Posted by Shane_OH on 1/4/06 11:47am
Msg #85960

32 signing orders in one hour....

I think I found my new marketing ploy!

Recent a radio talk show host whom I knew from my days a radio host (top 40), asked me to go on his financial talk show and talk about the mortgage industry. He had a gal from a title company, a couple lenders, and myself on with him.

During the hour we were on the air, we talked about different programs out there, how people actually get their rates, discount points etc....

Then we got to the closing.... The title girl talked about how closings are apart of their title costs, and they do it with in house closers etc...etc.... I jumped right in, explaining that it wasn't always in the bwrs best interest to use the title companies closers....Because those closers are paid by the title company, they have a vested interest in the closing... I made a blanket statement, that it is the bwr's loans, and if they felt more comfortable with a disinterested 3rd party closing their loan, to make sure they understood what they were signing, they could request one, and the title company and/or lender should make arrangements for that.... I also stated it would possibly be an additional fee, depending on the company... Gave out my web address, and phone # on the air, and just rolled along.

not less than 5 minutes go by, and the phone lines lit up.... people requesting how they can get a disinterested 3rd party to close their loans.... I told them to contact their lender, contact the title company, and than contact me.... It turned into at least 25-30 minute commercial for me.

There was a debate of course between the title girl and myself regarding the need for 3rd party closers, but she really couldn't give a reason why they weren't needed, and couldn't overcome the simple interested party.....

After it was all said and done 32 Orders for signings (pending approval from the title co/lenders) in one hour.... if I end up closing 1/4th of those, I'll be happy.

The host enjoyed my co-hosting abilities, and any time they do a show on mortgages/refinacing etc... I'll be in the booth with him...

Who knew that being able to say...."Blazing today's hottest Top 40 hits, while rolling thru 45 minutes of non-stop music" would get me business in the future?!?! Not this guy.

Reply by Allison_Mich on 1/4/06 11:50am
Msg #85965

congratulations.....now that was an effective endeavor. Great idea!

allison

Reply by BrendaTx on 1/4/06 12:00pm
Msg #85972

Re: Excellent marketing - there are radio stations on the

net that you can actually get into - don't now details but searching might help. Everyone needs content, content, content and more content.

Way to go Shane.

Reply by srnotary_CA on 1/4/06 12:00pm
Msg #85974

Good Going Shane!!!!n/m

Reply by Ilona_OH on 1/4/06 1:02pm
Msg #86000

Way to go Shane!!!

Reply by Paul_IL on 1/4/06 1:03pm
Msg #86001

Nice line of BS but the title company is as much a 3rd party to the transaction as you are! You were luck that the girl from the Title Company was not sharper or she would have shown everyone that your comment was not actually true.

Reply by Shane_OH on 1/4/06 1:11pm
Msg #86003

Paul, you call it BS, I call it marketing....

Or do you believe that 4 out of 5 dentists really recommend Colgate toothpaste?

Besides, in cases where the lenders choose the title company for the bwr, it could be argued that they are interested parties....and not 3rd parties. I'd certainly say MIS and Ameriquest have a vested interest in each other....

Reply by Paul_IL on 1/4/06 2:30pm
Msg #86025

Re: Paul, you call it BS, I call it marketing....

Most borrowers are not aware they can choose which title company writes their title policy.

I never said it was not good marketing...what I said it was just not accurate.

Seems kind of funny but I have never closed an Ameriquest loan through Mortgage Information Services nor were they the title company of record.

Reply by Nate_MN on 1/4/06 3:08pm
Msg #86040

Re: Paul, you call it BS, I call it marketing....

This situation does serve as a reminder, or notice that you could market to borrowers. The classic approach is that we advertise to suppliers (ie title companies, signing services, lenders, etc). Signing Agents could advertise directly to the end consumer. However, it creates an interesting situation. If you have been hired directly by the borrower to close their loan, what happens when they have a question about what you think about their rate? Under normal circumstances you have been hired by the title company, and refuse to comment on their rate. Does this mean that since the borrower has hired you, it is possible for you to make comments, and is the borrower that hired you going to expect you to make a comment. And, if the loan does not close are you going to expect payment from the borrower since they are the ones that hired you. So do you take it one step further and become a Independant Loan Consultant. If so, how does this work with your duty to the public as a Notary, and what other liability are you now taking on sense you are offering advice.

What is interesting is that if you could advertise to borrowers, that would start to eliminate the signing services that we all love so much.

Reply by Shane_OH on 1/4/06 3:19pm
Msg #86044

Marketing to borrowers....

I think it would add a new aspect to our marketing, however; as a whole I'm not sure what benefit we would gain from it.

I intend to still act as the notary, and only the notary. My stance on the loan program, the lender, the title company, etc., does not change with the fact I would be hired by the borrower. I'm still an impartial party, there to disclose the documents, and witness a signature....nothing more.

