Revamp Your Loan Officer Sales Conversation

As you probably know, the mortgage industry is very busy these days with loan officer sales. So, now is the time to control your sales conversations and stand out from the crowd. Then, when the market shifts, you still have plenty of loans in your pipeline.

Keep reading to learn how to revamp your loan officer sales conversations and bring in more successful business opportunities. 

Why Did the Client Not Do Business With You?

Many people do not go back to the same loan officer, but there are different reasons for this. It is often just because they may not think about it. 

Otherwise, there are several reasons why a client may choose to not do business with you again. This includes your loan officer sales mindset and questions, and borrower skepticism, indifference, and objection. 

Adopt a Loan Officer Sales Mindset

A loan officer carries many hats. So, no matter how good of a loan officer sales person you think you are, client attitudes can be difficult to handle. After all, their attitudes can determine the outcome of your mortgage sales call. 

So, if you are searching to improve your pipeline this year, there are skills that can help you achieve this goal. 

Ask Meaningful Questions

When conversing with clients, the questions you ask can bring about a positive response. But, that means asking the right questions at the right time. So, try to uncover an unrealized need of your customer, and be sure to highlight your experience.

When you tie in your appropriate strengths, you give your clients an alternative that makes them think of you as an asset who can meet their needs. General mortgage rate information is important for loan officer sales. Plus, the personalized questions you ask can focus on factors that are most important to your borrower. 

Focus on asking, rather than telling. Listen to your client’s concerns. That way, price will not become the only decision maker for the prospective borrower. So, consider the value that you add to their mortgage experience. Engage with your prospect and allow them to feel that they have input in the process. 

Help Welcome Change

Indifference within loan officer sales has clients thinking that they could choose anyone for their next mortgage. So, how can you alter your client’s perspective? Put yourself in your borrowers’ shoes. Why aren’t they considering change?

Many borrowers believe that all lenders are the same. Repeat customers are often due to clients agreeing to use the same mortgage company as before to resist change. So, share about your personal and company strengths. By filling their specific needs, you can change your borrower’s perspective on switching to your company. 

Help them to welcome change, and remember essential reasons why borrowers should work with you!

Work Through Skepticism

Some borrowers are skeptical of switching mortgage companies. This may be due to a negative lending experience in the past. As a loan officer, you can alleviate borrower skepticism. 

Make sure to provide prospective borrowers with proof of what you do. There are references that validate you as a credible financial source. And, these can include testimonials of your company’s ability to deliver a quality lending experience. 

These can be found through services such as Zillow, Rate Your Lender, and LinkedIn Recommendations. By offering immediate proof of your abilities, this eliminates any doubt the prospect may have had.

To handle skepticism, it is necessary to validate what you say, and the best way to do that is with a visual proof source.

Provide Options

If your prospective borrower has a valid objection to your services, be sure to provide them with other options. Before this, be sure to switch the loan offering based on the borrower’s needs and long-term goals. 

There are two questions you should always ask:

1. How long do you see yourself staying in this property? 
2. Is cash flow or equity buildup the most important factor in choosing your loan product?

Once you determine their best loan option, you can effectively offer an alternative and switch to a product you are more competitive with. But, you need that borrower input.

Your ability to stay top of mind to borrowers is determined by the quality of your sales, communication, and marketing skills. If you can differentiate who you are, rather than simply being one of many lenders, you stand a better chance to win the loan.

Bottom Line

Loan officer sales skills matter when there are many people competing for the same transaction. Many borrowers believe they want to use the same process as before when they secured a mortgage. Originators, however, know this is a constantly changing target.

Borrower education regarding any new regulatory requirements is an important element to being a top loan originator in 2021. So, understand how to handle the borrower’s mindset and use the right loan officer sales techniques. Then, you will win you more business.