Tom Ward is CEO and Founder of Majestic Mortgage Corp., (now in its 15th year wih annual volume of $300M), and Majestic Consulting & Marketing. He is a frequent contributing writer to industry trade magazines and a speaker at industry events. Majestic Consulting & Marketing provides profitability, operational and marketing consulting to mortgage originators, bankers and brokers. [Email Us]
Installing a telephone, turning on utilities, buying a car or a house-just try to get away WITHOUT a security deposit! Real estate deals all require earnest money (or something of value) for the transaction to even be considered LEGAL.
At Majestic Mortgage, we require a deposit from clients who want to refinance with us. After all, they have asked us to lock in their interest rate. What we ask for return is customer loyalty-in the form of a security deposit.
Ask yourself this question: Are you in business to PRACTICE PROCESSING loans, or are you in business to CLOSE loans? If you answered that you really want to CLOSE loans, then you need to make sure that your clients are serious about doing business with you in the first place.
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