CAN YOU HEAR ME NOW?

WHAT BORROWERS WANT IN 2015

Its 2015 and lending is officially making a comeback. It’s time to go through the old 1003’s and start dialing for dollars for all of the borrowers that have been shut out for the past six years through the recession. They pick up and let the pleasantries begin. “Hey Joe! How are the kids? How have you been?” Couple minutes in and now it’s time to get down to business. How do you begin to build the relationship again out of the chaos and rubble that was left behind when the markets collapsed and lending froze for the small business owner in 2008? This client loves you and you them, but some rebuilding is going to be necessary to forge ahead.

First what does your borrower want to hear? You are the bearer of great news! They already know you, and even if they don’t, that you called is a good sign. The first message is that lending is back! Wall Street has spoken and the piggy banks are open for the small business owner again.

Second there is nothing wrong with the word “broker”. You don’t have to be the lender or correspondent for the lender. It’s ok that you are a mortgage broker because you have the experience for ALL lending, not just one specific program, that may not fit their specific needs. Being the expert is your value. Lender status is great, but if they fall out of your “lender” bucket now what.

Third there is a tremendous amount of distrust in the marketplace. When the markets collapsed a lot of borrowers were left high and dry. Some loans were called and people lost their properties. Others had their loans moved around many times before it all settled down. Interest rates and loan payments spiked as the teaser rates went away. Borrowers want and need honesty and integrity to begin building the bridges again. They want the straight truth even if it may not be what they are expecting to hear. A “no” is a good thing. Maybes only build resentment and lost clients. Also it is ok to disclose your lenders. They are your lenders and will protect you. Secrets are not going to fly. Full disclosure will prove you are the long time professional they are going to want for all of their future needs.

Next borrowers want options. They want to know that you are doing your job for them and earning those great fees. Give an offer or two that appeal to their specific need. Does a longer amortization help since they are long term owner or is a short term plan ok because the plan to sell in the coming years? Delve down into their needs and problems to provide a custom tailored solution. Your new title is “problem solver”.

Now you would think the number one thing your borrower wants to hear are the best rates and terms. Best pricing is paramount, right? Wrong. That is not always the case. How about good ole fashion customer service. This sometimes transcends pricing. Have you ever bought something, a product or service like insurance from a family member or friend without checking a competitor’s price? Of course, we all have. Your client knowing that you have their best interest at all times and are there for them in their time of need 9 out of 10 times beats out best price as long as you are competitive. The lenders are getting busier and busier as the market continues to heat up. They will never be able to service your client as well as you can and that means a great fair wage for an honest living and your client will be more than happy to pay it over and over again.

It’s 2015 and the world is changing again for the better. The pendulum is swinging. Sure, we may have to make some apologies for things that happened that were out of our control, but if you go the extra mile the business will pay you vast dividends and the glory days will be here again. CP