Empower Your Business to Convert Leads to Opportunities in Loan Agreements

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what's up mortgage coast community Dave Savage today I'm interviewing Brad lingo Brad you're in Folsom California just outside of Sacramento is that right sure am that's right and are you doing business pretty much you know within a an hour of Sacramento or is there a different market to that or is it smaller or bigger than that for the most part mostly in Sacramento but it's narrowing down to what we call the 50 corridor which is highway 50 as opposed to highway 80 so it's a thinner stretch as I as I mature in my business I'm driving less and less nice guides on that in here and you're killing it you got on my radar I have noticed that you've gone from white belt to black belt great pretty quickly you're you're halfway to being a red belt with over 500 TCA so what what got you to that point like what was the Y that got you cuz you were already pretty successful before you started using a mortgage coach what was the Y for getting you know that's a that's a great question and again Dave thanks for having me on it's it's a real honor I've watched a lot of the video so I it's nice to be on the video now um but I think it was a cumulation of a couple of different things that happen at the same time one is we were getting into a very very competitive marketplace and I do not work necessarily for a discount lender per se and I just was getting shocked again and again and again and the way I've been trained the way I've been coached and my different coaching programs is that I don't sell rate I sell service and I was just really losing out on really getting hammered on rate and I didn't want to ask for subsidies all the time I'm at the same time I'm not very creative I'm just really I'm very good implementer so as I started hearing more about mortgage coach and then there were some good opportunities within guild for that partnership with a mortgage coach I just decided I needed to dive in years and years ago I had bought this as an individual loan officer at a different company and I just didn't have the time or inclination to work on it and then this second time around I just decided to dive in and so I set up all my settings and watch the YouTube videos and learn use it and and success breeds success and as soon as I started sending him out I was getting emails that were positive back and quick closes and less or no subsidies and less and less shopping and so I just jumped on it as a way to provide a good service a top-notch service high technical service they get answers to questions without having to be on a call for 45 minutes I love it I love it so I before our interview I reached out to Sheila gift for today by the way and I said hey I'm interviewing Brad any any suggestions on questions and she said you know he before being a mortgage guy he was an attorney yeah and and yet you have become someone that a dot changed you know you're you're evolving so I don't know talk about that a little bit and as your personality changed have you is it just become more clear to you that you need to change to thrive in the future what what is it that's driving that change giving young came from a different kind of background well um the the the mortgage industry was thrust upon me because I was I was fired from being an attorney I made a 38 million dollar mistake on a land transaction and that was pretty much the end of that so I kind of had no place to go and so I ended up doing mortgages but I do bring a a detail and a professionalism I think that's a little bit different a van because of my back my background in my education and along the way I just learned that here locally and then when I got into different coaching programs there's just other people that did it better or do it better than me so whacking me at the knees being fired from my chosen career just completely crushed my ego and I had to rebuild it and as I rebuilt it I decided I'm gonna start watching and learning and seeing what other people do and when the people above me or in coaching or the people that are doing have a higher conversion ratio or are doing more volume um I asked how are you doing it what are you doing is so I've always been willing to I think I'm pretty coachable willing to change and adapt to a market place that is different I'm not interested in moving companies I want to stay within the group done in that's very disruptive but how can I sell better how can I be more of a consultative approach and strip out being you know the lowest rate in town and we'll certainly mortgage coach um helped out with that love love that what what is your production right now what kind of volume are you doing both lead flow and loan volume were we're above capacity I am staffed I have six people on my team I'm staff for about thirty loans a month and we just actually broke a record today my team funded fifty loans for the first time ever so we are now doing roughly seventeen eighteen million dollars a month a lot of refinances purchases are really picking up and everyone's been full steam ahead it's been a slow build to find the right people and the right process and so yeah we're having a great year I mean Jesus I'm not finally on a point where I can be somewhat choosy if I can use that on who I'm interested or who I'm really willing to do a deep dive on you know people that well they