Citi Ae Training


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Citi Ae Training

  1. 3. Tripoli Associates Inc. is the Loss Mitigation Division of Citi Home Solutions Inc. JBC Financial is the Wholesale Loan Division of CHS. 800 Settle Inc. is The Debt Settlement Division of CHS. They are all separate entities. Citi Home Solutions Inc. was set up in this manner for various reasons. We are regulated by the DRE and various other Governmental Agencies. These Regulatory bodies all have rules, laws, and agendas we must abide by. For instance, if a company does real estate loans then that same company can not do loan modifications or credit repairs due to a conflict in interest. Thus our various strategic partnerships with other corporations. We run all our services through the appropriate institution.
  2. 5. With the various services we offer our clients you can do more for yours. After saving their home, you can go the extra mile to ensure the future of their property by helping repair their credit and managing their debt.  Our debt settlement programs will pull your clients out of their financial hole.  Putting the client’s finances back in order and getting them back on their feet.  You will help your client with every aspect of recovery from their mortgage woes.  They'll be able to put their hard economic times behind them and be equipped with the knowledge of preventing such hardship from ever befalling them again. You will have the power to give people their lives back. We recommend you modify the client’s mortgage first (if they don’t want to keep their property then offer to short sale it for them, we’ll show you how), then put them in a debt settlement program to pay off their debt, and finally repair their credit. Don’t overwhelm your client with too many choices at once. Plant the seed for future business such as the aforementioned while you’re working on one aspect of their problem. Debt Settlement and Credit Repair training are offered in separate presentations. Inquire about them if you are interested in extending these services to your clients.
  3. 7. <ul><li>A loan modification is simply the restructuring or altering of a mortgage contract in order to reach an agreement between the lender and homeowner. </li></ul><ul><li>This agreement can be negotiated directly by the homeowner but the results are usually poor. Banks do not have the time and resources to negotiate a loan modification with every homeowner who decides to call. </li></ul><ul><li>The truth is that lenders have so many people currently in default on their home loans that they may not even talk with a homeowner until they have gone late on their payment or are in default. By this time it may be too late. </li></ul><ul><li>Federal and state governments are placing enormous pressure on lenders to negotiate with homeowners who want to save their homes. </li></ul><ul><li>This market is exploding as more homeowners realize that there are other options available to them when facing the loss of their home. </li></ul>
  4. 8. <ul><li>We have researched and understand the legality of our industry. </li></ul><ul><li>We are experienced and dedicated to our mission of saving as many homes as possible. </li></ul><ul><li>We have partnered with legal teams to process loan modifications and subsequent services. </li></ul><ul><li>We offer ongoing training and support as the loan modification industry grows and evolves. </li></ul><ul><li>We have established relationships with nearly every mortgage lender and stay current with their guidelines on a daily basis. </li></ul>
  5. 9. Nearly every homeowner who is experiencing a hardship and has a true desire to save their home, qualifies for a loan modification. This can be a one time permanent solution to a serious problem. It is not a short term fix or a temporary solution. A homeowner who qualifies for a loan modification usually fits into these four categories. 1) They must have a genuine hardship . This can be a loss of employment, a rate increase, a decrease in property value, or other situation which makes it difficult to make their monthly payments. Talk with your clients and “Explore Their Pain.” 2) They must have made the decision to save their home . They have to be sure that they want to absolutely save their home and will continue to stay current on the new monthly mortgage payments. 3) They must be able to afford the terms of the new modification . They must be able to stay current with the terms and payments of the newly modified loan. 4) They must be able to afford the modification service . A client may need to put something else behind this month to pay for the modification, however we NEVER advise that they skip a mortgage payment.
  6. 10. Qualifying questions are the basis behind your evaluation for a loan modification. You must professionally evaluate a homeowner’s situation and determine if they are a candidate for a loan modification. If you utilize the steps below to qualify a client, you can determine in short order whether they qualify, how serious they are, and if they have the money available to pay for the service. Are you behind on your mortgage? How many months? How much is your payment? -From these three questions, you can quickly determine just how much money a client has available to them for the service and also decide what you are able to charge for the service. Most brokers charge a fee close to one month’s payment. a) What hardship caused you to fall behind? ARM Adj., Recast, Medical, Financial, Job, Other: -This question allows you to determine if the client will be able to stay current with their new mortgage once it is negotiated. You can determine that if their hardship was caused by a recast or ARM adjustment or other circumstance.
