Category Archives: mortgage

Putting Love IN the Game

Last night, I had the pleasure of experiencing Roy Firestone. What a great way to wrap up a week with thousands of loan officers motivated, even in a down market, to grow their business! 

During this memorable final evening at the Loan Toolbox Business Plan 2008 conference I took away a key concept that I want to share with you. This is an idea that will enrich your business and your life.

Loving what you do–you have probably heard this advice. Encouraged to take a walk-about in life and find that thing that you are passionate about and make it your business. Face it, that can be hard to do. Do you really think that mortgage professionals are passionate about taking 1003s and funding mortgages. No, of course not.

Let me alter this phrase a bit and I bet I can find what you are, or can be, passionate about:

It is not as much the love of the game as it is the love IN the game.

My guess is that you are passionate about helping people obtain the dream of owning a home or helping them get back into a stable financial position. This is about putting love in the game. If you are looking for a great example take a look at how Capt. Denny Flanagan puts love in his game, in one of the worst customer satisfication industries, the airlines, puts love in his game.

Stop focusing on how your job is mundane or routine. Stop focusing on how your commissions checks are lighter than six months ago. Focus on putting loving into the game. Sharing that love and passion with each and every client and all those negatives will go away. Your job will no longer be mundane or routine. And your commissions will come roaring back, bigger and better than ever.

Put love IN your game today!


Helping 2000 Mortgage Professionals Build Their Internet Business

If you are attending LoanToolbox’s Business Plan 2008 in Las Vegas make sure you introduce yourself at the Kaleidico booth. We will be helping hundreds of mortgage professionals build their Internet mortgage origination’s business.

In addition, we will be offering special, at the event, pricing and instant implementations. You may even close a deal while you are building your 2008 business plan!

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Quicken Loans Puts Consumer First

There seems to be an outbreak of consumer-first marketing.

First, there was LendingTree focused on improving the consumers experience. And now you have Quicken Loans opening an entire library of consumer education resourcesHome Loan U.

Not sure they are truly advocating the consumer? Did Bob Walters, of Quicken Loans, just say refinancing may not be your best option?

"With so many ARMs adjusting higher in the near future, a lot of folks are confused and worried about what to do. Their first impulse may be to immediately refinance but, in some cases, that might not be the best option," said Bob Walters, chief economist for Quicken Loans. "There are several factors to consider when an ARM resets, such as the new interest rate and how long they plan to stay in their home."

Yes, he did! Refreshing and I can guarantee you profitable.

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Mortgage Applications Climbing Out?

It looks like borrowers are breaking out of their fear, hesitancy, and the market finally products to help their financial needs. The Mortgage Bankers Association announced a 2.4% increase in applications and similar increases in the purchase and refinance indexes.

Quicken Loans’ expert attributes the increase to a combination of affecters:

Quicken Loans Chief Economist Bob Walters attributes the gains to historically low interest rates, an increase in the popularity of FHA loans, and some easing in the credit markets.

 I can certainly agree with all of these factors at play, particularly a larger FHA impact than I expected.

However, I also think there is another significant trend pushing up applications: Borrowers finally coinciding to the realization that they have to “take the medicine” (higher interest rate and payment) they have been resisting to avoid alarming payment shocks in the near future.

Cold Calling 2.0

Aaron Ross, creator of’s $20 million tele-prospecting team, is teasing out the concept of cold calling 2.0. Now, besides the tired nature of the 2.0 idiom, I am a bit interested.

The Internet has caused an odd brand of customer engagement that is not cold calling, but has many of the challenges and pitfalls of this brand of sales. Here are a few of the elements that I think are central to a discussion of "cold calling 2.0":

  • Automated account (consumer) context generation
  • Demand-based lead inventory and sales capacity management
  • Intelligent lead distribution
  • Prospecting automation
  • Effective prospect qualification
  • Effective transfer methodologies
  • Trust building (foreshadowing and fulfilling promises)
  • Agent fatigue
  • Account (consumer) fatigue

But, until a good discussion can be flushed out you can start building your tele-prospecting team today. Take your newest 10% and you bottom 10% and put them on the prospect team. They should warm and pre-qualify each lead and transfer to top performers.

This introductory tele-prospecting team build two important foundation principles within the sales force:

  • Performance is rewarded
  • Creates a sense of appreciation (value) for leads

Happy hunting!

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SmartHippo the Social

LeadCritic just highlighted an interesting new social networking form of rate comparison. SmartHippo allows consumers, brokers, and banks to post rates and payments. Then, from this information, consumers can quickly shop rates and payments for their situation. LeadCritic’s initial review of SmartHippo:

The rates on SmartHippo are posted by its users and participating banks like Quicken Loans and Bank of Internet. The site gives you ability to input your specific situation, such as credit score, equity, loan amount, etc and compare your offered rate to users rates with the same criteria. SmartHippo is also a lead generation company and if user choose they can also have up to four brokers call them. I have put in a few calls and once I receive a call back I will pass along the information to you, as far as pricing. I will also try to extract more information about their user base on the call.

As a broker you are able to post your own rates, similar to BankRate, view what rates users are claiming to have received from you and also track your competitors.

To LeadCritic’s point this could be another interesting vignette in transparency, social content, and social networking combining to evolve lead generation.

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Bill Rice talks about Kaleidico with Online Mortgage Blog

I spent time with Owen Raun of the Online Mortgage Blog talking about the history of Kaleidico and some of the advantages Internet lead buying and our lead management software brings to a declining market.

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