#1 Reason Borrowers Ditch Their LOs

Has this ever happened to you?

You’re on the phone with a borrower, Jon. Jon wants to refinance his home. So he gives you his financial details and you map out the best route for his situation.

After 20 minutes, Jon is ready – excited even – to start the process. Before you hang up, he promises to send you his documents first thing in the AM. He’s ready to get the ball rolling!

You’re right on track to close the deal.

Come the next day, Jon’s gone. You leave three messages that day… and the next… and the next day. No call, no show.

Jon vanished without a trace.

What happened between yesterday and today that made him disappear? Did he run away to Vegas? Was he abducted by aliens? Should you be worried for his safety?

This is gonna sting.

Truth is Jon’s ok. He’s safe at home …screening his calls.

This used to happen to me – more times than I’d like to admit. It’s not because he’s a bad lead, or your product is “too expensive”.

Jon split because…

You’re selling, not solving.

Buying a new home – and refinancing for that matter – is one of the biggest decisions people will ever make. It’s on par with getting married.

Here’s the number one thing to consider: Big decisions are motivated by big reasons.

Ever go see a doctor just because, without a reason?

Like normal people, you go the doctor because you have an important problem. And you need it fixed immediately!

Now say the doctor had a cure to fix your problem. Would you up and leave his office before getting the cure?

That would be ridiculous, right?

Think of yourself as the doctor. You need to know your clients’ problems – so you can prescribe the right cure.

Start by asking WHY.

Why are they looking to buy this home? Are they expanding to start a family or downsizing because of job loss?

Why do they need to refinance? Is it to pay off credit cards or send their kid to college?

People want their problems solved.

How many people wake up in the morning and think, “Man, I really need a loan officer today. Where can I find one?”

Just about  no one  thinks that.

They’re wondering how they’re going to send little Jennie to college. Or if they can pay off their debt while keeping their payments low. They need you to fix their problem.

If you can solve their problem, they’ll pick you over any other LO.

They’ll recommend you to co-workers, family and friends because you actually helped them. Realtors will line up with gift baskets and book dinner reservations under your name.

Good problem solvers work faster and close more deals than a drive-thru wedding parlor.

If you want to solve problems effectively, you need three things.

(NOTE: Learn how to self-generate your own exclusive, pre-qualified, long-form leads. Watch Video )

1. Simplicity.     

Choosing a loan is like a bride choosing her wedding gown. It needs to fit her perfectly. She will try on every dress in the store.

Now imagine you know which gown will fit her perfectly. But you don’t let her try it on.

Instead, you explain its measurements, inseams, hollow, hem, and so on.

That’s all valuable information. The problem is she wants to see herself in a gorgeous gown on the altar. She’s not picturing inseams, hem or her measurements. All those details are confusing.

Next thing you know, she’s sneaking out the side door. Everybody loses. She doesn’t get her perfect dress – you don’t make the sale.

Don’t be that  store owner.

Let your customers visualize the new life their loan will bring. Spare the gory details and keep it simple.

2. Product knowledge.

The better you know your product, the better you can solve problems.

A buddy of mine sells Subarus for a local dealership. He’s the top dog on the floor every single year. It’s not because he’s a smooth-talking, master salesman. It’s because he races Subarus. His garage is his lab where he takes apart his WRX piece by piece. He knows every inch of his  steel race horse  inside and out.

His super power is his ability to connect buyers with the car they need. His product knowledge is center stage – same as his commissions.

3. Short, easy process.

The sad truth is, nobody likes loans. This is worth repeating:  Nobody  likes  loans.

If loans were a dessert, foodies would describe as eating pickled chocolate cake in shrimp fondue frosting with a side of gooey stuff.

Okay it’s not that bad. But for real, those stacks of paper’s gotta go. Use digital forms instead. Let people e-sign their forms. They won’t even have to leave their house. That means work is finished faster and you’ll meet deadlines early.


If you’re a Loan Officer struggling with closing  more  deals…   And if you’re fed up and disgusted with the dismal quality, re-cycled, cold cadaver leads, check this out…

I specialize in designing custom Lead-Generating Machines for Loan Officers and Mortgage Professionals

What I deliver: qualified, exclusive long-form leads    that are white hot and ready to be closed. Loan Officers I work with typically get between 80 to north of 100 exclusive buyer leads every month on cruise control.

Now,  I  don’t  work  with  everybody and  just  anybody. (Not because I don’t like you or anything…) Because I meticulously build each campaign that’s highly customized to each Loan Officer’s business    my time is extremely limited. Therefore I only work with an extremely small and select group of professionals. I hope you understand.

If you think you’re ready to take your business to the next level    go ahead a pick a date and time to see if I can help you close more deals this year.

About the author
Stephanie Vigil
Customer Acquisition Specialist

I'm the Co-Founder & Customer Acquisition Specialist at The Lead Reel. I build custom blueprints for loan officers with one purpose: To turn the "average Joe" into a top performer. Before starting The Lead Reel, I worked in tech in San Francisco, CA.