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Doug Smith, founder of Douglas Smith & Associates, is a 24-year industry veteran. His career spans the areas of loan origination, sales training, management development, marketing, personal coaching and corporate sales. Doug’s columns appear in Mortgage Originator, Mortgage Planner, The Mortgage Record and Mortgage Broker magazines. He publishes a monthly newsletter, Power Selling, and authored Climbing the Ladder of Success. For more information, visit http://www.dougsmithonline.com/ |
| Power Selling: Setting Expectations |
| Written by Doug Smith | |||||
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With all the changes these days in how mortgage loans are originated, underwritten and approved, it would be wise to revisit how you set your borrower’s understanding for what to expect in the home loan process. Gone are the days of 10 day closings, stated income and limited doc loans. Now, more paperwork and proof are required to borrow money, and it is critically important that your borrowers understand this. Those loan originators who set the right expectations right from the start are experiencing the fewest problems and issues with their loans. Because their bor-rowers are clear on the process, clear on the time frames, and clear on their responsibilities, their loans go through the system smoother and get closed sooner. It all comes down to what you say to the borrower at the very beginning…and how you say it.While there are a lot of different ways to convey the message, here is a sample of how one loan originator might do it. Feel free to adapt and customize this illustration to your own words and situations… “Jack, it’s been five years since you last went through this procedure of financing a home. As you can imagine, a lot has changed. “It’s my job to guide you through this process and make it as easy for you as I possibly can. That’s why you hired me, and that’s what I do for all of my clients. “A big part of getting a mortgage loan is the documentation and paperwork. My team and I will handle the bulk of this for you. That includes the appraisal, title work, inspections, and so on. “But this is important. A big part of getting a mortgage loan today is up to you. There will be a number of items I or my team will need from you. These might include bank statements, tax returns, letters of explanation on recent bank deposits, and so on. “We will ask for the items we need to help you get your loan. Each time we do, the sooner you provide us with this documen-tation and paperwork, the sooner we will have an answer on your loan and the sooner we can all move forward. “Every day we are waiting for something is one day more than both you and I want. To make sure we can meet your closing date, to make sure your interest rate lock-in doesn’t expire, and most importantly, to make sure this is a good experience for you, a quick response from you on every item we ask for is very important. “Jack, what questions do you have about the mortgage loan process and what your responsibilities are?” Now that’s setting the right expectations! Conversations like this are the key to doing business today. Develop, practice and learn to deliver your “expectation speech.” It will help you in more ways than you can imagine. Power Selling The editor of Power Selling is Douglas Smith. Please direct any comments or input to 877.430.2329.
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