ORIGINATING IS LIKE FISHING

Well not exactly but there are quite a few parallels...

In fishing, you try to figure out what will attract the fish to you.

In originating, you try to figure out what will attract the borrowers to you. 

In fishing, experience is the best teacher and those that are successful are usually experienced.

In originating, experience is the best teacher and those that are successful are usually experienced.

In fishing, the size of the water, number of hungry fish in that water and weather conditions are all a factor into the success of the angler.

In originating, the size of the market, number of ready, willing and able borrowers and market conditions all factor into the success of the originator.

To be continued.....

IS THIS HONESTY?

What kind of a question is "Can I be honest with you?" What are you supposed to say? "No, please lie to me."

Alternatively, when people say, "Do you want to know the truth?" What are you supposed to say? "No I would rather have fiction."

Please remember that honesty is always the best policy and saying things like this will only make people question your honesty. Many folks say these phrases very innocently, however not everyone will believe in their innocence. So, if you are in the habit of saying these things, you either need to stop saying them or start speaking the truth at all times. 

I AM CUSTOMER (continued)

I am much more sophisticated these days than I was just a few years ago. I've grown accustomed to better things and my needs are more complex. I'm perfectly willing to spend more money with you, but I insist on quality to match your prices.

I am above all a human being. I am sensitive and busy. I can't stand being snubbed, ignored, or looked down upon. I am proud. My ego needs the nourishment of friendly personal service from you. It is important to me that you recognize my own importance to you and that you appreciate my business.

Of course, I am a bit of a show off, too. Don't condemn me for that because you are probably a little hammy at times yourself. Just smile and indulge my whims as best you can.

I am your customer now, but you must prove to me again and again that I have made a wise choice in selecting your company over others. And you must convince me repeatedly that being your customer is a desirable thing in the first place. Do we understand each other?

RIDE IN ON YOUR WHITE HORSE!

Despite how well you handled a customer and took care of them, occasionally the plan goes awry. Something happened that made the loan process somewhat distasteful or downright miserable. Maybe there was a processing error (which was probably your fault to begin with), a last minute "fly in the ointment" at a closing or a problem with the servicer to whom we sold their loan.

Now what to do?

This, my friends, is one of your greatest opportunities.

Ride in on your "white horse" and save the day just like a movie hero!

No, you do not have to untie a fair maiden from the railroad tracks as the speeding train approaches but it is a good metaphor for the situation.

Whenever there is a problem, you can elevate yourself in the eyes of your customers by accepting responsibility for the situation, fixing it and making up for it in some way. All great Loan Officers have to ride the "white horse" occasionally and by doing it right you can turn an angry customer into a Raving Fan!

KEEPING CUSTOMERS FOR LIFE

So now you have made a great first impression, won the customer over and taken their loan application. Now how do you keep them as customers for life?

• Be responsive and proactive throughout the loan process. Make sure everything goes as smoothly as possible and most importantly return their phone calls promptly.
• Contact them both right before their closing and right after the closing. Address any last minute questions, as well as get feedback and answer questions once the loan is closed.
• Continue your contact with them through the Media Center and annual "financial checkups."
• Most of all return their calls promptly. This is the basic ingredient of customer service and client retention before and after the sale!

HOW TO BECOME A TRUSTED ADVISOR continued....

This part is somewhat more difficult in that you must have the knowledge to be a trusted advisor and you cannot get it overnight!

There is no substitute for the experience in the mortgage business, however, by taking the time to educate yourself you can stay ahead of the curve, The newer you are in the business the more time you need to spend every day to increase your knowledge. As your experience and knowledge grow you can taper off your time spent learning, but you should never stop. 

When you stop learning, you stop growing.

Plenty of experience Loan Officers out there stopped learning a long time ago. However, many of those people have since seen their less experienced peers lap them. So regardless of your experience and knowledge, keep improving upon it. Block out time for continuing education, read all you can and keep your saw sharp.

Learn and earn!!!

GREAT QUESTIONS TO ASK A BUYER

Here is a short list of great questions to ask for a potential purchase customer...

• What kind of price range or payment range are you looking for?
• What part of town are you looking in?
• How much is your rent or current mortgage payment(s)?
• How much do you think your home is worth? ( Realtors love it when you give them this information.)
• How much do you have to put down? (This is always a good one because it can present so many great opportunities for you to be a problem solver.)
• Do you have any questions for me? (If you can get to this one you have done well!)
• Be sure and stroke your Realtor/ Builder referral source.

