As originators, we try to talk to as many people as possible to be able to take as many applications as possible to close as many loans as possible to have as much income as possible.  Whew!  Does this sound like the rat race you run each day?  What if you could talk to the same amount of people, yet take more applications and close more loans?

Rates and fees will always be important but they are not the only deciding factor with consumers.  In today’s crazy world, people want to feel safe with the person that is helping them with their financing.  If you take steps to be visible and credible then your business will flourish.

Many consumers shopping for a major item such as mortgage financing need up to five contacts before making their decision.  Even if a borrower has been referred to you, they may also be talking with other lenders.  Below are a few simple steps that just might make a difference.  I call it the Rule of Five.

If you have spoken with a potential client on the phone, immediately follow up with an estimate of payment and cost by email.  Keep the email short but friendly.  Give them instructions if they are ready to get qualified through your online application system.  Make it easy for them.

Take a minute to phone and make sure the email was received and see if they have any questions.  This is a personal touch that lets them hear your voice and gives you an additional opportunity to talk about what rates are doing or your thoughts on the market.

Follow up with a letter by mail, which should be sent within 24 hours of your first contact.    This also applies to in-person meetings and gives you the opportunity to include your business card and other items such as a personal brochure or magnet.  This will help create a feeling of trusted adviser.  You may find that you are the only lender that takes this additional step. 

After about week, make a follow up phone call to ask how things are going and to see what their hesitation might be.  Give them an update on rates or offer encouragement as they look for a home.

If you find that the borrower has not made a decision, add them to your monthly mail and email list.  This will guarantee you future income.  Many borrowers take the time to speak with a lender up to a year before actually purchasing their home.  Make sure you are the lender they remember.  

You can also take this "rule of five" one step further and use it as a marketing tool with Realtor partners.  Many Realtors have had the unfortunate experience of giving a referral to a lender and then having the buyer purchase their home from a FSBO or through another agent.  Let the Realtors know that you are sensitive to this and that you will be reinforcing their role to the buyer at each contact.  If it is a mailing, add the Realtors card.  If it is an e-mail, include the Realtors contact information.  If you are phoning, make sure you mention the Realtors name during your conversation.  This step alone should earn you additional referrals.

You are competing with the lender down the street, the lender in the Realtors office as well as those available through the Internet.  Set this as a goal and develop your own rule of five system with each potential customer.  Get out of the rat race and into the business of closing more loans.

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