Dave Savage Shares His Top Loan Officer Marketing Strategies

Loan Officer Marketing | Dave Savage | Loan Officer


The Founder & Chief Innovation Officer at Mortgage Coach and Sales Boomerang, Dave Savage is on The Loan Officer Wealth Podcast this week! During this exciting conversation, you will learn more about his journey in the mortgage industry, the startup story of Mortgage Coach, and their significant merger with Sales Boomerang!


During this incredibly valuable conversation, you will learn:

– Dave dives deeper into the new and exciting merger between The Mortgage Coach and Sales Boomerang.

– Dave explains the concept of having mortgages under management and how they can track signals to help with further engaging their customers and become more valuable to realtors!

– The importance of making your database your #1 priority, and how you should be building, nurturing, and delivering value to your database!


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Listen to the Podcast Below


Dave Savage Shares His Top Loan Officer Marketing Strategies

I have an incredible offer for you. What we’ve done is we’ve taken the ten most profitable methods to grow your mortgage business that we have learned from interviewing the producers on this show, many of whom are doing over $100 million in volume per year. We’ve packaged them together into a condensed 45-minute training where you get to learn the ten most successful and profitable activities that you should be running in your mortgage business. We then show you how to automate those processes with people and systems so that they run and continue to produce loan applications and new partners that want to send you business pre-booked into your calendar without you having to do any cold calls, chasing, or any work.

It’s a blueprint for you to be able to produce more in your business while working less. You can go get that training for free at ChrisWebinar.com. Make sure you head over there now, grab that training for free and watch it. The sooner you get started on implementing these strategies, the sooner you can see results and continue to grow your mortgage business. Thank you again for being here with us for this episode, and enjoy another one.

We are here with Dave Savage. Dave, welcome to the show.

It is good to be here. I love the name of your show. I’m so fired up to be here.

We’ll dive right into it. You’ve got so much value to share with our readers. First off, you guys hit 300 episodes on the Win By Noon Show, which is a huge accomplishment. To you and Todd, congratulations. That’s absolutely phenomenal.

It’s been a blast. When Todd and I started that mastermind a couple of years ago, we agreed to do twelve shows. It was for a specific purpose and then we had fun. We felt like it was valuable and here we are a couple of years later with 300 episodes. I’m super proud of it.

That’s crazy. It’s a phenomenal resource for our industry. I would like to hear your story because everybody knows you as the Dave Savage that you are, but I don’t think a lot of people know where you came from and all of the hard work that went into getting to where you are. Would you mind sharing your story on how you got started and how you got to be where you are?

That would be a good podcast idea, like how people get into the mortgage business. I didn’t plan on getting into the mortgage business, but I did struggle in college. Getting a degree was very painful for me. I am ADD and dyslexic, and school was brutal. It was not fun. I was not good at it. I would have graduated because my dad graduated and had his MBA, and my grandpa did. I felt like it was a rite of passage in our family. I didn’t decide to get into the mortgage business, but I fell into it. It is a long story.

At the end of the day, I was working at Smart and Final while being a loan officer. One of the guys I worked with, Jim Garton, his girlfriend was in escrow. Her best friend was a processor for a mortgage broker, Mel Samick. I went to a happy hour, and Mel drove a Mercedes and bought drinks. I was like, “What does that guy do?” “He loans people money.” I’m like, “I don’t come from a rich family. I want to do big things. I wanted to become a builder or developer of real estate.”

I called him up and he hired me. To make the long story short, I made about $12,000 working hard at Smart and Final stocking shelves on my third month of the business. I fell in love with being a loan officer. Through hard work, I became a top-producing loan officer. My career as a mortgage professional skyrocketed when I landed on this value proposition that my advice makes a difference. That was it. There’s a photo on our LinkedIn page right now where I spoke on a stage many years ago. The Mortgage Coach was born from that value prop. I wanted to be able to say that to a realtor, CPA, and family. It was very obvious that my advice made a difference. That’s my mortgage startup story.

As a mortgage coach, your advice makes a difference. Click To Tweet

That is amazing. Mortgage Coach grew truly out of creating tools to help borrowers understand their money and mortgage. Fast forward, you have gone through a very significant merger with Sales Boomerang. Is that correct?

Yes. The founders of Sales Boomerang brought in a private equity investment partner in December 2021. The goal was, “Let’s do something big.” I was very excited about that because data is king. Sales Boomerang invented the borrower intelligence space. Its data is able to predict when a consumer wants or needs a loan, whether that’s a refi or purchase. That was what they did. Think of that as the very beginning of every relationship. We were that presentation and tip of the spear to help a consumer decide which loan to get. The combination of data, artificial intelligence, machine learning, and consumer experience was something very exciting.