  7. 11. b) Has this hardship been resolved? -The homeowner has to be able to stay current on the new loan. If they are still unemployed or on medical leave, then the problem has not been resolved and they may not qualify. You must determine that they earn more than enough money to stay current on the new terms of the loan. c) Has the client made the decision to save their home? If we can modify their loan to where it is affordable, can they stay current with payments? -The client must understand that this can be a one-time permanent solution. So they must be committed to saving their home. d) If you told the client that it would cost $ _____ to save their house, could they afford that? -If a client is serious about saving their home, this is where you find out. If they really want to save the home, they will find a way to pay for this service. You can inform them that the problem is not going to get resolved by itself. They may have to make the decision to put something else behind this month .
  8. 12. <ul><li>For a list of commonly asked questions and answers go to the CHS website and read the FAQs and the Home Owner’s Rights tabs. There are some FAQs in our Loan Mod Overview write-up as well. Here are some obscure questions that clients might pose you: </li></ul><ul><li>Q. Can I modify my loan if I have a bankruptcy? </li></ul><ul><li>Yes after the bankruptcy has been discharged. Clients with discharged Ch. 7 bankruptcies may modify their loans right away. Clients that are in ongoing Ch. 13 bankruptcies must first have their lawyer end the bankruptcy before we can modify their loan. Tell the client that if we don’t successfully litigate than they can reinstate their bankruptcy. </li></ul><ul><li>Can I modify the loan on my investment property? </li></ul><ul><li>Yes. Investment properties are a little harder to negotiate, but they are definitely doable. </li></ul>
  9. 13. <ul><li>Q. If I’m an AE in California, can I modify my cousin’s loan in Florida? </li></ul><ul><li>Yes. As a part of CHS, you can modify loans in all 50 states regardless of where you are based. </li></ul><ul><li>Q. Can you modify the loan for a client which is not in their name? </li></ul><ul><li>  </li></ul><ul><li>Here’s the situation that leads up to this question: a potential client’s partner named the potential client in his will as the sole beneficiary of his property. The mortgage was only in the deceased’s name. Following protocol, the bank accelerated the note.  The potential client inherited the property and has the option to continue making the payments. However he cannot change the name on the note, thus the bank will not modify it for him. </li></ul><ul><li>Can you modify loans for clients on fixed incomes? </li></ul><ul><li>A. Yes! It has to make sense, and they are a little harder to modify. </li></ul>
  10. 14. Q. If the client has two mortgages on one property, a first and a second, can they just modify one of the mortgages on that property? A. YES! They can modify either or. However you should advise them to modify both at the same time. If you encounter a question you cannot answer, tell the client that you will check with our legal department and get back to them. Email the client’s question to one of our contacts at Loan Processing Center Inc. or Home Solutions Group and they will pose the question to their lawyers on staff and give you their answer. LPC & HSG’s contact info are provided later in this presentation.
  11. 15. You identify and secure the potential loan modification client You submit the loan modification forms and docs with payment to TAI Case reviewed and client contacted in 48 hours by Processing Center The loan modification is negotiated by our legal staff Completed modification proposal is delivered to client and lender
  12. 16. <ul><li>Get signed modification app from client. </li></ul><ul><li>Obtain payment from client. </li></ul><ul><li>Obtain documentation from client. </li></ul><ul><li>Complete pre-qual form from one of our processing centers and submit it. </li></ul><ul><li>Once pre-qualification is issued by one of our processing centers, fax or deliver complete modification package to the attention of CHS Employee Services. </li></ul><ul><li>Welcome package is over-nighted to client from your chosen processing center. </li></ul>
  13. 17. The only documents you need to send potential clients is the CHS Loan Mod App and Loan Mod Overview write-up.  Once you get the app back, fill out one of the Prequalification forms for one of our processing centers and e-mail or fax it to the appropriate contact person.  Send the tough deals to Home Solutions Group and Diversified Real Estate Consultants, the clean ones to Tripoli Associates Inc. & Loan Processing Center.  You should also consider sending your East Coast clients to DREC since they are in the same time zone. HSG & DREC does the tougher deals such as NODs, but they take longer to mitigate.  LPC doesn't do tough deals, they'd rather not hassle with the headaches, but their turnaround time is phenomenal on the clean deals, they have over 100 employees working for them.  TAI is our in-house loss mitigation staff. TAI has the quickest turnaround times and the highest levels of customer service out of all four processing centers. All four companies do great jobs and have equal levels of success and results in regards to settlement terms.  
