06 MODULE
Consultation and Quoting
What’s changing? The self-evident change in customer behavior demands a radical shift in the way we provide our consultative services and deliver an interest rate quote to our customer. This module will leverage current bestin-class mortgage tools along with developing an understanding of current objections and issues to improve scripting and customer experience.
FOOD FOR THOUGHT
Important questions to ask yourself: What steps am I taking before quoting a customer? Role play a customer interaction. What questions are being asked?
TAKEAWAY
Go through any objections and establish preset answers (list of common objections to refer to later).
he longer you can engage with the customer and establish their needs, circumstance T and details, the better your connection will be providing a solid foundation from which you will likely earn the customer’s willingness to remain engaged.
Ways to Engage with your customer Face-to-Face Meeting face-to-face helps strengthen rapport and builds trust quicker. The transaction becomes personal to a degree that is much harder to reach using the phone or technology. Online Application The advantage in this situation is content tailored specifically using the prospect’s unique scenario. This can be a huge opportunity to understand the consumer and again build credibility. However, the challenge is staying prepared enough to deliver content beyond this initial consultation to strengthen credibility. “Speed to contact” is CRITICAL.
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Phone Phone conversations can be beneficial if given the opportunity to take a full application. You will develop some credibility on the fly, and especially if you can facilitate a complete application. You can’t judge reaction so follow up is paramount to your success. This option is more likely to encounter rate resistance and rejection, sometimes cutting the conversation short. Lean into getting credit and applications. All options should include a brief commercial about you, loanDepot and what makes this partnership stand apart. Share with the prospect what they will experience by working with you.
PRO TIP:
By clearly communicating your Unique Value Proposition (UVP) you are psychologically setting the prospect up to recognize what you have laid out. If you don’t take this vital step, they will most likely resort to a Google search which may lead them to draw their own conclusions.
For help with assessing your UVP, go back to Module 1. Your web and social presence must be uniform to build the strongest credibility.
PREFERRED PATH
(which will lead to the highest conversion)
Step 1 Lead is Received Input the lead information into melloTM CRM (min Fields would be NAME, PHONE, LEAD SOURCE, LEAD SOURCE NAME). Lead is contacted as soon as is physically possible. Step 2 Making Contact Take customer through the “Hopes and Dreams” call: • What purchase price range are you looking in? • How much is your down payment? • Source of down payment? • Payment comfort? • Horizon of you living in the home?
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• Explain the digital tools available • Confirm whether borrower is a Veteran • Confirm “plans for home” (explore Reno option if applicable) Continued on next page >
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Step 2 Making Contact
(continued)
• End the call with a request to gather the client’s information (take an application) • We can do this right now, takes 15-20 minutes over the phone • We can schedule a time that better fits your schedule? (use Calendly)
• I can send you a link to take the application at your leisure • It is never correct to just send out a link cold. Deliver options.
Step 3: Post “Hopes and Dreams” Call Follow Up (If you have NOT yet received a completed loan application) Step 4: Review Customer Submitted Data and Information Step 5: Create a Custom Needs List Based on DU Results • Send it + call to review and to set consultation appointment • Leverage customer portal and data first options *Intent is for consumer to send items in order to have a powerful and meaningful consultation.
Step 6: Set a Face-to-Face Appointment During This Conversation The goal for your face-to-face consultation is to establish trust, educate, inform the customer and to give them confidence in you, the process and their buying power! View Module 6 PPT for Tips on Ideal Face-to-Face Consultation and Follow Up Steps
Customer Does Not Want to Take a Face-to-Face Meeting In an instance the customers does not opt in for a face-to-face consult, the path changes. At that point, the best method is to deliver the rate and mortgage options live over the phone so you can engage the client and discuss any of their concerns and objections. Live Phone Consultation:
Next Best Options:
Email a fully customized Mortgage Coach experience to customer 15 minutes before the designated call time. Embed an introduction video into the presentation to prep them about what the information is and introduce yourself again. Repeat the education objectives from Face-to-Face (available within the Module 6 PPT). Mortgage Coach Experience Link: If no live phone consultation is possible, send your client the Mortgage Coach experience link with a more detailed video and promptly follow up when they review it. Mortgage Coach alerts you when data is reviewed. Confirm and set a follow up appointment/call to go over the details.
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Follow Up Strategy Video Follow Up: In our busy world, this one-way communication can save time and bring massive value to the client. This strategy should be looked at very much like the value you bring to a client face-to-face but without the burden of an immediate query on the content. This is not only more convenient for the client, but serves as a strategic use of your time. Video Marketing Instructions
Milestone Texts and/or Emails: Think proactive! Call clients before they ask to be called. Explain where they are in the application process and offer next steps. Automate: Loan Process Checklist
Send Marketing Email
In Search of Property: This is a great chance to bring valuable content during the home search. Building credibility during this exciting phase of the process. Credit Cleanup and Down Payment Saving: This is an opportunity to build value and loyalty as well as cultivate additional referrals. How to sign-up for Credit Repair e-Journey
Managing Customer Objections and Expectation Setting Prospect Quality • Know your customer Process • Team introductions • Offer next steps at the end of every conversation • Things that can go wrong or things to avoid
TAKEAWAY
Pricing • Internet rates may not be what you see • What does poor service cost? • Overlays
Conditions • Whoever calls them out must be prepared to elaborate • Be prepared for objections to conditions Referral Partner Communication • Be thorough • Be mindful of prospect privacy • Be timely • Anticipate issues and offer proactive solutions Seek Constant Feedback • Communicate regularly to surface issues that would otherwise go unnoticed
uoting and providing a consultation needs to follow a specific path and Q involve certain actions to set yourself up for success.
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General areas of consumer concern or where they may have false assumptions that hurt them:
Customer believes their credit score or FICO is too low
Customer believes their student loans make them ineligible to buy a home
Customer believes the home they can afford requires too much work
Customer believes they don’t have enough money for a down payment
How Can We Improve the Customer’s Experience in Our Industry?
EDUCATE!
Communicate with clients and other parties often and effectively
Keep customers informed of any changes such as rate or fees throughout the process
Maintain transaction “on time” as much as possible
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Download Customer Objection Scripts
Ready to apply your knowledge? Take Module 6 Survey Assessment
Want to continue the conversation? Join Chatter Here
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