Happy Thanksgiving. We all work hard for our qualified leads. This month we take a look at how a mortgage broker can easily increase their income by referring a loan opportunity that is turned down by the bank can turn into a to a Private Money Lender. Finish 2013 year strong by turning leads to loans!
~ Sandy MacDougall
Earn Additional Income
With the Holidays around the corner and increasing tax burdens coming our way, it is a good time for Mortgage Brokers to contemplate ways to earn additional income. A proven method to increase income is to monetize existing leads. Turn a "No" into a "Yes".
I am a mortgage broker and my borrower was proceeding with a Bank provided mortgage. The borrower took advantage of a tremendous career opportunity and switched jobs a week before the non-owner occupied purchase transaction was going to close. The Bank's underwriters decided that the borrower's income no longer qualified for the seasoning criteria and so the Bank denied the loan. I quickly called Mortgage Vintage, Inc. and they within one week underwrote, funded and closed the loan. Converting to a Hard Money Loan with Mortgage Vintage, Inc. allowed me to earn a commission on this mortgage transaction when the Bank said "No".
