Mortgage Loan Officer Blog | Loan Officer Freedom

How to Be Awesome at Asking Questions

November 29, 2021February 27, 2019 by Carl White, Mortgage Marketing Animals

A good loan officer has conversations with prospects and clients; a great loan officer asks quality questions and listens to the answers.

To help you be awesome at asking questions, here are some of my favorite ways to engage whoever you are talking to so you can learn… learn what? How that person is thinking, what they really want, how they are choosing to claim the life of their dreams… you can learn a lot by being curious and listening.

Now, to be clear, I’m not talking about being curious in a pushy, meddle-y, arse-y way… this isn’t about stalking someone through a conversation! Instead, this is about being genuinely interested in understanding the world from their view to help you help them get what they really want.

You can use a mix of question styles, depending on the situation. One of my personal favorites is…

Ask dumb questions. You cannot possibly be an expert in everything. You can’t learn unless you’re willing to have the mind of a beginner. And people like to be experts and share what they know – it’s a win-win. So don’t be afraid to ask the obvious because maybe it isn’t.

I also like asking open questions, like ‘can you tell me about X?’ or ‘why would you say X?’ or ‘Describe your thoughts on X…’. This gives your conversation partner a way to share what they know beyond a ‘yes’ or ‘no’ answer (which are called closed questions, by the way). Closed questions are when you want a precise answer – ‘do you have a down payment?’ However, most of the time, you want to create openings for people to share in your conversation. Within their answers are the keys to how they perceive the world and what they really want, so listen closely for those clues.

If your conversation isn’t going anywhere, you can ask leading questions. ‘Would you agree that X?’, ‘Is it fair to say that X?’ or ‘Are you thinking that X?’ are examples of leading questions. The other person may not agree with what you’ve just set up in your conversation and that’s totally cool! You WANT them to have an opinion and to share that with you. Asking ‘loaded’ questions like these will get the person to either agree or disagree and keep things moving – ideally, in the direction you want the conversation to go.

When you are writing promotions, you can ask yourself the ‘Bigger, Better, Faster’ questions to help get copy flowing. By this, I mean things like ‘what about this property makes people dream bigger?’, ‘what’s better about this deal?’, or ‘how can my process help people get in their new homes faster?’. Basically, your answers will address the ‘so what?’ question – why something matters. And that can make your ad and promotional copy more interesting, engaging and real.

Remember to keep your questions tight. If you’re asking a question that goes longer than a minute to get out of your mouth, it’s too long. Actually, that’s a good point to make in case you are being interviewed by the media or on a podcast – keep your answers concise and to the point. Limit yourself to maybe two minutes if you are the interviewee to keep the energy high in that dialogue.

If somebody doesn’t understand the question you just asked, try rephrasing it. It might be a vocabulary thing or maybe they don’t share your frame of reference. After all, when you ask if someone has a small down payment, like $50k, not everyone might think that’s a small down payment. I’ve even had clients who didn’t know what a FICO score was – so they had no idea what I was asking them for in that moment! Sometimes our work as loan officers includes more education than we know.

Lastly, when you ask a question, be prepared to stop talking. When there is silence, the other person usually feels like they need to fill that silence. That also gives your conversation partner the space to extend their answer(s) without feeling pressured. And some people think a little slower so they need time to process. That applies to introverts and highly-sensitive people, by the way… I read somewhere that their thoughts literally go through longer conduits in their brain so it takes more time for them to process information. The good news about that is they also get the nuances of a situation more than a faster thinker, who is usually on to the next thought right away.

You might be surprised to know that I tend to be an introvert… I’m a high-functioning introvert! But, especially when I was younger, I wasn’t the first guy wearing the lampshade at the party. Now, that’s a different story! (Come to the next Mastermind to find out about that!)

Seriously, you need to know who you are in asking questions too. Know yourself and you have the big audacious awesome key to connecting with others more meaningfully and effectively. And, as you know, connection is everything in our business.

I’ll start… I asked a waitress if I could see a menu please, and she said, “I don’t have to tell you about the men I please!” (Ha!) Ok – Join us on Facebook and tell me about your best questions, when you got an unexpected answer and, of course, a good joke – we all need to hear from you!

Carl White, Chief Officer of Coolness
Article Originally Posted on LinkedIn

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Understand Your Client’s Learning Style for Smoother Deals

November 29, 2021February 20, 2019 by Carl White, Mortgage Marketing Animals

Remember when you spent all that time preparing all the facts to close the deal – and then, when you presented them to your client, they looked at you with a blank face? Or maybe the time when you were excited about the great terms you got for a difficult loan so you enthusiastically shared them without going into detail and your client looked at you like you lost your mind because you didn’t have the numbers ready on paper? Something like that has happened to every loan officer I know. The good news is that it builds character. The better news is that you don’t have to ever experience that again. Here’s why…

Thinking styles.

