Paul Burger is a seasoned loan officer and has been originating loans for 22 years. Paul launched his web site at www.hotloans.com in 1996. Paul was very gracious to provide us with the reasons behind his success in a recent interview.

1. What are the primary reasons for your success?
   Sales skills coupled with incredible benefits derived from my web site. When I speak to a customer, I attempt to get them to focus not primarily on the rate, but the math behind it. That makes the sale for me most of the time. When people see you really know what you're talking about, the rate thing is diffused. I also analyze the person that I am speaking with and adjust my delivery accordingly.
   
   
2. What made you get a web site?
   I found out about some loan officer out in New Jersey that was doing loans over the Internet. I called him and picked his brain a bit. Because I am inherently lazy and hated to meet with Realtors, etc., I wanted to get business an easier way. My little spreadsheets were always of great help in impressing the public-fast and accurate pre-qualifying, figuring real break even points, tax benefits, etc. The bottom line was that I wanted to get more business without having to do a bunch of running around. I was put in touch with Warren Myer at Myer's Internet. Back then I didn't understand 90% of what Warren was talking about, but I had a pretty good gut feeling about it all. Myer's put together my web site for me. I didn't know this guy, but my thinking was that even if I only got a loan or two out of it, it would be worth it. Most of my loan officer colleagues thought it was a waste of time, money and energy. Truthfully, in the beginning, calls and leads were minimal. I added my web site address to my card and tried to get my current client base to go there, tell their friends, read my stuff and apply on line if they needed a loan. A few months later, the leads and referrals started to come more and more. Out of the area customers didn't have much of a problem with it. Now, my customer base is huge and I've never left my chair. (Except to go home, eat and shower!)
   
   
3. How does the Internet influence your business?
   I do a lot of business with very little effort and no canvassing, ever. Even my old newsletter is collecting dust. There is no need for it. The web site does all the work. 99.99% of all apps are done on the site, so jeans and a t-shirt is all I need. All I have to do is perform professionally and the referrals come in.
   
   
4. What % of your business is influenced by your web site?
   95%+ in one way or another.
   
   
5. What has been your most interesting experience using the Internet?
   There is no one experience that really stands out. It's a whole big cyber universe of stuff. I guess making everyone your sales force is the most rewarding. You can do that off of the Internet, but it's a lot slower!
   
   
6. What is your biggest challenge with the Internet?
   Other lenders that continue to confuse customers and provide rates that are not real! For example, on the Net, a "no out of pocket loan" is not necessarily a "no cost" loan. A no cost loan might mean "no lender costs". Sadly, this kind of stuff requires customers to re-verify information and generally promotes a negative connotation towards our industry. It also helps the big direct lenders. Too much customer frustration with mortgage brokers sends consumers back to the larger lenders!
   
   
7. How do you use your website to generate new leads?
   I ask my existing customers to steer their friends there. Also, the search engines help.
   
   
8. How do you use your website to service existing clients?
   I tell them if they need anything, we can pull their latest file. We have an electronic file that is created when the customers uses the on line application. We just update the thing, they sign new forms and that's it.
   
   
9. How much business do you do a year?
   I can't tell you. Let's just say that my 3 personal assistants can barely keep up. 80% of my businesses comes from the Internet in one form or another.
   
   
10. What kind of business do you do? (Product type? Specialty?)
    Mainly A paper, larger loans, lots of self-employed people.
    
    
11. What is the best feature about your web site?
    It's simple! Not too much garbage to confuse the public and a completely unprofessional "water" effect. A good, honest pitch, rates, not much more.
    
    
12. What is your strategy for success over the next 12 months?
    To launch a new web site to benefit smaller, independent loan officers. As far as my regular loan business, there is no strategy other than to keep it simple and return those phone calls promptly.
    
    

Warren is the CEO of Myers Internet, Inc.. He has a MS in Computer Science from the U. of Delaware and a MBA in Finance/Marketing from the U. of Chicago. Warren has been featured as an expert on online mortgages on CNN and has been interviewed and quoted in numerous publications including Money Magazine, and Fast Company.