This HousingWire article outlines some of the key ways to leverage relationships and contacts when it comes to loans and processes. Specifically, loan originators are encouraged to utilize their ‘sphere of influence’ and leverage those relationships to increase their efficiency, success and business.
Loan originators and their networks can be divided into two categories. These categories includes centers of influence which are people and organizations that represent the loan originator in different marketing channels, and market makers, which are lenders, stagers, contractors, etc. that actually do the work that the loan originator prescribes.
The article suggests a few key ways loan originators can increase their sphere of influence and successfully strengthen their relationships. A few of these methods include developing relationships with centers of influence, knowing who the market makers are and proactively engaging with them, having referral partners that provide clients to the loan originator, and providing value to those referral partners by helping with leads and other opportunities.
Furthermore, a loan originator should also engage in proper risk management and quality control. This includes understanding all of the key players in the process, having structured processes and procedures in place to ensure compliance, and properly vetting all of the centers of influence and market makers prior to engaging in any sort of business relationship.
In the end, leveraging relationships and contacts is essential to a loan originator’s success. By utilizing the ‘sphere of influence’, loan originators can increase their efficiency and effectiveness while also ensuring compliance and proper risk management. It is important for loan originators to be proactive in their relationships and engage in quality control measures to ensure success in their loan business.
You can read this full article at: https://www.housingwire.com/articles/how-los-can-leverage-their-sphere-of-influence/(subscription required)
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