Written By: Karen Deis (with contributing information by Barry Habib, www.MortgageMarketGuide.com.)

It was really nice to have loans thrown at us for the majority of the past three years. But times are changing and the competition is getting tougher for a shrinking pie.

It's not only imperative that you know your loan programs, underwriting regs and interest rate strategies, you should be able to intelligently help your clients - and increase your credibility - by obtaining either a real estate license OR a Series 6 Securities License. Maybe even both!

Let's face it! Every day we attempt to help clients interpret real estate contracts; answer questions about investments; advise them on debt management. Yet, very few loan originators have had the formal training or credentials needed to truly make an impact to assist your clients with the biggest decision of their lives.

Obtaining a real estate license is a HUGE step in gaining credibility. You work with real estate contracts day in and day out - yet most originators have never taken the time to read the contract or learn the real estate laws created by state and national associations. Admit it! As a loan officer, you have made suggestions to home buyers on how to "word additional conditions" or interpret clauses on the real estate contract. You may even have questioned some of the wording written by real estate agents. By obtaining your real estate license, you have resources you can tap into, in order to provide your clients with the correct advice.

I obtained my real estate broker's license over 10 years ago (and still have it today) and found it to be an invaluable tool to get my foot in the door with real estate agents and builders. In the credibility department, you have taken the same courses and passed the same test as all of the other real estate agents have.
If working with FSBO's is part of your marketing game plan, you can LEGALLY help them complete a real estate contract if they have found a buyer for their home.

By obtaining your real estate license and joining your local board, you can also participate in the Realtor-related activities (instead of just being an "affiliate member"), subscribe to their magazines, and get complete access to their website, which contains a wealth of information.

I have known Barry Habib for about 15 years and he has always advocated obtaining a Series 6 Securities license. His advice is as sound today - as it was 15 years ago.

Quoting Barry: "Creating value by acting as your clients Trusted Advisor will continue to be paramount. One sure way to increase your clients' desire to work with you is to provide information on how they can create wealth and improve their financial future. Uncovering the basic secrets that financial professionals use is easier and less expensive than many think. Start by getting the training for a Series 6 license.

It is not necessary to obtain an actual Series 6 license...just get the knowledge. A great resource for this is Dearborn Financial. They offer a Series 6 training course for just $79. The link to order their product is: www.Dearborn.com.

Once you have become familiar with some of the tools and disciplines, you can start pointing out some of these possibilities to your clients. This will also give you an opportunity to make a connection for them to work with a Financial Planner. This makes for a happier, more financially sound client, who is more likely to be focused on the big picture instead of small fee differences. There is also a very good possibility that they will tell others about you."

The sole reason we publish this ezine is to share with you ways to differentiate yourself from the competition.

Adding "Licensed Real Estate Agent" or "Registered Agent" to your business cards, brochures and real estate ads could be just the ticket!

Karen Deis
Publisher
Licensed Mortgage Broker & Licensed Realtor^TM

Copyright, 2004, LoanOfficerMagazine.com

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