  14. 18. Email our contact people at all four companies with all your questions.  They are very busy, and e-mail is their preferred vehicle for contact.  Call your team leader, before you do your first one, he or she will talk you through it.  Once you get the pre-approval back from one of our affiliate companies, congratulate the client and inform them that our legal department has decided to take their case. Tell the client that someone from our loss mitigation department will be contacting them shortly to talk them through the process since it is illegal for you to communicate with them while our lawyers are mitigating on their behalf. Then turn in the complete file with documentation and payment to the attention of Employee Services at the corporate office via e-mail, fax, or mail, and we take it from there.  
  15. 19. LaDaughn Fogal Account Executive 6056 Rutland Drive Suite 9 Carmichael, CA 95608 Office: 916.339.3878 Cell: 916.240.1992 Fax: 877.275.5889 Website: E-mail: [email_address]
  16. 20. Sherry Swingler Account Executive 5440 Trabuco Rd. Irvine, CA 92620 Office: 800.399.8045 x 6025 Cell: 714.791.4669 Direct Office: 949.732.6025 Direct Fax: 866.554.3596 Website: E-mail: [email_address]
  17. 21. Andres H. Gaitan Sales Manager 19744 Beach Blvd #348 Huntington Beach, CA 92646 Office: 714.594.5241 Mobile: 714.944.5060 Toll Free: 800.735.7341 Fax: 800.459.7185 Email: [email_address] Website:
  18. 22. Kim Lepold Processing/Negotiating Manager 215 East Waterloo Road Suite 4 Akron, OH 44319 Office Direct: 330.313.1427 Toll Free: 866.977.3732 Ext. 702 Fax: 866.921.7775 Email: [email_address] Website: Submission Website:
  19. 23. <ul><li>Determine if the client is behind on their payments. </li></ul><ul><li>Determine how many months behind on their mortgage. </li></ul><ul><li>Find out the hardship facing the client. Explore Their Pain. </li></ul><ul><li>Have they made the decision to save their home? </li></ul><ul><li>Will they be able to stay current if we can successfully negotiate the loan modification. </li></ul><ul><li>How much money have they saved from not paying their missed payments? </li></ul><ul><li>Determine the price you are charging and present the cost to the client. Show value in the services you are offering. </li></ul><ul><li>Present the client with several possible negotiation results that they may expect to receive. Manage expectations. </li></ul><ul><li>Educate the client on the benefit of a loan modification, specifically on the benefit of an attorney based modification. </li></ul><ul><li>Go over the submission and communication process they will expect to experience after enrolling in the program. </li></ul>
  20. 24. Is the client’s lender helping them or being abusive? Many times we see lenders who just don’t want to deal with their customers when it comes to a loan modification. If the homeowner has already begun or attempted negotiation on their own modification, ask them about their experiences. Usually, you will hear their horror stories about how they never got a response, or got a negative response, no results, etc… Reinforce the benefit of having a lawyer involved with their loan modification. Lenders are more responsive to attorneys. They get serious when an attorney is involved even if it only means the attorney’s name is on the file. Our attorneys have direct lines of communication and established relationships with most banks and lenders. This allows them quicker access to information.
