Loan Officer Tip - Prioritize Refinance Leads for Success

Last week, I talked about prioritzing your leads. So how do you determine the order of the leads? Here are four tips:

Prioritize by Equity: Prioritize your leads from highest to lowest equity. As we covered last week, this is the first and foremost criteria for qualifying a borrower.

Prioritize by Debt: Prioritize your leads from the highest to the lowest debt. This establishes the greatest opportunity for creating benefits for the borrower (the more debt, the more monetary benefits you can provide – we’ll cover this in a later edition).

Prioritize by Opportunity: Now re-prioritize your stack from the highest combination of equity and debt (top of stack) to the lowest combination (bottom of stack).

Categorize your Leads: Finally, divide your leads into 3 categories: A, B and C. “A” leads are those with lots of equity and debt (highest sales potential), “B” leads are those with medium or low equity and debt (medium sales potential), and “C” leads are those with no equity or debt (No sales potential). Once completed, remove any that do not have adequate income to qualify based on a post-consolidation debt to income calculation.

Now that you only have qualified leads in your stack and they are properly prioritized, start at the top and work your way down. Give maximum time to the A and B leads and minimal time to the C leads.