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all right welcome to the loan officer sales training with the mortgage calculator thank you everybody tuning in nice and early we'll give it just a second to go live on all the different platforms here got the chat up on the screen feel free to drop a comment there in the chat got a great topic here for today that we'll get into in just a moment hope everybody had a great weekend and is ready to get back to it here this week and get some sales going so it looks like we're live on all the platforms we'll go ahead and I'll take the chat off the screen for now but go ahead and uh drop any comments you have any questions you have there in the chat as we go through the presentation here going to keep it pretty short today uh but it's definitely a great topic to go over here now especially for newer loan officers uh that may not know some of these statistics so let's go ahead and go through it so today we're talking about the mortgage sales cycle now what I mean by that it could kind of mean two different things right the sales cycle one time with one sale right uh and how long that takes to go through the cycle but really today what we're talking about is the cycle that a client goes through in life meaning purchases refinance purchasing a new home right there's there's a cycle that happens with clients so let's go ahead and talk about it so here are the stats the average American buys a new home every eight years years right and they refinance on average every three to three and a half years so you're looking at three transactions every eight nine years per client you know on average of course and so you know that's important to keep in mind we're not just getting a client for one transaction we're getting a client for tons of transactions and as you can see right here the statistics tell you that your probably going to get about three transactions every maybe eight nine 10 years from each client and for us here at the mortgage calculator especially we're in this for the long run we're not here to get rich quick so we're trying to get these clients for life right now investors obviously are constantly buying constantly refinancing to buy more property so those stats at up at up top are for primary homes right but at the mortgage calculator especially we deal with so many investors that's what's so great about it is that they're always buying and refining and selling and to buy a new home and refinancing this one to buy another one and so the investors are great to work with especially because investors are still going to be doing that activity even when the rates are high right that you know that's what gets us through the hard times it's having investor clients that were serving their purpose by their still getting their transactions done and making money uh it doesn't matter what the rates are right they're going to uh you know we're going to help them figure out a way to make their deals happen for them to make money so investors is a whole different story right now it's kind of uh blocked here actually I need to change this that I got the wrong graphics up here there we go oh now works okay so a lead is forever right and a client is for life so talk about this a lot uh the the whole Elite is forever uh motto there but a client is for life and this is exactly what we're talking about here every eight nine 10 years you're ending up with three transactions so you know 20 years 30 years we're talking about three six nine 12 who knows how many transactions you're going to do for the same person over time especially if we're dealing with investors so just make sure we we have the right mind state especially for the newer loan officers coming in to the business understanding that that's how this works you're gaining clients for life and then you're turning those clients into referral partners that are referring you business for life and then continuing the process with whoever they refer you to so when we're discussing you know with our clients especially this you know initial phone call maybe second phone call and we're asking them what they're looking to do we're not just going to be talking about their short-term goal which is the immediate thing right obviously why did you click the ad why did you contact us what is it that you're looking to accomplish right now but also let's talk about the longterm goals because we want to look at that as the average person is going to do those transactions so we should be talking to our client about when and why they are going to want to do those transaction and how we're going to help them do those transactions do they have a plan do they want to move into a bigger home you know maybe in three to five years they think they're going to get a raise so then they want to save all the equity they can and then refy out of it you know and then use the cash to put down on either an investment property or a new home whatever the case may be right we're going to talk to them what is your long-term goal so that as a mortgage cons consultant we can consult them excuse me on how the mortgage part of that would work right they can talk to the realtor about buying a home but as a mortgage professional we're going to consult them through look are you looking to buy investment properties maybe and build your wealth in your portfolio or are you looking to upgrade to a bigger home because this isn't really as big as you want you didn't get the home you wanted so our plan is in three years to five years buy a new even bigger home I mean the these are things where not only are we Consulting them on the process not only are we talking about maybe refinancing uh to get off PMI or refinancing for a lower rate or refinancing to get cash out to purchase an investment or a or a home right we're not just talking to them about those things we're talking to them about everything okay well if you're going to get a larger home in five years we're also going to need more income is that going to be you know happening or if you know know if their credit isn't that great okay well then over this time let's get your credit improved so that we can actually buy that bigger house because right now with your income and your credit even if you had a bigger down payment we wouldn't be able to get the home that you want right so now we're Consulting them through what is the actual plan to accomplish their goal so just keep in mind we are not here to do one transaction we're not here to sell loans we're here to help client and accomplish their goals now if we don't even ask them their goals then what are we doing right yes talking to them about the one transaction that they clicked on the ad for that they need immediately immediately right now sure we can help them out with that but did we really do our job as a mortgage consultant knowing this borrower is going to do on average the statistics the statistics tell us three transactions every eight nine years did we do our job of Consulting them through all of those transactions did we do our job at setting up this transaction to properly meet their goals in the future right it's not just about hey you know after we do this one let's talk