  21. 25. We take the burden off of their shoulders by negotiating on their behalf. No more sleepless nights or avoiding phone calls. They are now being pro-active about their situation and have taken the first step towards resolving it. We normally get their modification negotiated within 2 to 6 weeks. They would have to wait months just to get a response if they tried to negotiate themselves. Our legal staff will negotiate for any combination of the following solutions: lower payment, lower rate, fixed rate, forgiveness of late payments, reduction in principal balance. NOTE : There is no attorney client relationship. The attorney is only negotiating on behalf of the client through Loan Modification Service. (NOD service is an exception)
  22. 26. Here are most of the options currently available to the client: These are important selling points because you must relay the urgency and opportunity to the client. If they understand that the options available to them are few and not very successful, they’ll realize the value of the service you are offering them. Do Nothing – Go down the path of foreclosure - would the client like the Sheriff to knock on their door to give them an eviction notice? The bank will come after them for the money they’ve lost, get ready for a bankruptcy. Work More/Get another job – The client can generate more income in order to afford the larger payment and just be one paycheck away from the same situation they are currently in. Sell - Really not an option, if the client wants to stay. They really can’t sell anyways because they are upside down on their property. How many homes have been on the market for months in their area? Refinance – Not possible, no lender will give them a loan based on being upside down or bad credit. Forbearance Agreement – If they can’t afford their payment now, they definitely won’t be able to afford the terms of a forbearance. Most lenders want a fee upfront and want 6 months for the client to catch up their past due payments making their payment $500 - $1000 more per month. This will just cause them to default again later.
  23. 27. <ul><li>Short Sale – Selling their home for less than what is owed to a willing, ready, and able buyer. There are potential tax ramifications, they can be 1099’d for the difference between sales price and amount owed, meaning they will have to claim it as income and PAY TAXES ON IT! Instruct the client to consult their tax advisor. </li></ul><ul><li>Deed In Lieu of Foreclosure – Sign over their property back to the bank, the same thing as a foreclosure, but it saves the bank legal fees in getting the client out of their property. An attorney usually charges $5000 to perform this function for the client. </li></ul><ul><li>Note Modification/Loss Mitigation – That’s what we do! Our legal staff negotiates with the client’s bank to get them the best terms possible so they can save your home. Remember this is a case-by-case. </li></ul><ul><li>Do it yourself – (I could pull my own tooth but I’d rather have a dentist do it!) We’ve had our clients try it with very little success or even negative results. Once attorney’s are involved it’s a different game. </li></ul><ul><li>Or you could have a professional attorney work on your behalf. Someone who knows what your lender is looking for in order to agree to and approve your note modification, at $350 dollars an hour. </li></ul>
  24. 28. “ Hello! Is Mr. Smith there? Hi Mr. Smith! This is Brandon calling from Citi Home Solutions with great news about your mortgage. According to our preliminary research and analysis, you qualify for a loan modification! Have you ever heard about loan modifications?” [Let potential client answer. Regardless, if they answer yes or no, go on with this script.] “To nutshell it for you, we use a team of lawyers to negotiate on your behalf with your lender to get them to lower your interest rate, your principle balance, your monthly payment, defer past due balances, and even give you a couple months of payment relief.  Our lawyers use the consumer and real estate laws to get you the best possible settlement.”
  25. 29. “ For instance, if you have a four hundred thousand dollar loan on your property and it’s only worth two hundred thousand, our loss mitigation staff can get your lender to drop your loan amount two hundred thousand dollars! The reason why the bank is OK with this is because, if not, you walk away from your property like a lot of people all across America right now. The bank will have to sell your property in foreclosure. Foreclosure proceedings are expensive, and when the bank sells your home in foreclosure they have to sell it fast and probably will get less than market value. They might get one hundred thousand dollars for it. Which means they just lost three hundred thousand dollars, cause you had a four hundred thousand dollar loan on it. So the bank is better off modifying your loan and dropping your loan amount two hundred thousand dollars. The bank is happy because they just saved one hundred thousand dollars by working with our attorneys and you. You’re happy because your loan amount just got dropped by two hundred thousand dollars essentially cutting your mortgage payment in half. The U.S. government is OK with this right now, probably because it will increase your disposable income which will boost your spending ultimately stimulating the economy. So it’s a win, win, win.”
