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Career Opportunities » Challenging Career Opportunities For Transaction Officers

Loan Officers - What You Want Doesnt Work - Change Your Strategy To Sell More Mortgages

Loan Officers, here's something for you to think about...

Generally speaking, borrowers don't know much about this industry, so spewing numbers and figures doesn't do a lot of good (besides, every other LO does it, so be different). So, by you telling them how important the Option Arm is, or how good a 30 year fixed is, will not always get them to buy. You need to find out what they need (not what they want) before you can recommend ANY mortgage product.

By the way, that's the most important part of the transaction. Once borrowers realize what they need, selling the Option Arm, or any product, is simple.

OK, let me really condense this thought process and see who "gets it" and who doesn't. If you want to set yourself apart from a majority of the industry, you need to take the emphasis off of YOU and place it on the borrower. What I mean is, if you're selling them whatever YOU want, or whatever YOU think is the best product, you're missing a HUGE part of what being a Loan Officer really is. Just because you think a 30 yr fixed or a 5/1 ARM or an Option Arm. If you really sit down and analyze those programs, you'll realize that there are more to each of the programs than what's on the surface and, therefore, you'll know what to actually look for when the borrower talks and can recommend a product they NEED rather than what you want them to have. Does that make sense?

Bottom line, quit putting the importance of the transaction on YOU and put it on what the borrowers NEEDS. I also realized my last comment may have just turn a lot of people off....if that's you, that wasn't my intention. I'm just presenting ideas, I'm just here to make you think. In this industry of Loan Officers and Mortgage Brokers, you generate the most amount of money by doing things different than your competitor.

Once you understand this theory, selling ANY type of mortgage is simple and a blast to sell.

And now I would like to invite you to get "Mortgage Info With An Attitude" with Free weekly answers about the mortgage business in the Mortgage Mailbag. As a Bonus, you'll receive the Special Report "The 5 Biggest Myths about the Pay Option Arm and the Real Truth About Them". You can access this free service and the bonus at http://www.MortgageMailbag.com

Source: www.isnare.com