Streamlining your sales automation process for mortgage

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[Music] ladies and gentlemen boys and girls children 18 plus you are tuned in to the loan officer podcast with me dustin owen and my main man john coleman dio was popping everything nice everything scripts are popping yes pre-approval scripts yes loan application scripts get right into it loan officers yes mortgage professionals loan partners processors loan officer assistants file openers yes this episode is for you no not even going to try to skirt the conversation look there's a lot of times we do episodes on the show right we have 150 plus episodes all of these episodes can be found on spotify they can be found on apple podcast on google play really anywhere where you can find podcasts and if you're finding them there please make sure you're subscribing giving a five star review recommending them to your friends that's what helps our audience grow and as our audience grows we stay motivated to continue to push out meaningful relevant content content usually educational somewhat entertaining content you can also watch all 150 plus episodes on youtube right it's the loan officer podcast put in the youtube search bar will pop right up you can click subscribe and also on youtube you can comment which is really cool comment i wish spotify and apple allowed you to do this type of comments they don't but right now we use that comment as a bit of a message board and eventually we will have a website built in order to house everything that we're doing both on the podcast and outside of the podcast when it comes to bringing relevant educational somewhat entertaining content to typically anyone who sells real estate for a living anyone who finances real estate for a living or anyone who is looking to purchase real estate or has real estate that they have financed like 75 percent of the american population as does said myriad times on the show before correct which is basically makes up 75 percent of the american populace however this episode i'm going to geek out for my mortgage professional friends let's go let's go ready to do this okay and the muse of this is where so many of our more recent motivations have come from our viewers our listeners our fans right so i believe it might have been thor that reached out to me shout out thor on linkedin because by the way we're on linkedin we're on tick tock we are on instagram we're on facebook at the loan officer podcast you can hook up with me individually i am dustin owen on linkedin and he is just john coleman on google there you go all right all right so thor reaches out to me though hey d.o love the show i've been following everything you've been uh telling us to do but i got the buyer on the phone they're hesitant i asked them to send them their docs i asked me i asked them to send me their docs and they get cold feet what do i do yes did you read that as well yeah that's a good memory yeah it was something along those lines so he was asking for a script to use in order to convey the message to the consumer that hey it's very important that i get your alternative docs or your credit docs up front so i can do the best job of pre-approving you therefore making your process from pre-approval to loan closing as smooth and seamless as pros as possible also thor recognizes by collecting docs up front wink wink nod nod best practice alert loan officers and mortgage professionals in order for you to be really damn good at what you do you must be collecting documents up front whether you are utilizing cool ass technology such as like finicity and you're running d1c or you're running aim depending on if it's a conventional loan fannie freddie obviously you might not be able to do some of this if you're doing a government loan like a va loan or an fha loan but you know there's technologies we can use but however you're doing it make sure you are documenting and verifying income and assets and credit up front you're utilizing your automated underwriting systems your du's and your lpas and you're running that information through their system now you need to have data integrity that integrity is yes i know what i'm doing i looked at their pay stubs and their w-2s and their tax returns and i've calculated the income and i've input the income into my loan origination software same thing for their assets and if you're not collecting the documents it's because you're using some kind of a third-party validation service okay if you're not doing that as a mortgage professional then before you even learn these scripts start doing it it's the difference between being a hack and being a pro hacks tell you what they think they'll be able to do based on some information you gave me a pro tells me this is what i know i can do based on the information i've documented right now what you've verbally said to me what i physically documented and i collected from you so the first script we're gonna we're gonna go through and we're gonna talk is ways that i have used to convey the importance of consumers getting me their documents up front and then so that'll handle pre-approval so then that got me thinking and got you and i talking what about when the borrower goes under loan application what are some cool scripts that you may use for that okay so up front we're gonna do the dr nurse analogy okay all right and then on the back end we're gonna talk