Loan Officer Sales Training 5/20/24: Closing & Post Closing Sales

In this insightful episode of "Loan Officer Sales Training," we dive deep into the crucial phases of closing and post-closing sales. Join us as we explore strategies and best practices for ensuring a smooth closing process, maintaining client satisfaction, and leveraging post-closing opportunities to enhance long-term relationships and generate referrals.

Our expert host shares their proven techniques for navigating the final stages of a sale, addressing common challenges, and providing exceptional service that sets you apart in the competitive loan officer landscape.

Whether you're a seasoned professional or new to the field, this episode offers valuable insights to help you master the art of closing and build a thriving business through effective post-closing engagement. Tune in and take your sales skills to the next level!

For more episodes visit:
https://themortgagecalculator.com/Page/Loan-Officer-Sales-Training-Podcast

About The Mortgage Calculator:

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! 

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of over 350 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix and Flip Mortgages and thousands more!

Our Mortgage Loan Originators are trained to be loan consultants to guide borrowers throughout the entire loan process. A licensed Loan Officer is only a phone call or zoom meeting away and always available to assist borrowers throughout the loan application process all the way to closing. To apply for a mortgage please visit our Q

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as thousands of Non-QM mortgage loan program variations using alternative income documentation!

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages...

Transcript

Restream recording May 20, 2024 • 04:03:21 PM: 0:00

So welcome everyone. My name is Kyle Hiersche. I'm the CEO of the mortgage calculator, and this is our weekly podcast that we do weekly. Now used to do it daily, but now we do it every Monday at 12 PM Eastern, where we go through more of the sales end. Of mortgages. Now, today we're talking about closing and post closing. So it doesn't sound like traditional sales stuff, but we're going to be talking about it in terms of how it applies to sales and how we need to think about it as loan officers, right? Obviously there is a closing department. But there is a lot that has to go on and it's there's a lot that needs to be essentially, you know followed up on by us and also used by us to make more sales. All right, so let's go ahead and get into it here. So the important thing about closing and post closing. And again, this is not just about closing these deals. It's about closing future deals. So we need to manage people's expectations through the closing process, right? When we're coordinating the closing you know, obviously title and closing. And everybody is coordinating, but you need to understand what's going on. Right. And managing the client's expectations is super important and not just the client, but everybody. We have a whole training, a whole sales training we did on managing people's expectations. And we talk about, it's not just the client. It's also the realtors. It's also. You know, everybody involved in the transaction, right? So we need to make sure that we manage people's expectations about the closing. That's super important. Now, if you're local, you should definitely attend the closing if possible. If you have a closing and you're local. And you are missing a huge opportunity if you're not attending that closing in person. And that is a huge sales opportunity, right? To actually meet the person to actually be involved to be there to walk them through things. Now, if you cannot attend. Make sure that you're available. This is something so simple that so many loan officers neglect to do. You should have every closing you have on your calendar. You should have that time blocked off to make sure that everything is good. And you tell your client, Hey, I blocked off my calendar. So I'm available. If you have any questions, when you're at the closing table, you feel free to give me a call. I'm waiting by my phone for you. It really doesn't take much. I mean, the closings are scheduled for an exact time, right? So take, you know, half an hour, block it off on your calendar. Of course you can answer emails or do whatever while you're waiting for them to call. But the point is you've made it a point to be available. If they do call, you've conveyed that to the client that makes them feel good, even if they don't use you, use it, even if they don't take you up on the opportunity. It makes them feel good and it's the professional thing to do something that simple. So many people don't do now if you have closings all the time, we're still talking about a very small amount of time to block on your calendar, even if you had five closings a day, right? So this is something that's very easy to do. It's just also very easy not to do. So a lot of people don't take the time to do it, but if you have a closing, if you can attend it in person, do it. If you attended in person, take pictures with the client, you know, that way you can post them like we talk about. And then again, if you can't attend, make sure to be available. And let the client know that you are available. Have something that's planned and scheduled and in stone. You don't want to be driving around in your car and go, Oh, I forgot. I have a closing right now. And this client is calling me. No, this should all be planned out and coordinated in a professional manner. Right now alone is not closed. Last bullet point is not closed once, or excuse me, I guess loan is not done once it's closed. Right? So we are still going to be working with the client and there are numerous reasons for that, all of which come back to being sales opportunities. So I have talked to loan officers who may get frustrated because there's you know, post closing conditions or things like this. Understand that each time that, you know, things come up, yes, unfortunately we have to deal with them. But it can be looked at as a positive to create more rapport, build