about whatever your other goals all well no we have to what if this loan has affs what they're looking to do in the future where plenty of loan products would do that there's plenty of situations where you could put them into a loan product that is counterintuitive to their goal in the future solves their short-term problem but does not accomplish their long-term goal so if we're not asking them their long-term goal if we're not planning these things out then we can't really properly assess their current situation that we're trying to deal with so you see how it's very important here to you know Jose talks a lot about how important that interview is with the borrower and asking questions and a lot of loan officers accomplish half of this which is ask them what their goal is right now but the other half of loan officers never actually ask what's your long-term goal because I'm here to consult you through the entire process tell me where you really want to end up or what we're really looking to do over the next 10 years and let's break it down from there and talk about the best way to get there which may include us choosing a different loan product right now to set ourselves up in the future for what we're looking to do different loan product different LTV whatever it may be things can change depending on what we're planning to do in the future right now here's an example scenario just you know the the cycle right somebody purchases a home let's say they're a firsttime home buyer let's say they purchase a home later we refinance them to remove PMI maybe and again this is different for everybody just an example here and then maybe later we cash out three years later something like that they have more Equity we do a cash out and we purchase an investment property for them with a dscr loan all they need is what 50 Grand or something to get a you know 20% down on a nice little rental uh property for them to have to start building their real estate portfolio and building uh their wealth or maybe they're looking for cash outs they can start the process of finding their next primary maybe it's a bigger one uh you know whatever the case may be we need to know what they're looking to do and you'll see that they can go through this process and then they're going to repeat the process they buy a new bigger home and then they're eventually going to refinance that to either remove the PMI or to get cash out or to lower the rate and then you know again we could talk about buying Investments or a bigger one it just it doesn't stop right the these statistics are real this is actually what's happening in America so if you're on the sideline and only worrying about one transaction you're missing the whole thing right these this is actually happening so every loan officer that's a true Loan Consultant that gets clients for Life those are the transactions they're getting this isn't a abstract thing those are the numbers every single loan officer well not everyone but on average every loan officer that has a client for 10 years is getting those transactions so we just have to make sure that we are going to have our clients for life for the longterm and the best way to do that is to ask them what are your long-term goals so I can help you get there and we can plan for that so again uh wanted to keep it short here today but just just know it's probably about 5050 I think 50% of loan officers you know ask what their goal is for now but I think half of the people are missing the boat on asking their long-term goals planning ingly and remembering that this isn't an after the transaction discussion that's this isn't a discussion to happen after the transaction that's at hand this is a discussion that happens upfront because it very well may affect the way you go about the transaction at hand and one more important Point here the client is a client they are not a licensed loan professional they do not know what type of loan programs are out there or how loans work that is our job so a client could tell us that they're looking to do something but if we don't know their goal they I guess what I'm trying to say they may tell us they want to do something because they think that's their goal goal they think that's going to accomplish their goal but they don't know right we want to find out what they're really trying to do then we can figure out what's uh you know the best thing they might say they want X you know whatever loan oh I want this loan I want this loan okay well let's look maybe we don't have to go with that loan maybe there's a better one at the end of the day again they don't know what's out there they don't know the programs they don't know how things work it's our job to consult them through so you can't just take their word for it of oh here I want to do only this and this is for the transaction right now that's all I'm worried about okay well let's step back for a second let's talk about what's your goal here with this transaction and then what's your long-term goal and let's make sure that we're on track to meet both targets right so I don't see any questions in the chat I think we'll wrap it up but uh the big thing just remember these stats this is actually happening so if you're not in it for the long the long term if you're not getting clients for life if you're kind of burning through people and just doing one deal and not following up and you know all that kind of stuff right then you're you're missing the boat here this is this is the real data of what's actually happening and um obviously when rates dip low like they did then you'll get a flood of them and there'll be even more but on average this is what's happening out there so go out there get the clients consult them on the entire process what's their long-term goal how are we going to get there and let's walk them through all of these transactions that they're inevitably going to do with or without us let's make sure that we're the person that they're doing it with all of the transactions with because we've consulted them through that whole process if you just let them go off to whoever else is going to get them for the next transaction but if you've already planned this with them they're going they're calling you to do the next trans you already set this up we planned this is our plan I'm calling you back and saying hey I'm ready to move forward on the plan I've been staying on the plan right but if not then they're just kind of up in the air and we'll go with anyone so it's our job to make sure we lock them in for Life consult them find out their long-term goals and uh you know just make sure to accomplish them and consult them and make a plan and if you make a plan with them they're not going to be going elsewhere all right uh the question here in the chat is missed most of this will it be uploaded yeah absolutely it'll be on YouTube right now uh so you can actually watch it from the beginning so thank you everybody for tuning in appreciate it remember we're doing this every Monday now so every Monday at 12:00 pm eastern time we do this sales training so I appreciate everybody tuning in we'll see you next Monday at 12:00 pm Eastern for the next episode of the loone officer sales train