With spring officially here, a lot of people are shifting their focus to their spring-cleaning checklist. But cleaning out physical clutter isn’t the only cleaning that you should focus on. Now is a good time to go through your technology to clean up files, check account security, and get rid of some built-up dust, crumbs, and cobwebs.

Are there unused applications on your desktop?

Take some time to go through your applications and files. If there’s anything you haven’t used recently, now is the time to get rid of it. By getting rid of old files and applications, you can help your device run smoothly, and you’ll have space for more up to date and relevant files. If you aren’t sure where to start with your files, you can always sort them by date, size, or name to help you decide what to delete.

Do you know where your files are?

If you find that you are struggling to locate the files you need when you need them, take an afternoon to create folders and subfolders. By organizing your folders based on your workflows or categorized by tasks, it will be easier to find what you need. You could choose to group files by date, event, or file type (photos, videos, personal documents, work documents).

Are you up to date?

Do you remember the last time your computer had an update? If it’s been a while, it may be time to check for system updates. By keeping your software up to date, you can easily improve your device’s security and performance. If you haven’t already, now is a good time to enable automatic updates so you don’t need to worry about checking manually in the future.

Is there a layer of dust and crumbs?

It will only take a moment, but cleaning your computer, keyboard, and other hardware can prevent problems like overheating or sticky keyboard keys. Overall, cleaning hardware helps to maintain your device, ensures it runs smoothly, and helps to extend its life.

Have you backed up data recently?

Having a recent backup of your data is helpful in the event of hardware failure, theft, or human error. When backing up your data, it is a good idea to use multiple backup methods such as an external hard drive and cloud storage. You should also check your existing backups regularly to make sure the data is correctly backed up and you can restore it easily.

Are your accounts secure?

Have you updated your passwords recently? Do you have two-factor authentication turned on for accounts that have that feature? Updating passwords on a regular basis and turning on two-factor authentication is an easy way to protect your personal data from online threats. Be sure the new password is strong, unique to that account, and can’t be easily guessed by anyone else.

Have fun while cleaning and organizing your technology and prioritize proper data management and security to maintain the performance and functionality of all your devices. To assist in managing your lending files and making them easier to maintain and organize, you should check out Bridge Loan Network’s Loan Origination Software and Loan Management System. Happy tech tidying!

FOR IMMEDIATE RELEASE

Jacob Therrien Joins the American Association of Private Lender’s Ethics Committee

Vernon, CT (April 21, 2023) – Bridge Loan Network is pleased to announce the appointment of our Business Development Specialist, Jacob Therrien, to the Ethics Committee with The American Association of Private Lenders (AAPL). The American Association of Private Lenders is the national organization that represents the private lending industry, providing education and networking opportunities for its members.

The Ethics Committee is responsible for continuously evaluating AAPL’s Code of Ethics to ensure that it is clear, complete, and relevant to the private lending industry. The committee also provides guidance to AAPL’s members on best practices and writes articles and presents webinars to articulate a framework of practice.

“I am honored to join the Ethics Committee with The American Association of Private Lenders,” said Jacob Therrien. “My goal is to provide valuable insights for the Ethics Committee using my knowledge and experience working with Brokers and Lenders from a technology perspective. This is something I know the Committee plans to leverage, as data protection and security become more of a hot topic in our industry.”

AAPL’s Code of Ethics is a living, breathing document that must change with the times to protect the viability of the industry. The Ethics Committee is charged with ensuring that the Code does not unnecessarily burden members with impractical expectations. Additionally, the committee treats all potential Code of Ethics violations with the utmost care, consideration, and gravity, while also shielding members from parties who seek to use AAPL’s investigation process to harass or express dissatisfaction in an otherwise ethical outcome.

“For Bridge Loan Network, being part of the AAPL Ethics Committee is about being an advocate for conducting business in the most ethical way possible,” said Jacob Therrien, when speaking on what being appointed to the Ethics Committee means for our company, Bridge Loan Network. “We are proud to represent all that AAPL and its members stand for. The company, through our involvement and efforts on the Committee will speak on ethical dilemmas faced in our industry, create guidance, and best practices, and bring forward ideas on how to better our industry for the future.”

“For myself, being a member of the Ethics Committee is one the biggest accomplishments in my career thus far,” said Jacob Therrien, when speaking on what being appointed to the Ethics Committee means personally. “To now have a hand in this Committee directly by bringing my personal experiences and ideas is something I am extremely proud of.”

AAPL is the only national private lending organization with a publicly accessible complaint process. The organization’s Code of Ethics is a critical component of its mission to promote and maintain the highest ethical standards in the private lending industry.

