Kick A$$ Loan Officer (eBook)

Become The Best By Kicking Ass!

Jeff Janke (Autor)

eBook Download: EPUB

2022 | 1. Auflage
102 Seiten
Bookbaby (Verlag)
978-1-6678-6142-5 (ISBN)

In this book you will learn how to become more effective at your new or existing craft. If becoming a successful sales person, specifically a loan professional is your goal, then why not become a kick ass loan/sales pro, one which others feel confident and comfortable giving their personal time, energy and trust. You're invited to read over this material, take the pieces you wish and apply them to your craft. The following materials have been tried and tested with real results. All I ask is that you read and take what's presented here with an open mind, positive attitude and a passion to become a better, more effective version of yourself. We all strive to do well in sales. We all want to help people win and in turn win ourselves. I believe if you pay more attention to your craft and you care to become more effective at what you do and how you do it, the results will follow. Hopefully this book gave you an insight to how you can run your business in a way, which will yield you more time, more money and more success! Remember, many of my scripts are long winded for a reason. When everything you say becomes internalized as it is for me, there are many different things I say and ways in which I say them. I wanted to give you options, thus my lengthy scripts, so you can find things you like and would like to implement into your personal style to help you become a Kick A$$ Loan Officer.

How to Structure a Purchase Deal

When structuring a purchase deal there are a few things to consider:

-Do the borrowers currently own a home or is this a contingent sale?

-What type of property are they trying to purchase? SFR, Condo, etc.

-Is this a primary residence, 2nd home or an investment property?

-How much money are the borrowers planning to put down?

-Are there any seller concessions?

-Do they have the down payment or is it gifted?

-Do they have a purchase contract?

-Home Inspections

-Appraisal

-You have to get the Realtors info

Documents to Request:

-Insurance for the new home and any other homes they own

-Tax Returns or all income documents

-Purchase Contract

-Bank Statements or Asset Statements

How to structure and sell a refinance deal

When selling a rate and term or cash out refinance there are a few things to consider:

-What is the overall goal of the borrower?

-Do they have a decent amount of revolving and installment debt?

-What is their current rate?

-What type of loan are they currently in?

-How many years do they have left to pay?

-How much money do they make

-What is their front and back end DTI?

-Are they living paycheck to paycheck?

-Are they looking to save as much money as possible?

Scenario 1 - Cash Out Refinance

If a borrower has a decent amount of debt however, is mainly interested in a rate and term refinance, meaning they are only interested in lowering their monthly mortgage payment and/or extending their term, and because of their debt load they do not qualify to accomplish their personal goals.

The question is how do you position an opportunity for your borrower/s to save money, if the borrower/s were not looking for a cash out option initially?

The very first thing you want to do is acknowledge what they wanted first. Below is how you would want to approach the pitch for this type of scenario.

The Pitch

“Mr Smith, I know when we originally spoke the most important thing to you was to lower your monthly mortgage payment as much as possible, is that correct?” I can see that money is a bit tight right now and the more you can save I’m sure the more relief that would be able to provide for you and family, correct?

After looking further into options, it looks like there may be a few, however my question to you is; “If I found a product that we could qualify us for and we thought it could help you even more than what you were initially looking to save, would this be something that you would be open to learning more about?” Ok great. After reviewing your situation, there were a few ideas that came up, as well as a few challenges. And that’s more normal for us to come across these situations and challenges, at the same time I’m confident we can work around these challenges and find opportunity.

A couple quick questions I have; “I see there are about 3 or 4 credit cards that have some decent balances. Are these your debts or are you possibly a co-signer for these?” “Ok, how about these two installment loans, are these leases or car purchases? Ok, great. The reason why I’m asking about these in more detail, is because most of my clients are restructuring their debt in a much more effective way, to help them not only save more money, at the same time also to help them improve their personal credit situation by leveraging a small amount of equity in their home. And after reviewing your situation and seeing for myself what your debt to income is every month, I would imagine at times it feels like living paycheck to paycheck? And I know that’s the last thing you or anyone wants to feel, right?

Well, it’s a good thing we are talking now, as there is a program that, like many others in your situation, they are taking advantage of today. So if we could design a loan that paid off all or most of your debt, restructured the debt to be at a much lower fixed interest rate, getting rid of all compound interest and also providing a massive amount of monthly and yearly savings, with tax and credit score benefits, if we get the approval we would need, is that something you would be willing to move forward on today? Ok, here is what I’m going to do for you…

I’m going to write up a cover letter explaining your extended credit situation and take my time to put together a clean application. There are a few challenges we are facing, however I’m confident we will be able to get around them.

Our job right now is to come together as a team, offer our trust to one another and present your file in a way that not only gives us the approval we need, at the same time ensures confidence in our approach and decision to work with one another.

Here is what I need from you as soon as possible. I need you to put together a few documents and either scan them with your phone or take a photo for us.

Here are the documents we will need right away to best present your file to our underwriter:

-Recent Mortgage Statement

-Copy of your HOI dec page or policy page

-Most recent pay stubs - covering 1 full month of pay

-Last 2 years W2’s

-Copy of your HOA statement if you have one

Lastly, I’m going to send out some initial disclosures for you to E-sign. It’s imperative we get these done asap, as these E Signatures give us permission to receive and take possession of your documentation, as well as protect and hold the terms of today’s market before we would see any negative change. Does this make sense? Ok great!

Here is a breakdown of what I accomplished with what I said and why I said it.

1st Section Breakdown

-The very first thing I said was to acknowledge what was most important to the borrower. I also stated an observation regarding debt load to create an association to a pain point. Lastly, by asking him a question, which leads to the answer “yes” this is the start to creating a “yes pattern”.

2nd Section Breakdown

-In this 2nd part I create an opportunity to find out if another option would be possible to sell to this borrower. If you notice I use the word “open”. When you use the word “open” people naturally have a harder time saying “no” as no one subconsciously wants to be perceived as closed minded.

-Next, I didn’t just offer a clear pathway with a loan handed by me on a silver platter, I expressed a few challenges, however I instilled confidence in my ability to help. People naturally are more attracted to something they can’t have and feel less power over you and the situation vs if I was to just say that there were no issues and we would have no problem at all getting them a great loan. I also expressed that these types of situations are not uncommon.

3rd Section Breakdown

-In this section, I ask questions to better understand the situation as well as get the borrower thinking of and more clear of his actual situation.

-I...

Erscheint lt. Verlag	9.8.2022
Sprache	englisch
Themenwelt	Wirtschaft ► Betriebswirtschaft / Management ► Marketing / Vertrieb
ISBN-10	1-6678-6142-5 / 1667861425
ISBN-13	978-1-6678-6142-5 / 9781667861425

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