Earning Ongoing Business (from customers-for-life)

Do you know how to contextualize loan changes to maintain sales momentum and keep borrowers focused on benefits?

There may not be a more challenging responsibility as a loan officer than communicating significant loan changes to a customer. However, it can be an excellent opportunity for mortgage loan originators to separate themselves from the competition.

Like rates, mortgage industry professionals often worry more about loan changes than borrowers themselves. As a result, when conditions that require a restructured loan come back, mortgage loan originators often react too quickly and communicate negativity, frustration, and waning confidence to the affected borrowers.

This approach is a costly mistake. Instead, mortgage loan originators should aim to learn to control their response to unexpected changes so that they can manage their borrowers’ responses. MLOs can do this by assuring them of the overall value of the loan, reiterating the benefits of their personalized loan choice, and communicating confidence in their team’s ability to deliver on the borrower’s needs.

Prioritize top sales opportunities

One of the best ways to do this is to utilize the Sandwich Principle, which is as simple as sandwiching unexpected news between two positive, reassuring facts. It involves leading with a supportive statement before delivering the loan change news and finishing with a positive message.

Ultimately, mortgage professionals can’t control their borrowers’ responses and may need to lean on conflict resolution techniques. However, by managing their own reaction, leveraging the Sandwich Principle, and always tying back the benefits of a mortgage, they can maintain sales momentum and their customers’ peace of mind!

Help Retain Your Employees

by empowering them with the tools to grow, learn and earn

  • MLOs can access Mortgage HQ and complete their training at their convenience
  • Industry news and trends from mortgage experts is available at their fingertips
  • Engaging daily motivational videos include market updates and sales tips
  • Comprehensive Searchable Knowledge Base enables employees to become self-sufficient real-time problem solvers

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By |2022-02-03T11:17:22-06:00January 26th, 2022|Financial Services, Mortgage|Comments Off on Earning Ongoing Business (from customers-for-life)