Streamline your loan agreement process with airSlate SignNow's Pipeline Management System in Loan Agreements

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and so if you're telling your prospects you're promising in the world that you're gonna keep them updated you're gonna keep them you know up to speed right and you're gonna constantly check in but then you don't the process is gonna be upset because they don't know anything else besides what you told them that you're gonna do and so when you really think about these specific milestones now the question is okay well the what do I do do I give them an update every single day do I given them do I give them an update every single week and how I set up the expectation with my prospects my clients as I always let them know and say okay so as we prepare your file really what we're gonna do is is we're on standby for title and escrow to give us our components that we need to prep your file for underwriting now that process you know the turn time could be anywhere from 10 to 15 days but in the interim if you have any questions or any concerns I'm always email or phone calls away [Music] what's up everybody in this video we're gonna talk about pipeline management you know I was hit up by a follower that on my channel and he who's like I doubt you're gonna see this this request but can you make a video on pipeline management yeah I thought to myself was like man that's a good topic because I never really touched on pipeline management you know I got it cook I got a ton of content like on on time management mindset management of course sales management and origination management but not too much content on pipeline management and I think that that's important because without the proper pipeline management system in place you're gonna find you're gonna find times where your prospects and your clients they they're gonna go ghost on you you know it's I've seen it happen many times before where you know prospects just bounce like they leave because they they literally don't know if you're actually working on their deal and we become so systematic within our process where we tend to feel like our prospects should know right like we already talked to him we lock them up and you know we told them they're in processing but if they're not getting answers back from you or they're not getting any any feedback or updates from your processing team your prospects have no other choice but to believe that they were forgotten about and so I think that it's vitally important to have a very sufficient pipeline management system and so in this video I'm gonna actually cover that now before I begin if you're new to the this channel and maybe you know you haven't yet subscribed yet be sure you hit subscribe follow me on the other channels you can catch me on YouTube Facebook Instagram snapchat every popular channel even LinkedIn and add me to your feed because there is always constant content being posted every single day and you're just one video away from from finding that one piece that can help unlock your potential and I hope to help you get there so in this video with regards to pipeline management you know I think we have to understand that especially as a loan officer your your loans are going to go through a process a process in itself and that process you know last anywhere from 30 days the 60 days and even in some cases depending on where the market is you can go upwards of 90 days before that loan closes and our prospects number one is they are used to getting updates and so I want you to have empathy when you're thinking about your own your own prospects think about how you shop and how you buy things and even though they haven't you know exchanged money yet at the point of us locking the deal and beginning in the process in their in their view they technically have because they somewhat committed to you and so I want you to think about how much we like to get updates and so if you've ever ordered anything online you know you get updates the entire way right you track it you want to know exactly where it's at the ETA of when it's going to come back and this is how technology is kind of wired us as consumers whenever we transact money in exchange for a service or a product and so why bring this up is because it is it is very important that you have some sort of system to keep your prospects updated because that's one of the primary reasons why you even need to manage your pipeline is to make sure none fall out a constant goal within our daily function is to continuously feed that pipeline right and in order to continuously feed that pipeline you need to first have a handle on your pipeline and so with regards to any loan that you feed into the pipeline that pipeline is going to go through what's called milestones and so in basic form milestones is you know from lock to origination to prep for processing processing preps the file puts all the components from title - you know escrow all the details income credit all right everything needs to be buttoned up for underwriting because underwriting is technically the final stop before it's actually okayed to go to documents and we need that deal to go to documents because we need that deal to sign and it doesn't it doesn't go to documents unless it gets a Pugh but underwriting and so these little departments I'd like to refer to it as a conveyor about because once you put a loan in your pipeline it's kind of like a conveyor belt and so it's gonna go through these different stations that put the pieces together ultimately the deal goes through certain milestones instead of stations and so if you understand the milestone process it's a little bit easier for you to manage because when it deal goes from processing to underwriting it typically gets shot back to processing and the reason for that is because your