Mortgage Call Musts, and Tips for Client Connection

Loan Pipeline Management
Loan Pipeline Management

Mortgage Call Musts, and Tips for Client Connection

Mortgage Call Musts

As a loan officer, the mortgage call is very important. They allow you to connect with prospective clients, earn leads, and gain referrals. Phone calls are a driving force of the mortgage world. So, what can you do to have a killer phone call? Keep reading for tips and tricks on how to make the most of your mortgage calls. 

Mortgage Call Musts

Make the most of the first mortgage call

Much has changed in the mortgage industry and yet some things haven’t changed at all. The first mortgage call is just as important as ever. To remain relevant, mortgage originators must provide value. That first phone call is your golden opportunity to do so! 

You want to use technology to make your life easier, but the first step is engagement and connection with the other person before any selling can begin. The push toward technology can then take shape, but you need to have built a relationship first. 

Connect with clients

When you call a client, rather than talking about business instantly, engage with them in a meaningful way. Finding something to talk about for a few minutes will create a connection and build trust. 

After all, until you have trust in your mortgage client relationships, you are just a provider of services. So, in order to build that trust, you first have to trust your own abilities. This will allow you to deliver a great experience for your client from the start with a phone call. 

Challenge yourself to spend five minutes on the phone with someone before the word “rate” comes up. Gaining trust from your mortgage clients is critical, but it will take time. Focus on developing strong listening skills, and become your client’s go-to when they have questions or concerns. 

Research your leads

Before calling your leads, it is necessary to do some background research so you know just how to connect with them. Call reluctance happens, but it is important to push past that.

Since our world today is very data driven, you can find out a lot of information on “cold” leads. Make sure to not go into any call completely blind. First, look the lead up in your CRM. This will remind you if you have engaged with them at all via phone, email, or in person. 

Then, look them up on the internet. Do not spend too much time here in the web search. But, focus on finding the lead’s website (if they have one), LinkedIn, or other social media accounts. Next, call them right away. 

Find common ground

The goal of the phone call is to find some common ground and let the lead know that you are knowledgeable and experienced in your industry. You shouldn’t brag about your success, but there is a time and place for others to know you’re confident without arrogance. 

You want your clients to know you can read a tax return and that you’ve been lending for a number of years. You want them to know you can relate to almost any situation they throw your way. This might sound like a lot for a call, but you should naturally weave as much into a phone call as you can. 

Decide what to say before the call 

Depending on your lead, it is necessary to decide ahead of time what to say. Avoid being the person that calls someone but then has no idea what they want to say. Also, do not read off of a script. A simple outline can help you remember what to say, and it should flow naturally.

Keep in mind, your goal is to get the lead to the next step of the process. It may be discouraging, but, most likely, the lead will not commit to a mortgage with you on the first phone call. Make it your priority to educate them about you as a loan officer and what you would offer them. 

Provide value

Before you pick up the phone, consider why the person you are calling should listen to you. Put yourself in their shoes and imagine their pain. Then, find out how to answer the questions they will probably have. 

For example, if the lead is a first time home buyer, you can ask them if they have any questions about the mortgage process in general. First-time homebuyers can read about the mortgage process on the internet for hours. But, there will almost always be misunderstandings or gaps in their knowledge. Make sure they know that you would be happy to explain any intimidating parts to them. 

Or, if they need to refinance, tell them what you know about current rates and if you think the timing is right. Staying honest and genuine will give you credibility. After all, you are trying to become their trusted advisor. 

Use call lists and power hours

By creating specific call lists and scheduling a calling “power hour,” you’ll focus on your most important tasks. Power hours are one or two hour increments during your day that are dedicated to a focused task. 

Also, time blocking is a common method for boosting productivity. Dedicating a part of your day to exclusively making phone calls will make you more efficient with your time. 

Plus, making calls can be a time consuming process when deciding who to call in the first place. With power hours, you do not have to guess who you should be calling every day. After all, your next phone call is in your call list, just waiting for you to dial! 

If you’re looking for an easy way to utilize power hours and call lists, consider having your software work for you. With Jungo’s customizable home page, you can view all your power hour call lists in one place. 

Bottom line

As a loan officer, it is your job to assess the audience, find the areas of commonality, goals and needs, and dive in without committing an hour to the mortgage call. Time is money, so efficiency is crucial. 

Set proper expectations with each and every client. This will differ greatly depending on the client and the complexity of their circumstances. Finding the right balance with your time is key. Make the mortgage call today!