Many years ago, when I was actively working in a real estate office, I overheard the term "Orphan File."

Just so you know...and, as I found out, they were not talking about children without parents here. So, let's be specific and define what a real estate orphan is. Quite simply, these are people that have either purchased or sold a property through that company by a real estate agent that no longer works for that office.

Since you are in the mortgage business...and probably connected to an office...chances are real good that your office has its own "Mortgage Orphans."

These are people that closed a mortgage with your office in the last year, two years, three years, four years, or more that have NO mortgage representation or contact with or from your office/company.

Run, don't stop, and get approval to call these people as fast as you can. These contacts can very easily turn into prospects for you now, or in the near future.

Work on a little script that you feel comfortable with, but this is how mine would probably sound:

Mr. or Mrs. Contact? This is Jim or Joan from ABC Mortgage. The reason I'm calling is that I want to apologize to you and your family. (Pause...)

Your Contact will probably ask...Why?

According to our records, we closed on the mortgage for your home about two years ago, and the mortgage broker you worked with is no longer with our company.

The reason I'm apologizing is that no one has been taking care of you from our office for quite a while.

I wanted to call you this evening and personally introduce myself and let you know that we're available to you should you need anything. Is there anything that I can do for you or help you with?

Ask additional questions at this point, like:

By the way, how's the home working out for you?
Have you made any major changes or improvements?
Don't get pushy. This is your first contact with them.

Establish a little rapport and then follow-up with them once a month. Adopt these mortgage orphans and add them to your list of contacts. In time, you'll turn them into a live prospect and eventually a mortgage.

Remember to pay attention to the Do-Not-Call rules when you do this. It's my understanding that you do not have to check the Do-Not-Call list if the loan closed within the last 18 months. It then falls under the prior business relationship exemption. Otherwise, you need to check the list.

You can find the rules at the following link. Review the rules...it's better to be safe, than sorry.

http://www.ftc.gov/bcp/conline/pubs/buspubs/tsrcomp.htm
Scroll down to: Exemptions to the National Do Not Call Registry Provisions, and then a paragraph entitled The Established Business Relationship Exemption.