What Makes You Different

[berniecmps]

While training several people over the past couple of years, I have run into a high percentage of people who lose clients during the application phase of the loan. Quite honestly, I have seen people lose a client in the first line of the conversation. Here is why, I think, they lose this business:
Introduction Statement is too "sales-like"; trying to close the client too soon
Capacity of knowledge
Confidence
Pace and Control of the Application (how fast, and who controls it)
Closing Lines or statements in application
Between these 5 issues, I have seen at least 20 leads per day get thrown into the "follow-up" bin because the application wasn't taken.

What I want to do, is open this discussion thread and really dive into what you do for these 5 areas in the application. What do you say that makes you stand out when taking an application either in phone or in person? What is different in your opening lines? How do you demonstrate your industry knowledge? How do you exude confidence? How do you control the application process and/or control the pace of the application? And, How do you close the application process?

Personally, my into line (after I have told them my name and company) is, "Tell me about your current situation". It's Open-Ended, vague, and almost forces the client to tell you how to "sell" them.

I can't wait to hear some of your ideas on what makes you different in the application process.

[coyotex]

I love this question! One thing I would clarify is if this is in person or over the phone. If over the phone, is it cold calling or someone calling in to you?

I like the idea of asking the borrower questions. My technique has always been to get them talking. And I don't mean talking about interest rate. I mean get them talking about them, whether it be mortgage related or not.

Oh sure I want to close the deal, but I want them to think of me as being the "good mortgage person" and they tell all their friends about me. If I'm just throwing facts, figures, rates, ect at them without them talking, that will never get them to remember me because I would be just like all the other LO's they've talked to.

[wvuhop57]

Like I mentioned earlier, I am very new to this business, but I will never forget what I read recently on the subject of first impressions, etc. Someone said the one with the best story wins. But I honestly mean a sincere one which to me is how I enterered the business by realizing that my own mother had been treading water financially for years . Since she was in Florida and I in North Crolina I did not realize how close her finances were. From about 1,100 in and 1,050 out before the reverse to 1,600 in and 450 out after the reverse I realized how difficult life is for a lot of seniors who are enormously independent and proud of their efforts. It seems like this entire mortgage business needs more people that realize if you do your best for your client, life will work out for you. If not, you are not in the right business. Do what is right and enjoy your life. An honest man doesn't need to hesitate for fear of lying before he speaks. Bob.

[askBryce]

Whenever you take the time to listen to your client and
ask them questions to better understand what it they want
to accomplish with this loan, you'll be better able to provide
the service they want.

With the right questions and listening to the answers, your
prospect will tell you what is most important to them and you'll
know where you need to focus your attention.

Great question-

Bryce

Free Report-"TOP 10 GOLDMINE MARKETS FOR REVERSE MORTGAGES"
Mortgage Marketing TV

[Secret!]

This is an issue which I have addressed the last half dozen years in many articles, speaking engagements/seminars, and industry discussion boards (like this one) time and time again. Unfortunately most are to young (in terms if years in the industry), to remember what it's been like for several decades previously.

The fundimental problem here Bryce, is that the generation of origination people employed in our indiustry since Aug 1998 (which is most out there reading this), entered a business where big fat choking gagging commisisons have been common, and applicants have been falling from the sky right into thier laps, plus home values soaring ands rates plunging to all time historical lows - have created a group of LO's and young mortgage brokers who incorrectly think their function - as the industry's front-line is to SELL customers.

The job is a customer service/help desk type person function, not a sales position, and unless and until 'they' come to terms with that realization, it's going to be up hill for them.

[Barbaro]

I like to use the same approach that you use, Bernie, coupled with a succinct statement about my experience to boost the client's confidence in me.