“I understand the importance of ethical behavior in the private lending industry, and I look forward to working with my fellow committee members to ensure that our Code of Ethics is effective in maintaining the highest standards of professionalism,” said Jacob Therrien.

About AAPL

The American Association of Private Lender (AAPL) is the national organization that represents the private lending industry, providing education and networking opportunities for its members. The organization’s mission is to promote and maintain the highest ethical standards in the private lending industry. AAPL has a membership of over 4,000 private lenders and service providers nationwide.

About Bridge Loan Network

Bridge Loan Network is a leading loan origination software provider for private lenders. Bridge Loan Network is dedicated to providing the private lending industry with the technology and support necessary to streamline the loan origination process. The platform offers a suite of tools that enable private lenders to manage their loan pipeline, communicate with borrowers and brokers, and process loans more efficiently.

Contact:

Name: Erica Sikoski

Title: Marketing Manager

Phone: (860) 432-4895

Email: Erica@bridgeloannetwork.com

Loan Management Systems can be very helpful for broker’s processes and pipeline management. It is an important tool for your business, and there are certain features you should love when conducting your business in a Loan Management System.

Streamlining the loan process

Loan Management Systems can automate the loan application and origination process, allowing you to process more loans in less time. This can help your team to increase their loan volume and revenue. All your loan files and data will be in one place, meaning you spend less time organizing files and more time closing deals.

Managing your pipeline

Loan Management Systems can provide you with a dashboard that shows the status of all your loans. Monitor your loan pipeline and prioritize your work according to the status of each loan. A key feature in our Bridge Loan Network Loan Management System, is a loan progress toolbar that shows the status of your current loans. This allows you to see where in the loan process as specific deal is, helping you stay organized and on top of your workload.

Automating communication

Loan Management Systems can help automate communication with borrowers, sending out reminders and updates on loan status, payments due, and other important information. This can help you stay in touch with your borrowers and provide better customer service. Bridge Loan Network’s Loan Management System can also send you loan milestone emails, allowing you to stay on top of your lending timelines. You also have the ability to communicate securely with your client directly within the software through the message log.

Ability for integrations and partnerships

Optimize your lending practices and improve your bottom line through partnerships and integrations within your Loan Management System. With open API capabilities you can connect partnerships to the system, like Bridge Loan Network’s partnership with Private Lender Link, you can receive lender suggestions and scenario input from the PLL team directly into your Loan Management System portal.

Overall, Loan Management Systems can help brokers streamline their loan origination and management processes, increase their loan volume and revenue, and provide better customer service to their clients. Reach out to the Bridge Loan Network team for more information about how our Loan Management System (LMS) can help your brokerage today!

International Women’s Day (IWD), which is observed on March 8^th each year, celebrates the social, economic, cultural, and political achievements of women.

The importance of International Women’s Day lies in its focus on advancing gender equality and women’s rights. This day is a reminder that women have made significant contributions to society throughout history, often in the face of significant obstacles and discrimination.

IWD also highlights the work that still needs to be done to achieve gender equality. This includes addressing issues such as the gender pay gap and the lack of representation of women in leadership roles.

As we celebrate this day, we also want to highlight the importance of building support systems and supporting women in their careers. As Sallie Krawcheck, CEO and Co-Founder of Ellevest, has said, “Surround yourself with people who inspire you, challenge you, and support you. Your network is your net worth, so invest in building strong relationships.”

Below are just a few ways women (and others) can support women in the workplace.

Mentorship: One of the most effective ways to support other women and help guide them is to be a mentor or build a mentorship program. By sharing your knowledge and experience, offering guidance, and providing opportunities for growth and development, we can help the next generation of women leader’s flourish.

Networking: Build a strong network of women in your industry or field. Attend events, listen to women speakers, connect on LinkedIn, and join professional organizations. This network can provide support, advice, and new opportunities when needed.

Advocacy: Speak up for other women in the workplace. If you see someone being overlooked or undervalued, advocate for them. Use your voice to call attention to gender bias or discrimination. Our voices are louder when we come together on an issue, and even more important, when we listen and believe one another, we can achieve more together.

Celebrate Each Other’s Successes: Celebrate the successes of other women in your workplace and industry. Recognize their achievements, share their accomplishments, and offer your support and congratulations. When we lift each other up, we also pave the path for the next generation to do the same.

There has been some movement in closing the gender gap as more organizations are prioritizing diversity and inclusion and providing more resources for women in our industry, such as mentorship programs and networking groups, which can help to support career and personal development.