don't appreciate myself for my process or respect my team and how we do it then I usually say maybe I won't be able to meet your expectations but and what's happening is the more I focus on the people that I really want to be with and you know the parameter is basically do I want to have a beer with you or not I mean the high threshold am i finding that I'm enjoying the people that I'm working with more and more because the people that I don't that that we don't mesh um their work they're not in my sphere anymore so it's more well so and how long ago was it you became a full-time loan officer and you left being an attorney only a year so April 2003 so in a long run well congratulations my my takeaway so far in this interview is that you are humble you are hungry and you are smart I mean you are doing all the right things being coachable and I would just ask any loan officer whether you're new in the business whether you've been doing it for a long time are you really as humble you kidding just talking to Brad here you can just feel the humility coming out and obviously to do that kind of volume manage that type it's me and crush it at that level you got to be damn hungry and and the fact that you adopted more it's coach it's basically the IQ test that you're super smart well I mean I mean I always try to use analogies when I'm talking with people and you know even on my own team when we adopt technology or we have a really robust Salesforce CRM now at guild and it's insane it's so great the efficiencies that you can gain are are tremendous and so what I learned not only in everything else but you know obviously on topic here with mortgage coach is that if I can set up a process where I'm addressing questions getting the clients the answers that they need in a professional way I can it's faster and I can do more on spending less time wasting time doing 17 different itemization 's when I can do it really quick and now I have one of my loan officer assistants basically setting up the file and then we have a process where we're tapped through and it just allows me to do more in less time why wouldn't you want to do that so it's it's an easy technology to adapt you know it's kind of like hey you could be in a covered wagon going across the country but the jumbo jets gonna fly over you in less time so why don't you get on the jet lag with that logic so let's let's talk before we get into a TCA and I asked her subscripting and sales process so anybody watch this we're gonna get his scripts we're gonna find out exactly how he uses mortgage coach through the sales process but you said something earlier you said I tried to adopt at one time didn't happen but this time I did it and and I have to I know that part of it was your wife liked your why was more personal more timely and when you made a decision to do it but what else like did you sounds like you started watching mortgage coach videos so it's not about me guys it's about the people I interview you started tuning in so you were filling your head with success in this community anything else that you did like what are some other just like there three actions that led to the successful adoption because you're successful now you're doing over 50 tcas a month yeah you're you've done over 500 so you're a black belt and you did that in just a little over a year yeah what what we're like three things that you did to help you be successful this time in adopting mortgage coach well again I'm super competitive so one of the big things was is that when I see other people that are my my colleagues and my equals and my competition within guild and without guild then I don't doing it and then I'm gonna be left behind so there's a there's a competitive edge to it what are they doing how are they doing it and I'm not it seemed reasonable to me I should jump in number two is I think that anytime you implement change people don't like change very much that's you know Isaac's law of motion is Right objects in motion stay in motion so if you are still doing a lead tracker by hand and you're not adopting computer technology there's a hurl you have to get over to over and so I just made a commitment to myself I just locked myself in a room in my house on some Saturdays and I just drove in to figure out what am I missing and into learning it because you know when you start the loan business when I came from being an attorney and I did my first loan app it probably took me three and a half hours to fill the damn thing out it was for my own father and now I can do a loan up in probably three minutes so there's there you have to give yourself some time and a commitment to really stay the course and learn and trust that the technology is there and you have to learn how to use it in your own way that works for you because you know how I do it maybe it's gonna be different than a little you know then Forcier you know it does it or Shayla gift for it does it you know I don't use every tool I use the ones that work for me and then um like I said earlier I I trained my loan officer assistant to help me out with that I don't want to do every single one so when I started building my team and I brought on my most recent loan office assistant just number I trained him I said this is what its gonna look like the lead comes in we have a question about a refinance we train them on how to set up a new file and then this is how you do a total cost analysis I