Finance Articles

Mortgage Brokers that Think Subprime is Dead are Wrong

Most mortgage brokers, like most people, think sub-prime is dead. They think they can't make any money nowadays in sub-prime, and they're 100% wrong!

Yes, if you're doing what you did 2 years ago, in that market, in this market, you'll lose your shirt. But if you're doing smart mortgage marketing, then you're able to print money at will!

In fact, it's easier now than before as so many have left the battlefield! This is the kind of market where you can GAIN "market share" left & right...and with a good Past Borrower Retention System, they are taking their new borrowers off the table for good!

What I'm saying is, good mortgage brokers are:

1. Getting borrowers to call them that have NOT applied for a mortgage with ANYONE else in the last 12 months.

2. Getting borrowers to call them that have already been turned-down by 3 other prime shops!

3. Taking these new borrowers off-the-table from "competitors" for life, using my Past Borrower Retention System.

For some crazy reason, I was on the phone the other day with a guy from North Carolina, who bragged to me how he's already making $350K a year.

He told me that he didn't believe that he could make the BIG duckets in a "small," local market area. He told me he needs the whole state of North Carolina to make any money.

I asked him if he knew who Dan Kennedy is, as a litmus test, and he said "no." It was then that I gave up, 'cuz he just doesn't get it.

He's "too smart for the room." I told him, "keep in mind, you don't know what you don't know." And that my system MUST work in a "small," local Area, with all borrowers driving to see you, not you to them, or I wouldn't have scores of guys making much more that he was using my System!

But alas, he was blissful in his ignorance of what could be for him, and I just wished him well.

"I hope you're not that bone-headed!"

But for your sake, not mine. But I do hate so much to see people suffer for no good reason.

About author: Scott Tucker is the owner of Roscoe Village's Tucker Family Financial Services, Inc., a mortgage brokerage, specializing in helping home owners with damaged credit and/or hard-to-prove income. Scott also owns Tucker Marketing Systems, Inc., an international coaching and mortgage marketing company, serving other mortgage brokers throughout North America.

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