P&C Agent Prospecting Mortgage Lenders

[Bertolinoins]

The loan processors are the key. A good loan officer or realtor does 3-5 deals a month, the processors in a busy office can do 40 or so. They are overworked in a stressful job with a lot of people grinding on them. If you can make their job easier during closings with a fast, effective and precise system of binding policies and getting them the correct EOI's quickly... and show some appreciation in the form of gifts, gift cards, event tickets, etc then they will be good to you.

 

[giusepperides]

I spent 20 years in the mortgage industry before the collapse in 2008. I ultimately had to close my mortgage business and I chose insurance as a 2nd career. My first thought was to sell P & C to any and all people that were still in the mortgage business then cross sell, auto home and life etc. The mortgage industry has changed dramatically in the last few years. A lot of consolidation and the former broker has now either become a banker or aligned themselves with a bank.
A good loan officer always has an insurance agent to rely on. A loan officer cannot force someone to use you, but, they can recommend you. This carries more weight with First time homebuyers on a purchase transaction because these types of buyers have never been expose to homeowners insurance. I used to do First time homebuyer seminars twice a month on Saturday mornings. Find a mortgage person or a realtor who does this and offer to do a short presentation regarding insurance for them at the seminar. Loan processors can be okay but they typically do not carry as much weight in the referral area as the loan officer or Realtor. Another great source is Escrow agents. First off, they know realtors and who does what and how much. They are also the end of the line in a finance transaction (at least they are here in Calif). I have also gone into some of the larger quasi-banks that operate here in California and tried to allign myself with as many LO's that operate under them. Some of the Larger outfits can have as many as 200-400 loan officers and are usually tied to a Real Estate company. There is a lot of opportunity in this approach. Good luck and I hope this helped in some way.

 

[thenxtgrt1]

It also takes time. More than likely you won't receive any referrals after your first visit. Consistency is the key. It may take multiple office visits before you get a bite. Just as someone mentioned in an earlier post, you're a "walking billboard". Or think of it as a TV commercial. The more people see that commercial, the more likely they are to buy.

 

[wow314]

I sponsored a meeting with about 60 realtors last week. I did a door prize and got about 40 cards. Anyone have ideas on the best way to follow up with them?

 

[leroman]

I spent 20 years in the mortgage industry before the collapse in 2008. I ultimately had to close my mortgage business and I chose insurance as a 2nd career. My first thought was to sell P & C to any and all people that were still in the mortgage business then cross sell, auto home and life etc. The mortgage industry has changed dramatically in the last few years. A lot of consolidation and the former broker has now either become a banker or aligned themselves with a bank.
A good loan officer always has an insurance agent to rely on. A loan officer cannot force someone to use you, but, they can recommend you. This carries more weight with First time homebuyers on a purchase transaction because these types of buyers have never been expose to homeowners insurance. I used to do First time homebuyer seminars twice a month on Saturday mornings. Find a mortgage person or a realtor who does this and offer to do a short presentation regarding insurance for them at the seminar. Loan processors can be okay but they typically do not carry as much weight in the referral area as the loan officer or Realtor. Another great source is Escrow agents. First off, they know realtors and who does what and how much. They are also the end of the line in a finance transaction (at least they are here in Calif). I have also gone into some of the larger quasi-banks that operate here in California and tried to allign myself with as many LO's that operate under them. Some of the Larger outfits can have as many as 200-400 loan officers and are usually tied to a Real Estate company. There is a lot of opportunity in this approach. Good luck and I hope this helped in some way.

Excellent post. Will follow through on it. Thank You for the insight.