As for the payment, you'd simply get paid as you are currently, have them roll it into the closing costs. My belief (and I have yet to close anyone like this yet)...is that the title company would just do it like any other closing with a contract closer. They may be peeved, and you might need to jump thru some hoops to get on their "Approved" list.... but, one loan makes it worthwhile.

Reply by Nate_MN on 1/4/06 3:25pm
Msg #86048

Re: Marketing to borrowers....

My question regarding payment is who pays you if the loan does not fund. When you are hired by a title company or signing service they sometimes pay a full fee, or a trip fee. I assume when you have been hired by the borrower, and they cancel or stop the signing, you either have to collect payment from the them, or just accept it as a cost of doing business.

Reply by Shane_OH on 1/4/06 3:51pm
Msg #86056

Re: Marketing to borrowers....

That my friend is a good question.... which I don't have an answer for lol... cross that bridge when and if it ever happens...

But of course, EVERY loan I sign, closes, and funds we all know that. lol

Reply by JM_NY on 1/4/06 5:59pm
Msg #86091

Re: Marketing to borrowers....

No problem when the bwr stops the loan they already know they need to pay you. You being a good business person have told you have told them in advance. It is not your fault the loan officer didn't get it right. Good lucky happy signing.

Reply by PAW_Fl on 1/4/06 6:05pm
Msg #86094

Re: Marketing to borrowers....

>>> No problem when the bwr stops the loan they already know they need to pay you. <<<

I wonder if this may be in violation of Title 12 USC (Reg Z), which states that borrowers are not liable for any loan associated monies if they choose to rescind. Appraiser fees are not considered a part of the loan fees, but the signing fee just might be.

Reply by patricia on 1/4/06 6:23pm
Msg #86100

Re: Paul, you call it BS, I call it marketing....

one of the main purposes of title and escrow copmanies is to act as a neutral party to the
transactions.

Reply by Shane_OH on 1/4/06 7:12pm
Msg #86116

Re: Paul, you call it BS, I call it marketing....

Of course, however, anyone who has been on the loan officer side of a mortgage transaction, knows that occasionally a title company will "do them a favor", to get a deal done.

Unethical, yes.... does it happen, yes. More than people realize? probably.

Again..... WE know what a title companies job is... John Q American does not, therefore; if we happen to gain their business thru some creative marketing.... where is the problem?

4 of out 5 doctors say Bayer is better than Aspirin
JD Powers and associates rates it best in class (how many people know what a class of car is)
BEST MOVIE OF THE YEAR, A MUST SEE - Jon Nobody, Somewhere Times.
(insert headache product here) - The Strongest you can buy.
Liquid Drano - Gets out the clogs other products can't
Dansani - Purified drinking water (of course in England that turned out to be their purified tap water).

The list goes on and on.

Reply by TitleGalCA on 1/4/06 8:24pm
Msg #86138

Ahem...(make that AHEM!) Shane/OH

Shane, you're a very sharp marketing guy! Very shart, you're doing well and I'm sure even better in the future, congratulations. Yet, "marketing" IS b*llpucky, and we all know it.

I'm thinking of the some of the documents/transactions I've dealt with lately...and the endless and crappy notary certs. Crappy. Time-consuming. Some stemming from an escrow officer I know well (my title company) but.... not her signings, or her assistants. I ask her what the heck is going on. She tells me the broker's in her area are all putting alot of pressure on her to use "their" signing agents.

"Their SA's?" The brokers girlfriend. The brokers secretary. The broker. All charging between $250 and $275, and all on the bandwagon of being the "Signing Agent". I get curious and start asking other EO's. All the same...brokers are putting pressure on not only the title company, but independent escrows as well. These ladies are sick of it and are not going to risk their borrowers to the mercy of "the broker's" SA anymore. They are worried the general public is getting the shaft. So they are taking a stand to protect them. No more broker SA's. It's policy now.

So, when you make the twist that title companies aren't neutral, I beg to differ, big time.

Title company escrow officers have a duty and most of them I've known in the twenty plus years I've been around the industry take that very seriously. To not be neutral is a crime.

It's fine to be sharp, and gain from it. But don't for one minute suggest title company escrows are less than to your peers - we know better. They are professionals and deserve your respect.

Reply by TitleGalCA on 1/4/06 8:53pm
Msg #86147

Re: Ahem...(make that AHEM!) Shane/OH

One other thought - I don't know how big your service area is...but I guarantee those 32 orders in 30 mins may be a teeny bit short lived. If you think the EO that was on the panel with you doesn't have friends (or other EO's that listened) and doesn't REMEMBER that you embarrassed her and suggested TC's weren't neutral, you're fantasizing.

I'd keep that big, fat marketing smile on your face, tweak it a bit and make nice with the EO you made look bad. They have long memories.

Reply by Shane_OH on 1/4/06 9:59pm
Msg #86155

Re: Ahem...(make that AHEM!) Shane/OH

Wow, didn't read this part... Big Fat Marketing Smile?

Anyway, the EO didn't mention that she felt embarrased, it was an talk show, I'm focusing on a span that I spent a lot of time in the light, but throughout the hour of the show she spoke quite a bit about the benefits of a title company, as did the lenders/lo's and such.

