More Referral Sources for Mortgage Loan Officers

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Referral Sources Mortgage Loan Officers

In order to be a successful mortgage lender, it’s important for you to have multiple referral sources. Establishing the referral sources can be difficult to do though. Thinking outside of the box and looking beyond local real estate agents and financial planners could be very helpful to you. The following guide provides two referral source options you may have overlooked in the past.

Establish a Community Presence Through Presentations at Educational Institutions

Most educational institutions will allow you to volunteer your time to teach younger people about the importance of establishing good credit and keeping it and about different factors that will be taken into consideration when they apply for a loan. When you do a presentation, it provides you with the opportunity to not only develop relationships with possible future clients, but it also allows you to reach their families. You can provide your contact information in a pamphlet that you send home with the students so that they can show it to their parents. Their parents may appreciate that you volunteered your time to educate their children and use your services when needed in the future.

Establish Relationships with Local Builders

Local builders can be great sources of referrals because they constantly have clients who need funding in order to be able to have their homes, businesses, or garages built. Establishing a good relationship with the local builders allows you to be the primary referral they give their clients for the funding that they need. You can let them know what information their clients will need in order to apply for a loan, what things make getting a loan more difficult and what steps their clients can take to better their chances of getting approved for the loan that they need. It’s best to meet with the builders one-on-one in person so you can build a rapport with them and they can ask you any questions that they may have.

Establishing referral sources as a mortgage loan officer takes time. Being able to get the loans processed efficiently will better your chances of builders or previous clients referring you to others in the future. You want to have as many people referring future clients to you as possible so that you can have as much success as a loan officer as you can.