  26. 30. “ Principle reduction is just one example of how you would benefit from a loan modification. Our legal department will try to get you the best possible settlement. They can do amazing things, they’ve gotten fixed rate mortgages with interest rates as low as one percent. As I mentioned before, our lawyers will try to get your bank to lower your interest rate, your principle balance, your monthly payment, defer past due balances, and give you a couple months of payment relief.  You should take advantage of the current government policies in these trying economic times and modify your loan before the government changes the laws to prohibit loan modifications.” “ Do you have any questions Mr. Smith?” [Go into a Q&A session with the client.] “ By the way Mr. Smith, if you know anybody else that needs our help, please have them call me at (916)453-8578. [Give the client the number that you can best be reached at.] We will do our best to help them as we will you. Try to relax a little, Citi Home Solutions is on your side now, fighting for you. And we will do everything in our power to make things a little easier on you. Go out and try to have a little fun, we’ll take it from here. Goodbye! [Always end all your conversations by asking for referrals.]
  27. 31. [That’s it! Your spiel should be short and sweet. Most people don’t want you to go into too much detail about the laws. They don’t care nor do they understand them. All they want to hear about is the process and what we can do to help. Leave all the legal jargon up to the lawyers that’s what the clients are paying them for. Reassure the clients of this. There are things about loan modification that you may not know, there are things about loan modification that you may never know. In addition to this the laws are always changing, and even though we’ll do our best to keep you up to date, there will be certain scenarios and questions you may not be educated to answer. That’s why it’s best to leave the legal questions to the legal staff. Modify this pitch and make it your own, so that you’re comfortable delivering it, just make sure to hit all the points made in this one. Cater your pitch to the sophistication of your client, some want you to dazzle them with all the details of the previous slides and expect you to ask and answer all the questions contained in them, others merely want you to put things into layman’s terms for them. Just remember to do it with upbeat overtones and fully address their needs, you are not a caveman trying to sell geico insurance, do away with the monosyllabic verbiage. If you’ve ever listened to a successful sales person sale, it doesn’t even sound like they’re selling anything. It just sounds like they’re talking to a friend. Amidst all this, make sure to listen to your clients to determine what it is they really want. They may interrupt you from time to time with questions, concerns, and definition requests, address them and then carry on with your pitch. Read the Money Back Guarantee slides for “The Close”.] Read the Scripts Write-up for more scripts and approaches.
  28. 32. “ Hello! This is Brandon calling from Citi Home Solutions with great news about your mortgage Mr. Smith. Call me back at (916) 405-8478 so that I can share the good news with you!” [If you tell people you have good news for them, they’ll call you back. Make a conscious effort to sound upbeat and cheerful. People respond better to that tone of voice. Most people that need loan modification are in a tough spot and are getting called by creditors 24/7. They could use a little good news. Change your voicemail on your cell phone to something somewhat professional sounding. You don’t need to state our company name in it, some of you may have more than one job, it just has to sound like a business message, not a personal one.]
  29. 33. Our Money Back Guarantee was designed to help you close deals.  Collect the potential clients money along with the application and their docs.  Tell them that you will have someone from our Loss Mitigation Staff look at their full scenario, if our experts don't think it's in the client's best interests to modify their existing loan, then you'll refund them their retainer and research and analysis fee.  They'll get all their money back. WE HAVE A 100% MONEY BACK GUARANTEE! If we can’t do anything for our clients they get all their money back. We give client's their money back if we get a settlement for them that is not really beneficial to them.  For instance, if our lawyers can only get their monthly pmt dropped $12 per month, then we will absolutely refund the client all their money back.  But if we get the client’s monthly pmt dropped $900 per month and they don't feel that that is enough and want their money back, we'll say no.  Refunds are granted at management's discretion, otherwise every client would claim that they're not happy with the settlement we got for them to get their money back and turn around and take the settlement after we've refunded them their money.  Assure the client that management is fair and always has the client's well being in mind.  
