Tuesday, December 20, 2005

WHAT WORKS When technology doesn't matter

Technologists seem to think everything is best when it's automated and electronic, but originators generally use "what works"

I find this latest column by Anthony Garratino to be very revealing and unintentionally humorous. Tony is grappling with the fact that a company is selling white boards to help originators track their pipeline. Most confounding to Tony is that this company is ACTUALLY SUCCESSFUL. For a technology guy, this can be confounding... why use an "antiquated" solution when technology exists to do the same thing. Newsflash for Tony... most loan originators are very tactical and focus on sales because that is what pays the bills. For many originators their pipeline is their focal point and having a physical representation in front of them at all times makes sense.

Ultimately, some people use a Palm Pilot because it works for them. Others still rely on a Franklin Planner paper edition. To each his own. Garrantino's fear that this is like horse and buggy, stuck-in-the-mud thinking and illustrates a global issue for the mortgage industry. Personally, I think that he just gave some innovative LO a great marketing idea... "hey aren't you the mortgage guy who drives the horse and buggy?"

Thursday, December 15, 2005

ACT FREEBIE Lookup utility that searches more than one field at a time

My love/hate relationship with ACT gets a little love with a freebie I found...

Northwoods software has a bunch of freebies you should look at. In particular, the Multi-Lookup utility (way at the bottom of the list) is a great add-on to make searching faster and more effective. You can lookup on first AND last name, or, more than one field at once (ie-ID/Status and Zip).

Northwoods also has a new "CRM Add-Ons" store. Obviously they are changing their business model. I wish they'd made some more effective changes to their SAM(Sales AutoMation) tool. It still is too complex to setup and isn't really a solid option for originators.

Monday, December 12, 2005

MONDAY MONDAY Last week was busy

It was a busy week for me, sorry for the dry spell

It was manic last week, which for a December start is a good thing in our business. I had to focus on my day job and deal with closings and originations.

Everyone is going after the client, including your Title company. Read about First American's approach.

I'm hear broken that I wasn't able to attend Business Plan 2006. Here is a great snipet from Origination News.

Doing 'Right Stuff' Termed Key to Marketing
It's not how much marketing you can do, it's doing the right stuff, a marketing expert told mortgage brokers Dec. 7 at the Business Plan 2006 show in Las Vegas. Bill Hillestad, who runs his own consulting firm, added that it is not what marketing technique is being used, it is whether there is an underlying strategy. The key, he said, is that everything is aimed at adding more names to one's database or increasing the pull-through of closed loans. Citing data indicating that most people will seek a new loan every 29 months, Mr. Hillestad said mortgage brokers do not sell loans, they "create opportunities" for their customers, and the goal of being in the opportunity business is to create as many chances as possible to take advantage of those opportunities. He noted that every marketing campaign needs to be evaluated. Brokers need to know how many people are in their database, how much it has grown, the conversion rate resulting in a closed loan, how much it cost to put the name into the database, and how much it cost per closed loan, Mr. Hillestad said. Business Plan 2006 is being put on by LoanToolbox in conjunction with Broker and Origination News.

Friday, December 02, 2005

FRIDAY FREEBIE Marketing Materials to show you are the expert

Loan Toolbox has the highest quality marketing materials in the business. Now some are available to you for FREE!

Go here. Enter basic info. Get Free Stuff. I use these materials EVERY SINGLE DAY!

BNTOUCH IMPROVES Upping the CRM stakes with value added tools

This great product gets better with an integrated loan presentation tool.

I'm a big fan of BnTouch and ASP (Application Service Providers) as I used to work for a company with this model. The greatest benefit of an ASP are the constant updates that add value to the product without brain damage vis-a-vis a new install or desktop upgrade. Check out the integrated loan presentation tool that BnTouch recently added. These types of regular improvements show BnTouch's dedication to their user base and make them the front runner in this product segment. Rumor is that the next version is going to take them light years ahead of the competition.

Here's a list of the reports:
  • Blended Rate Mortgage Calculator
  • ARM vs. Fixed Rate Mortgage
  • Fixed Rate Mortgage vs. Interest Only
  • Mortgage Maximum
  • Mortgage Tax Savings Calculator