7 Ways to Optimize Referral Sources for Loan

7 Ways to Optimize Referral Sources for Loan

Being a loan officer is about being savvy and open to new ways of increasing your referral sources. We all know the typical referral sources for loan officers — real estate professionals, educational institutions, financial planners, builders and so on. But how do loan officers effectively market and build these partnerships to increase referral business? Here are a few examples that highlight how referral sources for loan officers can increase your business opportunities right now.

Real Estate Professionals
One way to find and build relationships is to consider the use of mortgage apps like the If This, Then That (IFTTT) app, which allows you to connect different technologies to automate functions through ‘recipes.’ You can create a recipe that will email you whenever a new listing becomes available in your area. Knowing this information offers you the opportunity to quickly reach out to the listing agent and find ways to collaborate.

Financial Planners

The value-proposition in exploring this comes down to quality of leads. If potential customers are aligned with a financial planner, they are probably more likely to have their finances in order. If they need to refinance a home or upgrade to a new home, there is less work to be done on your end for the deal to close.

Reaching out to builders in your area can provide you the opportunity to increase mortgage leads. Think about an approach that allows you to help streamline the buying process for a builder who has a number of potential customers who want to build a home.

Offer to collaborate with builders in a way that removes the need for them to vet qualified buyers on their end. Consider running the pre-approval process for those interested buyers. This ensures the builder is working with a strong homebuyer and is an added convenience to the customer

Community Relationships

Churches and religious organizations oftentimes have support groups and educational groups centered around different topics to help the members of the church succeed. Consider offering to help educate and speak about topics such as how to secure a loan, the value of a great credit score, why homeownership is important and seasonal DIY tips for homeowners. Spending time with group members who attend these informational meetings works to build a great relationship with potential customers.
Current/Past Customers

Going to a closing is a simple way to show that you care about the future success of your clients. This gesture offers you additional opportunities to stay relevant in a customer’s life after the loan has closed. Consider bringing tangible materials about being a new homeowner. These could include ways to save money on their new home: DIY tips, infographics, lists, etc., are all valuable to a new homeowner. Easy-to-digest material that provides value is what’s key here.

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