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bigluck
Dud?


Joined: 01 Sep 2008
Posts: 7

Looking for loan mod marketing advice
PostPosted: Mon Sep 01, 2008 12:19 am Reply with quoteBack to top

I have a loan mod company here in CA. I am having trouble getting my phone to ring. All of the infrasture is there, I just am having marketing issues.

I have tried direct mail w/ postcards and that did not work.
I have had reps calling on arm recasts and those are yielding poor results as well.

Just really wondering how to get my phones ringing. Any one have any advice?

Anyone know any good marketing companies for this type of business?

Help is appreciated.
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bigluck
Dud?


Joined: 01 Sep 2008
Posts: 7

Re:
PostPosted: Mon Sep 01, 2008 10:39 pm Reply with quoteBack to top

presently i have 3 reps working the phones, no i do not have a predictive dialer
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HomeSaver
Dud?


Joined: 27 Aug 2008
Posts: 3
Location: Streamwood IL

Re: Looking for loan mod marketing advice
PostPosted: Tue Sep 02, 2008 2:24 am Reply with quoteBack to top

Get a predictive dialer. Their are many companies out their where you can purchase the equipment or use their equipment remotely. Also. get your lead list from the credit agency. Experian/Transunion/equifax
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angryvoodoo
Demolition Man


Joined: 20 Nov 2007
Posts: 2110
Location: ny

Re: Looking for loan mod marketing advice
PostPosted: Sat Sep 06, 2008 4:39 am Reply with quoteBack to top

cant take money up front in CA

I think you are doing it wrong.

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bigluck
Dud?


Joined: 01 Sep 2008
Posts: 7

Re: Looking for loan mod marketing advice
PostPosted: Wed Sep 10, 2008 2:09 am Reply with quoteBack to top

using an attorney, everything 100% legal. Just having a problem on the marketing end, dont really know which way to go from that aspect
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angryvoodoo
Demolition Man


Joined: 20 Nov 2007
Posts: 2110
Location: ny

Re: Looking for loan mod marketing advice
PostPosted: Thu Sep 11, 2008 3:50 am Reply with quoteBack to top

talk to everyone you see when you leave your house.

seriously. gorilla-ish.


out of curiosity how do you know what the lenders are willing to do?

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Raymond B
Marketing Guru


Joined: 04 Jan 2008
Posts: 174
Location: Nevada

Marketing for loan mods.
PostPosted: Fri Sep 12, 2008 1:09 pm Reply with quoteBack to top

I psted this in another thread but its totally relavant to this one too....

After a ton of research and beta testing we found that there are two major databases that are working for this industry...one being the ARMs recasting that are over 100% LTV. Most of the home owners were subprime to begin with; now that most are upside down due tot he value changes as well as many of them having late(s) in the last year as well due to the nature and life style of the typical subprime borrower. If you target for TRUE recast date and then go back 45-60 days as well as forward 45-60 days you will have pretty good success. The only thing that makes the difference is the script in which you use.

The second database that I would recommend is prescreened credit data from the bureau. With this file you can target by current late(s), loan amount, fico and the recent status of credit card payments. Most Loan Mod specialists will target people that are 30-60 days late currently and this is a very accurate file to get that from. Keep in mind that on both of these databases you will see a little higher disconnected ratio than a standard a paper list. The obvious is that they are not all paying the bills.... some are foreclosing or short selling so phones do get cut off here and there. The good side of these lists is that both databases in this case are extremely accurate after the disconnected ratios.

You can have some good success calling the database and mailing to it can be hit or miss depending on your piece. I prefer letters over post cards unless you’re double mailing the same list. Post cards are more for name recognition and if you keep hitting them they will call you if your post card is catchy.

There are a few other databases that can work for this if you can find the right source.....the first being aged internet refinance leads anywhere from 1 week to 2 months old can be a good list to target because many of the folks inquiring in the last few months do not qualify for a loan. That makes a good marketing list for loan mods. The other would be the dreaded triggers that are about 7 to 30 days old. Again very good list of people in the market for a loan that probably do not qualify for a refi...again a good marketing list for loan mods.

With all the options of targeting your audience out there you can decide what may best work for you. From seeing the results every day I would absolutely say that the ARMs recasting is my favorite to work. Especially if you come from a broker back ground and you are still doing loans as well as mods. You get one list and get loans as well as mods off the same list depending on the client and if you network yourself correctly you should even get some short sales out of it. I mean hey ....these subprime ARMs are all going to need to do something.

Any questions please dont hesitate to post away!

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mtgwench
Dud?


Joined: 22 Jan 2008
Posts: 12
Location: PA

Re: Looking for loan mod marketing advice
PostPosted: Thu Sep 18, 2008 3:33 am Reply with quoteBack to top

Bigluck, what do you mean by loan mod company?? I work in mortgages doing loan mods all the time and a company like yours can't make a big mortgaged company do a loan mod. Plus you are taking funds from the customer that they could use to defray the costs of the loan mod. There are different senarios for different situations. Some investor's don't allow loan mods, period the end. Some you have to pay a fee and all fees and costs up front. I tell my customer's to stay away from companies like yours because you are charging them money for a service that most mortgage companies already offer...if they can't do a loan mod they may be able to do something like a repayment plan or temporary forebarence. Plus this is money that they could be using to pay towards their mortgage. Do you know how many letters that we send out asking borrowers to call us?? at least one every 10 to 15 days. You are better off finding a company to work for in loss mitigation rather than taking people's money that could go to their mortgage.
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the-loan-modifier
Flash in the pan


Joined: 16 Oct 2008
Posts: 30
Location: nationwide

Re: Looking for loan mod marketing advice
PostPosted: Tue Dec 16, 2008 3:15 am Reply with quoteBack to top

Bigluck,

You still out there sluggin'

Let me know. Think you got some questionable advise, then again it was a few months ago.

Hope to hear from you.

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Re: Looking for loan mod marketing advice
PostPosted: Thu Feb 19, 2009 6:34 pm Reply with quoteBack to top

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