Here's a theory concerning new Loan Officers, when they are introduced to this business, they automatically assume that most people want a 30 year fixed rate, so that's what they study and develop a "script" for. 

What happens to them when they get a client that wants an adjustable rate mortgage?  They are thrown off their game, start to shuffle papers and fumble around and guess what?  They more than likely will loose the sale.

Was this ever you?  Have you ever seen this happen with a newbie in your office?  Chances are you've answered yes to one of those two questions. 

What am I getting at, you ask?  Let me tell ya, it's a simple concept that when it's really thought about, it may make a lot of sense. 

Ok, a new person is usually equiped with a rate sheet and a phone book.  They are told to call as many people as possible and just get basic info from them and then an "experienced LO will make the sale for you."  There's nothing wrong with this, it's the way a lot of us were brought up in this business.  But my question always was, when this happens who's client is it, in terms of future marketing?  If I bring them in the door, don't I have a right to continue marketing to them?  Don't they then become my target audience?

Anyone that knows anything about sales knows this, no one is more important than your target audience.  And when you develope a target audience, you want to hold on to them, right?  Then the question comes around, what's your target audience?  Some will say it's anyone who owns a house or anyone who needs a mortgage.  This is true, but for some folks, that's too broad of a target, it may be hard to focus on just one thing.

My advice to new folks is pick a type of mortgage you feel comfortable selling and market the heck out of it.  When doing this, keep in mind you have a LOT of competition out there, so be prepared to share your target audience.  The more focused your mortgage product, the more focused your target audience.  If you focus on the Opion Arm, your target audience is smaller, but it's more recpetive to your marketing stuff. 

Before you do this, you'll have to find and get the knowledge of they type of mortgage you want to focus on.  That's a whole other article so we'll save that for another day.