How to Close More Mortgage Loans - Average up to 50 Monthly

How to Close More Mortgage Loans - An Introduction

How to close more mortgage loans is the question. Indeed, it's not wise to "trick" anyone into doing anything. On the other hand, it is essential to know how to sell and sell appropriately well.

In a mortgage world where most loan officers offer the same types of loans with competitive interest rates, it's hard to stand apart from the flock. Many times, loan officers don't know how to market or promote themselves as having a competitive edge. These are why so many loan officers leave the lending industry.

Loan Officer Tricks Versus Acting with Integrity

In 2008, loan officer tricks were in full swing. Not only this, a corrupt mortgage industry nearly took down the entire world economy. However, things have changed. Loan officers don't need to trick anyone into doing anything. Instead, the best approach is, to be honest. Sell appropriately. Evaluate borrower needs. When selling, sell with integrity and know your products and your craft.

Be a mortgage consultant. Ultimately, with advice to your customers based on needs and appropriateness. For example, don't sell a 30-year mortgage term to someone who just turned 50. They'll be paying on their mortgage until they turn 80. Instead, consider selling them a 15-year mortgage, and then they can retire comfortably at 65. Alternatively, if you sell a 30-year mortgage to a 50-year-old person, have them accelerate their mortgage as if it was a 15-year term. In this way, if ever there was an emergency or tightening of their income, they can make lower payments. Later, the borrower can resume paying the loan as a 15-year term.

'What Is Morgage Sales' [SIC] Is An Actual Google Keyword Search Phrase Loan Officers Need to Know

Yes, I know. And, it's essential you understand what this means. The grammatically correct search term is 'What ARE mortgage sales' - hence the [SIC] in the headline. But the search term, 'what is mortgage sales,' is the Google search keyword as it appears in Google.

Mortgage sales are about people and the homes they choose. People have FICO scores. Yet, they are still people. It's important to know that you let your borrowers know YOU CARE about them. They don't care how much you know until they know how much you care. Caring is the secret to getting more referrals. Indeed, referrals are how you grow your business.

Loan Officer Sales Tips

One of the best loan officer sales tips is this: don't be in business by yourself. Find people whom you can help and who can help you. Always be thinking 'networking for loan officers' and do it.

Referral Marketing for Loan Officers - Closing Nearly 50 More Transactions Monthly with Home Sweet Home

Referral marketing for loan officers can enhance business volume. Undoubtedly, with Home Sweet Home's Referral Exchange Network, loan officers can work with their co-workers to close more declined borrowers. How so? This organization's staff comprises financial planners and advisers with a lending background dealing with credit. They work with their Network Members to help declined and near-miss buyers qualify for home loan financing. The video, Agents! Loan Officers! Close 4X Faster explains the process more fully.

Our "appointed" Network Member loan officer can gather declined, near-miss loan borrowers from their co-workers and refer those same borrowers to Home Sweet Home. So, how many loans can a loan officer close? Let's see in the following example if there is an office of 50 loan officers. Each loan officer refers only two declined borrowers (via our primary loan officer contact at the branch); this would be 100 referrals. Let's say 50% (or 50 borrowers) are loan-ready with the help of Home Sweet Home via the Home Ownership Program within approximately 30-90 days - month in and month out. This example accounts for the volume of 50 loan closings per month.

Loan Officer Referrals Mean Big Income

Our "appointed" loan officer makes a 20% referral fee (on an average loan commission of $2,000) on each loan as compensation for saving these transactions for closing. (Remember, this is just an example, and these are arbitrary numbers). This income amounts to: 50 loan officers x 2 declined referrals monthly = 100 referrals monthly x 50% conversion rate = 50 loan-ready referrals monthly x $2,000 commission = $100,000 in total commission to loan officers in the office x 20% referral fee to the "appointed" Network Member loan officer = $20,000 MONTHLY additional income or $240,000 ANNUALLY.

Loan officer referrals are well worth taking seriously.

MAX Your Referral Volume

If you can MAX Your Referral Volume? Would you do it? Of course, you would! Why not? Even the smartest (and busiest) business persons find a way to make more money. Sometimes this means hiring a team to take in more business so they can profit (even at a lesser percentage.?It's the Wal-Mart theory. More volume means more money.

How to Sell Mortgages Over the Phone the Home Sweet Home Way

When you are selling a declined borrower referral, you need to state very clearly why you are sending them as a referral to Home Sweet Home. They have a right to know to whom you are sending them and why. Our system for selling your referral on the idea of signing up for the Home Ownership Program is simple. It consists of three actions: text, email, and phone call. All of the messages are "copy and paste," and the phone call you make is based on a phone script. Use these, and your referrals will sign up and will ultimately qualify for home loan financing. See this document:

How to Send Referrals to Home Sweet Home and INCREASE Your Closing Rate

Loan Officers Network With Real Estate Agents' Office for Even More Incoming Loan Volume

Use this same system with your real estate agent's office, and loan officers can close even more loans monthly.

Use the Max Your Referral Volume - CLICK HERE to get started.

Thank you for reading this article. Any questions?

Contact: Michael Lee - Co-Director - Home Sweet Home

314-260-1832 | [email protected]