Remember that is what a mortgage is a “bond” that changes. You know rates go up and down. Well paint that picture. Painting the picture that to the client you send all the application too, they need to actually SIGN IT and SEND IT BACK… Rather quickly. It’s not a sit on it and analyze it type of thing for two weeks. You don’t ponder a mortgage decision on a refinance. A purchase ok take your time, when your ready come back to me and I’ll refer you a realtor with a pre-approval letter.
With Bonds or should I say mortgages there is a price associated on a LE that is sent in an environment of rates at a specific date in time. You and I know rates come out daily. Paint that picture, that fact that remains the exact price to the penny will not be the same exact price on the loan assuming it’s not locked at time of initial disclosures. That’s a fact and part of our industry. And why CREATING URGENCY is actually really easy in the mortgage business. I never understood why other originators wouldn’t get their “books” back. Book = Complete loan package SIGNED with supporting information needed. I remember a time in the call center days we would “ring” literally a bell on the floor to create excitement. Once a day I’d make it a goal to go over and ring that bell. lol.
You know it all came down to “painting the picture”. Shopper or not I stressed the fact that rates change daily and that either market (rising or lowering) that is link between the myth that what your promised and what a client gets are two different things. (in the mortgage industry) The majority of people who say that where promised something one day, held on to something too long, the rates changed and when they locked that price was different. They paid more for the same rate. ENTER the one call close, what we called “Same Day Service”
When I used “rocket” before it was known, I would take the app in a conversation, scrub their credit, and “rocket” the loan for decision inside of 40 minutes most of the time. I would give that client a consultative approach to solutions for their need, whatever it was. I always dug deep. And when the time came to push the buttons to generate the docs, I would offer a special same day discount of some sort. All they needed to do was allow me to explain the docs one by one to them. Which I did, I walked clients through each form, told them which lending law associated with each document, and then had them sign it. Right on the phone. And afterward I would attempt to offer to lock the loan in, if they could send me the supporting docs same day. Boom 1 out of 10 would do it. Most people I would call in the morning. Paint the picture of importance to get the book back, push the bruise (the why they are doing this to begin with, remember I dug deep) and gain a commitment on a time I would have it back by.
My ratios ended up being that 80% of the people hold on to the docs 24 hours or less and really do move to get supporting docs rather quickly. 10% ended up shopping and out of that approximately 2% would come back to me and say, I totally understand now. The teeter tooter effect of price and cost and how they relate they either understood better and or trusted me. And would do business. The rest was same day or not at all. Win some lose some.
Today originators do TWO things for me. First place a big sign in front of you that says S W to the 3rd power. SW3. Some Will, Some Won’t, So What NEXT. And try today to take as many applications all the way to “book back” in one call. Achieve Same Day Service.
If you’ve done SAME DAY SERVICE, like the article.
100 calls 4 credits 1 deal