If you’re here looking for tips to increase your mortgage loan sales, we’ll start by telling you what not to do.
Consider this example: You’re at a used car dealership. The salesperson is very enthusiastic going about their job, showing you cars. They pitch multiple options, but you have your eyes set on one. Next, you complete all required paperwork and make the payment assuming you’ve landed a great deal—the car seems to be in great condition and the selling price is great too. Everything looks good so far.
Unfortunately, the engine starts to malfunction after a few weeks. You repair it once only to experience some new issue every couple of days.
Now, we’ve all heard stories from back in the day when second-hand car dealers would trick buyers. Neither transparency nor clear communication was their strong point. As a mortgage lender, that’s precisely what you need to avoid.
Most homebuyers are more aware and more tech-savvy. They know a thing or two about creditworthiness, loan interest rates and how the economy functions. They may also know about technologies like mortgage automation or artificial intelligence. However, it doesn’t mean they know everything about mortgage loan processing—that’s your area of expertise. It’s your responsibility to educate them about how loan automation can speed up the entire process and make it more convenient for them.
Lack of transparency or communication affects business relations with your clients—the core of any business.
Here are some mortgage sales tips to not only help you successfully close mortgage applications, but to also help improve the lending experience for your customers.
Mortgage Sales Tips for Lenders
One of the most important mortgage selling tips is to establish credibility.
Many customers find it difficult to take sales representatives for their word. So, you must work on developing an exceptional sales pitch for your clients, unless you want to lose them. Your loan representatives should be able to establish trust using this sales pitch. Explain every service you offer and the benefits of working with you.
Start by building a rapport and follow up by pitching mortgage options best suited to a prospective customer’s requirements.
In most cases, the first interaction takes place over email or via a call. Given this, try and share a personal video message reinforcing your service benefits. Once the client can see who they’re working with, they will be inclined to trust you more with their mortgage needs.
Transparency and full disclosure are among the top mortgage selling tips. Remember to be 100% transparent as you develop your sales pitch—not 99%, not 80% but 100%. If needed, explain each benefit and contingency of working with your business, in detail.
In addition, fully disclose all important information and eligibility documents that you need to successfully close the mortgage application process. Your clients will happily partner with you when they are confident that you will be transparent.
Borrowing a mortgage loan can be stressful and requires a massive commitment. This is the reason loan applicants are always keen to work with experts in the industry. Here’s where your expertise comes in. Show them that you know your stuff, even better than your competitors do.
In addition to following these handy tips, consider outsourcing your mortgage loan process.
We understand fluctuations in the housing market—compliances, high interest rates, dynamic technologies and budget constraints—keep you on your toes. A solution like outsourcing will not only help address these inconsistencies but also fulfill origination volumes and scale your business.
Better Customer Service
Customer satisfaction is one of the most important factors as far as business growth is concerned. However, you will agree that the time-consuming functions in mortgage lending often leave you strapped for time.
Outsourcing service providers not only handle processing, but also automate tasks across the lifecycle of a mortgage loan so that you and your staff can focus on quality service and support for your clients.
Reduce Turnaround Time
Most tasks in mortgage processing are recurring. Borrowers could back out at any stage of the process if they’re unhappy with the quality of service or lengthy turnaround times.
Outsourcing can help significantly mitigate this risk by speeding up the decision-making process. Outsourcing companies allow you to work with experienced professionals who streamline loan handling and in turn help you deliver reasonable turnaround times.
Access To Analytics
Many businesses today leverage big data to improve service quality. However, it is an expensive affair and many small-medium sized businesses (SMBs) can’t afford it.
Outsourcing providers level the playing field by providing big data access to SMBs helping you leverage analytics and make data-driven decisions about loan estimates and closing disclosures. This in turn leads to customer satisfaction.
Ofcourse there’s more to outsourcing than just these benefits. It will help you put the focus back on customer satisfaction and quality service delivery. This way you’re sure to receive good client referrals that will enable you to expand your client footprint and consequently, your business.
Hopefully, this combination of recommendations gives you a fair sense of how to close more mortgage applications.
We understand that mortgage loan closure may take significant time and the process may have many roadblocks. However, don’t let that wear you down. Your customers may have weird questions or feedback. Don’t let things like these distract or discourage you.
At HelioNext, we offer mortgage loan processing services to lenders, brokers and small bankers. Our services include end-to-end mortgage outsourcing and automation solutions which help speed up loan processing, improve operational capability and increase cash flow.