loan officers are changing methods of

Loan officers are finding their ability to locate and retain qualified clients more difficult now than ever before.�During recent years loan officers have found leads easier to get than ever before.�Eighteen short months ago an ambitious loan officer could do a simple internet search or open an industry magazine and find hundreds if not thousands of companies offering qualified leads of people at reasonable prices.�These leads were often a mixture of people searching the internet for interest rate information, people who have recently had their credit checked by a bank or mortgage company, or even people who were contacted by a telemarketer.Today a loan officer looking to increase busiess can still do an internet search or look through a trade magazine and find many companies offering leads.�The difference is the leads currently available through these companies are much different than before.�Many leads are simply not quality; meaning they are fake, contain false information, or the borrower simply doesn't qualify for a loan.�Loan officers are finding these leads an expensive waste of time.�Those loan officers fortunate enough to find a quality lead they can afford are more frequently finding that the lead they have purchased is not "exclusive", meaning that same lead has been sold to other loan officers, sometimes hundreds of other loan officers.�This creates an environment where a loan officer finds themselves in such intense competition they end up providing the loan with very little or no compensation. �Loan officers enjoying success in the current mortgage market are finding their success through the traditional bread and butter of the industry, referrals and repeat customers.�Focusing time and efforts on creating long term referral relationships with professionals in your community is widely considered among the best methods for a loan officer to create and maintain consistent business. Maintaining regular communication and continually building relationships with former clients is key to success.�Loan officers with a large referral network keep in regular contact with their current and previous clients continually building relationships, asking for referrals of friends and family looking for mortgages, and perhaps most importantly asking for contacts of professionals in the community who might come in contact regularly with prospective clients for you. Keep your eyes open for the next article in this series focusing more specifically on identifying�referral sources that will help loan officers increase their income by finding and partnering with various professionals in the community.

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