Uncover his powerful referral and social media strategies
Non-QM lending may seem like uncharted territory, but for Dan Bardenhagen (pictured), one of the driving forces behind Northpointe Home Loans’ success, it’s a realm where possibilities thrive. With years of experience in non-QM lending, Bardenhagen’s expertise has shaped a career dedicated to finding creative solutions for borrowers.
Struggling to compete in a fiercely competitive market? Bardenhagen imparts his advice, emphasizing the importance of face-to-face meetings with real estate agents, personalized communication, and the art of staying top of mind.
Mortgage Professional America: Non-QM lending is quite a complicated niche to get into and navigate. What initially attracted you to this specialized field, and how has it evolved throughout your career?
Dan Bardenhagen: I started my career in 2006 in subprime lending, so always liked creative ways to get borrowers qualified. When I decided to leave my former employer in October of 2021, I knew that I wanted to be able to offer non-QM as I always had to turn away a lot of investors that could have used a DSCR loan or a bank statement loan. As of today, non-QM is a strong offering for our market, especially DSCR loans on condotels.
MPA: As a seasoned non-QM specialist, you’ve likely developed some effective strategies and techniques. Are there any particular practices or approaches you’ve implemented that have consistently yielded positive results for your clients?
DB: I try to always show my clients a loan cost illustration so they can see the whole picture, as well as setting the right expectations for my clients if I see something in their file that is borderline. If their transaction is relying on a certain amount of rental income to make the deal work – I just make sure everyone knows.
MPA: The non-QM lending landscape has undergone changes over the years. What do you envision for the future of non-QM lending, and how do you adapt your strategies to stay ahead of the curve?
DB: I hope non-QM lending is here to stay, but you never know. I just read the guidelines and any changes to them daily, so I don’t make any mistakes with clients’ files. Northpointe Home Loans is very good with communicating any changes to use quickly, which helps a lot.
MPA: Building a successful business in non-QM lending requires a solid network and referrals. How do you cultivate and maintain relationships with real estate agents and financial advisors to generate leads and referrals?
DB: Since I entered the business in 2006, I have always really liked training real estate agents on mortgage products that would get them more business. I originally went to the brokers in charge who recruited agents and offered to do lunch and learns at their office, where I would bring lunch, my PowerPoint and projector screen etc., to do my presentation and train the new agents. Over the years, I would hold larger events like Brian Buffini broadcasts, or bring in an economist to do a presentation on the economy at different venues that would hold more realtors. Venue costs in Hawaii started becoming an issue, so I started doing smaller meetings in our office now that I had my name out there and agents wanted to come. The office lunch and learns were successful, but I wanted to offer a better experience. So I set out to build my own venue. I completed that venue which I have branded as “The Mortgage Resort.” Now I have an amazing venue with panoramic ocean views to entertain and educate real estate agents in a resort setting. We have increased the amount of events we hold and have seen a direct increase in referrals. Agents really like to learn just enough about mortgage programs to speak intelligently to their buyers and sellers before referring to a loan officer.
MPA: Your social media presence seems to play a crucial role in educating borrowers about construction loans and other loan options. What specific objectives do you aim to achieve through your social media strategy? Are there any particular outcomes or actions you hope your audience will take after engaging with your content?
DB: I use social media to stay top of mind to the realtors. I find just making sure they remember what you do helps a lot and that you are active. So I try to hit my target audience when I do a post so they sign up for the events that we hold.
MPA: Building an online community requires consistent engagement and interaction. How do you foster meaningful conversations and address questions or concerns raised by your followers on social media?
DB: I just try to respond quickly to comments as soon as they come in. I also try to pick up the phone and call to continue the discussion.
MPA: What’s the one piece of advice you’d give loan officers who are struggling to compete?
DB: Meet face to face with real estate agents first, then program their name into your phone so you can answer “Hi Joe,” for example, the first time they call you with a question or referral. Then be sure to connect with them on LinkedIn, Facebook and Instagram. Then 1x per week, send something of educational value (preferably in a video email) to stay active. Lastly, change your voicemail every morning just like you brush your teeth. Make sure you leave what the current date is and that you will get right back to them. If you do this, you will not miss referrals, and realtors will be very impressed.
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