HOW TO BECOME A TRUSTED ADVISOR

The first key to building long lasting customer relationships is to build rapport by asking questions and getting your customer talking. You should be asking three or four times as many questions than the customer asks you in your first conversation with them.

Keep this little fact of human nature in mind. When someone picks up the phone in order to inquire about obtaining a mortgage, they are planning to ask YOU the questions. So by asking them questions you can not only build rapport but you can also get them thinking about what is truly important (i.e. long-term goals) rather than what they called you about, which was almost certainly "what are your interest rates?"

By doing this you will not only set yourself apart from the majority of your competition, but you will also demonstrate your knowledge, skill and most important of all, caring.

So, the next time a new customer calls you, try a little mental game called "he/she who asks the most questions wins." If the customer asks you more questions that you ask them, you have lost and probably will never speak to that person again. However, if you ask the most questions the situation probably will be a win/win for both of you!

CRITICISM

A tough word for sure but not all criticism has to be negative.

By approaching the situation with understanding and compassion, you can turn any criticism into constructive criticism. Like so many other things in life, it's not what you say but how you say it.

Remember, criticism should always leave people with the feeling that they have been helped!

SHARPEN YOUR SAW

Slower times are the perfect opportunity to "sharpen your saw" or in other words, improve your skills, knowledge and marketing.

Here are some things to consider doing when you have the extra time.

• Maintain and improve your database of customers and referral sources
• Spend time on the Media Center website cleaning up your database and expanding your use of the Media Center
• Learn, Learn, Learn -- read the DU guide, 4155 and everything on the info net. Knowledge is your best asset and those with the knowledge it takes, will be successful in any market.
• Make contact with all of your old referral sources, Ask questions designed to help them out and you may decide to drop them from your list or you may just get a customer back!
• Change your office- move your furniture, pictures, etc. You will feel and work better in fresh surroundings. 

GOALS?

Do your goals include success and/or happiness? Hopefully not, because success and happiness are not goals they are part of the journey.

You may have success and happiness related goals but keep in mind the journey is the fun part. If you maintain a positive attitude and always strive for good outcomes, you will find that happiness and success will accompany you always!

NO PAIN NO GAIN

Once again, back by popular demand are the words of the Scorpions. The excerpts printed here are very pertinent for us right now, as we face the reality of less volume as the refinance boom fades and we move forward. These words not only apply to business but they are also great words to live by...

“No time for losers you make the call
Believe in yourself stand tall
Anther day it’s in your hand
You can be the winner in the end
The weak will fall the strong remain
No pain no gain
Keep running don’t look back
Keep moving straight ahead
Keep going don’t ever stop
There’s time to rest the day you drop
You roll the dive you play the game
The weak will fall the strong remain
No pain no gain”

— Scorpions

THROUGHS FROM A BLIZZARD

After several winters of less than average snowfall in Colorado, we were "blessed" with a years worth of snow in two days. This blizzard had extremely heavy, nearly immovable snow virtually shutting down the city for two days and leaving many people stranded in their homes for nearly a week because snowplows could not get to their neighborhood. 

I know most of you could care less, but as with any difficult circumstance, we can learn for the future. With that said, there are a few preparations everyone can take to making being stranded at home less taxing. This kind of thin can happen to anyone anywhere thanks to Mother Nature.

Food -- keep plenty of canned goods, dry-milk and non-perishable food on hand,

Batteries -- natural disasters usually are accompanied by power outages and without batteries; it can be a dark world.

Tools -- depending on where you live you may need anything from snow shovels to boards for your windows. Moreover, do not try to buy them after the fact. Everyone else has the same idea.

Vices -- stock up on those items you consider essential. The saddest phone call I received while stranded was from a chain-smoking neighbor looking for cigarettes. Even if I did have any, the walk probably would have killed him. Going through withdrawal just adds insult to injury during a crisis. 

THE GROWING TREND

We mortgage lenders have shifted quote a bit of our marketing efforts towards our previous customers over the past several years. That trend, my friends, is growing into one of the great importance for the health of your business in the future.

What has happened over the past few years is that most of us have had much more contact with our customers than their Realtors have because of the refi boom and the Media Center. The fact is, most of your customers are more aware of your services than the services of the Realtor who originally referred them to you. Because of that awareness, they are more likely to call you when they begin the home buying and selling process again.