We announced that merger, although we knew what we were doing. We did the deal in December and that was the vision and mission. We announced it publicly in June or July 2022. Now, we’re inventing an entirely new category of software called the Borrower Intelligence Platform. It’s a very exciting time in my world and for loan officers. This is a big opportunity for mortgage professionals and lenders to have a technology platform that helps deliver predictable loans based on a database.

Loan Officer Marketing - Dave Savage | Loan Officer
Loan Officer: The Borrower Intelligence platform helps deliver predictable loans based on a database to mortgage professionals and loan officers.

Did they approach you? Did you approach them? How did the genesis of that idea start? From start to finish, how long did it take?

I wanted to get the resources to execute a big vision in 2021. I hired an investment banker, David Grove Vaquero. I love the man, and I would use him again to represent us. He brought us a lot of opportunities in terms of folks that wanted to invest and help us make a vision come true. The fact that we had a private equity firm that was also going to invest in Sales Boomerang. That was lucky, although we did have choices. We had a lot of different options to go with. The way it all came down to having this new Borrower Intelligence Platform, the planning, work, and luck all coming together.

In the life of an entrepreneur, the harder you work, the luckier you get.

That’s what they say. I’m feeling that vibe right now.

To our loan officer readers out there, what does this merger mean for them? They can come in and get a trigger that says, “This person is in need of help. This person is in a scenario where lending makes sense.” From that point, how does that work? As a product, what’s a loan officer going to experience when they come into this new experience with you?

There was even a time when I thought about leaving the loan business and getting into the financial planning business because financial advisors get paid, and it’s called Assets Under Management. I was also very jealous of insurance agents. In fact, my mom owned a farmer’s agency, and I was a little jealous of that because they get paid on a database. It’s called a book of business.

What we’re trying to do for loan officers is to get paid and it’s called mortgages under management. You have this predictable and consistent revenue source based on how many mortgages you have under management. When you think of the whole concept of having mortgages under management, first of all, they need to be in a database so that you can take action. You do need to know what’s happening like X-ray vision into consumer behaviors. We subscribe to every data source imaginable, Experian, Black Knight, CoreLogic, and twenty other platforms you’re not aware of.

We don’t know their exact FICO score, but we know it went up 50 points and how much debt they have. Based on algorithms, we know how much equity they have and how much of that equity is tappable equity. We can track life events like someone who had a baby, graduated from high school or college, got married, died, divorced, and all kinds of signals that are happening in that database. In the industry, by and large, when most loan officers think of this, they think of someone who did a mortgage inquiry and got a trigger alert.

Loan Officer Marketing - Dave Savage | Loan Officer
Loan Officer: The whole concept of having a mortgage under management is to basically have an x-ray vision into consumer behaviors. The algorithm can track all kinds of signals happening in that database.

That is part of it, but I would say that’s the most basic alert possible. I don’t want to say it’s the worst alert because it’s a great alert, but it’s defense, like you got an alert that someone is cheating on you. You need to call it, but where the real disruption takes place is when we can predict that there’s an opportunity. We can also give loan officers some context like, “Someone had a baby. Maybe that’s a good time to call and say congratulations.” The way we’re designing this is so that mortgage professionals can be more valuable to realtors because realtors can’t get this data. Even if they wanted to get credit data, they couldn’t. You have to be an MLS-licensed loan officer working for a company that signs up for this. It’s a superpower for agents.

Trigger alert is the industry term, but what we’re doing is going beyond alerts. We’re watching signals, finding insights, and then what we’re doing that’s quite innovative. It’s called a strategy where we have this insight, and it could be cash out. They’ve got this credit, debt, and tappable equity, and now let’s have the machine create a total cost analysis so now that the loan officer could show up and have a solution-based conversation with the consumer at the right time with the right strategy.

That’s like comparing a Commodore 64 to what Google is doing with their AI in the ocean right now. It’s two totally different things.

It’s incredible. It’s a dream. I would’ve loved to have had this type of superpower back in the day as an originator, but it’s fun to create it for the industry.

That is amazing. I see a lot of the top echelons of the industry are very excited about what’s going on and super plugged in. Where are you finding that they’re using the tool and getting the best results? What are they most excited about?

If you look at loan officers, I’ve interviewed Wally Elibiary.

We had Wally on the show.

