Sales By Phone

Phone Sales Intro

Whether over the phone or in person, a loan originator must have systems in place to effectively market reverse mortgages. It is paramount that all steps be outlined and adhered to from the initial contact to the completion of the loan and even after the sale for possible referrals and/or additional business. The steps are virtually the same for mail sales and in-person appointments. The mail sale can and will require more contact and follow-up.

It is crucial that you focus on trust building as your first priority. This means making sure you don't shortcut the process. Ask warm-up questions and spend the time necessary to get their input and pinpoint their goals. Being conscious of your Tone & Volume is essential in phone presentations. Active Listening and Approach will help to cement the relationship.

The loan originator can increase his or her powers of production in the mail sale arena using the following process:


Marketing campaign initiated

One of the most effective and cost efficient ways to market mail sales is direct mail, look for out of the area locations where potential clients are not being marketed to as hard. Be consistent with the frequency and number of leads sent out. What get measured gets better. To take your production to the next level you must invest in your business.

Acquire incoming lead (No Lead Left Behind make sure to enter in database)

When the leads start to come in make sure you have an incoming lead sheet to log all of the needed information. In addition it is advisable to enter the client information in a CRM, ACT database or similar client retention system.

Initial contact, qualify and set appointment for loan originator

It is very important to have a well trained and friendly appointment setter fielding the incoming lead calls, this is the client's first impression of your company. The goal is to determine client's interest and if they qualify then set appointment for loan advisor to contact them.

Loan originator contact and presentation (sales process very important)

Put your super loan advisor hat on; be prepared as if you were face to face with the client. Take time to review the information you and follow the sales process. Do not just ramble on get agreement to move on allow them to ask questions. Cover everything in detail, then determine next step.

Send package to client (information, dvd, application.)

This is another way to make a good impression. Send attractive packages not just illegible photocopies. send application and illustration if that was discussed with client.

Active follow-up by loan originator (3-4 days) cover information and determine next step.

Make sure to follow-up on the package that was sent and make notes in the database management system as to the progress. Go over the program and explain the loan figures with the client. Move the reverse mortgage loan process forward and get clients approval to go over the application. It is recommended that the loan originator go through the application with the client to make sure it is filled out correctly.

Loan originator receives application or lead is entered in data base with notes as to status

When application is received call to thank client and remind them of the process and that the HUD counseling is the next step. Enter notes in the database and file.

Examine application and start loan processing

Do a thorough examination of the application and other required documentation. this is vitally important to assure a clean underwriting process, missing pieces could delay the underwriting unnecessarily and cost time and money.

Loan status and weekly check-in advised to build trust and keep competition away

We as loan originators all get very busy. Do not shortcut the sales process, have systems in place to properly manage your ever growing pipeline. Frequent contact if only a short call will help to cement the relationship with your clients and reap you many benefits in the future.

Order docs, mission complete

Congratulations; but don't celebrate just yet. Make sure the final numbers are correct and if at all possible attend the closing. I have personally saved a few loans by being at the closing, the loan docs are very complicated and if the notary is not on the top of their game a simple question not correctly answered could send the client sideways. The closing is the icing on the cake for everyone involved. Enjoy it and make lasting impressions on the client.

Ask client for referrals (you have earned it!)

Now you can celebrate!! Job well done, but not done yet. Please ask for referrals you have earned the right and if you don't someone else will be helping their family and friends obtain a reverse mortgage.

No client left behind, keep in contact with various forms of communication

A simple thank you card after the loan closes can produce additional business and let the client know you appreciated the trust they had in you and your company to complete the reverse mortgage. Newsletters and other forms of communication are also great ways to keep you and your company in the forefront of your clients mind, which will lead to additional business.

Following the MAIL SALE LOAN process explained above will enhance an originators production, keep in mind you must have many spokes on the wheel to ensure a well balanced and strong marketing plan. The mail sale process should not be the only source of loans rather it is another way to keep the phones ringing and business moving forward.

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