Follow-Up With a Winner: Denise Phillippi Peoples Bank, Overland Park, KS |
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2008 total loan volume: $34,055,950 In Touch Today: How have current events in the mortgage/housing market affected your business? Denise Phillippi: Positively, so far. My business is approximately 60-65% repeat and customer referral, so my refinance business and first time buyer base is very strong! In Touch Today: Have you been approaching marketing or other methods of business generation differently given the current state of affairs? Denise: Yes, I have been a little bit tighter with the money I spend. I am doing more research and making sure my marketing is generating success for the financial outlay. I am also spending more money on marketing to my database. After all, I’ve already built trust with my past clients. I’ve also been partnering with my referral sources to present first time homebuyer educational seminars, specifically to educate them on the tax credit they can receive for their first time home purchase. I’ve continued to educate my real estate referral sources on changes in the industry. I hold a monthly coffee chat and we discuss items such as the appraisal changes that will be taking place in May and changes in how investment properties are handled, for example. In Touch Today : What approach is still working best for you? Denise: Doing the right thing for your customers is what makes them clients for life. Past customers are the best referral source, so you should never stop marketing to your database. In Touch Today: What other advice would you give loan officers who may be struggling to keep or find clients? Denise: If you concentrate on marketing to your database and always keep what is best for your client in mind, you will be rewarded continuously. Don’t forget your referral sources, such as real estate agents, as well. Offer them education on the changing real estate environment and they’ll find you invaluable. In Touch Today: What personally keeps your spirits up in a difficult market? Why do you stay in the business? Denise: The mortgage industry is all I’ve ever known. I tell my team we are going to open a Bubba Gump’s Seafood restaurant after rates go up, but they know I’m only joking. We’ll all find a way through these more difficult times. I have a major support system of mortgage industry girlfriends. Also the wisdom of Karen Deis, Mortgage Coach and Barry’s Mortgage Market Guide and Mortgage Currency are all invaluable. And my friend Leslie Peterson. She knows all the guidelines for FHA, VA, Fannie and Freddie. In Touch Today: Do you have a daily affirmation or inspiration quote which you'd like to share? Denise: It might not be very inspiring in a traditional sense, but my favorite quote is “defecate or relocate.” It sounds bad but it basically means that you should lay it all out for your customers in plain and simple terms to help them understand the rules and guidelines. We all have to play by the same rules right now. I’ve also stolen the saying “We don’t close late or ugly” from Linda Davidson. In Touch Today: Who are your favorite lenders? Denise: As a mortgage banker, I am fortunate to have in house underwriting. I have a processor and closer on my team and everything is done in house without third party anything. I think that is what makes our team work so well! My favorite lenders are BB&T, GMAC, Tier One (small NB only a few states they deal with) and CITI. We have plenty of other options but those are the chosen ones right now. In Touch Today: What programs are you currently offering that seem to be working well for you? Denise: Streamlines, split premium PMI conventional, and the 60% LTV refi are amazing! In Kansas, we have a registration tax which is $2.60 per thousand, but if we have done their loan before, we are able to waive the fee. That definitely gives us a competitive edge. |
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