This certainly wasn't a Crossfire or Bill o'Reilly type show. Just an informative show, my comments werent' attacking her at all...I simply mentioned that people had a alternative to title company closers, something that the average joe doesn't realize they have.

And, I never mentioned on air that TC's were not neutral parties, not sure where you thought that came up. I did say SA's were disinterested 3rd parties, and borrowers should be aware they can use them.... but I did't at any point say Title Companies aren't neutral on the air.

I came away from it with new contacts on the lender side, and title side.... I expect i'll do business with both, and as I stated, if the 32 orders turns into 1-2 closings it was worthwhile... I'm a far cry from believing it'll be 32 actual closings....

Reply by TitleGalCA on 1/4/06 10:10pm
Msg #86158

Re: Ahem...(make that AHEM!) Shane/OH

Yeah, but kiddo - the end message was the same, you hushed the competition, suggested it wasn't neutral and directed it to you. All the ploys of a SMART marketing person. (I said kudo's, remember?)

Don't back up after claiming victory, you did great. It's okay, just remember not to ostracize the machine. I think you've done a fabulous job - just don't want others to think TC's are less than ethical.

Thanks for posting back.

Reply by Shane_OH on 1/4/06 10:12pm
Msg #86159

Re: Ahem...(make that AHEM!) Shane/OH

I'm with you.... This business takes a lot of knowledge, a lot of professionalism, and some swagger...hehe.

As for your kids looking better than me...Its the california gene pool, who can compete?
I grew up in Miami, but its not the same.

And of course it was Betsy, and Brenda, and Jacqui, and others I think that were inflating my good looking ego balloon! lol...

Reply by Shane_OH on 1/4/06 9:50pm
Msg #86153

Didn't mean to shun Title Companies....TitleGalCA

Oh I definitely understand that title companies are neutral... I think there are times, that there could be an implied interest, but I defintely know they are nuetral.

I am engaged to a girl whose family own a title company. I've made it a point to network with title reps, escrow officers, searchers, and down the line. Networking is what keeps us all in business, and making a profit. I would never imply to anyone knowledgable in the business that Title Companies aren't a necessity, without them brokers would be way more corrupt than what they are.

However, as you stated, broker's are putting pressure on title companies to use their own SA's. A lot of title companies won't allow it, while others will conform at the risk of losing business. Facts are there are a ton of title companies out there, in a very competitve marketplace....and lot will conform to brokers/lenders wishes on the matter to stay afloat.

Marketing is just that, Marketing. No amount of marketing will matter, if you aren't offering a product that is superior to your competitors. I conduct business in a very professional, courteous, timely manner, and of course I add my personality to the mix. I do business the way I think, and would want, business to be done for myself. Quality Service, is what this business is all about. Late Fundings or any errors, would make myself lose business, therefore; I make sure my packages are clean, and fundable upon return.

What I find lenders/brokers/loan officers appreciate the most about what I do? I bring back referrals for the loan officer. I average maybe 2 referrals per closing....some I get none, others I get 3-4... Even if there is no referral form in the package, I have a custom referral form, and I ask at every single closing. Then personally call the LO, let them know their loan closed, and give them the referrals (unless I'm working for a SS on the closing). I find I get a lot of repeat business that way.

If I'm working for a SS, and get referrals, I tell the LO that I got the referrals, and that the SS will be contacting them with the referral information, so that I'm not cutting the SS out of any future business.... I figure, if they grow, I grow.

Anyway, I wrote a novel... Moral of the story. a) Title Companies are a necessity, and I wouldn't imply the are less. B) GET REFERRALS!

Reply by TitleGalCA on 1/4/06 10:02pm
Msg #86156

Re: Didn't mean to shun Title Companies....TitleGalCA

Your okay, Shane. Not dissing you - just pointing out the facts. You'll do well because you understand marketing (BS), you know your job (assuming that, don't know you), and as long as you get it with the "machine" (TC's) that make the industry turn, fine. Plus, performance is everything.

Just don't be such a hotshot that you turn off those that matter. My post was halfway directed to those that aren't as intimately involved in the industry. I know better than most the thrill of getting an edge.

End of lecture. Hey, forgive me, I'm a Mom. BTW, my kids are waaaaay better looking than you. (just deflating that baloon a tad....you're a sweetie).

Reply by BetsyMI on 1/4/06 6:09pm
Msg #86097

Shucks, they haven't even seen you Shane, and you got 32 orders just with your voice alone! If they knew what a dreamboat you were, you'd have gotten a hundred and thirty two orders! LOL.

Reply by Shane_OH on 1/4/06 7:04pm
Msg #86114

A Dreamboat? lol, (cranks up ego a notch)..... thanks Betsy...hehe

I assume out of those 32 orders, a ton will go bye-bye... but like i said, if I get 1-2 or more out of them, they were orders I didn't have before....I may even develop a good relationship with a title company and/or lender out of it.