Wally is a poster child around this because he is passionate and focused on building data. When I first interviewed him, he had about 2,000 records under management and he has 30,000 now. In fact, I’m going to be doing a webinar that’s got over 1,000 people signed up and we partnered with BombBomb. We’re going to be breaking down what they’re doing with the combination of Boomerang, Mortgage Coach, and BombBomb.

He and his team are super focused on, “How do we build this database?” They have all the tools of technology, Mortgage Coach, Homebot, Sales Boomerang, and a video platform like BombBomb, and they’re doing the work. They’re managing mortgages and calling people up for their annual reviews. They’re calling people up when they get a signal. The signal you don’t want is they ran a credit report with someone else. You want that as well as others. It’s pretty straightforward on what they’re doing and how they’re doing it. They’re excited to build this residual income-based mortgage platform.

He references it as building a wealth team. He’s big on making sure that you’re doing the annual mortgage review. Can you unpack for our audience the concept of building a wealth team? It’s a big mindset shift for a lot of people in the mortgage industry.

As a captain of the wealth team, it’s a concept that we advocate. There are two parts to it. There is going beyond the transaction with the consumer and truly bringing ideas to build wealth with real estate to consumers. There’s a consumer message that’s part of that, but then the way you execute that on the backside is that you are doing more than loans for all the local referral-based professionals that help families build wealth with real estate. The real estate agent is the alpha partner. They bring that lifestyle, find homes, and buy homes, whether that’s owner occupied, investment property, or second home. There’s no doubt that real estate agents are a super important part of that wealth team.

Here’s the deal, loan officers can be the captain because they have more data than everybody. You’ve got the assets, liabilities, and credit of a consumer. A lot of loan officers have a great CRM and fintech-powered tech stack that can help realtors, financial planners, insurance agents, and CPAs. The whole vision and mission are for mortgage professionals to be the single most valuable advisor to a consumer, be the captain of the wealth team, and deliver an incredible experience that helps that family build wealth with real estate, and also be an incredibly valuable resource to these members.

Real estate agents are the alpha partners in a wealth team, while the loan officers are the captains. Click To Tweet

Insurance agents don’t get these alerts. Insurance agents that have a book of business want these alerts. Financial planners don’t have all these signals and insights in their databases but they want these signals in their databases. Wally gets this. In fact, in my interview with Shane Sharp who’s one of his team members, he is going to be walking through, “What is your script and your process to get an insurance agent to say, ‘Here’s my database?’ I want to get all those Sales Boomerang insights and partner with you.” That described it. Be the captain of the wealth team and be the most valuable advisor to consumers.

That’s industry-changing.

It’s a disruptive concept.

I’m so excited about this because you probably don’t know this about us, but we were big on lead gen. For a long time, I’ve been known as the Google, YouTube, Facebook, and Instagram guy because we did a lot of funnels on lead gen and that sort of thing on social media. The number one problem that our clients had was that they couldn’t close enough deals from that lead source to make it profitable because they wouldn’t make the phone calls to speak to the consumers, and I get it.

Maybe 5% of those leads are good like actual borrowers. The data that you’re getting is far better and higher qualified in the market lead compared to running Facebook Ads, Google Ads, or any of that stuff. Our big problem with our consumers is they wouldn’t make the calls. If you’re going to make 100 calls to get beat up by 95 people and only 5 of them are good, you’re only going to do that for a couple of months until you’re like, “I’m not going to make the phone calls.”

We started a concierge team. Now, we have concierge agents that work in-house for us and we call mortgage professionals past customer databases. We get qualified lists of realtors and we call them. We call financial planners, investment advisors, and insurance professionals. The number one thing that our clients come to us that’s their biggest sticking point is, “What do I say to a brand-new realtor that’s already producing and sending their business to somebody else, or what do I say to a successful financial planner in order to open up the door and get them to send me business?” This solves that problem.

First of all, it’s awesome to hear how you’ve evolved your value proposition and what you’re doing. That is helping solve a problem for professionals and that is exactly where the future is. That is where it is now. There are some mortgage professionals that have this fintech power tech stack that has built processes like the ones you’ve described. They have partnered with people and platforms like you.

Again, they’re gaining market share. There are mortgage professionals in this market have been up in the last few years. Not a lot of them, but if you’re down less than 20%, you’re killing it. I love what you’re doing. I want to learn more about that. We’ll invite you to an interview in our community, but I love knowing that.

That’s awesome. Thank you. When interest rates started going up and refi started driving down, everybody in the industry was freaking out. I was on a plane and was at a mortgage conference. It was brainstorming out all of the different opportunities that you have to make phone calls to generate business.

