Common Communication Mistakes That Can Impede Loan Officer Success

The top skills that come to mind when many people think of a loan officer tend to be more financial, mathematical, and analytical skills. There’s no doubt that these skills are essential, but they aren’t the only ones a loan officer needs to succeed. Communication skills are just as important when it comes to growing and sustaining a strong mortgage business. Loan officers need strong communication skills throughout their workdays, whether they’re engaging with prospects and clients, working with colleagues, or networking with other professionals. This week, I wanted to look at some of the most common communication mistakes loan officers make with prospects and clients:

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Staying On Script

Maybe you have a sheet of notes you use for your prospecting calls, or perhaps you’ve gotten into a clear routine with pitching your services. Maybe you have a go-to way to start off your first meeting with clients or an explanation of the loan process that’s ready to go. There’s nothing inherently wrong with these things, but balance is essential here. Planning and preparation are important and can give our communication skills a boost; but when loan officers take this too far, it can backfire. Sounding overly scripted can make you come off as disingenuous and impersonal.

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More Monologue than Dialogue

Loan officers have a great deal of information to share; sharing information is an important part of the job. The common mistake is that some professionals allow this to turn their communication style into more of a monologue. When this happens, it becomes much more challenging to build relationships. It can make prospects and clients feel like they’re in a one-size-fits-all experience with no space for them to ask you questions. To avoid this, focus on a healthy back and forth — a true dialogue. That doesn't necessarily mean it will always be equal, but it does mean making sure the dynamic you create feels like a conversation. Make space for your prospects and clients to participate fully.

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Lack of Clarity

Some loan officers forget what it’s like to be brand new to the mortgage process. While it’s understandable that things become second nature after years of repetition, you need to remember that — for your prospects and clients — much (or all) of the mortgage process is new. Don’t lose sight of the fact that what seems obvious to you might be completely unfamiliar to them. Prioritize clarity in your communication. Don’t gloss things over, move too quickly, or forget to break down terms. It’s always wise to check in with your clients periodically and make it clear that they should feel free to interrupt if a question comes up.

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Communication is vital for loan officers to succeed, and any mistakes you make can be costly. ?Communication mistakes can limit the amount of useful information you’re able to learn from your prospects and clients, and they also can have a significant impact on the client-experience you provide.

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If you’d like to talk more about any of these ideas, or if there’s something else I can be of assistance with, don’t hesitate to reach out to me. I’m always happy to block off some time to connect.