underwriter is giving it conditions these conditions are there anywhere from prior to dock conditions prior to approval conditions prior to fund conditions it's important that you understand what these pieces are and that your operations team are sufficient at what these what these details are because if you're not and your operations are not your deal is gonna sit in the pipeline longer than it has to and one thing that we don't want to do is have a have a borrower or a prospect or a client get anxious right especially right now you know how many how many times have you gotten comments alike men are we closing yet I thought we're gonna close we've been in process already for a month you know if that's happening to you right now comment below or or comment just say yeah man that shit's happening to me everyday and the reason for that is because the expectations need to be properly set up and so if you're telling your prospects and you're promising in the world that you're gonna keep them updated you're gonna keep them you know up to speed right and you're gonna constantly check in but then you don't the process is gonna be upset because they don't know anything else besides what you told them that you're gonna do and so when you really think about these specific milestones now the question is okay well the what do I do do I give them an update every single day do I given them do I give them an update every single week and how I set up the expectation with my prospects my clients as I always let them know and say okay so as we prepare your file really what we're gonna do is is we're on standby for title and escrow to give us our components that we need to prep your file for underwriting now that process you know the turn time could be anywhere from 10 to 3 teen days but in the interim if you have any questions or any concerns i'm always email or a phone call away if you have SMS capabilities just say just text me anytime you know i'm always gonna be available now you always want to set up the expectation as well that you are always on the phone or you're always in meetings and so if you miss their call let them know that don't worry about it i'll return the call within 24 hours but really deliver on that you know you really have to you really have to be there and be available because your presence and your availability is really what's gonna hold your prospect or your client intact and it's gonna give you the glue that you need to see that deal all the way through and so why i bring this up is because one of the most one of the most common reasons why deals fall out is because they are just unaware and so they don't understand these milestones and the reason why they don't understand these milestones is because they don't work in this industry they don't work in the business like you and i do and so if you think about it at the very front end we ask our prospects and our clients for you know four conditions right for our stipulations four documents for income documents and all these other documents and then again we do it if we weren't efficient up front and so maybe you ask for more documents when it gets into processing and then it goes through underwriting gets kicked back with conditions and now we're asking the prospect again for more documentation and so we have to pay mind to the experience that our clients are facing if they feel like they're constantly sending you documents that's more work for them and they're gonna feel like they're there they're never ever getting anywhere and they're always gonna look at your phone call or your email updates as all here we go what what document do you need now right or what else do you need now and so we have to be very efficient understand what each component or each station does from processing to underwriting to funding and be proactive and pick up these things and these in these in these these details that we can be proactive about in completing upfront so that when it goes through these stations it's not going back for it's not going back to use now going back to the station it's it's literally hitting that station and moving on to the next milestone and I think that that's by being efficient and efficiency is going to be about knowing your process about knowing the components you know and also it's gonna require some repetition because there are certain processors that may not be as efficient as others and then there are certain underwriters that may not be as efficient and as others so that's what the repetition comes into play because you need to understand and recognize these names but when you get yourself caught up with a with a healthy pipeline and a full pipeline it's really the easiest way is to set up the proper expectation upfront be very detail-oriented upfront make sure it's buttoned up so that when you put it on the conveyor about to go through these milestones you're not constantly being pulled away from the primary goal everyday of new origination because if you're constantly managing and maintaining your pipeline you're never gonna have any time to actually feed that pipeline and the only way to really reach your potential and reach the income levels that you join sales to to reach you have to be efficient so understand your milestones understand what what required documents are needed to be in place up front so you can minimize the back-and-forth and the constant requests when we were prop from your client because they're gonna get frustrated and leave on you and remember you don't get paid on that deal into that deal completes and it completely closes so I hope that this video is helpful I wish you guys a great and productive day if you have you guys ever have any questions feel free to comment below let me know if this content is helpful and what topics you'd like me to cover on the next live outside I'll see you guys soon bye you