Welcome to the Top 5 Percenter™ Blog

Banks Miss Mortgage Opportunities More Often than Anthills Have Ants

by | High Performance, Sales Process

It happens every day, all day in almost every bank. The phone rings. A well-meaning staff person answers politely. The inquirer asks, “What are your mortgage rates?” to which the well meaning staff person begins to list the rates, thanks the caller for calling, and sends the shopper on to the next bank or mortgage company to get their mortgage. They make no attempt to help! Our research shows this happens over 95 percent of the time.

Two problems:

  1. The inquirer wasn’t helped because they didn’t receive any guidance and they’re left to shop with a high risk of not choosing the best mortgage option for their needs.
  2. The bank can’t win. Either you have the best rates in which case you lose profit margins or you don’t, in which case you lose the customer.

Is there another way? Absolutely.

What if you trained your people to engage the inquirer and help them see your bank as the one that helped them figure out the best options for them? The chance of doubling or tripling your inquiry conversions is almost guaranteed.

And how do you do this? Easy. Draft a few questions that steer the prospect and create a system whereby these questions must be asked on each inquiry.

A great first question would be: “Are you looking for the best rate or the best value because they’re usually not the same?” The prospect at this point is either curious about what this means for them or thrilled to find someone who actually seems to be able to sort out the complexities of the mortgage world. Regardless, they usually will want to talk.

A good second question would be: “Do you mind if I ask a few questions to help determine the best mortgage option based on YOUR circumstances.” Of course, they’re always ready to talk then.

At this point, if the caller isn’t already talking to the mortgage department, they should be transferred there immediately.

Next, you list your killer questions that help you identify their needs such as how long do they intend to live in the house and whether they feel rates will go up or down, etc.

But, the magic is in the questions you salt in to the rest that position you as the logical place to do their mortgage. Begin by listing your unique features and benefits and then shape questions around those benefits.

Benefit: quick processing
Question: How important is it to you that you work with a mortgage lender that can approve and process your loan in a fraction of the time of the average lenders so you don’t miss out on the right house?

Benefit: low closing costs
Question: How important is it to you to work with a lender that doesn’t have the substantial front-end closing costs that dramatically increase the real cost of your mortgage?

Benefit: Weekly exception reporting
Question: How important is it to you to have detailed weekly reporting of all the necessary documents for the closing so you won’t have a nightmare experience when you get to the closing?

Notice that in each case, these questions engage the shopper such that they start to tell you why they don’t want to keep shopping and why they want to move ahead with you!

It’s obvious these questions work. In banks where we’ve implemented this process, they experience immediate and dramatic increases. The key is to make it part of a system. You wouldn’t think of asking tellers to balance the drawers without a system. Don’t expect your people to do this unless you build an easy system—because they won’t.

Increasing your mortgage business is easy. While your competitors are sleeping and quoting rates, you can capture the business easily and consistently.

More From The Blog

You Deserve More and Better [VIDEO]

Are you tired of accepting or being bound by limiting beliefs?     Today, we're going to blow up the biggest limiting belief in banking. It's so bad that it keeps you...

Master the Four Levels of USPs [VIDEO]

What if you can use extreme differentiation to get 150 basis points or more on the loan side and improve your deposit pricing at the same time?   If you're the kind of...

Stop Matching the Competition [VIDEO]

You deserve to get paid more. Rate matching is the most destructive force in community banking today. And because of it, as a community bank, you are underpaid for the...

How to tie everyone to PROFIT [VIDEO]

Does every team member on your team know how they tie to profit? I mean really know? When a study published in Businessweek revealed they had asked 6,000 employees, "Do...

Who Made Up THAT Rule? [VIDEO]

Everyone has patterns of disbelief. Some people believe that in politics, there is one side or the other, and they're unwilling to look at the alternative. Still others...