There is huge potential for mortgage consultants to develop referral relationships with bankers. The key to establishing these types of relationships is to approach candidates in a non-threatening manner. As long as they know you can provide a service they do not provide their clients (and consequently save deals for them), it becomes a win-win situation for both parties. In our last article on this subject, we addressed targeting local community banks. Now let’s take a look at strategies to target retail loan officers at larger banking institutions.

Targeting Retail Loan Officers at Larger Banks

When striving to establish referral relationships with retail loan officers at large banks, it’s important to understand their mindset. In contrast to dealing with LOs at small community banks, retail loan officers that work for larger institutions are employees, not entrepreneurs. They are often frustrated because they don’t have an extensive selection of loan programs to work with. Once again, I found I was able to fill in the gaps on loan programs their clients had a need for, but they could not fulfill.

For example, many large banks don’t provide secondary financing up to 90% to 95% loan-to-value. I approached their retail loan officers and let them know that I had the ability to provide a piggyback 2nd Trust Deed behind their 80% 1st Trust Deed. I became a valuable commodity as they realized I could save deals for them.

I was also able to handle their clients who needed sub-prime financing, and in some cases even helped to steer those borrowers in the right direction for credit remediation. Turning dead deals into closed loans became a huge USP for me in these types of relationships.

In exchange, take the time to teach them some of the things you know and share your successful strategies. They do the same thing you do for a living and they will appreciate your input in helping them build their business.

Breaking the Ice with Bankers

Whether you choose to target retail loan officers at large banks, or those who provide construction financing at the smaller banks, start off by sending out a very professional introduction letter that outlines the services you provide. Make sure they understand you should be considered their ally, not a competitor.

Follow up with a campaign of info-marketing on topics they can relate to, such as database management, time management or team building. Set appointments to get to know each other better. Find out what areas they are weak in, where they need a good referral partner to do business with. Also get to know their strong points so you may reciprocate and refer business back to them.

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