In general, International Women’s Day serves as a significant reminder of both the progress made toward gender equality and the work still remaining. While we honor the accomplishments of women throughout history, we must also keep creating networks of support and speaking up for one another in the workplace. We can help pave the path for the next generation of female leaders to succeed by emphasizing mentorship programs, networking opportunities, and sharing in each other’s triumphs. Let’s keep striving for a time when all women are given the chance to prosper and realize their full potential. As we look ahead to the future, let us remember the words of Ruth Bader Ginsburg, “Women belong in all places where decisions are being made.”

For more information on International Women’s Day, head to their website, https://www.internationalwomensday.com/.

Making any changes to your process by implementing new software is a major decision for both Private Lenders and Mortgage Brokers. Loan Origination Systems (LOS) are essential tools for real estate professionals to streamline their operations and manage the loan application process efficiently. With the growing competition in the market, having an advanced Loan Origination System that works alongside your lending process is a crucial aspect of becoming successful in the real estate lending space.

In this blog post, we provide tips and insights for beginners who are looking to implement a new Loan Origination System.

User-Friendly Interface

An intuitive user interface with a straightforward navigation system is crucial for an LOS. It ensures that the members of your team can use the system easily and access the information they need without any hassle. LOS platforms with too many bells and whistles can become overwhelming for your team members and create unnecessary and tedious workflow hassles. It’s important to look for an LOS that will work alongside the lending process you and your team have already established and allow for easy access to your information in the system.

API for Data Exchanges

Users can greatly benefit from using an Application Programming Interface (API). This technology can bring about improved efficiency, higher data quality, enhanced compliance, and better user experiences. With API, users can easily connect to third-party services, allowing for seamless integration with other applications and programs to manage workflows. This includes integrating with service providers such as Appraisal Management Companies, Credit and Background Reporting, CRM Databases, and more. Allowing for easy data flow removes the email chains back and forth to transfer important loan information.

Data Security

Data security is a critical concern in the lending industry, and an LOS must have robust security measures in place to ensure that sensitive data is protected. It’s also important to understand who “owns” the data that you are inputting into a LOS. Does it belong to you, or the software provider? This information along with back-end security for client information and property data is vital for data protection. 

Training & Technical Support

An LOS provider with a reliable technical support team can help clients resolve any issues and ensure that the system is running smoothly. It’s important that when you implement a new software solution the onboarding and training for usage of the software do not hinder your ability to still do business. LOS platforms that require weeks of training can be cumbersome when trying to work through your book of business. Additionally, understand how LOS platforms provide tech support for you and your team once you are up and running, and how quickly they can help resolve any tech issues that may arise. 

Cloud-Based Platform

A cloud-based loan origination system offers several benefits, including accessibility from any location, automatic software updates, and reduced IT costs. It also allows clients to scale their operations and manage their loan portfolios efficiently. This has become incredibly important in the remote and hybrid work models many businesses are implementing for their teams. The ability to be able to work in the same loan file from different locations allows for a smoother lending process.

Document Management

An efficient document management system is crucial for real estate lending as it allows folks to store, access, and manage loan-related documents easily. A system with document checklists, indexing, and retrieval capabilities can significantly improve the efficiency of the loan origination process.

In conclusion, a Loan Origination System is a critical tool for real estate professionals to streamline and simplify their operations and manage the loan application process efficiently. To ensure that you select the best LOS for your business, consider these tips and ensure that the system meets your specific requirements and has the features you need, and be sure to check out more information on the features of our Bridge Loan Network Loan Origination System. Contact our team today for a quick demo of the features of our software, and how it can help in your lending process.

The new year can be a great time to set personal and business goals around productivity and planning. It’s a fresh start and helps to set the tone for the rest of the year. In this article, we’re going to look at some of our favorite tools that we use that we hope can help you achieve your goals!

Task Tracking & Planning

Monday.com is a step above your typical paper and pencil to-do list and agenda. Monday helps you keep track of time-sensitive deadlines for major projects, industry conferences, personal work tasks, event planning, and more. Monday also has the ability to share specific workspace boards with the whole team to help keep everyone on the same page and up to date. It also allows you to assign specific tasks to team members, leave notes and attach relevant files.

Social Media Content Planning

If you have your own social media pages or help publish content for your business pages, there are different tools available to help you reach any social media goals you may set. Canva is a very helpful tool to make quick social media graphics. With free and paid versions, you have options for every budget. You can even upload all your branding elements, create video posts and create branded templates.