People typically process information in one of three ways – mental, emotional / instinctive, or physical. Now, we all can relate to information in all three ways, but we usually have one style that stands out. And when you deliver information in a way that lines up with how your client processes the world, deals flow smoother.

For example, mental processors are thinkers who like to know facts, data, minutiae, how things work. Emotional, or instinctive, processors are all about how something feels and how it will affect their quality of life. Physical processors want to know how this is going to work, how something will improve their life and what they need to do, or sacrifice, to make their dreams come true. By packaging your deal in the way they can naturally understand it, there is less potential miscommunication and fewer questions.

So how know your client’s thinking style? Hang with me here because this is a little different than what I usually share publicly because this is advanced VIP material. But it’s important to help you cultivate relationships with your clients so I’m putting it out here to teach you what you need to know.

Ok – back to it… to figure out your client’s thinking style, listen to the words they use in their conversations. When they speak, do they ‘see’ how things work or ‘hear’ the explanation? Do they ask for a lot of details or prefer sound bites with taking action? Do they take time to think or do they jump in to the conversation quickly? Considering how your clients think about and process the information in your deals means you can be a more effective solutions provider because you can present the deal in the way they will receive best.

Four Thinking Styles

Here is a description of the four thinking styles that, when you use them, can upgrade your sales process.

The Methodical: These people are analytical, more logical and want to know every fine point of the deal. They make decisions slowly and with a lot of information. They do not like disorganization and they fear negative ‘surprises’. They want their guarantee in hand and what to expect at every point of their decision-making process.

The Humanist: These people relate through their humanity so they want to know about other people – their community, your family and other clients, and the stories behind how others are living their lives. They will put others’ needs before their own and can be uncomfortable receiving gifts for themselves. They are usually slow in making decisions and fear separation. Success stories and testimonials and networking to share about people and their backstories are important.

The Spontaneous: These people are present to life as it happens in the moment. They are flexible, available and impulsive. They appreciate the personalized touch. They also tend to dislike traditional approaches, have FOMO (fear of missing out) and make decisions quickly. They feel their way through life, including how to buy their house, so they will want to be enthusiastic and create an experience about their new home.

The Competitive: The Competitives are looking for competence in themselves and others because they want to understand and control life. They are goal-oriented, quick to make decisions and are highly motivated. They can be persuasive in going for what they want and can minimize or overlook their present needs for long-term future success. They are power-oriented and can get irritated by inefficiency. You have to answer the question, ‘what’s in it for me?’ with these folks.

(I just know you’re wondering which of these best describes you now, right?)

Now that you know about thinking styles, let’s talk about learning styles because that’s how people take in new information.

Three Learning Styles

People generally learn new information in one of three ways – visual (sight), auditory (hearing), kinesthetic (touch or doing). You can easily determine someone’s main learning style by the words they use, like “I see that”, “I hear you”, “I want to get my hands on that information”.

You can also determine their learning style by their body language during a conversation. If they close their eyes to recall something, or their eyes dart around to see what’s interesting around them, they are likely a visual learner. If they hum or talk to themselves (even during a meeting), they are likely an auditory learner and they aren’t missing a beat on what’s been said. If they are a kinesthetic learner, they learn through physical movement, so their hand gestures are likely to be dynamic, they will likely touch you with a pat on the back, for example, and they have a hard time sitting still.

Putting this together, if you are working with a visual person by phone, use video chat instead to communicate on their terms. If you are working with an auditory learner, avoid fluffy conversation and use words concisely. If your client is a kinesthetic learner, get them involved in writing numbers on paper, pointing to contract terms or even meet them at the golf course.

Putting It All Together

This is a little bit like getting the keys to a Lamborghini… now you need to know how to start the engine!

I encourage you to think about your clients and your past deals first, especially the ones that got a little bumpy. With what you now know from above, what would you do differently in those deals to make them smoother? How would you approach your clients differently? What could you have understood and said, or understood and adapted your approach, to make your clients more comfortable in the deal?

Next, consider the deals you’re currently working… would you change anything about how you’re working with any of your clients now? If yes, what? Be specific with yourself, then test it the next time you contact each client. Part of your job is to match what your clients need to help them move through the deal easier. So how do you need to become more flexible? What can you do to adapt to your clients’ thinking and learning styles?

If you really want to go for it, think about your marketing – everything from networking to social media to your referral partners. Is it time to upgrade anything in what you’re presenting or sharing?

