LoanOfficerSales.com
A Better Future Can Start Today
A Better Future Can Start Today
Many times we are faced with the loan that looks great however, the title comes back
clouded, we can’t find comps to support value, pay stub received doesn’t make sense, etc.
Help expedite your loan by asking customers about their current mortgage situation and
being open and upfront about everything from debt to what you see on their credit
report... So often we work against ourselves. First we rack our brains trying to figure out a
way to fix something without calling our borrower; the end result always seems to be the
same. We spend endless hours with no end result then some additional hours getting the
courage up to call our customer to ask for one more thing. This is the death trap we all fall
into. From the beginning this should be a partnership between you and the customer. The
more contact you have with the customer the better bond you build! Let your customer
know from day one in order to complete their transaction successfully you will need to work
as a team. Set realistic expectations for the customers and make sure they understand
the steps and what there job will be in order to make this transaction run smooth. In our
business, so often are we faced with many challenges due to how many people are
involved in our transaction. This can range from the Customer themselves to
appraisers/underwriters or maybe you yourself.
Let’s begin by educating your customer with how they really look on paper and what you
may encounter. Start with the goals they would like to achieve. Find out everything you
need to know about what they want to accomplish. Have them map out in a perfect world
and what the bare necessity would look like for them. This step will help the buy in, by
getting your customer engaged they will feel like they are working with a partner that cares
and not just another lender. The customer will be most likely to complete this transaction
with you because you are allowing them to design the program themselves. Take lots of
notes because this step is a crucial sales step we forget to do. This is the key part of your
sales so when later when something changes you can go back and remind your customer
of what “they said” and make the close. If they say it, it must be right! Now the tough part
comes in to play. I believe this is a form of tough love. Just like children they may not
always want to here the truth but sometimes it must be said.
Now that you have bonded and listened to the customer, its time to educate them and
bring reality to the table (tough love). This is the part when you are going to go through
every part of there application. It’s almost as if we were detectives or better yet if they were
applying for a job with you. You want to find out exactly who this person is and what are
they trying to hide. The more open and honest your customer is the better you will be able
to service them. I would also let them know this to help support what you are doing. Here
are some areas to focus on, job history can show you if this person is a risk taker or very
conservative, also in this area you want to find out how they get paid. What was there
income last year and what is it so far as of today. If you see things that don’t make sense
such as YTD is lower than base pay start asking questions your underwriter will not
hesitate to ask so be proactive. Uncovering this type of information will take out some of
the speed bumps.
Another part of the application to go over with the customer is the one we tend to shy
away from. The dreaded Credit Bureau Report. Keep one thing in mind when starting this
conversation; you did not create their financial picture you’re just tying to help make it
better. Talk about each creditor break it down find out why if any derogatory (derogs)
credit happened. Don’t let your customer blanket the derogs with oh, we misplaced the bill.
Be upfront and give time frames such as 10 months ago you were 1x30 on XYZ creditor
what happened. Finding out this information will possibly uncover some additional needs
and will help find some hot buttons for your close.
Another crucial area to discuss is Value and how value is a key component to what you
can do for the customer. How, many of our customers live in a castle. But how many
variations of castles are there, this could mean anywhere from the Queen of England’s
Castle to a 50 ft cardboard box on permanent foundation. In our market place today
values increased at such a rapid pace people have not come to terms with the
depreciating market and feel the foreclosures should not affect there values. This is very
touchy right now but what your job here is to find out why there castle is so much better
than the neighbor next door and put this information into perspective. Let you customer
know how home improvements work and what happens to a value when foreclosures occur.
There are so many areas of an application you can get into but start off with these. When
you start to master them you will find more things, other sales opportunities you can
capitalize on and your sales will increase. You will find you will have more engaged
customers and less likely they will start the process with any other lender during the time
you are working with them. Setting expectations like we discussed above prepares then
for your call so you basically could ask for anything and they will work to support your
request. Educating your customer will make you stand out from the rest, you will appear
professional and extremely knowledgeable, and this is a safe feeling for your customer.
Some will review this information and go back to allowing processors to do the follow up;
these people will end up with the same results. Those that want to make a difference in
their income will spend the extra time and reap the benefits. Remember one customer that
will close is better than a dozen that just shop around. Your time is valuable, its time to
start acting like it!
clouded, we can’t find comps to support value, pay stub received doesn’t make sense, etc.
