Show Them The Differences Between Brokers and Bank LOs

Here is a script for mortgage brokers to sell against bank loan officers.

Now don’t get me wrong; I’m sharing this script (written by a mortgage broker) because brokers need all the help they can get to sell against loan officers who work at traditional banks.

And if you work at a bank, you need to know what the competition (brokers) is saying about you so you can come up with own script.

Here is the script:

“Did you know that there is a big difference between a licensed mortgage loan originator and a registered loan officer at a bank? 

"And why would you care?

"Licensed Mortgage Loan Originator –

• 20 hours of training courses

• Pass National Licensing Test

• Pass State Licensing Test

• Criminal Background check

• Fingerprinted

• Credit report analyzed annually

• Listed on a national website for consumers to check status

"Registered Mortgage Loan Originator (bank employee)

• Routine background check—but by the bank they work for

• Listed on a national website for consumers to check status

"Please check out my credentials at www.nmlsconsumeraccess.org, then enter my license number ________.  If you have talked with other loan officers (which I encourage you to do) please ask for their license number and check them out as well. 

"And if they are not listed?  Well, if I were you, I’d think twice!"

Karen again: Create a video, post on your website, send as an e-mail to prospects and real estate agents (Yep, real estate agents know the drill—because they have to take continuing education courses to get and maintain their licenses too).  And if you are a “registered loan officer,” you’ll need to think of your unique script to demonstrate your expertise—I’m just saying.

Karen Deis is president of LoanOfficerTraining.com. To get more information, or to contact her, visit www.facebook.com/loanofficertraining.