I know this is a lot to take in… but this is about setting your business up for long-term success. So it’s just only everything that you figure out how to approach your clients for their maximum success, right? That’s why me and my team are available to you with a whole lot of resources – everything from the Freedom Club to the Masterminds to the Deal Desk to the Loan Officer Freedom Podcast. We got your back.

I encourage you to take advantage of a 1:1 strategy session with us which means taking your fastest route to upgrading your business. We will talk through what you’re doing, the results you’re getting, what’s in your way and what you really want for your business. This isn’t some fluffy conversation – we really get into what’s happening for you and help with some recommendations. When you’re ready to go next-level, schedule your session here: LoanOfficerStrategyCall.com.

Now, before you leave this page, I want to hear from you. Was this helpful? Can you see how to use this information in your business? Let me know so I know I’m helping you with what I’m sharing, ok? Thanks in advance.

Carl White, Chief Officer of Coolness
Article Originally Posted on LinkedIn

Don’t Be Just a Loan Officer – Be A Solutions Provider

November 29, 2021February 13, 2019 by Carl White, Mortgage Marketing Animals

It goes without saying you need to take care of business as a professional – get your clients great rates on their loans, communicate consistently, and close their loans on time. But being good isn’t good enough in today’s competitive market.

Why? Because your client’s expectations are based on the last great experience they had with a company. That means you’re competing not with just your local mortgage professionals but with Uber, AirBnB, Whole Foods… your client expects a great experience. If any representative at Amazon can pick up their conversation at any point in their experience without missing a beat, you can surely do the same.

Let’s think about what the mortgage loan process looks like from your client’s perspective. It means they’re moving themselves and their family into a new home, meaning they may need help moving or getting settled. They might need to hire contractors who can do some update work around their new home and property. They might need to become acquainted with their new neighborhood, their new neighbors and establish new routines. Heck – they might just need a pizza for dinner their first night in their new home.

The point is that you can help them beyond the transaction to have a great experience working with you. What’s in it for you to go above and beyond? They’re going to talk about that with all their friends, family, colleagues, neighborhood people they meet… you will touch a lot of people through them. People like to share success and, when they do, they cannot help but talk about what got them to it, and that means they talk about you.

It also means that you share the trends you see coming in the real estate market and educate people on what they need to know. Some of your clients might be investors or be thinking ahead to when they are ready to move because their kids graduate from school or they retire from their full-time careers. You need to be top of mind when they’re ready to make that next move.

So how do you stay top of mind as a solutions provider? You work your worth. That is, you share valuable information through an email newsletter every month. You check in with them on a quarterly basis by phone. You ping them when you see an event or a local news update that might be relevant to them. You start a Facebook group where you introduce your clients to each other. You make sure your clients know your story – what you see as injustice, what you are trying to conquer, what you are achieving in your work – so they can help tell it for you. You get on their Christmas card list. You develop a sincere relationship because you CARE.

Now, some of that can be automated with good technology. I’m happy to tell you more about that… let me know if you’re interested. But my main point is that you need to be a SOLUTIONS provider, in addition to being a strong loan officer, who is relevant, practical and helpful in the ecosphere of your clients’ lives.

Going further is not only professionally and financially rewarding but personally fulfilling. Trust me on that.

What do you do to help your clients that is above and beyond? Share with me – your answer will inspire me to go a little further in delivering a great client experience by working with you.

Carl White, Chief Officer of Coolness

Article Originally Posted on LinkedIn

Where Is The Invisible Gorilla In Your Business?

November 29, 2021January 30, 2019 by Carl White, Mortgage Marketing Animals

The invisible gorilla concept is a real thing. It’s named after a study where two teams of kids were videotaped passing basketballs back and forth while bobbing and weaving and dodging each other on the court. The experiment was that viewers were told to keep count of the throws of the basketball. About a minute into this, a large man in a gorilla suit walks directly into the middle of the kids, stops, beats his chest, then strolls away while the kids keep playing. After the video ends, the researchers asked the viewers if they saw the gorilla. About half the audience completely missed the gorilla!

Because the viewers were so focused on the complex task of counting basketball throws, they narrowed their attention and blocked out everything other than those throws – they literally could not see the big, hairy gorilla right in front of them! (You can look for the gorilla yourself here: https://youtu.be/vJG698U2Mvo).

That effect – of the ‘invisible gorilla’ – is caused by ‘inattentional blindness’, or perceptual blindness. It’s a psychological lack of attention vs. a physical issue with vision. Basically, it means the person fails to see an unexpected stimulus in plain sight.

What does that mean to you and me as businesspeople? It means we might get so focused on what we think our challenges and opportunities are that we miss the obvious because we don’t expect something other than what we are focusing on at the moment.

