What do you do when a client tells you that they already been pre-approved by another lender and they are just shopping around for rates?
Do you just give them a rate? Do you ask who the lender is? Do you ask what mortgage program they've been pre-approved for?
Instead, what if you said: "That's great! You know I have a program called the Second Opinion, which I can review the paperwork that you have now and let you know if you are getting a good deal or not. I also promise that if you are getting a good deal, that I'll be honest and tell you the truth. Do you mind if I ask you a couple of questions first?"
This unique, consumer-direct marketing strategy can generate more leads than you ever thought possible! It's similar to a person, who may have to have major surgery, wanting a second opinion from another doctor before making a decision.
The strategy behind the system is, that regardless if a prospect has been pre-approved for a mortgage by another lender, that you would like the chance to review the deal and give them a second opinion. I'm not talking about interest rates! I'm talking about positioning yourself as a trusted advisor-an independent third party.
Positioning yourself as a "second opinion" loan originator allows you to look over your competition's approval, rejection or iffy deal to see if you can do better.
It's also a cool way to position yourself on Facebook. Use some of the wording in the script below and it to your info page. Periodically post info about your unique "second-opinion" service to your profile page.
Here's a sample script:
You know I have a program called the Second Opinion, which I can review the paperwork that you have now and let you know if you are getting a good deal or not. I also promise that if you are getting a good deal, that I'll be honest and tell you the truth.
I'm not talking about interest rate either because the best interest rate-could be the worst loan.
Here are some of the things I would advise you about:
• Should you decrease your down payment and use your cash to pay off your high credit card debts?
• Should you pay "points" or "loan origination" fees?
• Does a no-cost mortgage make more sense for you?
• Are you better or with an adjustable rate or a fixed rate?
• And did your lender show you how to save thousands of dollars and take five years off the mortgage term?
If they did not talk to you about any of these issues-then you definitely need a "Second Opinion."
If the other loan officer did their job, admit it to the prospect and tell them to go back to their original lender.
Do not go after the deal just because of interest rate-your second opinion has to truly make a difference in the way the deal has been structured so the mortgage becomes a financial planning tool-and not just a loan officer who, all they have to sell are interest rates.
There are four benefits for you:
1. You will get a chance to review deals that you never would of even heard about.
2. You will get more referrals-from clients who have never closed a loan with you.
3. If the deal with the first loan officer somehow falls apart, you are there to help them.
4. They have already talked to someone else and it's takes less of your time. Someone else has already educated them about the basics.
Hindsight is really 20/20. You not only get to view what your competition is doing, but you get to position yourself differently because all you want to do is give them a second opinion.
Second place is not just the first loser-in the mortgage business, it's a good position to be in.
Karen Deis is president of LoanOfficerTraining.com. She can be contacted at
