Written By: Karen Deis, with contributing data from Cindy Douglas, President of the CD Consulting Group (email Cindy at cindy@cd-consultinggroup.com) and David Jaffe, Loan Originator, Chase Manhattan Mortgage, (email David at david@jaffeteam.com). David has created a "crash course" on database marketing, which is available on CD Replay (both audio and PowerPoint presentation). For more information, CLICK HERE NOW.
This is the 3rd and final installment in this 3-part series showing you real database templates and fields that are absolutely critical when developing an effective, working system which you can rely upon without having to hunt for an old file or depend upon the client to get information for you.
I received many emails asking me to address the issue of WHO enters all this stuff in the database and how does a loan officer find the TIME to do so.
Making the decision to create a database or expand your current system is a HUGE commitment on your part. Look at the "database" as your future business which allows you to access information instantly, or create marketing campaigns to your past clients.
Your past clients (Interpretation: Your Database) are your only real asset in the mortgage business and how in depth you want it to be will determine how much time you need to allocate and how much money you are willing to invest to maintain it.
I personally hired (and paid for out of my own pocket) a data entry person to enter information for me. The time of day that they worked was flexible because there is no need to talk to clients. They could enter the info at midnight if that's the time they could work. Initially, the data entry person worked 10 hours per week; on Monday, Wednesday and Friday. Based upon your ability to take 15 loan applications per month, a database entry person would work about 40 hours per month. If you pay $10 per hour, your investment would be $400 - or less than a commission on one loan application.
After the loan funded, the closed file was passed on to another data entry person who double-checked the data entered by the 1st person (garbage in - garbage out) and updated all screens from the closed file.
Significant information was sometimes entered twice - when the loan application/pre-qual was taken AND at the time of closing. However, during the processing of the loan, there were a few screens (like lock date and expiration date; property address from a pre-qual) that would be updated by you or an assistant.
View Parts 1 & 2 in this 3-part series:
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