D-SNP and U65 ACA New Agent

[somarco]

Refinancing every 4 years?
Who the hell would do that, unless you're strictly looking at reducing monthly mortgage payments, and not factoring in the overall costs involved in the refinancing. Or, you got a shitty initial loan.

The brief time I spent originating VA streamline loans was eye opening. The company I worked for folded all fees (including origination & closing) into the loan. Presented as a "no cost" refi.

The interesting part was folks would refi to save $20 - $40 per month. Sometimes the savings was greater, maybe $80 or more in monthly payment reduction and they would balk at the refi . . . they knew there must be a catch. Crazy.

 

[DVGeorgia]

Take it from a guy that writes 25 dsnp’s a month and 40-50 mapd overall a month . You got zero ,zip chance of making any money in the dsnp mkt in telesales . I replace 20 telesales a month face to face . Many call centers dealing with dsnp’s have 50% persistency.Your only chance is face to face and building some type of relationship . You’ll be in chargeback hell . Aca same thing dealing with younger people and leads . I worked a lot of young people in aca and I bet I have 2 year 50% persistency on that business . Many people rent aca for 6-12 months . You need to deal with 50 plus yr olds retired or that owl businesses .

Do you mind if I message you? I appreciate this information.

 

[DVGeorgia]

The brief time I spent originating VA streamline loans was eye opening. The company I worked for folded all fees (including origination & closing) into the loan. Presented as a "no cost" refi.

In very certain situations that is a decent strategy. In 2021 I just had my third child. I was able to refi my house for 2% flat from 4.875%. I did the math and I would be better served putting the closing cost in a safer savings tool and borrowing that money from the bank for 2%. Not to mention, I had access to extra cash if I needed it. It's what I love about finance vs accounting. Theoretical money vs real money.

But yes, a lot of people do not understand what a no fee refi is. These refi call centers prey on people hard. Rarely will a refi with rolled up closing costs make sense unless there is a more than 2% movement on rate.

 

[DonP]

Do you mind if I message you? I appreciate this information.

That’s fine

 

[somarco]

Absolutely not, unless you're buying leads, which I didn't in the mortgage business I was constantly in a realtor, builder, lawyer, accountant's etc. office. Doing dinners, assisting realtors with open houses etc.

In that situation your referral sources are your CLIENTS, the borrower is just the one-off transaction.

Churning business as many do in the D-SNP market is not the same as cultivating clients.

Good luck.

 

[somarco]

I would do the same thing if someone offered me 50 dollars more of anything

Seems like this market could be the perfect match for you . . .

 

[DVGeorgia]

Seems like this market could be the perfect match for you . . .

Probably, you don't build wealth taking lower offers cause someone is nice to you.

 

[Dave G]

Why would anyone limit Medicare services to only D-SNP? If you want a more stable book of business and good cross-selling opportunities, offer full Medicare insurance services. This includes Medicare Supplements, Medicare Part D and Medicare Advantage (MA and MAPD). And if you want a fresh "niche" to harvest, consider the MA plans specifically for veterans. Humana and UHC have them in my area.

The most successful "Medicare Only" agent I know pulls down $400K a year with over 1,500 in his book of business. All done by referrals only and one employee. I'm not quite in his league but bank a nice amount each and every month. My only regret was not going "all in" on Medicare sooner.

I have only a few D-SNP clients....most of my book are middle class to affluent including CPAs, Financial Planners and investment guys. I no longer sell group, life, disability or LTC....all referred out to other agents or planners, who in turn are happy to refer Medicare prospects as I am not competing with them for the other business. And I do not split commissions with anybody....not necessary. Try it...you'll like it.