More Mortgage Broker Tips
In this talk, Jack Miller and Marcy Berger go over how to become a mortgage broker and share tips on how you can be more successful in this field.
Question
If you had to give off the top of your head the three or four most important things mortgage brokers need to be more successful and close more deals, what would they be?
Conversation
Marcy: I really think the most important thing is to have a summary and a plan.
If someone comes to you with a situation, and they’re looking to purchase or refinance, they have to have all the paperwork involved because there are so many angles to every deal.
So, you would need an application and credit on the borrower to see what their situation is. A summary of the deal to explain what their strategy is. If there’s an existing lien…the payoff…if there’s a tax lien…if it’s a balloon…the timeframe.
Ask all those questions because when you come to the lender, we can see the whole picture and make an educated decision. We’re there to guide you, but we don’t want you wasting your time if a deal is never going to come to the table.
We look at 20 to 30 deals a day, and most of them are not workable.
As far as the mortgage brokers are concerned, before you present a deal to us as the lender, you want to make sure that there’s a possibility that it’s going to close.
We’re here to make the process very smooth. We all work together. We look at everything. We look at the property. We look at all the paperwork. And if we think it’s a good property and the loan to value is good, we’re going to move forward.
And we’re very fast.
I mean, anyone that has worked with Jack and me in the past, whoever has done several deals with us, can totally agree that it is going to be done.
We take over. We move it along, get the appraisal, title, insurance updated. If it’s a refi, whatever it is, we stay in contact with everyone. Great communication. We’re always reachable. We’re on our phones all the time. We try to get back to everyone in a very timely manner—usually the day or the next day.
Jack: I wanna focus a little bit on time. The way we work here at Gelt compared to other companies is different in an ideal world.
A broker will send us a deal, a complete deal where we can look at it real quick and understand it.
Brokers can always call Marcy or me or any of the 10 people here (or a number of people here beforehand) and run a scenario by them.
We like to say, and I think it’s the truth, that we can let brokers know 99% of the time, on the very first call, within the very first two minutes, if we can do the deal.
Marcy: What’s so great about that is that we don’t waste anyone’s time, and you know, we would love to do the deal.
But if it’s not for us, we will let you know right away. So, you can move on to another lender.
Jack: Exactly. I tell brokers, if you think the deal is strong, call us right away. Literally, sometimes within an hour, a half-hour of us seeing the deal, we’ll issue a term sheet to the borrower.
And, by the way, as a side note, we always protect brokers. We put the broker, whoever sends us the deal, right on our term sheet—their name, whatever the company is, and their points. So, they’re protected.
My point is we move very quickly if we like the deal.
Look, the reality is we can’t do every deal. When brokers call up and the deal’s garbage, they get mad at us for doing it. We can’t do every deal.
But if we like the deal, we will jump on it. We’ll get a term sheet quick.
We have a no-appraisal program. We can get the deal closed in a week, two weeks, whatever is needed.
Marcy: It’s really a simple process. Send us the deal. We’ll look at it. We’ll get back to you. Don’t be afraid to ask questions because it’s Jack and I here making the decisions.
Every borrower is different, just like every human is different. So, we try to customize the deal for each property.
Jack: Okay. That’s it. You heard it directly from the source. Have a great day, everyone. Remember to call us anytime at 561-221-0900 or visit us on our Home Page. We’re here to help you close more deals.
