Learning how to close a mortgage quickly takes time, but as you gain more experience as a mortgage loan originator, you will pick up some techniques that will put you ahead of the competition. Here are a few things to keep in mind.
In a competitive, fast-paced industry like ours, you have to keep up with the best to be successful. Sure, there are lots of homebuyers out there trying to find financing for their dream home. That’s a given, especially right now, when mortgage rates are at or near historic lows.
But as a mortgage loan originator, you know that you have to contend with some stiff competition if you want to land more business.
In that spirit, these tips may help you close your mortgage loans faster so that you can be done with one mortgage loan and on to the next.
Simplify the Documentation Process
Put yourself in the borrower’s shoes—applying for a mortgage loan can be intimidating, not least because of all the documentation they must provide to be approved. You can’t close a loan until your client submits all the required documentation, so why not make it easier for them?
Let them know exactly what they need to submit as soon as possible and provide them with a quick, easy, and secure submission method. The sooner they know, the faster they can start getting it ready.
Wemlo’s easy-to-use and secure borrower portal makes everything clear and trackable. Find out how it could make your life simpler.
People won’t give you something if you don’t ask for it first; it’s critical to get the closing process moving as quickly as possible.
Sometimes, your prospect won’t be ready to commit when you ask for the sale, and that’s okay. Just make sure that you give them a reason to call you first when they are ready.
Always Be Communicating
In sales, knowing your ABCs usually means Always Be Closing, but if you want to close faster, you also need to Always Be Communicating with the borrower. As you know, mortgage applications often require a lot of back and forth between the borrower, the processor, the underwriter, and you, the mortgage loan originator.
If you are not on top of your communications, your time to close is likely going to suffer.
Set up a demo to see how wemlo helps mortgage loan originators keep communication streamlined.
Don’t React, Act!
Know where your prospective borrower is in their buying or refinancing journey and tailor your communications to suit their needs. If you can figure out how to do that, you will be able to stop reacting and start acting to gain more potential business.
Qualify Your Leads
One way to stop reacting so that you can push your client nearer to closing is to pre-qualify your leads at the beginning stage of the loan application process.
To Learn How to Close a Mortgage Loan Quickly, Rethink Your System
An easy-to-use all-in-one platform combined with an excellent processing network can help you close more loans faster. Our philosophy is that wemlo may have that solution you need and more! Sign up today for a demo to learn more about how wemlo works with your business!