Loan Officer Coaching

I came across a story the other day on a Facebook group. A loan officer was stressing over a prospect quoting a super-low rate from another company.

They were looking for scripts to reel the borrower back in, but here’s the thing: by the time they’re shopping, it’s often too late for a script to work. This kind of stuff can drive you nuts, right?

Here’s my take: it’s all about the first conversation you have with them. (Don’t worry—I’ve got a killer script for that below!) But before that, let’s talk strategy.

I’ve found that for every 4 leads, we close 1 loan. My team and I have closed tens of thousands of loans (literally), so this formula has proven itself.

About half of the leads are approvable, and we close around 50% of those.

The rest? They either decide not to move forward or they shop around.

Instead of chasing shoppers like herding cats, we focus on what actually works: Getting More High-Quality Referred Leads.

We’ve developed 4 proven strategies to do just that—zero cold calling, no gimmicks, just solid, actionable tactics. And I’d love to share them with you on a quick Zoom call… for free. ☺

Schedule your “Lead Getting” call here

Now, about that script for shoppers: use it before they start shopping. Here’s what it sounds like:

“Ok Bob and Sue, based on our conversation, it looks like your monthly payment will be $[insert], with a down payment of $[insert], and total funds to close at $[insert]. If I can deliver on those numbers, will you commit to me being your lender so my team and I can get started to ensure we close on time?”

If they say yes, they’re in.

If not, you’ve identified a shopper and saved yourself a ton of time.

But here’s the kicker: even with the best scripts, the real key is getting more referred leads.

Let’s connect and talk about how to get more of those high-quality referrals.

You’ll never let one deal going sideways ruffle your feathers again when you’ve got a steady flow of leads.

Book your free strategy call now: www.GetMoreLoans.com

Let’s make this easy and profitable for you. Can’t wait to chat!

Of course we all know that the quickest, easiest, and most dependable way to get more closings is simply to “ask for the business”.

It just seems the stumbling block for most is, that they feel “weird” about asking for the business, so they never actually do it.

The real issue is, that most struggle with feeling “worthy” of asking for the business.  Like they have to do something first or juggle a bunch of bowling balls and rubber chickens to impress everybody first, then they feel worthy of asking for referrals….

So there are all kinds of shiny whistles and “widgets’ being offered to LOs, that “If you do this, then referral partners will like you and refer to you”.

The problem with those things, is most of them take a lot of effort and time…

….Time that you could be spending doing actual loan-getting activity.  Instead, most of these things have you “getting ready” to do actual loan-getting activity as opposed to actually “doing” loan-getting activity. 

See the difference?

“Getting ready” is a colossal waste of time, money, and effort; all while actually not directly producing borrower leads / referrals.

Worse, when we do all that extra (and not necessary) “getting ready” activity, resulting in no new loans, it poisons our minds into thinking that we did a bunch of activity, spent a lot of time doing it, perhaps spent a bunch of money, but nothing actually happened, thus there is no need for me to do any more work as it won’t actually result in new loans. 

Nothing could be further from the truth.  

We just simply have to do some of the “right” activity…

… all while avoiding the “getting ready” or “busy” work… which will actually hurt your production because it keeps you from the “right” activity.

Now, I’m not saying all “widgets” are a waste of time and energy.

I use a select few in my mortgage branch, and my loan officers use some very effectively too.

I put together a list of 28 value propositions (some are widgets, most aren’t) .. that actually result in more closings for us, with very very little wasted energy (if any at all).

Going over these easy value propositions is what I am talking to my loan officers about this week.

These all make it very easy to ask for, and actually GET MORE referrals in a very cool way.

… Which results in more loans for us… A LOT MORE!

Talk soon.

Carl White

PS.  Want me to hook you up with the best activities that we are doing as “value propositions”?
(the ones that actually work… duh)

Go Here and tell me what you are currently doing now, and I’ll hook you up with a customized 1 on 1 call, just like I do with my private coaching clients…. For free ☺

We’ll go over the best value propositions for you to use, to make all this so much easier. 

This will be a very good use of your time.