will tell you it I still have to correct things it takes a long time but now to a point where I'm not really looking anymore and that means I jump on a call live call with the client or I do four or five at the end of the day and blast them all out and I mean if I send out five three are gonna come back and just say I don't need to talk with you just run the refinance let me let me know what it does so those three things all kind of in line just allowed me to streamline the process so that it's really fast and really easy now no one's gonna do it if it takes forever but it you need to get past the taking forever part before you get really adept at the efficiencies in time I love it I love it did you by any chance you sounds like you made the commitment yourself you timed a lot time on the weekends to get it done I always tell people scheduled jam sessions but make the time to do it did you get an accountability partner whether that could have been your team like a team we're gonna do this could have been your referral partners a referral partners I've got a new level of service or it could have been your coach you know you have a coach it sounds like did you have an accountability partner that you kind of declared game on with no I I I've heard I'm one of those unique people that I don't need a whole lot of accountability partners I'm pretty good at getting up in the morning on my own and getting after it to me it's the first one or two that I sent out and the ease of which it came back without any questions about this the rate in the subsidy was the light bulb moment for me I just said wow this is so great I can slam out five of these and no one's questioning me on rate I hate it I hate getting questioned on rate because they feel that it dilutes my experience and my expertise and that's what I pride myself on that's my brand I'm not the shiny object I'm the guy who delivers flat out every time and I give you a fair deal I'm just not the cheapest guy in town and I don't like being compared to that so this was a tool that I realized very quickly would allow me to get out of that conversation into the conversation I wanted to have which was not about rate and you know and if you're using it to me the conversation about whether you want to buy the rate is the cut or buy down the rate is a conversation you should have not what the rate is and I'm telling you I'd say 60 percent of the time 70 percent of the time people come in they want to get the lower rate I say well here's the cost here's the math for it here's how long it takes to recruit they don't do the grapevine anymore so I feel like it allows me to help people out but I can just be it was so obvious to me that this was the way I wanted to sell that I didn't need anyone to push me anymore I just do it automatically love it so so guys you'll probably watch this in YouTube is recording we we do have a live audience in our Facebook group looks like we've got drew in here what's up drew if you guys have questions during this live interview just put them in comments down below and I'll get to them so let's get into some scripting and some sales process so it sounds like a client comes in whether they have filled out a full app or they've given you enough information to do a TCA that comes in right now your assistant does the setup schedules the time emails the link to them and I'm assuming you're showing up in zoom or some type of virtual environment or getting on a phone call so is that am i accurate so far in terms of like the only thing that I do if I prep the I prep the TCA with a video on all of them because I'm still the people person right I'm a former core a core student so I believe in belly-to-belly and relationships and so I find that and in this in this this whole thing is like beautiful in a pandemic because the video goes over and I can explain to them what they're seeing and not only do they get a very thorough explanation in one or two minutes but I can see me they can hear me and for a lot of people that's very comforting as well so I use the TCA I'll do a video and then I will send out the the video to them and then if we have an appointment I'll bring it back up again during the call a lot of times I don't need to have an appointment after afterwards and guys that's a huge I hear that all the time with top producers especially this refi market they'll put a TCA together they'll Florida to the client via text email whatever it's how they want the clients going let's go and so the fact that you could do these TCA is any hour of the day you and your team can do them it's just it saves a lot of time and I'm also hearing that the customers are even more committed because they pick the option you gave them options they picked it so they own it and then there's usually more value in what they pick because you're showing the cost over time so let's share your screen and let's pull up the TCA okay now what I always like to get scripts in just little words that you use that might be useful to our community what do you call it do you call it a total cost analysis or do you call it something else I call it a total cost analysis um really the reason why I do that is because I put it in the subject line or the regarding line on an email and I don't know I may be wrong but I feel like that's not gonna get hung up in someone's spam folder as much as hey here's your numbers on a refinance so I've always called it