7 Things Mortgage Lenders Will Never Tell Clients and Why

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June 15, 2017 | By RGR Marketing Blog

Some Things Are Better Left Unsaid in the Mortgage Business

As a mortgage lender, you’re running a business, so there are some things to always keep in mind. For starters, you want to provide good customer service for each and every one of your clients, but you also need to do what’s right to keep your company thriving. This way, you can continue to help people buy the homes of their dreams, while you keep all of the members of your staff employed. In that spirit, here are seven things a mortgage lender should not tell a client and why it’s important.

1. Rate Locks Aren’t Always a Lock

Offering a tempting interest rate and locking it in for 60 days can give a borrower a sense of confidence when applying for a loan. But of course, there’s a long way between applying for a loan and actually getting it. There are any number of reasons why a “locked-in” rate may no longer be available by the time closing happens. You don’t want to deceive your client about this, but it is rarely to your benefit to divulge this to the client unless they ask.

2. Mortgage Rates Aren’t Etched in Stone

There are some people that are natural negotiators. Any time anyone offers a price on anything, they have to see if they can get it for a little less. Then there are many people on the other side of the spectrum, who always accept that the price you get is the price you have to pay. Those are the clients you want. When you present your mortgage terms, present them solidly and with confidence. If you’re willing to negotiate to make the deal, that’s fine, but THEY don’t need to know that.

3. Borrowers Don’t Always Know a Sales Call From a Service Call

If you’re looking to sell more loan products, you might want to start with your existing borrowers. After all, if they were willing and able to borrow before, they may do so again. They’ll likely take your call, since they may be concerned there is an issue with their current account. Assure them that there is not, and then get into the great new products you have to offer them today.

4. Mistakes Happen

You do your best, but mortgage lenders can make mistakes from time to time. Numbers can be inputted wrong, a file may be lost, a computer may have a glitch. If you find a mistake, correct it. If your client finds one, verify it and correct it. But until that day comes, there’s no reason to let your client believe there will ever be any kind of mistake related to their account.

5. Limits to Customer Service

You should certainly tell your clients that your company provides great customer service, but there’s no reason to tell them how high the limits of your customer service are. For example, your client may ask for a one-time waiving of late fees, and you may be inclined to grant it, but there’s rarely a reason that is something you should volunteer.

6. They Don’t Always Need All the Extras

An efficient mortgage lender often sells more than just a loan, such as products like credit insurance or credit cards. It’s a basic psychological principle that once you sell someone something, it’s easier to sell them every subsequent thing. If you think your client can benefit from your other products, you should pitch them with full force, even if the client could theoretically live without them. Always remember to ask yourself – do these additional features offer value to my clients?

7. The Client Is in Control

Many people are nervous about applying for a mortgage loan and may be afraid if they don’t get it from you, they won’t be able to get it from anyone else. Of course, the truth is that they often can, and comparison shopping is smart, but if they’re not inclined to leave your office without a deal, lock it down.

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Some Things Are Better Left Unsaid in the Mortgage Business

1. Rate Locks Aren’t Always a Lock

2. Mortgage Rates Aren’t Etched in Stone

3. Borrowers Don’t Always Know a Sales Call From a Service Call

4. Mistakes Happen

5. Limits to Customer Service

6. They Don’t Always Need All the Extras

7. The Client Is in Control

Start making more
money today!

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Some Things Are Better Left Unsaid in the Mortgage Business

1. Rate Locks Aren’t Always a Lock

2. Mortgage Rates Aren’t Etched in Stone

3. Borrowers Don’t Always Know a Sales Call From a Service Call

4. Mistakes Happen

5. Limits to Customer Service

6. They Don’t Always Need All the Extras

7. The Client Is in Control

Start making more money today!

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