How To Manage The Customer And Get The Deal Closed

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Home Page > Finance > Mortgage > How To Manage The Customer And Get The Deal Closed

How To Manage The Customer And Get The Deal Closed

Posted: Nov 07, 2009 |Comments: 0
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One of the toughest things as a loan officer to do is to know when to keep or kill a deal.  Of course, we all want as much business as we can handle.  But, spending time on loans that don’t close, wastes more time and leaves you with nothing to show for it.  Not to mention, the good deals suffer and you’re out your commission!

Knowing when to “give-up” on a loan is just as important as knowing how to get the loan to the closing table.  Here are some suggestions on how to manage your customers and get more loans closed:

Keep control of the customer from day one.  Set down your expectations for the loan process and what you expect from the customer.  Tell them that this is a “team effort”, and you are working as diligently as possible to get them the best rate and terms available for their situation.  But, in order to do this, you need their cooperation and commitment to move forward.  Tell them what you need, and ask them on what day you can expect to receive things by.  I like to pin people down to a specific day.  They hold me accountable, and I, in-turn, am holding them accountable as well. Build rapport early on.  Get a sense of the customer’s personality and what matters to them.  Understand completely what their reasons are for doing the loan, and use these “motivating factors” to help steer them through the process.  Every time I speak with a customer, I again tell them why they are doing this and hit them with their “benefits” (cash-out, debt consolidation, monthly savings, lower rate, etc.).  It is the customer’s point of view that is most important.  (By the way, my system will help you to uncover the customer’s true motivation and build rapport—I include very specific questions to ask!). Explain every detail of the loan process.  Sometimes, being in the industry, we forget that not everyone understands how mortgages work.  It can be a long road to the closing table, and you want to make sure the customer understands exactly what is going to happen and when.  You don’t want them to think that they can just cancel third-party appointments such as appraisers or surveyors without consequence! Always assume the loan is moving forward.  Customers like to make excuses and waffle on certain things like getting their documents to you.  What I do, is always assume we are pressing ahead and on track.  I am the driver of this bus and let the customer know it.  For example, “Mr. Jones, I was just getting your file ready for underwriting, however, there are just a few more pieces of information we need.  Do you have a pen and paper ready?  How soon do you think we can get these by?  O.K., I will expect to see your documents on (date).  Let me give you my fax number, etc.”.   Everyday, you want to push the file ahead as far as you can.  Push!  Push!  Push! Listen for signs of waffling or hesitation.  Here are some things to be aware of, (which may mean the customer is still shopping you or is not completely “sold”): customer holds-back on getting income/asset documents to you, customer keeps putting off appraisal appointment, there are recent inquiries on their credit report from other mortgage companies, you have received negative feedback from the lawyer or any other third party, customer doesn’t return calls.  These are signs of a customer that isn’t fully on-board.

If you’ve done all these things and are still having difficulty with the customer, then it’s probably a good idea to kill the deal.  There are many roadblocks you can overcome, but when the customer isn’t fully committed, you shouldn’t be either.  You can’t drag someone to the closing table that doesn’t want to be there.  Get rid of the bad loan and focus on loans you can close successfully!

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About the Author:

The Sink or Swim Loan Closing System is a set of mortgage loan pricing and processing worksheets I developed over many years in the mortgage industry. These sheets cover both types of loans: purchases and refinances; and will work for conforming home equity lines of credit (HELOC) and commercial properties.

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mortgage broker, loan officer, mortgage leads, loan broker, real estate agent, mortgage processor, mortgage industry, mortgage banking, mortgage training

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We are considering putting an offer on a house. It is a short sale that was just listed. The seller’s agent is out of the same brokerage office as our buyer’s agent. Will this help speed things up? What is the quickest amount of time you have ever known a short sale to go through and to closing? Also, once (if) we get offer approved by bank, how long then til it goes to closing?

“Following Up” is your key to short sale success! Following up on every aspect of your short sale is one of the most crucial parts of a short sale.  If there was one thing that, above all, needed to be done well in order to ensure success, it would be following up.  Because a short sale has several different pieces that all come together at various points in time, it follows that there are many people and parties to follow up with as you work through the process.

Who are you following up with?

When working on a short sale, there are three main parties that you are involved with: the lender(s), the homeowner, and the buyer’s real estate agent.  At different points throughout the short sale process, you may need to follow up with one, two, or all three of these parties at the same time.  In the beginning it will primarily be the homeowner, however as the short sale continues to move along, you’ll be following up more heavily with the lender and buyer’s agent to keep the buyer in the loop with the status of the short sale.

The Three Parties…
You will be in direct contact with the homeowner to obtain the documents to send to the lender and you’ll also need to be in touch with them when it comes time to drop the list price on their home as well as when it comes time to close on their property.  It is also very important to stay in contact with the homeowner to keep them updated on the status of the short sale negotiations.

The lender is the primary party that you’ll be following up on from the beginning to the end.  From the initial call right up through closing you’ll be on the phone with the lender, always following up on your most recent fax, email or phone call.  Depending on which lender it is that you’re dealing with, you may be following up with any number of different employees throughout the course of the short sale.  You may find yourself calling customer service representatives, loss mitigators, set-up representatives, managers or supervisors, and occasionally collections.

When trying to reach someone directly, always be alert to the possibility that the person you are trying to reach is not the correct person to be speaking to.  It is quite possible that you received some misinformation and have been trying to reach the wrong mitigator.  Remember, you are dealing with employees that could care less or perhaps are completely clueless.  There have been a few instances where I was given a name and told that that a particular person was the assigned loss mitigator.  After three weeks of leaving multiple messages, I hadn’t heard a peep from the “supposed” mitigator.  In need of a definitive update, I called the loss mitigation department and spoke to a different person who told me that the file had been assigned to someone else.

Be prepared to do that yourself.  If you go a couple of weeks without hearing back from the person in question, try calling and speaking to the department of which your designated party belongs  to and clarify the situation.  If you speak to someone different, chances are they will clear up some misinformation that you had received prior.  Keep digging, and you will get to the right person.  And while there are some important matters to attend to regarding the homeowner and real estate agent, the lender is who you’ll spend 80% of your follow up time with.

Another important party to follow up with is the buyer’s agent.  They need to be updated on a constant basis, and it will greatly benefit you if they are well versed in short sales, because then they will understand the nature of the situation they are involved in and be able to reassure their client to be patient.  The success of the short sale, and its 100% conclusion, is based largely on the buyer cooperating and sticking around, and so you’ll want to make sure that you set their expectations very clearly from the beginning!
How to keep everyone updated without having to make follow up calls every single day….
The best way I found to cut down having to make follow up calls every day is an online short sale management tool called managemyshortsale.com. This has taken a huge weight of my shoulders because it allows me to keep everyone in the loop on what the status of my short sale negotiations.  As soon as I speak to the foreclosing lender and I update the account it automatically sends an email notification to every party involved in the short sale process (Homeowner, Buyers Agent, Attorney, Mortgage Broker, etc).

View more articles about the preforeclosure industry and investing in real estate at http://www.realestatebusinessmentors.com

Visit www.AskBobLachance.com for any short sale bank negotiating questions.