  30. 34. When you get their full packet back, fill out the Pre-Qualification sheet for one of our Loan Mod processing centers and send it to them.  If they can't do anything for the client, send the client all their money back.  If you do things this way, you'll get a commitment from the client, and they won't go shopping around for a loan modification while you're waiting to hear back from one of our loan processing centers on the status of their pre-qualification, cause you already have their money.  Take the client's money!  If you don't someone else will!  Some people, especially the one's you don't have existing relationships with will be apprehensive about paying you upfront.  Tell those people that we are one of the few Loan Modification Companies out there that is actually licensed, that we're regulated by the Department of Real Estate (refer them to our website for the Corporate ID number for loan processing center inc. one of our business partners who we are licensed through).  Emphasize that if we take their money and don't act on their behalf we'd be in serious trouble with the DRE.  
  31. 35.   Of course there are people out there that won't pay upfront no matter what, and people who want to be pre-qualified before they pay.  Use your best judgment to handle these folks. Close the client. Remember that you are the professional. You are an intelligent person that's why we hired you, if you weren't smart we would have turned you away as we've done to many.  We believe in you, so believe in yourselves, share your knowledge with the client. Tell the client if our Loss Mitigation Staff thinks they can negotiate better loan terms for the client, then we'll take on their case.  In the rare case where our legal department fails to get better loan terms for the client, they’ll get all their money back (keep pointing out this fact).  Re-assure the client by telling them that 99% of the cases that our legal department takes on ends with a favorable verdict for the client, and that if we don't do anything for them, they're not on the hook for anything, that it's in our best interest to get a favorable agreement from their lender otherwise we don't get paid. Conclude by telling them that we don’t take on cases that we can’t win. If and only if a client asks how long will it take for us to refund their money. Tell them it will take anywhere from 30-60 days from the day that we cease activity on their account. The reason for this long time frame is that the file needs to be properly closed out. If there was any money placed in a trust account, it needs to be withdrawn. Money paid to the AE needs to be re-collected. Basically, the T’s need to be crossed and the I’s dotted. You don’t ever want to bring this up first cause that’s all the client will concentrate on. And you don’t ever want them focusing on anything negative.
  32. 36. The point is that you sell them on the benefit of this service, inform them that there are experts that will be working on their file and that the fees went towards paying these professionals to handle their case. The bottom line is that we are providing them a permanent solution to save their home, a solution they probably could not get elsewhere, for a fair price. If need be, cater a payment plan option that will work for the client. It’s CHS policy to help as many people in need as possible. We practice the Golden Rule, “Do on to others as you want done on to you!”
  33. 37. Most brokers gauge a client’s ability to pay before determining how much to charge them for the modification service. As a rule some brokers charge 1% of the loan amount or 1 month mortgage payment, depending on the complexity of the case and the homeowner’s situation. We give you the flexibility to charge an appropriate amount for the time and effort that is needed on the file. But remember this fee is only what the market will bear. Whatever you charge above the $895 Retainer Fee will be split with the company 70/30 in your favor on self generated leads, 70/30 in the company’s favor on leads provided by us. If a client has a first and second mortgage on their property, another $495 Retainer Fee will be charged on the second mortgage before the same splits mentioned above will be applied. The lawyer handling this specific case will have to mitigate with both lien holders and typically they belong to different banks, so the lawyer will have to do the same amount of work on the second mortgage as well. So charge accordingly. There are other unscrupulous companies out there that will promise your client the world for half the money. Many of these companies will ask for half the money up front and the other half when the modification is resolved. The problem is that the modification never gets done because all they wanted was the “half” to begin with!
  34. 39. We get many different types of leads that are provided to you. We pay anywhere from $30 to $300 per lead. There are people that contact us via our various websites looking to modify their loans. These are gold, because the people are contacting us seeking help. Through our pre-existing relationship with Experian, we get the contact information for people who have 30 and 60 day lates on their mortgages. These are high quality leads, because no one else gets the names we get. Once the contacts are assigned to us they are not given to any other companies. Unlike trigger leads, lists of people who qualify for loan mods that are sold to private companies at will. The same list of people can be sold to five or six different companies. Not to mention the foreclosure and NOD lists which are public knowledge thus all the other loan modification shops call on and mail to these people. We do those as well, but they’re not as effective.