Once you have the content ready to be published, SocialPilot is a helpful tool for social media scheduling. Schedule your posts for Twitter, Instagram, Facebook, LinkedIn, Pinterest, and many more social media platforms. And if you need a quick graphic put together, you can use your Canva account right in the SocialPilot platform. SocialPilot allows you to see your social media posts in a calendar view by month, week, or day. You also have the ability to track analytical data on your posts, to adjust your strategy appropriately to reach your goals. If you want your content to be lined up in a specific way across all your platforms, SocialPilot will be a huge help.

Spark of Inspiration

Copy.ai is a helpful tool to help give ideas for social media captions and content ideas. It is an extremely helpful tool for creating social media captions and copywriting support. If you’re looking for a specific word that you can’t quite find, Copy.ai can help spark inspiration. It is as simple as typing in some keywords, picking a tone, and generating the content. This could give you ideas for a blog post, social media captions, or even hashtags for content.

Schedule Planning

Calendly is a helpful resource for booking appointments and/or meetings. It allows you to easily share your calendar’s availability, making setting up meetings easy and painless. The need to send emails back and forth trying to find a time and date that works for everyone is eliminated, giving you more time for productivity!

Now that you have some inspiration and resources for setting yourself up for success and reaching your goals in the new year, another valuable resource to add to your toolbox is our Bridge Loan Network Platform. Through utilizing Bridge Loan Network’s Loan Management System, you can help increase the volume of your closed deals and bring in additional revenue for your company. Connect with our team to learn more!

Now that you’ve had a successful show, it’s time to determine how successful this venture was for you and your business. How you determine success is ultimately up to you. You may decide to base the success on how many deals you closed with connections made at the show. Or maybe you base your success on how many new connections you made while there. Ideally, you should set these success metrics before the show begins, to help ensure tracking post-show success runs smoothly.

When it comes to following up with new connections, start by reaching out through email. Thank them for coming to the show, connecting with you and recap your business and how you can work together towards a common goal. Include any application links you may have, as well as general information about your business as a refresher, based on any conversations you had while at the show. If one of your success metrics is to set up meetings or product demos with your new connections, Calendly can make scheduling these meetings simple. If you have a Calendly account, you can include your appointment link for simple scheduling through email.

Reflecting on the show, it’s important to review your performance, but it’s also important to reflect on the overall atmosphere of the show. What did you do throughout this show that worked well to reach your success metrics? And is there anything that you can do for the next one to make it even more successful?

If you are exhibiting at the show, it’s helpful to review the logistics post-show. What were some specifics of the floor set-up? Your booth location on the show floor can make a significant difference in the overall performance throughout the show. Centralized locations and those near main egress doors usually provide ample foot traffic, which can present relevant deal scenarios. It may also be possible that you found your booth location was surrounded by companies or brands not in line with your customer base, and your booth performance lacked as a result.

Overall, consider if the show was right for you. Was it worth your time and effort to attend, and would it be beneficial to go again? Or maybe you determine you didn’t have success, and that’s okay. Take time to reflect on this show and figure out what you should change for the next show. Now you have determined your success metrics and what you’re looking for in a show you can better determine what is needed to be successful in the future.

As a broker, your main goals are to successfully close deals and create lasting relationships with industry partners and clients. But closing deals can be a challenging process, especially if you’re just getting started in the industry.

There are a few skills and characteristics that set apart the brokers who are champions and those that struggle to get deals across the finish line and in this blog post, I’ll outline five essential skills for closing deals efficiently as a broker.

1. Setting Expectations Up Front with the Borrower

One of the keys to closing a deal is setting the right expectations with your borrower from the start. It’s important to be upfront about the fact that there are no guarantees in getting a deal done and to anticipate any potential issues that could arise during the process.

By setting realistic expectations, you can help your borrower understand that funding may not be exactly what they anticipated due to the various details that can come up in the approval process. As the saying goes, “It’s always better to under-promise and over-deliver.”

To set the right expectations, it’s important to thoroughly understand your borrower’s investing goals and the challenges they may face. Before submitting deals to a lender, be sure to interview your borrowers and ask pointed questions to get a better understanding of their needs. By preparing in advance and being proactive, you can set expectations that will strengthen your relationship with your borrower and show that you’re the financing expert.

2. Don’t Withhold Information from the Lender

One of the biggest mistakes brokers can make is withholding information from their lenders in the hopes that negative issues won’t be discovered. This not only creates issues for the borrower but can also damage the long-term relationship between the broker and the lender.

It’s important to understand that lenders are on your side and want to fund deals. It’s always best to communicate openly and be direct with your lender so that you can work together to overcome any challenges before they become roadblocks. Don’t be afraid to bring up any skeletons that may come up in the due diligence process, as it’s better to address them upfront rather than risk losing the deal, or the relationship.

