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.

Loan Officer Tip - Prioritize Refinance Leads for Success

Avoiding "Random Selection"

A few weeks ago, I talked about identifying qualified leads in today’s changing market. This week I want to focus on prioritizing those leads to maximize your success. This is a critical tip that will make the difference between success and failure. Understand, there is a priority order to your leads.

For example, if you have 10 leads on your desk, there is one, and only one, lead in the stack that is the highest potential (easiest to sell) – a lead that has so much benefit value to your borrower that it will change their life. By the same token, there is only one lowest potential (impossible to sell) lead in the stack that you could not sell under any circumstances. The eight leads in between also have a priority order from highest to lowest potential.

Your challenge for this week, if you really want to succeed, is to put your leads in order from highest to lowest potential. Start at the top and work your way down!