  35. 40. What’s more effective are the ads we run in newspapers, magazines, and phonebooks. Various companies that do loan modification infomercials provide us with warm leads that are very receptive. Some of our affiliate companies send us pre-qualified leads of individuals who contact them or are contacted by them looking to modify their loans. Since these companies don’t provide loan mod services, they turn those clients over to us. Not only do these clients want to modify their loans, they also have been qualified by our affiliate company. And if you speak Spanish, you’ll be happy to know that we run ads in Spanish magazines, and are getting ready to launch a 15 minute infomercial on Univision and a few other smaller Spanish stations. In addition to all this, we also contract with various marketing companies to send out targeted mailers on our behalf. We refer the incoming calls out to you.
  36. 41. One marketing tool that has been very effective for us as a corporation and for many of our AEs across the country are door hangers. This is a favorite among our AEs across America due to their effectiveness and cost. If you want to partake in this as well, you pay for the door hangers and we personalize them for you. Then you can get your kids or pay people to go hang them in nearby neighborhoods that have negative equity in them or have been hit hard by foreclosure. AEs across the U.S. have had tremendous success with their door hanger campaigns. Apparently, people are more prone to reading materials hung on their door knobs as opposed to paperwork in their mail. Another reason why our AEs are fond of this campaign besides the fact that it’s cost effective is that all leads generated from their door hangers are considered theirs, so the commission split is 70/30 in their favor. This is only fair since they are paying for that particular brand of advertising not the corporation.
  37. 42. In fact, any advertising done with the AE’s own money will be considered a self generated lead. AE’s may purchase the same leads that the corporation purchases direct from our sources at the same discounted rate the corporation receives. Since we purchase a lot of leads you will benefit from our pre-existing relationships. AE’s with more initiative and startup capital run their own ads in their respective local newspapers and do quite well with that as a lead source. We even have AE’s that run their own lead generation websites. Don’t be afraid to think outside of the box. If you have a marketing idea, run it by us. We are here to help you in any way we can and offer you the support you need. To give you an example of a good marketing idea, some of our AEs hold loan modification seminars in hotels, restaurants, and their local chambers of commerce. The quality of leads generated from one of these events is awe inspiring in every sense of the word. See our Marketing Magic write-up for more ideas.
  38. 43. We will provide you with a CHS e-mail address, it will be the first letter of your first name and your last name @ ( We recommend that you purchase some business cards through our Employee Services Department. Armed with a legitimate business e-mail address, website, and cards, you are ready to start doing loan modifications and be taken seriously. We have tremendous brand loyalty and name recognition, now that you’re a part of the team use it to your advantage.
  39. 44. Tell everyone in all your different circles that you are doing loan modifications now, even if you don’t think they need a loan mod. Chances are they will know someone that does. This is your best bet to get started. You will be offering your services to people who know you or to people who you come recommended to. In addition to this, you’ll have rapport with these people which will allow you to hone your selling technique. Your friends and ex-coworkers will not care if you stumble through a script, and they can offer you constructive criticism. Some of them might even want to join you in your new profession and do loan modifications as well. If. this scenario comes up, have them e-mail their resumes to [email_address] . And if they get hired, you will get 5% of their gross commissions for as long as you are with CHS. If you sign up an office that wants to expand their portfolio of services to include ours, you’ll get 5% of the gross commissions we receive from the entire company.
  40. 45. Once your CHS e-mail address is set-up, send an e-mail blast with our loan mod app attached to it to everyone you know. This is the quickest way to get the word out. In your email put that you will be contacting them soon about your new career. This way if there’s someone you know that was considering modifying their loan, they’ll contact you immediately. There is no way that you can call everybody at once, but you can easily accomplish that feat via email. When you close your first loan modification, we will provide you with leads. The reasoning behind this is simple. First off, leads cost money whether in the form of marketing or purchasing lists. We don’t want you burning through leads if you’re not ready to close them. Secondly, for some reason people are reluctant to tell their family and friends what they do. This fear is unwarranted. You offer a great service now. You’re helping people save their homes. You should be proud to tell people what you do.