about the pilot analogy sounds good and i love using storytelling in general to convey messages and get points across i try to find and come up with analogies that make sense for the person i'm talking to right so if they are a huge sports fan i may find a way to incorporate a football or a baseball into the analogy if they're a school teacher i try to i try to use teaching school children um as an analogy to get a point across so i use the doctor analogy and the flight analogy because most people especially in in the western civilization have been to a doctor right and most people have flown on an airplane if they haven't flown on an airplane they know something about flying on airplanes so those are two that are pretty tried true and tested analogies that i can use to get my point across through storytelling let's do it all right so let's go first and foremost so john coleman you are a prospective homeowner you're looking to purchase a home and you're asking me to do your pre-approval yep i'm like john everything looks good but what i want to do now is i want to verify everything just to make sure that what you and i talked about is actually what it's going to be once you go under contract okay now the reason why i do this john up front is because i like to work in a world of certainty you are going to rely on me and the real estate community is going to rely on my company to make sure that when we say you're good it means you're good but i can't wholeheartedly vouch for you just going off of your word i need to actually document it so i'm going to you to send me 30 days of your most recent pay stubs two years of your most recent w-2s your most recent tax return and 60 days worth of bank statements and john by the way when you send me your bank statements will you go ahead and send me all pages like sometimes page seven will be blank look i know it sounds crazy to you but in my industry if they want all pages they want all pages if page 7 is blank they want page 7. could you go ahead and get that sent over to me i can even send you a secure site that you can upload the documents safely and securely on and you may be like oh god i don't want to do it come on man i just just trust me yeah i'm good man how come how come the other lender how come the other lender isn't is it making me do the other guy didn't make me ask for all this stuff he said i was good and he'd reach back when he had some more stuff why are you asking me all to do other stuff all these steps yep so john i understand where you're coming from so here's here's a knowledge you like to use it's it's one that actually pertains to going to the doctor right so think about if i was a doctor and you were a patient have you ever heard of the phrase prescription without diagnosis is malpractice yes i have you have okay some people haven't like some people are like i don't really understand what does that mean well have you ever asked a doctor to write you a prescription for some medicine especially if that medicine is like a narcotic because you called them up and explained to them your symptoms it doesn't work like that no now you can call your doctor up and get a refill right hey doc you got another sinus infection you saw me just three weeks ago at which point maybe they'll give you a z-pack over the phone right i'm not i'm not a physician but that's some things that they that they might or they might not do right i've tried to get a simple medical patch for motion sickness and because they hadn't seen me in two years they made me come in all right so so there's that saying that diagnose a prescription without diagnosis is malpractice the same thing applies to my industry and i'm not down with malpractice no different than your doctors down from malpractice no different than you as a patient should be okay with malpractice so what i don't want to do is i don't want to issue a pre-approval letter i don't want to come up with a financing solution for your home purchase until i really know this is what you qualify for right it'd be a waste of your time wasting my time and it's a good way to get yourself into financial jeopardy what if you go out and spend countless hours with your realtor looking at properties you make a deposit you get a contract to execute it and by the time you get me or any other lender your documents once we review them we realize that everything we told you we won't be able to execute on oh yeah you don't want to do that no okay so no different than you're not going to call your doctor right let's walk through what does that look like when you go to the doctor right well when i go to the doctor the first thing i do is i walk in the door when you walk into the door john is the first person you see your the doctor absolutely he's the one greeting you who takes you right back and you don't have to wait at all and talk to anybody else come on jeff of course not come on chad no it's not right so who's the first person the receptionist receptionist yeah usually some form of a medical assistant who answers the phone and and takes in patients and maybe takes your insurance card and makes sure that everything everything's gonna be built appropriately to your insurance provider and they let the doctor and the medical team know that you're here okay well my team operates very similar when you call in more than likely you may get my loan officer assistant now by the way caveat here john this is