You’ve got your past customers, loans and process, all the realtors that you’ve done business with, realtors that you’ve done business with outside of the deals that you’re doing right now, financial planners, investment advisors, all of those. If you think about sitting down at your office and making two hours of outbound communication to all of those people, do you think you’re not going to grow your business in this environment? It doesn’t matter what the interest rates are doing. It’s about output and activity.

You get to speak with the top producers in the industry all of the time. Arguably, you’re one of the most knowledgeable people in the mortgage industry. What would be your number one piece of advice for loan officers in the marketplace? What’s your number one thing to say to the industry right now?

I have to make it two because there are two super important things. Without question, the number one thing you can do now and going forward is to make your database your number one priority. It’s building your database, nurturing of your database, and delivering value to your database in the form of annual reviews and quarterly reviews. Calling people when they need you and delivering advice, not price, is the number one thing that you can do if you want to make not only 2022 to close strong but next year to close strong. That’s super simple.

Loan Officer Marketing | Dave Savage | Loan Officer
Loan Officer: As a loan officer, the number one thing you can do today, especially in this market, is to build and nurture your database. Deliver value to your database by giving it annual reviews or advice.

I do think there’s a number two because you need to have energy. It’s tough in the market right now because there are less buyers. We need to show up more empathetically. Rent-shaming is not the way forward. Education is the way forward. Realtors have it tough. I got this from Hunter Marckwardt. I interviewed him, and it’s on our YouTube channel. We put out a little two-minute clip on it. He’s a coach, so he coaches a bunch of loan officers. He’s saying right now we need to bring buydown strategies to realtors. They don’t understand seller buydown or 2-1 buydown.

The market is hard right now, so rent shaming is not the way forward, education is. Click To Tweet

The people he’s coaching use Mortgage Coach. The goal is 40 realtors in 2 weeks. That’s four realtors a day where they’re calling, whether it’s on Zoom or in-person, and they’re doing education one-on-one with agents. The people that he coaches are some of the biggest loan officers in America. I don’t think every loan officer can execute on 40 in 2 weeks, but figure out a number of realtors that you could execute on this in the next 2 weeks and go out and bring seller strategies to them. I got a number one for the next two weeks and then I have a number one for the next ten years.

Dave, where do people go to get more information about you, Mortgage Coach, and Sales Boomerang? Where’s the best place for people to go?

For leaders and managers, I try to post multiple times a week on LinkedIn bringing ideas and inspiration. I’m always going to be positive for both leaders and loan officers. Our YouTube channel is trying to be the Netflix for mortgage professionals, but it’s all positive. I have nothing against Netflix, but it’s not all positive. It’s all education, training, tactics, and strategies, and then that Facebook group that I have with Todd Bookspan, Mortgage Coach Productivity Mastermind. We love to pour into people. We want to make my advice makes a difference. If you resonate with, “I want my advice to make a difference,” come to our Facebook group and follow us on YouTube.

If you enjoyed this episode, head on over to iTunes, and leave us a five-star rating and review. If you’re seeing this on social, hit the like button. Leave a comment with what your top takeaway was, and make sure you hit the share button. We’re all in this together. The more people in the mortgage industry that get this advice from Dave, the better our industry is going to be. Rising tides ride all ships. Thank you for being part of this. Dave, again, thank you for being on the show.

It’s great to be here. Thank you for the opportunity.

Have a great day, everybody.

Thank you so much for reading. I hope that you enjoyed our guest. This is a reminder that we have finished taking the greatest lessons from all of our guests and packaging them together into a brief online video presentation that’s going to teach you the ten most profitable ways to grow your mortgage business. We then show you how to automate those processes in your business with people and systems so that you get the results without you having to do the work every day.

This is quite a blueprint so that you walk into your mortgage business every day with pre-booked appointments with borrowers that want to meet with you and referral partners that want to send you business, so you are spending your time inside your mortgage business on the highest dollar per hour activities and truly become the executive of your business or a true business owner rather than somebody who’s going to a job every day and making a wage on the way through. This is an absolutely incredibly powerful training for you. I cannot wait for you to experience it. Head on over to ChrisWebinar.com to get that free training.

If you could do me another favor, if you enjoyed this episode, please head on over to iTunes, search for our show and give us a five-star rating and review on any platform that you’re reading this. That 30 seconds of your time goes to help another loan officer in the industry discover this information and help put their life and business on track for more success. We are all in this together. There is more than enough for all of us in the industry. I would love it if you left us that five-star rating and review. Don’t forget to stay tuned for our next episode, and I’ll see you then.


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