Let’s say you are focused on working Thor’s Hammer – you’re making your calls, setting up your appointments, going to your face-to-face meetings and working hard when your spouse casually mentions that her friend, Susie, said that her friend was looking to buy a new house or your buddy tells you that he heard about a developer getting ready to build a new community. You might hear ‘noise’ or social chit chat and completely miss that somebody is going to need at least one loan in either of those situations.

Maybe you’re so focused on hitting your numbers that you forget to call your clients with a quick status on your loans. Maybe you’re working too hard by doing it all yourself and you completely miss the fact that you could be doing twice as much (and making more money) by hiring a loan processor. Or maybe you’re so focused on doing things the way you’ve always done that you don’t even think that there might be a better, more efficient way to run your business.

The point is that you might have an invisible gorilla in your business right now. You can’t see it because you’re too busy counting your throws. And that’s not a bad thing! But it does mean you could be missing something really important and you need help to see it. I was working with someone just last week who told me that they just couldn’t take a day off because weekends were catch-up from the week before – until I crossed out not just one but TWO days on their calendar for planned time off. There is nobody who can sustain the level of energy we need in business without at least a day off every week. But I digress…

If you can’t see your gorilla, we got your back! Let us help you improve your vision (and your business!). Sign up for one of our strategy sessions – there isn’t a catch to it (no obligatory gorillas there!). We simply want to pay it forward and help you see what you might be missing in your business right now. Here’s how you can schedule your session: www.LoanOfficerStrategyCall.com.

Meanwhile, if you have a way that you use to reset your attention in business – a day off, coffee with a friend, a walk around the block – share it. We all win by helping each other and I’m always looking for good ‘hacks’ to get more out of my day too. Thanks in advance.

Carl White, Chief Officer of Coolness

Article Originally Posted on LinkedIn

Put the Compound Effect to Work In Your Business

January 6, 2022January 23, 2019 by Carl White, Mortgage Marketing Animals

Whether you know it or not, the compound effect has been quietly chugging away in your life and business since the beginning. What does that mean? Well, it’s like compound interest… a little bit adds up to a lot over time.

When you get conscious about applying that strategically, it means that seemingly insignificant decisions and actions can create some really huge rewards. For example, if you’re a fancy latte drinker at about $6 a pop daily, when you skip that latte, you save yourself more than $1,500 in a year. If a plane is headed just one percent off-course when it leaves Los Angeles for New York (and does not course-correct), it will end up in Delaware. If you walk the stairs for 30 minutes for three days a week (assuming you weigh around 185 pounds), you could lose a pound a month; increase that to 60 minutes four days a week, you could burn a pound every ten days. If you cut 200 calories out of your daily intake on top of that (which is about a donut a day), you could lose a pound a week.

The point is that, by following through on the small things, you get big results. By accelerating the small things, you get even bigger results faster.

You can already see that one of the factors for making the compound effect work for you is that you have to measure what you’re doing. You just can’t know success unless you know what you’re aiming for and what you’re doing to get it.

You also have to be 100% accountable and responsible for what’s happening in your business. Did a deal slip through the cracks? That’s on you. Did a team member get lost in the process and miss a deadline? Yep, that’s on you too. Why? Because you need to set up fail-proof systems, provide training and then make sure each team member has support in their follow-through.

Another ‘law’ of the compound effect is consistency. You cannot activate the compound effect when you have a one-shot or spotty execution on an activity. (One day without a donut won’t make a difference. Believe me – I know many who have tried that one!)

The compound effect is not about your big vision, or your major pivot points, or any life-changing decision; instead, it’s about the small decisions you in the everyday choice points that you probably don’t even think about in the moment. Should you push through and make those extra five calls today? Is it time to hire a personal assistant? Should you walk the stairs an extra 30 minutes? Should you attend that networking event, send that text, follow-up with the person you met last week? These are the choices that can change everything. And we are often sleepwalking our way through them, or procrastinating on them, or something – anything – gets in our way or takes our attention elsewhere.

There are only a handful of things that should get precedence over what you know is the right thing to do for your business – your higher power, your health, your family and anything concerning blood or bodily injury. That’s about it. No other excuse will do when it comes to doing the right thing for your potential and current clients and referral partners. Your success depends on, and is the result of, that perspective.

What small things have you been putting off doing in your business? What choices are you making unconsciously that are limiting your business growth? What little things could you be doing different every day that could get you a little more momentum (and gain speed) toward your business goals? I want to know so I can see you being successful with them from this point forward – Let me know here.

Carl White, Chief Officer of Coolness

Article Originally Posted on LinkedIn