off script this is to the listeners tuned in this is for when you have a team right you may be at a point in your career where you aspire to have a team cool then you might not go this deep into the analogy this this deep into story time but i want to share it all so that way you have it today and you you can make it your own as it fits where you are in your career right right typically you're going to look to hire your first assistant or loan partner once you're successfully closing six to eight transactions a month that you self-sourced on your own right until you're doing that you don't need an assistant you need to be better you need to be less of a mess okay but but for some people tuned in they're at a point where they are looking to to onboard so you would want to use this analogy to also incorporate your team right so yeah the first person you're you're going to talk to would be my assistant no different the first person and they have a role to play and they're going to take your information get you scheduled to meet with me now john when it's your time to come back is it me that comes to the door and greets you as the doctor or someone else come usually the nurse yeah yep yep usually you're gonna see the nurse and you know the nurse is is my lone partner barb right and there's certain information you're gonna get to the nurse such as your blood pressure such as your weight your height they're gonna ask you a ton of questions maybe those questions you filled out before you came in maybe you didn't each doctor's office is a little bit different right now when you see the physician the physician is going to be the person who actually writes the prescription right right they're going to look in your ears look in your your your mouth put the stethoscope on your chest make it cough a couple times and then feel around the parts that hurt right okay so but they don't do that until you've already gone and talked to the receptionist i.e the assistant and or until you've already talked to the nurse i.e my loan partner okay so my system works very similar to you walking into the office now by the way people tuned in or listening you may be the receptionist nurse and the doctor for your first few years in the business and that's okay eventually you want to build your practice to where you have a receptionist to where you have a nurse to where you are the lead physician and maybe you get to a point where you even have a physician's assistant right think about that like that's a team that's smoking right that's a team that last year probably produced 60 70 80 million in volume right where that physician i.e loan officer made 500 600 700 000 on their w-2 but these types of analogies are stories we can tell to our clients on the importance of getting the documentation now it may just be the importance of getting the documentation maybe the importance of getting the documentation and an introduction to my team and why they're so important right that's where the you all listening in and watching you're gonna have to figure out where are you in your career ultimately what we're trying to do for thor is give him an opportunity and give him some scripts to use and some storytelling mechanisms to use to convey a message and his message is one in which prescription without diagnosis is malpractice i cannot prescribe you a treatment i eat a pre-approval letter until i've first taken your temperature weighed you measured you listened to your heart possibly even drawn blood now sometimes when i tell that story i'll joke with the with the client like look i don't want to draw your blood right i may ask for your fourth grade report card but i'm not not going to try to draw blood but sometimes going through this process it'll feel like someone drew blood is that a sticking point usually for people like to have the conversation i'm ready by home and then when you start asking for documents you're like whoa look you'd be amazed you're dealing with with with average everyday people we all have our own fears and anxieties our own quirks your quirky and your own right with your love for aliens i'm quirky and in in my own right for things that i'm very particular about right right so people have their quirks and they have their anxieties and what makes them tick might not be what makes you tick but you have to go to work with it that's our job is this is a retail job we have to be able to work with it i've had people that are like ah i don't want you pulling my credit i'm like i look my company does not want to spend 50 to pull your your credit report but i can't do my job without it right like i just can't do it right so i wish i could put my feet up on the desk with a big red stamp that says approve and just click approve on everything that comes across my desk like i'll tell someone like look i make two thousand dollars per loan why do i wanna do all this work right i really just collect a two thousand dollar paycheck 10 times over by clicking approve but no unfortunately the regulators in dc they don't allow for this right wall street won't buy those types of loans at least not anymore they did back in 2004 and 2005 and you saw where that got us right what i'm trying not to do is cause you a world of hurt a world of headache and some money right right i'm also trying to do the best job because it's my reputation on the line and i don't want to be the person who has been um deemed as as as