Consider this: Loan originators who go beyond a typical "good faith" estimate at the point of sale and present a Mortgage Plan using the Total Cost Analysis close an average of two extra loans per month.
The TCA performs the industry's most powerful side-by-side analysis of the net cost of a loan over time. More importantly, it highlights two specific areas of the total loan cost. First, it measures the financial impact the homeowner would feel if he or she were to invest the savings of a given loan into an asset-accumulation account. Second, it demonstrates the power of repaying the debt off early.
If that's what it does for the borrower, what does it do for the loan officer? Easy: the loan originator who delivers a Total Cost Analysis (TCA) at the point of sale closes an average of two extra loans per month.
But that's just up front. What about the long run? Borrowers will trust you, and in addition to closing the loan, you will receive business from the borrower's friends and family members for years to come.
In one month, I took $1.2 million (three investment deals) off the desk of an "application taker", due directly to the TCA and my ability to taken on the role of a knowledgeable trusted advisor. This is not an isolated instance; my clients appreciate knowing that their best interests are being served. I am a trusted participant in every aspect of my life, and The Mortgage Coach helps solidify my commitment to providing above-average service.
I am proud to say I cannot count the clients on one-or even two-hands who have seen the difference in the level of service that I provide through my use of The Mortgage Coach.
Shawn Heffernan, RBC Mortgage, Lynwood, Washington
Is there more competition in your market? Are borrowers less loyal? Are you tired of big players with bigger budgets stealing away your past customers?
By sending Monthly Mortgage Reviews using the auto-generated RateWatch report to your past clients on a regular basis, you put your name and current rates in your clients' hands. Rest assured that with your Monthly Mortgage Reviews in their hands, your clients will be far more likely to think of you for their next transaction.
People who conduct Monthly Mortgage Review can expect to close 18 loans for every 100 past clients. How many past client loans are you closing for every 100 clients?
"The number-one response tool I use is the RateWatch report in the Mortgage Coach. Ron Quintero advised me to do this over a year ago, and it continues to be the best way to connect with clients. It tells them how you want them to continue to be successful with their mortgage."
Tia Brown, ApexFinancial, Laporte, CO.
Fact: Despite rising interest rates, 26% of homeowners will conduct a mortgage transaction in 2006.
Sound impossible? Well, consider the number of homeowners who are wasting money on auto loans, the increase in home equity, the fact that ARMs are about to increase, the staggering extent to which consumer debt is increasing, and the rise in personal bankruptcy. Anyone who struggles with any of these financial difficulties is someone whom you could be helping-and who could be helping you.
Conducting an Annual Equity Reviews using the Equity Repositioning Analysis annually for past clients will definitively illustrate the value and power of restructuring debt and equity. The Annual Equity Review and the Equity Repositioning Analysis will increase your clients' saving rate and help them to accomplish their long-term financial goals.
So it should come as no surprise that the leading users of The Mortgage Coach who conduct Annual Equity Review generate one transaction out of every two Annual Reviews.
"The Mortgage Coach's Equity Repositioning software has allowed us to develop a whole new business philosophy, which we call Equity Management. With The Mortgage Coach, we can show clients how to use an interest-only loan to free up cash and invest it with a financial planner so that over their lifetime they can pay off their loan more quickly and increase their wealth."
Steven Marshall, Bellevue Mutual Mortgage