Ever made a $19,000 mistake?

One of my L3 Elite GO! students did yesterday.

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He had a borrower who paid off a $1.9M loan just two months before the recapture period ended…

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Costing him (the Loan Officer) $19K in commission.

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Ouch.

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But here’s the thing… it never should have happened.

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This is exactly why mastering the Initial Loan Consultation (ILC) and Post-Closing Consultation (PCC) is non-negotiable.

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Let’s break it down:

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1️⃣ The ILC: Preventing Costly Surprises

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One of the key discovery questions to ask upfront:

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"Not that you have a crystal ball, but how long do you think you’ll own this next home/property -- less than 3 years, 3-7 years, or 7+ years?"

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This question does more than just get a timeframe -- it helps you spot red flags early. 

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If a borrower is even considering paying off their loan within the Early Payoff (EPO) period, you need to educate them on their options before it’s too late.

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2️⃣ The PCC: Keeping Your Borrowers in the Loop

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At closing, another key statement should always be included:

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"Hey, you’ll probably receive many refinancing solicitations -- most of them are just hardcore sales pitches. Ping me if you have questions, but I’ll monitor rates for you and let you know when the time is truly right."

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Simple. 

Effective. 

A major trust-builder.

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Most LOs don’t even have a post-closing call, let alone a structured one. 

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That’s a mistake.

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Had this borrower been reminded about the impact of an early payoff, this $19K mistake could have been avoided.

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“But Amir, what if they say they do plan to pay off early?”

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Easy. 

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You say:

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"I’m really glad you brought this up, and please continue to ask me these questions."

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"First, many people don’t realize they can recast their loan, which allows them to lower their payment without refinancing. Let me explain how that works."

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"Second, I have a small favor to ask: if possible, can you wait until [date] to pay off the loan in full? Although there’s no pre-payment penalty, our lending partners and investors require a minimum of [six months] to recover loan manufacturing costs, and paying off too early affects our agreements with them."

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Boom.

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Most borrowers aren’t trying to burn you.

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They just don’t know any better…

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And that’s on us to educate them.

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This market won’t forgive LOs who think they can still wing it like it’s 2021. 

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Sales process mastery is everything.

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Speaking of…

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I’m hosting a free 60-minute "BUY-lingual" scripting masterclass next Tuesday to cover exactly this.

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LessssGO!

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– Amir

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