Join Cherry Creek to survive and thrive in 2011 and beyond.

At a recent REALTOR® marketing meeting we overheard two conversations, both involving non-Cherry Creek loan officers, one about the market and the other about their employers. One loan officer worked for a bank and the other for a local mortgage broker.

Loan Officer #1 – “This is nothing like the past 3 to 5 years. The business was so easy, and I made really good money. But now, how am I supposed to get loans? My database isn’t producing the way it did; my few (most loan officers don’t have enough REALTOR® relationships in a slow market) REALTOR® referral partners are all crying about how slow business is and are contemplating taking time off; the potential refinance leads I find all have 105% to 115% LTV’s so I can’t help them; and my company doesn’t have a plan for me to overcome these issues. Should I look for another line of work?”

Loan Officer #2 – “You aren’t alone. I’ve been wondering the same thing myself. It is really tough out there. I’ve been spending more time on the golf course than usual.”

1st Loan Officer -- "Are you having problems with appraisals? Many of mine are coming in low and are saddled with deal killing conditions."

2nd Loan Officer -- "I'm experiencing the same thing. Plus, underwriting is tougher than it has ever been, and our underwriters really are not accessible to us to run questions by or to talk through problem files."

1st Loan Officer -- "Yes, this industry is just not fun anymore. Lots of my old Realtor® clients have stopped using me because of everything we are talking about, plus our slow service."

THAT IS NOT HOW WE VIEW THE MARKET  and THAT IS NOT HOW OUR APPRAISAL OR UNDERWRITING DEPARTMENTS WORK. 

1. HOW WE VIEW THE MARKET:

A. Weak loan officers leave the business in droves in a slow time which means more business for the hardy and resilient. No longer will every potential client have a family member who is a loan officer.

B. Targeted and top REALTOR® referral partners are willing to talk and engage with a loan officer who has the tools, ideas and strategies to help them grow their business. In good times a loan officer has to beg and plead to even get an audience with a productive REALTOR®. Consequently, it is a great time to build a big referral partner base of business.

C. As a result of A + B a loan officer who has the ability to differentiate themselves, the where-with-all to withstand the storm, the discipline to do the things that must be done each and every day, the willingness to be coached and held accountable and the passion to give 110% effort no matter how tough it gets, has the OPPORTUNITY to double and triple their business when the next up-cycle begins – which it always does. Nobody says it will be easy, but this strategy has worked during all the down cycles in the past 45 years. History repeats itself for those loan officers who pay attention.

D. Loan officers who engage in conversations like the one above may as well leave the business right now. Today is an opportunity, not the end of the lending world.

1. To see how our appraisal and underwriting system are set up to minimize loan officer pain, click on BENEFITS.

Realtor® Relationships Building: Everyone knows that the future lies in purchase business and that a loan officer must have many Realtor® relationships going forward. Our loan officers are taking Realtors® away from big bank loan officers and mortgage brokers every day for four big reasons.

1. The Cherry Creek appraisal advantage (see benefits) makes Realtors® want to use Cherry Creek exclusively because it gives them the best opportunity of getting their transactions closed. Far fewer low appraisals and far fewer ridiculous conditions make our appraisals "Realtor® friendly".

2. Cherry Creek underwriting: no underwriting is "common sense" anymore but at Cherry Creek we are able to talk directly to our underwriters whenever there is any issue that might keep a loan from being approved. This is a huge benefit over a bank or broker loan officer.

3. Faster service - our appraisal can be done in a few days if necessary. Our underwriting is 4 days. Our doc drawing is 24 to 48 hours. Few, if any bank or mortgage broker loan officers can match those turn times.

4. The Cherry Creek FHA advantage - no company compares to Cherry Creek when it comes to processing, underwriting, and closing FHA loans. Our FHA appraisals work even on "as is" properties and are never "over conditioned". Our processors know FHA backwards and forwards, and our underwriters never add frivolous or ridiculous conditions.

5. The Cherry Creek "new opportunity conversation" - REALTORS® are looking at 2011 with trepidation and uncertainty. Many are negative about their industry. The greatest thing that a loan officer can do in 2011 is show and teach a REALTOR® how to do more business from the clients and contacts the REALTOR® already has. Doing this brings a REALTOR® a new outlook, a new excitement, and the reason to have a great relationship with YOU! Our new opportunity conversation" is proving to be the most powerful relationship bonding strategy we have ever seen because REALTORS® have never been shown how to think and act this differently before. The conversation is most effective with good to great producing REALTORS®. The "opportunity conversation" allows a loan officer to set a 1 hour appointment with every worthwhile REALTOR® they meet.

6. Our corporate marketing program - some loan officers with good presenting skills and a desire to create a new platform for their business will find great success by having access to our corporate marketing program. A loan officer can use the program to gain access to 1,000's of people they would otherwise never have contact with. REALTORS®, CPA's, financial planners, etc. are eager to partner with a loan officer who can give them access to such a rich base of potential clients.

7. Consumer lead generation - Cherry Creek is a proud affiliate of HEROCARE, a non-profit organization that brings special srvices to the heroes that serve our community. HEROCARE is the greatest consumer lead generating program a loan officer will ever have an opportunity to participate in. Check it out at www.herocare.org.

At Cherry Creek we believe that we give a loan officer a better opportunity to grow and expand his/her business than any other big bank, mortgage company or mortgage broker.