a practitioner of malpractice right right that's what i'm trying to prevent that's why i need this information it's not to be a pain in your rear it's to make sure i'm doing the best job possible right no different than your doctor is not going to prescribe you some kind of a treatment without first seeing you i mean that's the thing every time i go to the doctor they ask a lot of questions that are pretty deep and invasive and i usually answer those without a thought but you if i'm checking out of express and you asked me for my email and phone number whoa who are you buddy you're not getting any info out of me do you go to express still i did once i had a sale okay but they they asked i got five dollars off i'll give them a email and a number but even then like when people ask me for that stuff the basic stuff your name address i'm like whoa well that's for any consumer who's listening which we do have some that that that tune in i'm always amazed i'm like you still like to hear us talk about mortgage crap i'm like all right cool but it's like i think they need to understand that we are your advocate we get paid to close a loan for you the more you tell us the better like we can prevent you from going to jail because we can tell you what you're trying to do is fraud you kind of want to share that with me i'm looking out for your best interest you know but if you're trying to hide stuff from us we can't do the best job possible right if i go to the doctor and i want to complain about a pain in my chest and they ask me do you smoke and i say no although i've been a pack a day for the past 30 years then i'm an idiot like no that doctor needs to know i remember being young in in life and i thought well i'm not gonna have all my money like all six hundred dollars with one financial advisor i'm gonna have it spread out diversify yeah no you wanna be diversified but the same advisor can can diversify you and if you still are going to be a nut job which i i was one of these and you want to have money with multiple advisors at least don't keep them in the dark right let mike know what caleb's doing let caleb know what mike is doing so each can plan ingly your loan advisor is your advisor i mean your your loan officer is your advisor like you you want to lay it out yeah that's real sick yep all right so that was a decent script for someone to use that's having a difficult time getting their prospective client to buy in on the necessity or the need to supply upfront documentation for a proper pre-approval now someone's under contract got them and okay it's not a goddamn no we're not we're not selling in a good way like we're not selling them like an item that they didn't want like hey i have this flat screen tv it's a plasma 55 inches it weighs 75 pounds but you can have it for 300 dollars can we talk about how heavy those old tvs are they are i'm like oh i i went down from the crt to this one was so much lighter and now i'm trying to get rid of those yet anyway so i don't know anything about crt but my plasma tv from 10 years ago finally died finally died i spent like five thousand dollars for this thing at best buy heavy was it oh yeah it took two of us to get it out to the curb right and i had this this mount right that had to hold it yeah well that mount was probably rated for a 42 inch tv but i went out and bought a 60. right and my wife's like oh my god are you are you are you sure that mount can hold a 60. this 60 inch tv is like one fifth quarter the weight quarter ton yes of that plasma tv that was hanging in fact i said i'm pretty sure that brad is going to send us a hint written thank you thank you like thank you for taking the stress off of me um and then it was only 700 and the poor guy at best buy was like well sir i can actually find you one first for 6.82 it's not the samsung you want but i promise the quality is just the same as said you're talking about 18 dollars i go bro like no i'm like i'll take the 700 one because i want samsung but you don't understand i'm still under the mindset that i'm buying a 60 inch tv for 700 dollars that is smart quote unquote smart that plasma tv cost me five grand and it was not smart oh my god yeah it's kind of like i love sometimes doing loans for the older generation because newer generations like where are rates what are rates at give me right now what are rates i need i need 2.75 right now i'm like oh they're 2.75 oh my god that's that's too high or i'm like oh they're three oh my god that's too high yeah you do a loan for somebody that you know they've already raised their family they're selling their their big house or downsizing maybe they're moving from the northeast down here to the southeast and i tell them rates are three or three and a quarter and like get out of town what what i'm like well maybe if you get lucky i'm thinking they're like gonna complain like the millennial just complained that i i quoted them three and not uh 2.875 and they're like when i bought my first house it was 13 yeah yeah but all right fun right before that's a fun rabbit hole some rabbit holes are fun right all right so now we're going to talk about scripts to use when someone is under contract and we want to set proper expectations please ladies and gentlemen boys and girls we are in an industry where it isn't it is imperative that you under promise and over deliver if something bad can happen expect it will happen and let your customer