Trait #8 - Ability to explain products and interest rates

I once had a loan officer that worked for me and closed an average of 1.5 loans a month.  Nice guy, worked hard at networking and talking with prospects, but just wasn't able to turn those prospects into closed transactions.  Why?  He was unable to explain products and interest rates in a way that made people feel comfortable using him for their mortgage.

I would often see clients come out of his office after an hour or more of talking, and they would looked dazed and overwhelmed.  He would spend so much time trying to giving them all the options of different loan programs and then intricate details of interest rates that they often just felt overwhelmed rather than excited to purchase a home or refinance.

It is vitally important that YOU understand the different loan programs as well as what moves interest rates so that you can make sound recommendations to clients.  But there is a fine line when it comes to explaining this information.  Give it to people in a way that is easy to understand, yet leaves them feeling empowered to make decisions about their loan.

People need to feel that you are a resource and an expert in mortgage financing.  This doesn't always mean thatthey want detailed explanation.  Each client will be different, but be discerning as to how much information you provide.  Your job is to make sure they understand the information you are presenting so they can make the best decision for their situation.

If you currently struggle with all the changes in products or what's happening in the market with interest rates, take the time EACH DAY to invest in yourself.  Have an appointment (first thing in the morning seems to work best for most) to study a new loan program and read about the market and what is moving interest rates.

Take the Challenge - Print this list of 13 traits and ask your staff (anyone you work closely with) to rank you on each item.  Let them know you are trying to improve and value their feedback.  To enter the giveaway, post a comment on any of my blog posts with your total score. (Yes - your score can be anonymous if you choose.  Email addresses will not show up on the comment, they are only so I can contact the winner!)  Drawing will be held September 15. 

Click here to take the challenge!

Comments

[Carrie Rodriguez]

I gave this to my processor and underwriter. 115 and 119!!!! I love them! Thanks for the suggestions... you blog is great!

[Steve H.]

I only scored a 103, but I've only been in the business for 10 months. It's been a struggle, but the last 2 months have been much better. Thank you for all the information on your blog - it has helped me a lot!