Mortgage Bus - Mortgage Originator Magazine

Loan originator creates concierge style mortgage service.

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o be in business tomorrow, you can’t rely on yesterday’s methods. Behind this wise saying, lies the inspiration for my idea of The Mortgage Bus®, a mobile office that caters to clients while fostering partnerships with profesBy FREDRICK sionals within the real estate, mortgage and insurance industries. Unlike those HICKS, JR. originators who are content with using traditional methods, I wanted to “reinvent the wheel.”

The Beginning Six years ago, I joined the originator profession, determined to develop this concept, and drive the industry into its next evolution. Part of that involved mobile real estate transactions. The road to developing this concept was not without its criticisms and challenges. As with any unique concept, you have to balance creative thinking with practical business applications. Initially, the idea of facilitating mobile real estate transactions wasn’t well received by family and industry critics. Many laughed at the thought of adding wheels to the traditional brick-and-mortar office—reconstructing it inside of a Winnebago-style vehicle outfitted with highend amenities— and using it to close real estate transactions. Despite their amusement, I believed that my

concept was a patentable, sleeping giant that was destined for franchising. I was sure that consumers would be drawn to the concept of convenience and I began taking calculated career steps in order to bring my innovative idea to life. I initiated the process of patenting and packaging the idea while putting together a marketing plan based on my experience as a broker. I earned my designation as a Certified Mortgage Specialist from Capstone Mortgage Finance Institute in Marietta, Ga. before becoming a loan officer with a Texas-based mortgage company and subsequently as a branch manager with a Florida-based company. I consulted with several mobile design firms. Skeptical of whether they could build the vehicle to my specifications, many conversion companies passed on the project with the exception of one, Creative Mobile Interiors of Grove City, Ohio. It took me approximately two years to hash out the details with them.

The Mobile Office It took 138 days to build The Mortgage Bus ®, a 21-foot Mercedes-Sprinter prototype, along with the attached 27foot trailer, and the mini-TMB Honda Element. I received the buses in mid-December 2005. The bus’ formal interior was specifically designed to enhance the overall homebuying experience. Framed floral art pieces decorate the walls.

Reprinted with permission from Mortgage Originator magazine, August 2007.

A large TV monitor, secure WIFI server network, printer/ copier/scanner/fax workstation, remote satellite and other high-tech equipment are concealed behind custom-built cabinetry creating a more spacious, upscale atmosphere. The rear of the vehicle showcases the “Diamond Lounge,” with leather upholstered bench seating around a diamond-shaped removable table. Guests frequenting the bus at social gatherings are entertained by an exterior awning, large, outdoor LCD monitor, cooktop grill, and built-in beverage center. The matching 27-foot trailer stores equipment and an electric GEM motorcar to help customers tour around subdivisions. The trailer is also used as a mobile trade show booth for remote networking events. Partners of the bus can set-up under a second awning covered meeting area to solicit complimentary services. The mini-TMB Honda Element is wrapped with similar graphics to increase the exposure of The Mortgage Bus brand name. Taking full advantage of today’s mobile technology, I utilize the bus’ large internal TV monitor to show clients exactly what I’m doing throughout the application process. On The Mortgage Bus loan applicants watch the big screen as I complete their application, then log into lender Web sites to find the loan programs and payment that will work best for them.

panies, and virtually every business regardless of the industry, all under one roof. The best part is that the office now comes to the client. My idea behind The Mobile Advantage was to create and optimize referral relationships, and give partners the edge to be remembered over the competition. While many of our clients have benefited, so have our referral partners. Together, we have managed to reach out further into local communities, and effectively pool our individual client bases into an even larger group of potential customers. One of the premium services offered by The Mobile Advantage is HomeShows™, an exclusive relocation service. Accompanied by their Realtors, relocating buyers are able to enjoy private home tours of the area. While in transit, we complete their pre-approval process. And should they identify their dream home, we are able to submit their purchase contract without them ever having to exit the bus. The revenue and networking opportunities that have been generated from this service have been tremendous. Sterling-Ascott Realty is a good example of the success we’ve experienced since we started promoting HomeShows to Realtors. Lisa Hunter’s firm is but one of our referral partners who provide on-board real estate transactions. Connecting to the MLS via the bus’ remote satellite, Hunter can provide her clients with current property listings, and then drive them to see the homes that pique their interest. “The comfort and convenience of the bus allows me to spend a relaxing afternoon with my clients as we look for homes,” said Hunter. “Riding in the upscale vehicle makes my customers feel special, and the little details—like being able to browse homes on the

Customer Service Soon after obtaining the bus, I decided it was time to start my own firm, The Mortgage Bus Enterprises, LLC, headquartered in Clayton, N.C. All that remained was the introduction of The Mobile AdvantageTM, our innovative real estate concierge referral service. It provides clients with the option of working with Realtors, builders, insurance agents, title comReprinted with permission from Mortgage Originator magazine, August 2007.