know that when it happens it's okay because you're an experienced proven professional who understands how to weave in and out of all the nuances hurdles and pitfalls of the loan application process it's going to happen everything from a low appraisal to a bad inspection to underwriters cutting your income to underwriters finding a foreclosed home five years ago that the client didn't know about but it showed up in some fraud guard alert clients being furloughed to um debts popping up that that were undisclosed like stuff's gonna happen should happen yes bankruptcy has happened divorce has happened it wasn't disclosed you forgot to ask it's popping up title issues delays the seller can't close their current house because that buyer's financing went sideways and now they can't buy the new home and they need the proceeds all that's going to happen so what i have grown accustomed to using when i'm taking someone's loan application the first thing we're going to do is we're going to verify all their information make sure it's accurate talk about the sales price the down payment the loan program the monthly payment and the cash to close before i click disclose or lock i want to make sure that i verbally have a conversation with john coleman my client who's buying the house that i'm financing and john is comfortable with what his estimated payment is and his estimated cash to close okay okay and then before i get john off the phone i remind him that i'm going to send him an email with whatever it is that i need additionally from him because john was a great client he got me a lot of documents up front for pre-approval some of those documents have expired some of those documents were sufficient enough for pre-approval but not sufficient enough for loan application and maybe i do it or maybe a team member does it again i don't know your setup of those that are tuning in if it's a team member you can still set the proper expectations and and still tell the proper story right but i like to use the pilot the airline pilot analogy okay and i'll say hey john before i let you run i want to set proper expectations of the process because here's what i know i know today's date and i know your closing date and i know that because the way that i run my practice we're not going to miss your closing date not on something you did or i did now outside of our control the seller the title company you know there's definitely some things that could pop up right if you don't have clear title you don't want to buy that house we won't be able to close on it if you're unable to obtain homeowners insurance because there's a hurricane sitting out on the coast of florida then we're going to delay closing to the herd to that storm passes you're able to bind your insurance and we're able to close same thing goes you're trying to sell the house right john there's several things that could delay your closing but it won't be you and it won't be me what i know is today's date and i know the closing date nope john i want to tell you that in the same light that a pilot knows the airport that they're leaving from and they also know their destination airport okay john get a couple preferred airlines that you fly delta all day delta all day if you couldn't fly delta who would you fly delta i would drive seriously yeah okay no i like to hear that because look i'm your delta yeah right for me it's delta but if delta doesn't have a direct flight i'm willing to go southwest as long as i can get the exit row i mean frontier is great too in other not they're terrible i can't say terrible because i don't know frontier that well and i haven't had a terrible experience but i'm gonna tell you my preferences living in the southeast are delta first southwest as a backup okay so whenever i and the reason why i fly delta and fly southwest john i'm sure it's why you love delta is that they're consistent you know that if your flight's supposed to leave orlando at 8 am it's going to leave at 8 a.m you know if it's supposed to be in boston by 11 a.m you're gonna land in boston by 11 a.m but john here's what you don't know and here's also what your pilot doesn't know are you going to take off from the orlando international airport and are you going to go south 30 miles before you turn back up to head north to boston and are you going to cut up the center of the state or are you going to ride the coastline that's all tbd yeah you don't know nor does the pilot probably know are you going to fly at 28 000 feet or 32 000 feet how many times do you have to make an aptitude adjustment are you gonna have to to work around dc traffic by going further out into and over the atlantic ocean or are you gonna have to skirt westernly and then come in from the west into into logan international airport these are things that you don't know and your pilot doesn't know you don't necessarily know what thunderstorms you're going to come up across and what type of turbulence nor do you know the traffic the air traffic that is once you get through certain locations nope every time you reach a new location your pilot's going to get pinged by a different air traffic controller who's going to help direct them right they're going to they're going to encounter turbulence they may even do the buckle your seat belts no more bathroom time put your seat your seats up your your tray tables yeah right you've grown accustomed to that but you know if you're flying