NMP - April 2017 - 50

ou are working
hard to originate
new business. But
the rejection is
intense. Cold calls
have a four
percent closing rate in booking
appointments, not on dials, but
those you speak to. Mailings
have half of one percent
success rate in getting
borrowers to call you. Maybe
you will be lucky enough to
catch them in the middle of a
refi or purchase decision.
Originating mortgages is hard
work, unless you know a few
secrets.
We know that borrowers will
refi or purchase every seven
years. We also know they tend
to use a different mortgage
originator on every transaction.
Why? Because you never kept in
contact. Borrowers want an

Y

ongoing relationship. They want
to talk to their mortgage advisor
every three to six months. They
didn't sign up to be made a
transaction.
So if you can keep in contact
every three months, you will get
their next loan. You will have no
competition. But if you are really
good, you will also get referrals.
Referrals are 35 percent more
likely to do business with you,
unlikely to make you compete
for their business and will earn
25 percent more revenue per
loan than any other origination
source. But you probably have
asked for referrals without
result. It has been frustrating,
hasn't it?
Now we have LinkedIn
More than 50 percent of
LinkedIn users, unlike
Facebook, are affluent. They

also average 930 connections.
LinkedIn has 53 percent more
engagement efficacy than any
other social media channel. The
best part is, you can view all of
the contacts of every Linked-In
relationship you have. But
unfortunately, many of the
connection requests you get are
those just clicking without
knowing who they are.

Script Method: Catch up,
Update, Referral. Before
you call your clients,
connect on LinkedIn.
2. When your client accepts the
connection, filter their
connections. You can filter
for location, years of work
experience and title or
position. In other words, you
can filter for the affluent.

[INSERT:

Here are a few steps you can
use to turn those connections
into originations.
1. Start calling your clients
every three to six months.
Use the Three Month Call

3. When you phone your
clients every three months,
identify four of their
connections and ask how
well they know their
LinkedIn buddies. Chances
are they know only 50
percent, the rest are blind
connections.

Five LinkedIn Steps That W

APRIL 2017 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

50

By Kerry Joh



Table of Contents for the Digital Edition of NMP - April 2017

Contents
NMP - April 2017 - Cover1
NMP - April 2017 - Cover2
NMP - April 2017 - 1
NMP - April 2017 - Contents
NMP - April 2017 - 3
NMP - April 2017 - 4
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NMP - April 2017 - Cover3
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