MLS while we’re driving—makes a big difference in the quality of service that I offer.” Hunter added that the bus offers Realtors an excellent marketing opportunity, providing instant name recognition as well as high-tech promotional tools. “Agents can utilize the large screen on the side of the bus, slip in a disc, and have their listings visible to thousands of potential clients,” she explains. “Imagine having a captive audience, such as drivers stopped at a red light, who are watching your listings as they scroll across the screen. The possibilities are really amazing.” Jessica Puglia, owner of Mobile Closing Services, is another referral partner of The Mobile Advantage. Her company has been instrumental in closing our loans remotely aboard the bus. “Once I learned about the capabilities and potential of The Mortgage Bus, I realized that I would have a huge competitive advantage by joining forces,” she said. “People want three things—convenience, convenience, convenience—and that’s just what I can provide utilizing The Mobile Advantage. As a partner, I not only benefit from smoother closings but also quicker closing times, because fewer transactions fall through the cracks.” One of my first objectives when creating the bus (believed to be the first vehicle of its kind dedicated to real estate fulfillment) was to improve the origination process so that any originator could pull credit, take an application and pre-qualify consumers on the spot. I afford clients the ability to do more than just apply for a loan. I encourage them to become a part of the process, so that they leave the transaction with a better understanding of how the lending process works. By removing the mystery of the process, I am helping clients overcome the apprehension and fear that often accompanies the experience of applying for a mortgage. I recently put The Mobile Advantage concept to the test when I worked with a couple that was relocating to North Carolina. The adventure started at the airport, where I agreed to meet

the couple and introduce them to HomeShows. When they landed, the couple anxiously called me to inquire how they would recognize my vehicle. I told them to just look for the bus. When they exited the terminal doors their facial expressions said it all. Greeted by the bright green bus, they stepped into air-conditioned comfort and were immediately whisked away on their journey. In one convenient trip, the couple was pre-approved for their mortgage, searched the MLS, visited three properties, and enjoyed a complimentary in-motion lunch, all the while enjoy-

ing the bus’ upscale interior. Before departing for their return flight, the greatest compliment was given when his wife turned to me and said, “Fredrick, this was our first Mortgage Bus. I can’t wait to tell all my friends about our experience.”

Other Meeting Options I engineered the floor plan of The Mortgage Bus to have a multitude of uses beyond just completing real estate transactions. The bus is capable of delivering both outdoor and indoor educational seminars and workshops to the general public. We

Reprinted with permission from Mortgage Originator magazine, August 2007.

use this technology to present homebuying seminars and credit restoration workshops to audiences of prospective customers who are looking to become first-time homeowners. The bus makes appearances at charity events and trade shows, providing a friendly and safe atmosphere where individuals can learn about their real estate and finance options. Corporations and apartment complexes have proven to be great settings to promote our educational message. In particular, I’ve found that sponsoring Corporate Lunch Days is an effective way to generate leads. We deploy our on-board grills, set-up picnic tables, and cater lunch to those employees who are interested in becoming homeowners or real estate investors. Along with food and refreshments, we provide them with a short seminar and a question-

and-answer session. Unlike other corporate presentations, we don’t pack people into a cafeteria, or corporate meeting room. We utilize the company’s parking lot, and provide a fun and comfortable atmosphere. After serving lunch, we pack up and leave the site with no interruption of business. Many Realtors are unaware of the various programs that are readily available to increase their production. The bus has served as an excellent tool for performing Realtor trainings. Because we’ve reached out and educated agents on their options, several in our area have utilized our service, and are now promoting the bus as their preferred lender. Utilizing The Mortgage Bus to help pre-sell new home subdivisions has lead to partnerships with area builders. We’ve used its draw to bring

motivated buyers to their communities, get them pre-qualified, and sign paperwork all in one day! In addition to delivering on-site financing, the bus is also equipped with a golf cart, which has been ideal for taking clients on subdivision tours. I’ve found that taking my business mobile has allowed me to break through the stereotypes of impersonal offices and piles of paperwork, and implement a personal approach with my clients. Our mobile philosophy of catering to the consumer begins before we ever commit to doing business with each other. With its catchy exterior, the bus attracts attention even as it moves from one destination to another. Once set up, it’s hard to resist the appeal of an office that is truly designed to cater to its clients.

Fredrick Hicks Managing Director/Inventor The Mortgage Bus® Enterprises, LLC 888-80-GO HOME www.TheMortgageBus.com [email protected]

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Copyright 2007 1801 Park 270 Drive, Suite 550 St. Louis, MO 63146 Phone: 314-824-5542 Fax: 314-824-5622 www.mortgageoriginator.com AUGUST 2007