Have you ever lost a loan, lost a client, or lost a referral partner?  Chances are you have.  It happens to everyone.  It’s no fun, but it is a part of this business.  When this happens, you have two main objectives:

1.  See if you can get them back.
2.  Find out why it happened in the first place.

Let’s suppose a borrower you have pre-qualified calls to inform you they are going with another lender.  First say: “I am glad you called me to let me know where you now stand.  Why are you considering another lender?”

Notice the words used here.  You are glad they called you, which shows empathy and appreciation for the customer.  You are asking why they are considering another lender, stating that things aren’t final just yet.  If the customer still decides to go elsewhere, then you should say: “I respect your decision, and I am glad you are moving ahead.  Is there anything I could have done differently that would have made a difference?”  This question will uncover the answer to “why” the customer did not choose you, helping you the next time around.

Now let’s talk about losing a referral partner; could be a real estate agent, builder or broker.  Perhaps they are now choosing to refer their business to another lender.  The same discussion can help here as well!  First, say: “I am glad you are talking to me about this.  Thank you for telling me how you are feeling right now.  Let me ask you why you are considering working with another lender?”  Listen carefully for their concerns, frustrations, and needs.  If you can deliver on those needs, present a specific action plan for doing just that.  Don’t just say: “I’ll try to keep you better informed from now on.”  Instead, say: “How about this.  What if from now on I call you every Monday morning with an exact status update of every loan we are working on.  Would that help?” 

Do what you can to salvage the relationship.  Remember that they are not leaving you because they are happy with you.  Something is wrong.  Find out what that something is and try to fix it while you still can.  If the client is still committed to moving on to another lender, say: “I respect your decision. I am glad you are moving ahead.  So that I don’t make the same mistakes with my next client, is there anything I could have done differently that would have made a difference?”  Again, listen to the client’s suggestions with an open mind. 

Don’t get defensive.  Thank the client for being helpful and candid.  Say: “I truly appreciate your advice.  It means a lot to me.  Perhaps we can work together again soon.  I’ll keep the door open if you will too!”  Exit with professionalism and grace.

Losing business is no picnic.  When it happens, you should at least know why.

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