That was the comment of at least one Member who read last month’s Newsletter, and several more probably thought the same thing. By the time you’re reading this, we will have just concluded our first-ever ACE Summit in Orlando. But let me back up a bit and explain exactly what THAT means. For some time, I’ve been wracking my brain to try and figure out a new and better way to expand our company aggressively outside of Florida. Sure, we sporadically do deals all over the country, and have closed loans in 13 states and Puerto Rico so far. All of these resulted from our marketing efforts in one way or another, but I know that having a local presence would be imperative to actively establishing “beachheads” throughout the country. Only one major problem with that: I didn’t want a large sales force to do this, wherein 80% of them would waste our capital, forget their training and ultimately fail.
We’ve tried that model, just like everybody else in our industry, and it doesn’t work well, plain and simple. But unlike everyone else, that isn’t good enough for us. “ACE” stands for Area Correspondent Exclusive, and it is my deliberate attempt to try something different, but hopefully accomplish the end results we want: consistent, profitable, nationwide expansion. We are creating correspondent lenders for ourselves by approaching existing mortgage brokers (a regular source of or business). We have people coming to our Summit from as far away as New York, Michigan, Illinois and Massachusetts. They are coming to join our ACE Program and have our business become a part of their business.
Our ACE Program is comprehensive with many facets in place to assure our mutual success: done-for-them marketing; regular coaching; dedicated toll-free hotline; commissions that are three to five times the commercial mortgage industry norm; and so on and so forth. But don’t misinterpret my message here: we won’t let just anyone into our business (people have to apply and be accepted), and it certainly won’t be free. We’re looking for ambitious mortgage brokers to join us as the only one in their area to be one of our ACEs. The cost is NOT insignificant, but then again, neither are the profits, our
services, our experience and our reputation. We’ve only rolled this out along the Eastern Seaboard and to some Midwestern States so far. Our Western Expansion (or, the Louisiana Purchase, as Trey likes to call it) will take place in the next four to six months, but if you’re a mortgage broker reading this or know of one that should be interested, contact us today to be put at the top of our Expansion List. I’ll explain more next month, but that’s what all the “ACE fuss” is about. It has nothing to do with gambling. Geof and I seem to go to Vegas enough for the trade shows and conferences.