This gives us an unprecedented opportunity to "pay it back" with our Realtors not only by guiding our borrowers back to their Realtor, but also by having a source of other referrals to give to our best customers. So keep marketing your past customers and take great care of them. They are your future!

SAY GOODBYE TO COFFEE!?!

If you are feeling stressed out these days, try eliminating coffee from your daily routine and you just may feel a whole lot better!

Many people have already stopped reading this, but for those of you who are still here consider these factoids...

According to Dr. David Posen, the author of "Always Change a Losing Game", eliminating caffeine is more effective than any other stress reduction technique. Studies show that most people who eliminate caffeine feel significantly more relaxed and they feel more energetic primarily because of better sleep. 

Caffeine is a liquid stress, simultaneously boosting adrenaline production and suppressing adenosine, a natural relaxant of the brain.

To avoid the dreaded withdrawal headaches experts say to gradually cut back one cup at a time, beginning with your last cup of the day.

Sorry to be the bearer of bad new but the good news is that it works! Try drinking water or juice in the morning and you just may enjoy your entire day a whole lot more!

SALES CALL BASICS

Keep these tips in mind whenever making sales calls on Realtors and builders...

1. Never show up empty handed- try to bring something of value to your prospects.
2. Have a purpose and plan of what to talk about.
3. Keep in mind that they are probably busy and you may be interrupting. Ask "is now a good time?"
4. Smile and maintain a positive attitude.
5. Try to schedule an appointment.
6. Ask for business!!!

RULE #1

If there is one key to the mortgage business, it is this...

There must be value in your services; otherwise you are only selling a commodity.

It sounds simple, yet it encompasses so much. A successful Loan Originator must create value through knowledge, expertise and trust. If the customer does not perceive value in something other than the mortgage loan itself, they will shop for price and price alone.

Fortunately, there are hundreds, maybe thousands, of ways you can improve your value and your income. The key is discovering what works for you and combining it with basic knowledge and systems that are already available to you. In the days, weeks, months, and hopefully years ahead we will show you how to improve as a Loan Officer and enjoy the rewards.

We operate in a business and for a company where the possibilities are endless. Successful Loan Officers share many common attributes yet they all work somewhat differently. In other words, there is no perfect way to run your business but there are several basic ingredients required to do it well. The information you will read here is from hundreds of sources over the years. I have learned from Lon Officers closing $200 million per year and from those who close two loans per month. We all can learn so much from each other, which is what makes this format so appealing. 

BE A GOOD LOSER

There is an old saying that goes "show me a good loser, and I'll show you a loser." That is now what this is about. As we discussed the past few days, you never want to lose business, however, it happens to all of us at some point and if you can be a good loser, it could make you a winner down the road.

When you lose a deal the first rule is not to burn any bridges. By going off on someone or slamming your competition (who they have decided is better than you), you have nothing to gain no matter how good you may feel when you say it!

The second rule is put them on your mailing list. Yes that's right! Chances are that that person will need a loan again some day and if you lose gracefully and stay in touch with them, you may generate future business and referrals from them after all. Also, the lender they originally chose just may have done a poor job, immediately elevating you to number one status in their minds. 

TWO GREAT QUESTIONS

• Is this a good time?

Or...

• Do you have a few minutes?

Please use one of these questions whenever you call someone who may be on a cell phone, home phone or busy at work.

Keep in mind that frequently when you receive a call it may not be a good time because you may be engaged in something else more pressing than talking to the person on the other end of the line. Which begs the question why did you answer the phone? However, many of us just answer our phones out of habit despite what may be going on at the time.

People will appreciate and respect these questions and you will know when they say "yes" that you have their undivided attention!

TALKING TROUBLES

“I found out that it’s not good to talk about my troubles. Eighty percent of the people who hear them don’t care and the other twenty percent are glad you are having trouble.”

— Tommy Lasorda

This statement is hopefully not 100% correct for anyone of us because everyone needs someone with whom they can discuss their troubles.

However, Lasorda's quote is almost 100% correct in that most people do not care or at least they do not care to hear about it. No one enjoys the company of someone who complains too much. We are all naturally drawn to people with positive attitudes who speak in positive terms and few things are more important in the world of sales.

So remember, if you are talking about your troubles, chances are the person on the other end of the conversation does not care!