delta you're flying or flying southwest you know where you're leaving from you know where you're getting to and you know for the most part it's going to be on time for sure yep when you do a loan application when you buy a home and you finance that home we my mortgage company insert name here right cross country summit fairway guild movement waterstone insert name here we are your delta we are your southwest we're reliable we are the professionals we know what it's going to take to get you from point a to p point b on time as smooth as possible but what we also know is there's going to be some mid-flight adjustments there's going to be some things that come our way whether it's turbulence whether it's a change in altitude whether it's banking west in order to avoid traffic around the ronald reagan dc airport or whether it's banging out right and heading up the atlantic coast line we don't know that i'm going to wait until i get into jacksonville and jacksonville air traffic control is going to tell me what direction to go next until i get to charlotte who's going to tell me where to go next rents repeat et cetera et cetera your loan application process is going to be that way what i'm going to do is sit down enjoy your flight put your seat belt on keep your tray table up and your seat at an upright locked location and when and if things change i'll be sure to hop on the pa in this case it's going to be a phone call text or email and i'm going to ask you for some help right sometimes it's going to be okay just to walk around the cabin other times you have to sit down right now these are the documents i think i need once your file goes to underwriting underwriting may need a couple more documents that's normal no different than turbulence as normal i'm a professional and i know how to navigate turbulence we may get to a point to where something happens with the appraisal and you and i have to have a conversation but to do a workaround please know that's okay that's normal we've done this before so just like you trust your pilot to get you from point a to point b on time and as smooth as possible please trust me but also understand there's gonna be some in-flight adjustments a little bit of turbulence along the way we're gonna try to avoid as much of that as possible but if it comes up it's a normal and b we know how to handle it that's why you chose us wow cool that's awesome right and that's that's a script and you put it in your own words right right and and and you practice it as much as possible like i can say it like that because i've probably said it hundreds of times i've said it hundreds of times in person to someone i've probably said it thousands of times while mowing the grass right while while exercising like right now my thing is swimming right so saturday i swam a mile and a half it was a big milestone for me because two years ago i literally couldn't do one lap in the pool right so for me to sit down and i did all freestyle a mile and a half i took two 45 second breaks just to grab water and check my phone because i'm addicted to it right but while i'm swimming that hour that i was in the pool yes swimmers are like you took you an hour to go a mile and a half i'm slow i need a coach i need someone to hop in the pool with me and teach me proper strokes and proper kicking i'm self-taught youtube youtube university but that whole entire hour it's not like i'm running where i can listen to the baby and megan the stallion right like when i'm in the pool although they do make headphones that you can listen to but i don't have them yet my birthday's in november john okay wink wink nod not gotcha but i script i script sometimes i script mean evil hurtful things that i'd want to say to someone i'm angry at just so i can get it off my chest but other times i just role play i just script things i want to say in the business world these scripts roll off my tongue because i've said them over a hundred times in person i've seen over a thousand times in my head but these are scripts i think people can use and hopefully they can utilize and i want to give props to to the listeners for reaching out like we we don't ignore your requests now your requests are coming in and there's not enough hours in our work week that we're able to sit here and just do content upon content about content because we still have our full-time jobs now maybe that could change one day maybe weren't there maybe one day it could but until that happens we're doing our best to keep up with your recommendations or not falling on on deaf ears i hope you all enjoyed this his name is john coleman my name is dustin owen if you like what we're doing please subscribe please share please comment please give a five star review let people know about us stay tuned we one day will get a freaking website out when that website is out it's going to be loaded with hundreds of hours of content that you will be able to consume that's not bits and pieces of this show this is all brand new brand new content that we're going to be hosting on tloponline.com the loan the loan officerpodcast.com check us out on our social media platforms we're everywhere where you can find except for pinterest that means we're on tick tock we're on instagram we're on facebook we're on linkedin at the loan officer podcast he's john coleman i'm dustino and that's all the time we have for you today we look forward to catching you [Music]