Lines of Credit
post your loan search matrixes
1 Size of line: Minimum
2 Size of line: Maximum
3 Personal/corporate/combined net worth requirement: Minimum
4 Annual origination volume: Minimum
5 Willing to train those new to warehouse lending
8 Lien position: 1st
9 Lien position: 2nd
11 FHA / VA
12 FNMA / FHLMC
13 HLTV programs
14 Home equity
15 Home improvement
16 Jumbo residential
17 Mixed-use properties
25K Y Y
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Gateway Bank FSB
Nation’s top warehouse bank (Federal Savings Bank), early wires, TPOs, quick$ale
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Build Your Referral Network — for Free
Business-networking groups can allow brokers to develop their client base at no cost
By Pete Castillejos, senior loan officer, 808 Home Mortgage Inc.
Businesses of all sizes want o lower their advertising and mar- keting expenses without hindering
their gains. For mortgage brokers, one
way to improve your outreach with little
cost is to join a business-referral group.
These groups allow professionals in different businesses to meet, earn one another’s
trust, and eventually refer business back
Often, these groups’ members rely
on the referrals received from these relationships for a large portion of their income. Typically, such groups allow only
one member per industry, meaning that
only one mortgage broker is allowed to
join. This eliminates internal rivalries and
competition for referrals. It also leads to
a diverse group with members from professions that brokers might not normally
seek as business associates (e.g., funeral
planners, massage therapists and music instructors) as well as more-typical referral
partners (e.g., insurance agents, real estate
brokers and tax professionals).
These groups often meet weekly for
breakfast or lunch. Mealtime gatherings
allow the participants to make effective
use of their time while also eating, something with which busy schedules too often
Establishing an agenda
Brokers who fail to find an empty spot in
an established group can consider starting
their own. If you do begin your own group,
make sure to plan your time effectively.
These meetings’ agendas can be structured
in a variety of ways.
Your meetings might build off of the
following sample agenda:
■ Introductions: Members and guests
have 30 seconds to stand up and talk about
themselves, their company, the services they
provide and what type of referrals they seek.
When your group grows, you may need to
limit member introductions to avoid taking
up too much time. Make sure to allow all
guests an opportunity to be heard.
■ Member presentations: Every week, a
different member has 20 minutes to give
a presentation to the group. This allows
all members to spotlight their business
and to market themselves to others. It also
gives members an opportunity to work on
their public-speaking skills. Mortgage brokers should describe themselves and their
companies, as well as offer insights into
the status of the market and any specific
products they find most helpful at that time.
Make sure to give a different presentation
each time your 20 minutes come along.
It’s also a good idea to allow some time for
■ Announcements: Members with ongoing or upcoming company events or
promotions use this time to promote their
■ Sales or service tip: This three-minute
tip can be delivered based on a set schedule
or by a member widely considered to be a
When doing each of the above, group
members help each other’s businesses grow.
Group members also should get in the habit
of carrying a few cards from each member
of the group so they can easily provide referrals when the opportunity allows. Providing these referrals not only helps other
group members, but it also establishes your
own reputation as a businessperson with
a strong referral network on which people
“One way to improve your outreach with little cost is to join
a business-referral group. These groups allow professionals
in different businesses to meet, earn one another’s trust,
and eventually refer business back and forth”
Pete Castillejos is a
senior loan officer with
Hawaii-based 808 Home
Mortgage Inc., funding
loans in all 50 states.
He received the Pacific
Business News’ “Forty
Under 40” award, which
recognizes 40 professionals younger than
40 years old for their business acumen and
community service. Castillejos received the
award for his exemplary customer service and
involvement with several local charitable organizations. For more information, contact him at
(808) 779-7383, at pete@808HomeMortgage.
com or via www.HawaiisMortgageGuy.com.
Again, there are no hard-and-fast rules
about how to set up your meetings. Just
make sure to have a productive schedule and
to stay on task. This will increase the value
of your group and draw new members.
37 Scotsman Guide | Residential |
scotsmanguide.com | August 2009
can call. The more referrals you give for
members of your group, the more you likely
will receive in return.
Brokers looking to start their own
group can begin by calling some of their
most-trusted acquaintances from other
industries. Arrange a personal meeting
and gauge their interest. After you’ve established your startup network, find a restaurant willing to provide a meeting space
in exchange for your weekly business. You
may even find that the restaurant-owner
wants to join the group.
With the right referral group, mortgage
brokers can reduce or eliminate the need
to pay for advertising and instead build
their business based on trust and mutual
One place you might consider setting
rules is in the area of weekly expectations.
For example, you might consider requiring one of three things from each member
1. Deliver a referral to another group
2. Bring a guest to the weekly meeting.
3. Meet with a group member during the
week, often for coffee or lunch, to get to
know each other better.