Home owners are only interested in the rates they get offered for their property sales. This is when they ask the buyers to seek the services of a good loan officer. As a loan officer you must talk to buyers about all the loan options you and your mortgage company is offering in detail. There will probably be dozens of loan schemes other officers would be offering the buyers for the product. As a successful loan officer always discuss the details with your client and tailor a program that meet individual needs instead of focusing exclusively on rates and points. This encourages the buyer to cut in more deals with your company and thus increase your sales commission considerably.
As a responsible loan officer try to help buyers overcome their past financial difficulties in order to ensure smooth loan transfer. Ask the buyer to give you accurate information of their rates, terms and past credit history. Always put the correct information on the company records. Never try to exaggerate the buyer's financial conditions.
Fill in the application form truthfully. Putting in any false details will lead you and the buyer into big trouble. The client will also loose faith in you and your reputation as a loan officer will experience a major downfall. This of job is of trust and dignity; one lost will never let the buyers feel comfortable in dealing with you. It is fruitful to give clients useful advice on the loan taking options.
Analyze their budgets and provide them an insight of their financial status in a technical way. Always advise them not to ask for more loan than they desire. Tell them that they will put their entire economical status in jeopardy by going after a home they can't afford to pay for. This way they get the feeling that you are interested in their well being.
Explain to them that if they are not able to make monthly payments, they will have to face huge loss or at worse can even be forced into bankruptcy. You might be thinking now that if I do this I may lose clients. But no you won't, in fact you will gain more popularity among buyers and even within your mortgage company. A client that is not able to pay back the loan is not a fruitful client for the mortgage company.
Instead clients that take reasonable loans according to their need and pays them back well in time bring more finance to your company and hence increases you commissions also. Always present the best rates according to your client's financial status. If you try to confuse with catchy offers but in the end make them pay more they will never come back to you.
Always offer your options in a reasonable and understandable manner to gain clients and good mortgage commissions.
Joe Pahl is a marketing consultant and co-creator of the Loan Maker Gold System for Loan Officers. To learn more marketing strategies targeted at loan officers and orginators, please visit http://www.LoanMakerGold.com/ecourse.html