a total cost analysis um for that purposes there's nothing wrong about that that's a good word it has intrinsic value its consumer friendly but if you had a different name I wanted to know and it's not bad if you do like we hear all kinds of terms now let's assume I'm a consumer you've sent me the link and get me to walk through this give me like 30 seconds or a minute like how would you frame this so that I'm I'm a consumer and I have my bearings I know what I'm looking at here if you could frame it real quick okay well I'm gonna I'm gonna delete out the video here because that's gonna get in the way so I'll speak in a little bit quicker than normal but I would say you know I always have the name up on the top left so I can greet them so in this case a you know I say hey Nathan Gretchen is Brad with Guild mortgage thanks so much for the opportunity I'm really grateful that you reached out after all this time I put together a couple of options for you to consider based on what we had talked about and I'd like to talk a little bit further certainly answer your questions so the first column on the left is your current mortgage and I have the loan amount at 286 in your current rate is 3.25% and you can see that your payment should be about 1942 let me know if that's off the other four options we have here are the different options we talked about there's two options with no cash out and there's two options with a cash out and I want to explain the difference between the two each of the two groups so on this first column here you can see that the interest rate would drop down to about three point one two five now in your case or in this case they have an FHA loan so it would be going from an FHA to a conventional loan so I'm highlighting now hey listen the interest rates gonna go a little bit lower but you're also gonna drop off the mortgage insurance so right out of the gate you're gonna be saving roughly three hundred dollars a month now the question would be about if you had or you had a question about lower interest rates there are lower rates but I want to explain how that works you could pay 1% of the loan amount so now you can see that there's a little bit of a difference in the loan amount I'm rolling it in you're gonna get a lower interest rate what we need to decide does it make sense to pay that extra cost so down here the difference between those two payments is only going to be where is that $37 $27 so what I'm gonna do is $2,900 that's one percent of the closing costs divided by twenty seven dollars is what is that hope I did it wrong 2900 divided by 27 is a hundred and seven months so that means you have to be in that house in that loan for at least eight point nine years before you would recoup the costs so the question is are you gonna be in the house it's not the rate it's the costs associated with the rate that makes a difference if you think you're going to move or keep this as a rental or you're gonna sell or whatever you're gonna do in less than eight point nine years then don't pay the cost it doesn't make any sense eight point nine years happens to be a long time so I don't know that I would necessarily do that rate by now but that that's the analysis that I want you to go through so without without going in Dave to the other two that's how I walk through and I'm telling you they never buy that they never pay the point you crushed quicken you want to destroy loan deep well I don't know we're not supposed to talk about other companies on here yeah let's do that okay low rate and they're not explaining the cost and they're wooing people for a low rate this is the way to help people not make terrible financial mistakes they're brainwashed into buying a rate and that's not the way to do a mortgage I love what you just said it I I'm actually gonna share my screen for just one second I want to I want to show a slide real quick and and this slide is so important guys and it's not well it's not that slide it's important it's the concepts here and if you can embrace these concepts that these are the three essentials to getting a smart mortgage decision and guys by the way not only are they the right decision for a family or the right essentials for a family they are like sales strategy ninja moves as a mortgage professional like first of all if you're getting into debt in your consumer do you want options do you want a fee worksheet that says rate payment cash to close let's go no you want options and and by the way from a sales strategy perspective if you have options and a family picks one they own it they have more ownership over it and they're picking the option they're picking you they're more invested so it's good sales strategy and it's in the best interest of the consumer number two analyze the cost over time you know in a time that's relevant to the family it might be three years five years 15 years for a family that's how you make a wise liability decision what are my options what's the cost over time by the way from an in jammu from a sales ninja move you're able to blow up the value you're showing uncommon transparency so you're getting trust faster and it's it's a refi instead of just focusing on the monthly savings you could focus on the savings over time so it's it's good sales strategy and it's good for the consumer and then number three and I'm gonna ask you Brad if you ever do this where you're always looking for strategies to say hey