Guaranteed Rate's Randy Ernst In Mortgage Originator MagazineMar 31 2008Rookie Superstar of the MonthIssue Date: Mortgage Originator - 3/2008
VP of Mortgage Lending
2007 Volume: $33,618,439 2007 Units: 138
Guaranteed Rate In Mortgage Originator Magazine
Randy Ernst Earns Rookie Superstar of the Month HonorsFor Immediate Release
CHICAGO, IL — March 31, 2008 — Mortgage Originator Magazine sits down with Randy Ernst of Guaranteed Rate, and finds out how he become such a success in such a short time.
Mortgage Originator: What kind of training did you receive?
Ernst: Guaranteed Rate is great because we have so many top-producing loan officers who are willing to share their success formula, and we have a company that promotes this. Upon the suggestion of some of our top LO's, I spent two days with the underwriting department learning the basics of underwriting a file and also read the guidelines of two different lenders. Additionally, Guaranteed Rate's bi-weekly meetings consist of business development training, best practices (our top loan officers teach us their secrets of success) and product knowledge. More recently, they hired a personal business development coach who will help develop any of our loan officers' business. This shows what type of company I work for and the type of environment I work in everyday.
Mortgage Originator: What did your initial year marketing efforts consist of?
Ernst: I can't say enough about Guaranteed Rate's program for building peoples' business. As I mentioned before, I was in management before actually becoming a loan officer, and I just followed the system we put into place for developing a loan officer's business, which includes a program to recruit top real estate agents. In this program we have a department that actually puts together cocktail parties and invites top real estate agents to attend. At the cocktail party we are able to educate the Realtors on our unique business concept and show them the services we have put together as a partnership tool to help them increase their own business. I held one cocktail party per quarter, in which anywhere from eight to 15 top Realtors attended, who I was not yet doing business with. Of that group, I was able to get business from approximately 25 percent of those that attended. Additionally, my company has a tremendous marketing department that sends a high quality postcard and an e-mail to your database monthly and a newsletter quarterly to help you create a customer-for-life database that will refer you business. For example, this past year I sent postcards with the theme of refinancing and they always also asked for referrals. I received several referrals from this source alone.
Mortgage Originator: What was your most memorable loan your rookie year?
Ernst: My most memorable loan was probably the third loan I did. I had a Realtor give me a “rescue loan” that had not closed three previous times at the closing table. I found the perfect program: a “My Community” loan for the client and she walked away with a great rate and the perfect loan for her situation. I have received several referrals from her and her Realtor since that loan.
Mortgage Originator: Lastly, what advice would you give to new originators?
Ernst: I would say, make sure you are working for a good company that has a good reputation If you are not, you are swimming upstream. Also, handle every loan as a gift from the person that referred it to you, and make sure you use every opportunity as a sales opportunity. So many people are afraid to ask for business; the only thing to fear is fear itself. Additionally, make sure you have a solid support staff so you can continue to build your business.