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During my public speaking and private coaching sessions, I cover many unconventional strategies that have helped me become a top producer in the mortgage industry. I?ve always been one to think out of the box, and my mind is always focused on how I can improve myself as a loan officer and become more successful.

Anyone who has been a reader of this newsletter--even for a short time--can see that the person who succeeds best, is the one who does things differently. I urge you to do the same. Don?t fall prey to the negativity in your office. Negativity is all around you.

Yes, I know rates are ?up?, but he who gives up at the first sign of defeat, doesn?t get the loan at all. You must constantly follow-up with the prospect. And, even if now isn?t the right time for them to move forward?perhaps in a month or so, it will be! The mortgage market is extremely volatile, so don?t give up on those old leads.

One thing I learned early on, is how your vocabulary can dictate your success. How you choose to phrase things can have a dramatic impact on your bottom line. And, if more business is what you want?then never, ever, use this word: ?APPLICATION?.

In the customer?s mind, the phrase ?application? denotes a formal commitment, and a long, involved, lengthy process. Customers don?t want to be tied into something, until they are ready to make a buying decision. And they can?t make a buying decision, until they have a price. Up to that point, they just want answers. Point blank: They want to know what rate you can give them.

The best way to take a 1003 application is to NOT take one. That?s right, don?t do it.

Do what I do, simply take out one of my Pre-Qualification worksheets (or use one of your own) and say to the customer, ?Do you have a few minutes, so I can see how low a rate I can get you??. And then begin filling it out. Jump around the worksheet if you like. The important thing is to keep the conversation going, and not have and ?dead air?.

Do you see the power in this sentence, ?how LOW a rate I can get you?. It changes the whole conversation, and put it in your customer?s best interest. In one sentence, you have transformed yourself from an ?order taker? to a ?trusted advisor?. And customers hear a direct benefit for giving you additional information. It?s also non-intrusive and asks their permission for just a few minutes of their time. Who doesn?t have ?just a few minutes? to see ?how low a rate they can get?? Don?t you?

Once I test the waters with my pre-qual worksheet, I simply steer the conversation to the 1003 application and begin filling it out. And the best part is, the customer doesn?t even know I?m doing it! I just do it!

Because I?ve created great rapport with the customer already and asked questions that other loan officers forgot, things flow naturally and smoothly. Very quickly, I get what I need in order to price the loan out with the lender, and the customer gets what he needs--a set price.

So, next time, before you mumble the word ?application?, and scare the customer away, remember my phrase:

?Do you have a few minutes, so I can see how low a rate I can get you??

Until next time.