Broker Finds Business at Collection Agencies
A mortgage broker operating in eight states is targeting prospective borrowers with unpaid collection accounts and home equity. The company has identified several wholesale lenders that still have loan programs available for these customers.
FHM Mortgage Group LLC announced Wednesday that it is working with collection agencies to identify borrowers with equity in their homes to pay off delinquent credit.
The Parsippany, N.J.-based broker, founded last year, reports that it has closed more than $12 million in loans so far using the business model.
read full story
Mass. AG Sues Option One
The state of Massachusetts is suing defunct Option One Mortgage Corp. and its parent over allegations it placed minority borrowers in high-cost loans and contributed to the state's foreclosure crisis. The company was criticized for encouraging networking among minority groups, paying yield-spread premiums and paying volume bonuses.
Technology Boosts Mortgage Lead Conversions
A new offering promises to help loan originators convert more mortgage leads by delivering prospect data to mobile phones and other wireless devices as soon as the customer makes an inquiry.
Mortgage Sales Jobs Grow at Chase
Even as it cuts nonprime positions, JPMorgan Chase & Co. continues to add mortgage originators.
First Step in Commercial Mortgage Origination
An important part of the commercial mortgage brokering process is the fee agreement.
Loan Prospecting Saves Life
Persistent phone prospecting for reverse mortgages by a Michigan originator paid off in a big way for an elderly Texas woman. While he didn't make a sale -- he did help save her life.
|
|
Top Chase Producer
The top originator at JPMorgan Chase & Co.'s mortgage unit generated nearly $200 million in loans last year.
Foreclosure Tours Generate Loan Prospects
Mortgage lenders with growing backlogs of foreclosed properties are teaming up with real estate brokers to unload those properties and generate loan prospects by hosting foreclosure tours.
Sales Steps
A successful salesperson starts with a vision then creates a blueprint, according to the latest sales book reviewed by MortgageDaily.com. A focused execution completes the sales process.
Enhancements to LOS, CRM, AU & Other Tech
An updated loan origination system enables mortgage bankers to service loans pending sale on the secondary market. Meanwhile, a new customer relationship management system is expected to increase revenue at one loan shop by as much as 30 percent.
