Starting with bond originating

Even though the demand for bond originators took a serious plunge over the course of the last twelve months, it is very interesting, rewarding, and encouraging to know that there are quite a few individuals who remained passionate about the industry. It is even more encouraging to know that there are new consultants entering the market, and I hope that I am not the only person who feels obligated to assist these new entrants during the early days of their new found passion.

Every mortgage consultant has some unique wisdom and experience to share with others that might have a tremendous impact on the success of someone else. We all know about the old saying: "Learn from other people's mistakes".

At some stage in our lives you and me were the "other people" who made the mistakes. Someone must make the mistakes others can learn from, right?

Something I have learned early on in my career as a mortgage broker is that you have to avoid making promises and create unrealistic expectations. Every potential client has a "drawer" filled with pain staking, unrealistic and demoralising applications.

When you approach your prospect (lead provider) for the first time you should be prepared for a challenge. Expect the unexpected and accept that you are most probably not the first mortgage broker who approached this client standing in front of you. it is very likely that your new prospect will present you with "the file". Yes, "the file" that no other bond originator managed to conquer.

The only key factor that differentiates one bond originator from the next is the QUALITY OF SERVICE. Do not allow your client to judge you on your ability to do something that cannot be done. Ask for a good quality application and show your new client how good your service is.

If you decide to take on "the file" there is a strong possibility that you will fail just like all the other good ones before you also failed.

Remember this: You need to show the client the QUALITY OF YOUR SERVICE. Your ability to do the work is part of the QUALITY CIRCLE. So, if you take on "the file" you will have to qualify the applicant and identify possible reasons for the application to be declined with the banks. Don't just submit it to the banks.

Give your feedback and professional opinion on the same day you received the "the file", and why IT WILL BE UNSUCCESSFUL. By doing that you have proven that your service is good and you know what you are doing. Even the best and largest mortgage brokers receive applications that will not succeed.