I am a loan officer and i have not been able to get too many people to refinance. As you know we live on a commission base and sometimes it gets pretty hard.
2006-10-27 12:24:51 · 10 answers · asked by prezgirl 1 in Business & Finance ➔ Renting & Real Estate
I spend 10 years in the mortgage industry, everything from processing and (very successful) origination to business development and senior management. Generally, the main reason for distrust of LOs is the public's fear (often completely justified) that the LO is hiding fees and padding commission in ways the uneducated borrower has no way to detect.
I always offered to show the applicant a COMPLETE breakdown of costs, including explaining rebates in detail, so they would know exactly what I was making on the loan.
Also, make sure you give them an initial overview of the loan process, including how your specific company does it and the time frames to expect.
What is true in every form of business is absolutely true in mortgage lending: It's your job to set the customer's expectations....and when their expectations aren't met, you have a ticked off customer who won't trust you again, and you have no one to blame but yourself.
Best to you.
2006-10-27 12:30:35 · answer #1 · answered by Timothy W 5 · 0⤊ 1⤋
I'm a LO and find that customers want the truth from you at all times. When I offer a quote I always include a GFE so they can see the breakdown of fees, our charges ect. Give them the opportunity to compare your quote to the others "Apples to Apples".
I'm not overly aggressive and think those who are scare more people away then they help. I give them the facts at all times and if the loan works and is going to save them money and just makes sense number wise you don't need a good "Hook" to close the loan.
Make sure you have the education to back you us, that always helps. You want to sound confident.
2006-10-27 13:04:13 · answer #2 · answered by Jen G 3 · 0⤊ 0⤋
What's trust got to do with business?
You need to provide a good product (represent a competitve lender) and provide the best available service (be available 24/7, respond and stay in constant communication until closing).
People who refinance are not looking for life partners....
2006-10-27 13:53:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It's a trite saying, but "They don't care how much you know until they know how much you care."
Like anyone else, your job is to solve a problem. You have to get their trust before you even know what the problem is in the first place, so don't even TRY to get them to refinance until you do know that.
If you know what their problem is and you have a product that can fix it, you'll find it very easy.
Now, what you want to do is circulate yourself around lots of people, and be alert for them to mention their problem. "Man, my mortgage payment is high." then you ask "how much is it? what's the rate?" and then you can say "I think I could get that lowered for you." or they might say "I need a new car but I have no money" "well, how long have you been in your house?" a while "you might have enough equity now to get enough cash to buy a nice car and the interest would be deductible".
Find their problem. Solve it.
2006-10-27 12:36:08 · answer #4 · answered by open4one 7 · 1⤊ 0⤋
your suitable more effective perfect to get your foot contained in the door - is to attempt to artwork for between the large lenders. they'll usually prepare you, yet do not continually pay the most on the fee part, because they are spending their time and money on preparation. From there, stay some years and flow to the broking service part of issues, once you've the contacts and factors. it really is a puzzling time to get into the market, because issues have quite slowed down. there remains money to be made, yet not as undemanding because it became many years in the past.
2016-12-05 07:27:08 · answer #5 · answered by tedesco 4 · 0⤊ 0⤋
What would make me trust you? I see that as irrelevant to the transaction. I want to know I'm getting a fair deal. If that's not a part of the equation, I wouldn't be signing the contract. Whether or not I trust you is totally irrelevant to whether or not I'm entering into an agreement that's equitable.
2006-10-27 13:04:54 · answer #6 · answered by question_ahoy 5 · 0⤊ 0⤋
Reputation speaks for itself, if you have a good one with your previous customers, that's important!
...Just wondering, why would YOU be the one to push a refinance, don't the people come to you when they are in need in the first place! don't understand!
2006-10-27 12:28:31 · answer #7 · answered by macy5 3 · 1⤊ 0⤋
Be honest and friendly, and have some GOOD reasons why they should refinance. . do your homework and see if you can show them you can save them some money. .
right now it might be a bit hard, due to the economy, and house prices going down, I dunno. .
2006-10-27 12:33:14 · answer #8 · answered by Wayne A 5 · 0⤊ 0⤋
Answer their questions honestly and if you don't know the answer then tell them you don't know but you will do everything you can to find out. And just treat them how you would want to be treated in the same situation.
2006-10-27 12:28:30 · answer #9 · answered by Melanie B 1 · 0⤊ 1⤋
I hope you're not in my teritory. Get another job! Everyone and their moms is an LO nowadays!
2006-10-27 12:32:06 · answer #10 · answered by Anonymous · 0⤊ 0⤋