  41. 46. By requiring that you close one loan modification first forces you to talk to people you know. If you don’t help those you love, someone else will, plain and simple. Over the years, we’ve heard various employees moan about how their cousin got a loan through a mortgage broker, because they didn’t know our company offers real estate loans. The reason why the cousin didn’t know this is because our AE never informed their cousin about our various services. You’re sitting on a goldmine. Take advantage of that. However, if you are near one of our offices or that of an affiliate office, then you may feel free to go to any of these offices and field incoming calls before you’ve closed a deal. You can close those inbound leads.
  42. 47. Know that the closing ratio on incoming calls is about 15%, cause those are people that are shopping around and don’t even know if they want to modify their loan at all. So your time is better spent out and about talking to people you know. Having said this, we do contract out with various marketing firms to consistently drop mailers every 2 weeks. At times the phones will ring off the hook, you just have to sort through the volume and qualify the quality leads. You should be able to snag a deal in a week or two depending on your ability to close. To conclude, once we start supplying you with leads, the more you close the more leads you will get. Our top producers get the high quality leads. Commit our AE Success write-up to memory and then integrate these steps into your professional life and you’ll be one of our top producers. Email the contact numbers, names, and last date contacted, for every person you pitch our services to CHS Employee Services. We will help you manage your pipelines to help you close more deals. In addition to this, management will be arbitrarily calling your clients to do quality control and to help you close them.
  43. 48. Referrals are very important as you build your capitalistic empire. This is why we’re giving them their own slide and repeating some crucial points in obtaining them. Make a mental note to ask everyone you come in contact with for referrals. It wouldn’t occur to most people to refer your services to anyone. Don’t wait for a clients deal to close before asking them for referrals. Ask them from the start, when people are going through something be it a new diet or a loan modification that’s all they can talk about. So when they’re talking to their friends make sure they’re working your name into the conversation. And then of course, ask them for referrals again once we’ve successfully mitigated in their favor. Then they’ll really sing your praises. The rationale behind asking for referrals soon and often is timing. If you wait, the client’s contacts might use the services of another loan mod shop. More importantly, once you talk to the client’s contacts, they become yours now as well. This will allow you to cross sell them into some of our other services if loan modification isn’t right for them.
  44. 49. Don’t burn any bridges and make a conscious effort to stay in contact with everyone you meet. As your rolodex grows, so will your bank account. And later on down the road when loan modifications go out of style, you’ll have a bunch of people wanting to get into the latest fad, be it a new loan program or what not. This is the beauty of being a part of a well run organization with foresight. We will offer your clients whatever services they will need down the road. Think about it, people will always need homes and loans. You’re in a good industry with a great corporation. A corporation that isn’t afraid to spread the wealth. If you do well, you will receive stock options. Remember that when you refer us to other potential employees as well. Let’s all get wealthy together and do some good along the way. If you are going on vacation and want to refer over clients and/or leads, e-mail the contact information along with a short summary to [email_address] . We will disperse the information to another CHS AE and when the deal closes, we will split the commission 50/50 between you and the closer after the normal commission split with the company. This policy also pertains to referrals of clients and/or leads who only speak languages that you do not such as Spanish and Russian.
  45. 53. Commissions will be paid bi-monthly on the 1 st and 15 th of every month barring holidays and weekends. 5 day recession period on loan mod must be expired. Loan mod package must be complete and received by one of our processing centers. Must have email confirmation from one of our processing centers stating that file is complete and payment has been received. If you set a client up on a payment plan. Your split applies right away to the first payment collected and every payment afterwards.  Furthermore, if the first payment you charge the client does not cover the set-up fees than you will not get your split until the client has made enough payments to cover said fee.  You can do whatever you want when it comes to payment structure and price point that's why we give you the loan mod application in word format, so that you can edit it.
  46. 54. Your job as an AE is very simple. All you’re responsible for is engaging the client, gathering the proper documentation, and collecting the payment (if you put a client on a payment plan, you’re responsible to follow up with them to make sure they make the payments you both agreed upon, after all it is your money). Our professional staff at CHS take it from there. If you do your job right, one client shouldn’t take more than an hour of your time total from start to finish. To reiterate, your job as an AE is very simple. So don’t over think it. You provide a service for homeowners in a time of crisis. They are thankful for your help.