Quick Tip for MLOs to Help Win Clients and More Business

Actionable Steps to Deliver a Superior Borrower Experience

One of the greatest advantages to being a mortgage loan originator (MLO) is having the ability to be your own boss. For this reason, the most successful MLOs are usually those with an entrepreneurial mindset — someone who is always thinking of ways to grow and scale. While a stellar product can make a big difference when it comes to growing your mortgage business, at the end of the day, you still must put in the legwork to gain new clients. So, what may be the deciding factor that allows an MLO to win a deal? Actually, there are a few. Check out these actionable steps to deliver a stellar customer service experience to each borrower you work with.

Make yourself available

What all MLOs seek is a reliable group of referral partners, and in order to gain those trusted relationships, it’s important to be approachable and available. While being a loan originator has the advantage of being your own boss, that also may mean checking your phone and email outside of traditional working hours. For the most part, buyers are taking care of their paperwork when they aren’t working themselves, so they may have questions during the process. If a real estate agent or buyer calls you with a question, do you give a prompt response? Many times, the simple act of showing that you care matters the most to those you could potentially work with. If you are going to be on vacation or unavailable for an extended period of time, be sure to communicate that with your clients — current and potential.

Encourage and be a listening ear

We’ve all heard it a thousand times: Buying a home is the single largest purchase many individuals will make in their lifetime. It may be overused, but it’s true. There can be a great deal of stress involved during the homebuying process and being a listening ear for your borrowers during this emotional rollercoaster can work wonders for your ability to win deals as an MLO. Sharing your expertise and being a shoulder to lean on is not only the right thing to do, but also the smart thing to do.

Show a genuine interest

Ask questions about their homeownership goals, sure, but ask them about themselves. Learn about their significant others, children, pets, work, and what they like to do in their spare time. Listen to their responses and even take a few notes in your phone after if that’s what you must do to remember the details. Trust us — if you remember to ask how their daughter’s first semester in college is going or how their most recent trail ride went, it will go a long way in building the relationship.

Share your mortgage knowledge

It’s simple—if you know what you’re talking about, others will be much more willing to work with you. This doesn’t necessarily mean you have to have a ton of experience, but it does mean you have to know the ins-and-outs of the housing finance industry. Pay attention to what potential clients are asking and respond in clear, understandable language. Remember that this process may be completely new and/or confusing to the average person and they may have no idea what you mean by underwriting, FHA, DTI, CTC, etc. Answer questions using simple language that potential clients and partners can understand. Being direct and clear will show others that they can trust you. In the end, trust is essential if you want to win deals. Every week, the wemlo weekly newsletter provides industry news, tips, and advice just like this. Help stay ahead of the curve by signing up and getting this kind of information delivered directly to your inbox each week!