more of a relationship, stay in touch with the client more, stay top of mind more, which is also another reason why I suggest that the loan officer. Not the processor is the one that reaches out, right? The, the processor can know the documents we need, request the documents in the system and, you know, do all that stuff. But the loan officer should take the chance to reach out if the client hasn't, you know, given what we need, you know, and somebody needs to call the client. So many loan officers are like, Oh, I shouldn't have to be bothered with that. I should have a process or do it like an assistant. I'm telling you, that's the wrong way to think, right? You want to use that opportunity. If somebody has to get on the phone with the client, you want it to be you to keep building that relationship. Not that you pawned them off to some other assistant and somebody's just annoying them to get to collect paperwork. Right? So don't look at it as a negative. If you have to reach out during closing after closing, look as, look at it as a positive opportunity. So Now, after closing, let's talk about post closing here. Congratulate and thank the client. Obviously, again, if you are there, take the pictures, post it. So, so important. The best advertisement that you could ever have is posting a closing that you just did for someone, right? Them posting it on their pages and even just you posting it on your pages. That's the best advertisement ever. So, make sure you congratulate them, thank them, use it as a success story, post it any way possible. And also remember, we send out the closing gifts here at the Mortgage Calculator, so your client's going to get that email afterwards saying, you know, asking them some questions that then our little AI bot then curates them a gift box, sends it to them, it's a Mortgage Calculator gift box with a letter from us. So, again, another opportunity to talk to your client, another opportunity to, you know, as it says here at the bottom, ask for referrals, right? And just an opportunity to stay top of mind, right? Now, be ready. Here's the next one. Be ready for post closing conditions. Right now, especially here at the mortgage calculator, remember we're a lender, right? So those of you from the broker world, it's a little less stuff like that when you're a broker, right? Cause you're not the actual lender dealing with it. But when we're the lender, there's going to be things that come up. There's going to be post closing conditions from time to time they have to be dealt with. But again, we want to look at them as a positive. Obviously it's not always positive to need more paperwork and stuff from them, but we want to use it as a positive opportunity. And remember that loans are not actually essentially closed and done with not only until they're closed, but also after the EPO and the EPD periods expire, right? Everyone can get their commission taken back. If they, you know, refinance or sell too early, or if they default on their payments too early, right? So very important for us to also remain involved from that perspective. Very important to manage those expectations up front as well. Keep that in mind. Make sure when you're talking to people, you're understanding, okay, are you looking, is this long term or, Is this person just looking to do a refinance and then they're telling you straight up front that they're going to refinance three months later when the rates go down? Right? So there's a lot of managing up front. That we need to do on that end. But also again, you know, when we get things like a early payment default notice, right, the loan officer needs to be proactive of reaching out to the client saying, Hey, it looks like you didn't make your second payment, right? These are things that we do have to worry about, you know, as a, as a lender, we need to make sure that everyone is making all their first payments or the loans will get lost. Called for, you know, repurchase and then everybody loses all of their commission. So these are all things to be aware of, especially when you're working at a lender. And again, use them as a positive instead of a negative and just use every opportunity to follow up and ask for referrals, right? That's how you are going to continue to get business over and over. And that's the great part about remaining in control of the process the entire time from start to finish is that you're there talking to them. You're building the rapport so that you can ask for more referrals, the clients taken care of. They feel like they can trust you. They know you, they don't feel like you pass them off to other people. You know, this is it's all important. It all starts, you know, from the very beginning with you and then ending with you. And that's how you're going to end up getting all the referrals. You're not going to get as many referrals. If you have only spoken to them 2 times and the rest of the time you say, oh, yeah, my processor is just going to call you and coordinate all this stuff. Right? So, you know, Very important there. Let's see here. It looks like we have a question. Let's see here. Do we need to send our post to marketing first before posting if you've created any you know, advertisements or anything. If you're using the ones we created for you, then you can post them. But if you're creating any new collateral or advertisements or graphics or anything, you would need to get them approved. Okay. All right. Well, again, I don't want to keep everybody for too long, but just something to keep in mind. The loan isn't done until it's closed, funded, EPO expires, EPD expires. Everyone made their money. Everyone's happy. Client is fulfilled. You know, and then we can ask for referrals, but until then we need to be involved all the way through the process. And look at it as a positive way to keep in touch with the client. So Thank you everybody for tuning in. Remember we do this weekly now So every monday at 12 p. m eastern where we go through the front end and the sales end of mortgages So I appreciate everybody tuning in We will see you next monday at 12 p. m Eastern for the next episode of the loan officer sales training with the mortgage calculator