Today’s mortgage borrower is the most suspicious and distrusting in decades. With the turbulent times and all the negative media of today’s mortgage industry, borrowers are wary of the intentions and integrity of mortgage originators. However, their needs to refinance, get cash, consolidate debts and purchase homes are just as real as always. So how do we build the borrowing public’s confidence back? Be up-front, real, and honest with your borrowers.
There are several questions that are running through the minds of borrowers today. Questions like:
• Is this person out to help me or just themselves?
• How can I be sure this person is going to get me the best mortgage program?
• Can I trust this person?
• Is this person looking out for both my short and long-term best interests?
All of these questions can be resolved quickly if we are prepared with an opening presentation that addresses these concerns. The key is doing it right up-front. Remember, “You only get one chance to make a first impression.” This happens in the first 30 seconds. We either establish or lose our credibility in that critical opening. Let’s look at an opening presentation, step by step, that is perfectly suited for today’s market environment:
Step 1 - Address Media Coverage: “Mrs. Jones, I am sure you have seen all the recent negative press about the mortgage industry. There has been lots of media coverage about climbing interest rates, the impact of adjustable rate mortgages, foreclosures and the integrity of the mortgage industry itself. This has led to distrust towards mortgage professionals and concern for many borrowers as to whether this is a good time to be borrowing. I am sure you have questions in your mind, also. Let me begin by addressing these concerns up-front and showing you why I am the right person to work with.”
Step 2 - Address Market Conditions: “The majority of the problems we see today originated in the “sub-prime” sector. And although these problems are real, this sector represents only 10 – 20% of the entire mortgage market. We do not provide the types of loans that caused these problems. As for rates, although they have increased, there are still excellent rates out there. As for the concerns about integrity, although there were many who were guilty of dishonest and improper lending practices, we have done, and continue to do, business with high integrity. That is why we are still around today.”
Step 3 - Credibility Statement: “My commitment to you (and your family) is to help you find a mortgage loan that not only has an excellent rate, but also provides benefits beyond my competition. This includes getting you the best payment for your loan, at the best term for your long-term goals with the ideal amount of cash, and the greatest tax benefits. I will do this by providing several different options from several different lenders to give you the power to choose the best program for your situation. I will also show you programs that help you in both the short and long-term. Lastly, I will demonstrate my integrity through my actions, not words, by my service on your behalf. “
Step 4 - Guarantee: “Here is my guarantee: if at the end, you do not feel I have earned your trust and confidence and have not proven to you that I am the best loan officer to work with, I will expect and encourage you to work with someone else. I am confident that this will not be the case. Now, all I need is 20 to 30 minutes of your time, at no cost or obligation, to prove this to you. With your permission, I’d like to get started.”
The Key - You need to have your customer's best interest at heart even before making a presentation!
There are several questions that are running through the minds of borrowers today. Questions like:
• Is this person out to help me or just themselves?
• How can I be sure this person is going to get me the best mortgage program?
• Can I trust this person?
• Is this person looking out for both my short and long-term best interests?
All of these questions can be resolved quickly if we are prepared with an opening presentation that addresses these concerns. The key is doing it right up-front. Remember, “You only get one chance to make a first impression.” This happens in the first 30 seconds. We either establish or lose our credibility in that critical opening. Let’s look at an opening presentation, step by step, that is perfectly suited for today’s market environment:
Step 1 - Address Media Coverage: “Mrs. Jones, I am sure you have seen all the recent negative press about the mortgage industry. There has been lots of media coverage about climbing interest rates, the impact of adjustable rate mortgages, foreclosures and the integrity of the mortgage industry itself. This has led to distrust towards mortgage professionals and concern for many borrowers as to whether this is a good time to be borrowing. I am sure you have questions in your mind, also. Let me begin by addressing these concerns up-front and showing you why I am the right person to work with.”
Step 2 - Address Market Conditions: “The majority of the problems we see today originated in the “sub-prime” sector. And although these problems are real, this sector represents only 10 – 20% of the entire mortgage market. We do not provide the types of loans that caused these problems. As for rates, although they have increased, there are still excellent rates out there. As for the concerns about integrity, although there were many who were guilty of dishonest and improper lending practices, we have done, and continue to do, business with high integrity. That is why we are still around today.”
Step 3 - Credibility Statement: “My commitment to you (and your family) is to help you find a mortgage loan that not only has an excellent rate, but also provides benefits beyond my competition. This includes getting you the best payment for your loan, at the best term for your long-term goals with the ideal amount of cash, and the greatest tax benefits. I will do this by providing several different options from several different lenders to give you the power to choose the best program for your situation. I will also show you programs that help you in both the short and long-term. Lastly, I will demonstrate my integrity through my actions, not words, by my service on your behalf. “
Step 4 - Guarantee: “Here is my guarantee: if at the end, you do not feel I have earned your trust and confidence and have not proven to you that I am the best loan officer to work with, I will expect and encourage you to work with someone else. I am confident that this will not be the case. Now, all I need is 20 to 30 minutes of your time, at no cost or obligation, to prove this to you. With your permission, I’d like to get started.”
The Key - You need to have your customer's best interest at heart even before making a presentation!
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