different contractors and building out the welcome home folder that can obviously take a while so i definitely think paid lead sources could be a good way to supplement getting some inc come in the door in the meantime it's just one important thing that you have to keep in mind is that you can't just buy two or three leads and then hope you convert one of them it has to be a decent investment to actually see a rate of return on it yep and that's a fantastic point there for sure uh submit anything dad uh yeah jesse i would like to actually like a piggyback of what uh kim said um she is right you do wanna buy you know more than you know you can't buy just five or sixties you have to buy a lot of leads but also too you know i want to uh you know you know set the expectation too that uh converting leads is hard uh just because you have 20 or 30 leads coming in doesn't mean they're all going to convert to loans uh historically um the statistics show that you know if you're at um even if you're at eight percent that's really really good um and that's very rare so just going into buying leads you want to you know expect to only convert maybe one or two leads out of that that's really good you know you don't want to get down on yourself on that um or the idea just like i said just keep in perspective that not all leads are going to be automatic loans so if you can convert one or two that's actually a pretty good uh ratio in my book and historically that's what the stats have shown when buying leads and that's definitely a fantastic point uh because really again if there was a magic lead source where you could just drop money into it then it converted loans at 100 accuracy it would run out pretty quick because that's where everybody would go so definitely something to keep in mind and why i always recommend starting out with the organic lead sources first and making sure your company is fully operating uh before digging too deep into paid lead sources so you know again at the end of the day the best thing that you have for you is to tap into your resources i know that like for example with uwm either your business partner or your partner services liaisons to meet here can both dive deep into whichever lead source that you're having because they're well educated on the different lead sources that are out there in the industry and when selecting a vendor for example as well you know selecting a vendor is something important when you do purchase leads you know you want to make sure that you're asking the right questions whether it's going through a mailer company or a lead by source you want to ask you know what their conversion ratings are and then also what they consider a conversion to be because some places consider it simply getting a call other places consider it a closing and everywhere in between so you want to make sure that you're getting that kind of information from your lead by source before dumping money into it and of course tap into the resources that you have through places like uwm or be a mortgagebroker.com so definitely a lot of things that you can do across the board there and you know really other than that uh the main things that you're going to want to do is just you know keep on diversifying and staying consistent with the lead sources you do pick for example you want to make sure you don't want to just pick i'm only going to work with title agents or i'm only going to work with realtors you want to make sure that you're digging a little bit into beach both sides so that way you're having more at-bats more at-bats means more conversions more conversions mean more loans and more referrals right so sometimes it's as simple as that is making sure that you are diversifying and staying consistent also if you make 10 phone calls out to realtors and you don't convert one it doesn't mean that it's time to give up it means it's time to you know continue to try on forward right so digging deeper in is definitely one of the biggest pieces it's going to help you convert across the board and you know you know really using your resources any way that you possibly can get the nord out about your business uh you know anything from title agents real estate agents or even as you see local contractors getting out to people that do podcasts in your area social media reviews all of these things are different ways that you can tap into the large lead pool that is around you as an independent mortgage broker um and yeah so you know if you are a retailer or if you are retail lo rather now's the time to become an independent mortgage broker make sure to reach out to us we're here to help you out we'll put together a business plan for you have a confidential conversation and make sure that we get things started for you and help you grow your pipeline so that's everything we have for you today unless you guys have anything to add otherwise kathleen take us out thank you to our panel for sharing their insight and best practices for generating leads in the wholesale mortgage industry if you have any additional questions please email info via mortgagebroker.com as a reminder if you would like more information on becoming an independent mortgage broker or joining one as a mortgage loan officer please visit be a mortgage broker dot com for more resources to help you make the switch again thank you to everyone and our panel who joined us today you will be receiving an email with the webinar on demand soon thank you and have a great rest of your day