About 10 years ago, loan officer Lindsay Moss-Frangie joined a large Atlanta mortgage broker that built its business on performing no-closing-cost loans — but soon, the company reached a dead end.
“Over the years, as the rates dropped, I refinanced them for free,” Moss-Frangie said of her former customers. “Once they got down to 3.25, 3.3., 3.625 [percent], those people were already set and weren’t going to do any more business unless they were looking to buy.”
According to the Mortgage Bankers Association, loan originators had a dismal 2014, as the refi market dried up and the purchase market remained “moribund.” However, a drop in interest rates should spur more activity and make housing more affordable, even without home prices falling, the association recently said.
With refi business drying up, “I realized I had to get into the buyer’s market,” Moss-Frangie said. “I had to get into Realtors’ offices and give them a benefit.”
So Moss-Frangie turned to Listing Booster, an automated real estate and mortgage marketing engine for loan officers and real estate agents. She recently spoke to the National Real Estate Post, a Web-based video show for real estate professionals that endorses the product, about how she used it to move from refinances to repurchases.
Listing Booster, a registered trademark of HomesByLister.com, offers a co-branded property marketing system for real estate agents, brokers, mortgage lenders, banks, loan officers, and other real estate professionals and entities. Services include dedicated property websites, virtual tours, mobile device pages, mobile applications, property text messaging, social media posting, print fliers, electronic open-house registers and consumer follow-up campaigns.
A chance letter Moss-Frangie received from an agent offering to list her house led her to a Keller Williams brokerage, where she demonstrated the system for which she paid a $12 per month subscription fee.
“They loved it. It’s been a great relationship ever since,” Moss-Frangie said, adding that this brokerage listed 11 properties and obtained 78 leads after using the service.
She said that in an average month, she does about $2 million in business. Her purchase-to-refi ratio is now 70-30 percent.