family let's help you pick a good loan that has the lowest cost over the time that you want it but let's be thoughtful about how we can get you out of debt sooner it's like what if we if it's a refine you're saving three hundred and forty dollars a month what if we use that to prepay our mortgage or what if we invested that in an interest-bearing account so your and here's the deal guys when you do all three of these things you're earning trust and you're showing up authoritative so you're getting trust in credibility all at the same time that is how you optimize conversion so Brad do you do that number three very often where you show pretty investment strategies are invested interest bearing account yeah I I really do it really depends on the client but there are certain certain levels of clients that are a little bit more sophisticated and maybe or when you get a really big savings a month say on a refinance I will go into that reinvestment strategy and I'll show them you know it's always the one that maybe is eight years into a mortgage they want to save money but they don't want to extend out the term and so I'll show them well if you kept your cash flow the same and in the the analysis you can you can do it really really quick and if you pay down the mortgage it would shorten the term or also show hey why don't we build a retirement let's keep your cash flow exactly the same you have a $50,000 account now at 5% interest and you drop 3:23 in there every month your cash flows hasn't changed at all but now you have a hundred and seventy thousand dollars and fifteen years that that would be awesome too and and then that helps them out yeah so it's great really gives them the information they need so let's wrap this up with in five minutes if you could share your screen one more time okay on what and then go to the advice engine where you create the total cost analysis I want to call out a few things for everybody you'll notice right now okay yeah let's go into a specific client real quick client real quick because there's two things I want to show I want to show one how easy it is to add a video in the upper right hand corner there guys you can click okay you want me to show you how to add a video well let me go back to where you were okay go back to where you were and okay you see in the upper right hand corner don't click it he could click in India or he could click in to highlight where he's highlighting this I just want to make sure it looks like Brad is using both of those features a lot and I would just say in these Korona times and trust guys I think you know for ever virtual mortgage is gonna be a thing so people yes they're gonna want to meet in person again but they're gonna want to get a digital virtual experience so think of those two buttons is I could put a video on it so that they can see my content they can see me and connect anytime anywhere or I could go into live and I could highlight it so even if you're in a zoom using that highlight feature add for the educational experience any you and you're using it sounds like those two features on most of your tcas is that right yeah well I go about a little bit differently usually I have the preview up and I screen share with the preview and then I can make live changes but it's the same functionality ok cool that lets click on settings I'm one everybody if you are a mortgage coach user click on this feature you can see that brad has created 550 for TCAs and you can see that he's a black belt he is four hundred and fifty two from his next badge which will be a red belt which is what I get I get something I do I get like Ralph Macchio or something do I get I get a bottle of bourbon I mean what is it or just a call for me hey a communal our loans works man yeah well and you also you have the red belt now so yes you could like if you click on your belt you could download that and figure out some fun and creative ways though compare the actual belt yeah you've got a red belt okay yeah all right so let's stop sharing your screen and let's wrap this up so I'm gonna I'm gonna show a quick one-minute video guys that shares what other top producers have to say about mortgage coach Brad while this is playing I want you to you know listen to why other top producers use mortgage coats and then let's close out with your your advice to the mortgage coach community okay you know just and I want you to put on a different hat like you're a team leader top producer closes over 300 loans a year and if you could keep this 50 a month maybe it'll be over 500 Lindsey here or at least in 2020 great but I want you to put your sales manager hat on and give some closing thoughts so before we do that let me play this quick video for y'all all right here goes could you hear it by the way Brett I can't no all right to differentiate themselves from mortgage coach for me is the most important piece of software that we use and we've got a pretty good technology stack but if I had just one piece it would have to be mortgage coach it is without doubt a piece of technology that you want to invest in and the reason is it gives not only your loan officers the platform to differentiate themselves from all of the other fee worksheet loan officers in the country but it also allows for engagement and when real estate professionals got to see how professional and transparent and how educational my loan worksheets my loan presentations were it