Help expedite your loan by asking customers about their current mortgage situation and
being open and upfront about everything from debt to what you see on their credit
report... So often we work against ourselves. First we rack our brains trying to figure out a
way to fix something without calling our borrower; the end result always seems to be the
same. We spend endless hours with no end result then some additional hours getting the
courage up to call our customer to ask for one more thing. This is the death trap we all fall
into. From the beginning this should be a partnership between you and the customer. The
more contact you have with the customer the better bond you build! Let your customer
know from day one in order to complete their transaction successfully you will need to work
as a team. Set realistic expectations for the customers and make sure they understand
the steps and what there job will be in order to make this transaction run smooth. In our
business, so often are we faced with many challenges due to how many people are
involved in our transaction. This can range from the Customer themselves to
appraisers/underwriters or maybe you yourself.
Let’s begin by educating your customer with how they really look on paper and what you
may encounter. Start with the goals they would like to achieve. Find out everything you
need to know about what they want to accomplish. Have them map out in a perfect world
and what the bare necessity would look like for them. This step will help the buy in, by
getting your customer engaged they will feel like they are working with a partner that cares
and not just another lender. The customer will be most likely to complete this transaction
with you because you are allowing them to design the program themselves. Take lots of
notes because this step is a crucial sales step we forget to do. This is the key part of your
sales so when later when something changes you can go back and remind your customer
of what “they said” and make the close. If they say it, it must be right! Now the tough part
comes in to play. I believe this is a form of tough love. Just like children they may not
always want to here the truth but sometimes it must be said.
Now that you have bonded and listened to the customer, its time to educate them and
bring reality to the table (tough love). This is the part when you are going to go through
every part of there application. It’s almost as if we were detectives or better yet if they were
applying for a job with you. You want to find out exactly who this person is and what are
they trying to hide. The more open and honest your customer is the better you will be able
to service them. I would also let them know this to help support what you are doing. Here
are some areas to focus on, job history can show you if this person is a risk taker or very
conservative, also in this area you want to find out how they get paid. What was there
income last year and what is it so far as of today. If you see things that don’t make sense
such as YTD is lower than base pay start asking questions your underwriter will not
hesitate to ask so be proactive. Uncovering this type of information will take out some of
the speed bumps.
Another part of the application to go over with the customer is the one we tend to shy
away from. The dreaded Credit Bureau Report. Keep one thing in mind when starting this
conversation; you did not create their financial picture you’re just tying to help make it
better. Talk about each creditor break it down find out why if any derogatory (derogs)
credit happened. Don’t let your customer blanket the derogs with oh, we misplaced the bill.
Be upfront and give time frames such as 10 months ago you were 1x30 on XYZ creditor
what happened. Finding out this information will possibly uncover some additional needs
and will help find some hot buttons for your close.
Another crucial area to discuss is Value and how value is a key component to what you
can do for the customer. How, many of our customers live in a castle. But how many
variations of castles are there, this could mean anywhere from the Queen of England’s
Castle to a 50 ft cardboard box on permanent foundation. In our market place today
values increased at such a rapid pace people have not come to terms with the
depreciating market and feel the foreclosures should not affect there values. This is very
touchy right now but what your job here is to find out why there castle is so much better
than the neighbor next door and put this information into perspective. Let you customer
know how home improvements work and what happens to a value when foreclosures occur.
There are so many areas of an application you can get into but start off with these. When
you start to master them you will find more things, other sales opportunities you can
capitalize on and your sales will increase. You will find you will have more engaged
customers and less likely they will start the process with any other lender during the time
you are working with them. Setting expectations like we discussed above prepares then
for your call so you basically could ask for anything and they will work to support your
request. Educating your customer will make you stand out from the rest, you will appear
professional and extremely knowledgeable, and this is a safe feeling for your customer.
Some will review this information and go back to allowing processors to do the follow up;
these people will end up with the same results. Those that want to make a difference in
their income will spend the extra time and reap the benefits. Remember one customer that
will close is better than a dozen that just shop around. Your time is valuable, its time to
start acting like it!
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