Written By: Karen Deis
Jeff started his mortgage career in 1990 but left after 3 years when Governor Pete Wilson (California) tapped him on the shoulder to develop the California Mentor Initiative. When he got back into the biz again, he had lost most of his contacts and mortgage programs had changed drastically. But due to consistently working his system to generate leads, last year he was ranked 26th on Mortgage Originator's top 200 List with $198M in closed loans.
Prior to joining United Pacific Mortgage, he served as lead corporate trainer for Tony Robbins and played professional football for the New England Patriots and Seattle Seahawks. JHoffman@MasteryInBusiness.com.
Subscribers can link to an audio interview, with Jeff Hoffman, at the end of this article.
In this interview, he shares one of the pillars of his business - working with "credit-challenged" borrowers. Learn how to become a credit advisor and provide prospects and clients with a plan to help them increase their credit score.
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Check out these stats:
According to the www.NationalScoreIndex.com, the average credit score in the U.S. is 678 (changes monthly). They have identified 10 geographical areas, however, only 4 areas exceed the minimum A-paper requirement of 680.
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Karen: There are many loan originators throughout the country who work in the sub-prime market. Would you share with us what criteria you use to identify your ideal niche market?
Jeff: My company is located in California and I purchase lists from lead companies. The parameters I use are: People with a lot of credit and/or homeowners with $250,000 loan amount (or higher) with a FICO sore of 580-640. I spend about $2,000 per month purchasing leads.
Karen: What companies do you buy your leads from?
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