completely escalated that learning curve and how I moved up in the mortgage industry I never would be where I am today without access to the Facebook page and the YouTube channel it just gave me access to loan officers nationwide not in my own little bubble of where I live in to be able to adopt the same strategies that they're using it's invaluable the fact that all of mortgage coaches content is in YouTube I can go really deep and that allows me to have my loan officers go there and it's easy for them to find without having to search all over some of the other mediums the TCA the total cost analysis allows you to create an experience for a client that puts you on par with the ubers and the Delta apps and the rest of the way that people want to actually digest content I can directly track that the rate of return on my investment using mortgage coach is I close 33 percent more if you were a company if you were an owner and you could increase your conversion by 30% more than you are right now what's that work so so Brad let's close out with one is mortgage coach helping you close more loans are you getting better conversion and any just any any feedback you could delegate that with well I've been using it for about a year I can tell you that I was my conversion rate overall was a dismal 17 percent last year in March about 2019 today I just clicked over a 20 9% my my leads are up but I'm converting more and really the only the only two things different is I grew my team a little bit and I trained them to use mortgage coach because it just it's a sales tool that no one else really has or utilizes and it's just set yourself apart from everybody else and so if you you know I agree with what Josh medow said and I don't know what my exact conversion is from from like Jeremy does but what they're what you're setting yourself different from everybody else and there's a reason people will come to you again and again and again and refer to you their past clients or their current clients if they're a realtor because you add an element of professionalism that is greatly lacking in our industry give people a chance to understand and explain what you are attempting to help do for them and then they will come back in the return clients the referrals the better understanding the less shopping it all just goes away it all states away so why wouldn't you adopt a technology that allows you to generate more business faster more efficiently on a higher profit margin so you're getting prep you're getting a chopped less and your you have less price exceptions in addition to the increased conversion suite and then you get have gotten good enough at it do you think it's saving you time if you feel like I mean it's it's saving me time now there's there's absolutely no question that I mean if I can send out three and two of them I don't even need to talk to and my team takes it and runs with and I do my little check ins that's that's that's a no-brainer it's it's I mean I hate to use it but the word but it's a game-changer for me it was just a wholesale paradigm shift in how I sold or how I do sell a loan in the manner in which I do it the technology is there as faster better and it's 2020 so we gotta use the technology no no doubt so community if you're tuned into this if you're not giving every family your TCA you're never gonna get great at it and if you're still sitting on the sidelines and you neither have jumped on the team or you have it but you just not adopting it and I know you're busy it's guys it's 2020 rates are down there's a it's a great time right now to kill it build clients for life it'd be as efficient as you can so we'll save you time any any closing thoughts anything you want to say just speaking to your peers whether it's your guild family or just other loan officers that use or know your competition right you know what even if they even if they are competition there's enough business to go around this year and if you think you're too busy to learn it I would say you're you're losing money and you're hurting yourself by not using the technology you don't ride your bike to work anymore you drive a car because it's more efficient faster and it gets you to where you want to be so think of it the same way this is a tool to make you better more efficient more professional and generate more commissions so I don't know why you wouldn't use it you're you're crazy if you don't well I love it's been a great interview we've got a lot of value inspiration you are an inspiration to the mortgage coach community you're an inspiration to all your peers a guild thank you for for being that leader because it is leadership at the end of the day guys if you're watching this tune into the community the one of the reason why I do all these interviews is to bring constant stream of leadership with ideas strategies and leadership to help you get to the next level so if you've got value from this give us a like down below if you're want to sign up for mortgage coach you're not already on the team there'll be a link in the show notes below check it out tune into our youtube channel subscribe and tune into our facebook Brad I like it I am but not as much as I probably could are you I had to choose technologies and I have not done a full deep dive into it yet well get get on it turn on our integration it's super sweet and we'll save that for another yeah all right take care everybody thanks Brad painting