3. Know Your Lenders’ Requirements

Brokers who are successful at closing deals are often those who have a thorough understanding of the requirements of their chosen lenders. Take the time to study all the requirements thoroughly, and if there are any items you don’t understand, don’t hesitate to ask your loan officer for clarification.

Knowing the requirements of your lenders will help you quickly determine which one is the best fit for a particular deal your client has brought forward. This can be especially important in the private lending space, where deals need to move quickly, or risk being lost to the competition. By knowing which lender is a good fit for each circumstance, you can get deals done more efficiently.

4. Create a Sense of Urgency

Creating a sense of urgency can be an effective way to move deals along more quickly. By letting your borrowers know that you are working hard to get the deal done and that time is of the essence, you can help build trust and establish a sense of urgency that will help move the deal forward.

It’s also important to keep your borrowers informed throughout the process and to be responsive to their questions and concerns by being proactive and transparent.

5. Stay Organized

The final, and most important, key to closing deals quickly is by being organized. You could be the most professional broker, but if you can’t find the files needed to submit or have all the files for different clients and lenders mashed together, then it will be impossible to do your job effectively.

Lenders appreciate a full package and organized submission, as it shows that you understand what needs to be submitted and that you’re reliable. Don’t simply forward an email from the borrower to your lender without going through and understanding what has been received and if it is the correct information needed. An organized submission can help speed up the process and get you to close the deal more quickly.

Bridge Loan Network

As the leading software in the private lending space, Bridge Loan Network’s Software is designed specifically for real estate brokers and lenders alike. Brokers utilize Bridge Loan Network’s Loan Management System to provide clients with a secure and centralized location to submit their applications and loan files for the Broker to review. With Bridge Loan Network’s software, the loan process is simplified and organized every step of the way

Overall, closing deals as a broker requires a combination of skills and characteristics, including setting expectations up front, being transparent with lenders, understanding lender requirements, creating a sense of urgency, and staying organized. By mastering these skills and utilizing Bridge Loan Network’s Loan Management System, you can increase your chances of successfully closing deals and bringing in revenue for your brokerage. Connect with our team to learn more!

There is a lot of behind-the-scenes work that goes into tradeshows, and it isn’t just what you see in the exhibit hall. Behind every exhibit are months of pre-planning, and post-show reflections. A successful tradeshow is the outcome of good planning and the right preparations. And as cheesy as it might sound, you really do get out of a tradeshow what you put in.

Research the individuals who will be attending. Who are they, and what might they be looking for while there? Learning who is attending can also help you plan out who you will talk to. If you see someone that you have either done business with in the past or someone you’ve had conversations with in the past and want to reconnect, reach out and see about setting up meetings with them. 

In addition, create goals for the tradeshow, both personal and business, and create a plan of action on how you can achieve those goals. By setting your expectations realistically for the event, and how you can best use your time and resources, you’ll be able to achieve or exceed those goals.

If your company has a booth location, schedule a time for your team to do a test setup before shipping the items to the tradeshow. Ensure everything works the way it should, and that nothing is broken or missing pieces. It makes it easier on yourself and your team if you know how to set up your booth before you get to the tradeshow floor. You might only get a few hours or less of set-up time, so it’s best to use the time wisely. The more time you have can be used for any last-minute emergencies that might pop up. 

Alongside ensuring your booth setup is good to go, print materials and handouts are key in sharing your company’s offerings with potential customers. If you think you have enough print materials, you probably don’t have enough! It’s always better to have over-estimated how many print materials to send than not having enough. The worst thing that can happen to you is someone wants information about you, or your company, and you don’t have any more print materials to hand out. If this does ever happen, and it might, the best course of action is to take their contact information down and send them a digital version of your materials.  

Be sure to bring materials to market yourself and the business you represent, including business cards. You are there to make connections. The people you meet may end up being a very useful resource down the road. So, bring a decent-sized stack of your business cards with you so that you can share your information with people.

Networking and making connections are key components of tradeshows. Even if there are no formal networking opportunities, speaking sessions, cocktail hours, parties and other events associated with the tradeshow are a great way to meet other people in your industry. While you’re networking, it is also a good idea to have some way to organize business cards and contacts that you made during the event. Some shows have an event-specific app with contact info for all the confirmed attendees, but sometimes you will need to store a contact on your own. This may be as simple as pen and paper, but some apps allow you to scan business cards and record their contact info and any notes in one place. You can also jot notes down on any business cards you collect from people, to help personalize your follow-up when back in the office.

These are just some of the things you can do pre-show to prepare yourself. There is a lot more on the technical side of tradeshows that is equally important. But these are great starting points to keep in mind regardless if you are going to your first tradeshow or your 500th.