Best Practices From Leading Mortgage Planners

by Dave Savage, CEO, The Mortgage Coach

In 2006, I surveyed some of the industry’s most successful mortgage planners to find out their strategies for building the ultimate mortgage practice. My goal was twofold: to find out which questions were critical at each stage of the process for building lifelong customer relationships and to understand the mindset that drives their success. Here are some of their responses which are still very relevant to today's business environment:

When meeting with a customer for the first time:

• Steven Marshall says, “Help me understand what’s important about this loan to you.”

• John Bells asks, “What one or two things have been or were weighing on your mind in advance of speaking with me that you would like me to address and add clarity to for you?”

• Eric Union asks, “What are your expectations for our time together?”

This is considered a “must ask” question:

• “Are you better prepared financially now after having met with me than you were before?”

To open customers’ minds and change their way of thinking, industry leaders ask:

• “How old do you want to be when you retire?”

• “Based on your current savings plan, are you on track?” and

• “What is holding you back from saving more?”

And during the annual equity review:

• “How is your team of advisers performing?”

• “How long do you intend to use this asset?” (primary residence)

• “Do you want to see how your financial rating has changed since last year?” and

• “Are you familiar with the concept of using your home equity to increase your net worth and/or plan for your retirement?”

Before asking questions, it’s critical to position yourself properly to set the stage for the unique and valuable experience you are preparing to deliver. To understand how the leaders successfully position themselves during the first meeting or conversation, take a look at some of their purpose statements:

“…We help clients successfully manage their home equity to increase liquidity, safety, rate of return and tax deductions.” Steven Marshall

“…I see a mortgage, more than ever, not as a mortgage loan once was, but instead as a financial-planning instrument that must be integrated into your long- and short-term personal financial plan.” Jim McMahan

“…My goal is to become your trusted adviser to help you make informed decisions regarding your real estate debt and equity structure, which will allow you to become financially bullet proof...” Eric Union

What critical questions do you ask? Do you use purpose statements?

©2008 The Mortgage Coach. Reprinted with permission.