The #1 Reason Most Loan Officers Fail

Voltaire said that one should judge a man by his questions rather than his answers.

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Most Loan Officers “show up and throw up”. 

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They “feature benefit” sell from the jump…

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…and then wonder why they are so rate shopped. All price, no advice. 

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I’ll never forget when my wife and I met with our first surrogacy agency (a Surrogate is a gestational carrier, someone else that carries your baby for 9 months). 

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At the initial sit down, the Owner of the surrogacy agency slid a brochure across the table.

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Yes, a brochure. 

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She completely skipped the rapport and discovery (questions) part. 

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Not a single question about our journey. 

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Not a single question about our feelings.  

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Not a single statement of empathy or compassion.  

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Terrible. 

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Buying a home is not as intense as starting a family, BUT, it’s still an immensely important financial decision and commitment. 

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When rates were low and fish were jumping in the boat, it was easy, but profits mask problems.

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The really quality Loan Officers will survive and thrive. 

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And by quality, that doesn't mean the most experienced or most knowledgeable. 

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The Loan Officers that ask the right “discovery” win. 

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…with borrowers, Realtors, recruits, employees, etc.  

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I learned the proper structure to a consultation call from past coaches and now walk into every borrower point of sale call with so much confidence. 

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This month alone I’ve funded $9M in purchase business (and believe me, I’m nothing special). 

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Everything is a learned skill. 

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Ask these 10 questions at onset of EVERY single homebuyer “ILC” (Initial Loan Consultation”):

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1. Are you excited and nervous to purchase your first place? (this shows empathy)
2. Have you ever been preapproved or gone through the mortgage education process before? (this will help you sniff out potential rate shoppers)
3. What’s motivating you to purchase? (this will help you learn their “why?” and shows you care)
4. What’s your timeline? (gauge urgency)
5. What areas are you looking in? 
6. Have you been searching for homes online in your free time? 
7. I’m going to help you determine a comfortable price point, but what price range have you set your online search in?
8. Again, my absolute priority is to ensure you can comfortably afford your mortgage payment, but what total payment were you hoping to stay within?
9. Also, I will help you learn more about the various down payment options, but what’s a comfortable down payment range you want to stay within?
10. Lastly, not that you have a crystal ball, but how long do you envision owning this next property for?

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Hope this helps you showcase to every borrower your professionalism, because when all else is equal, the borrower will choose the most memorable Loan Officer. 

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You got this 🤜🏾🤛🏾