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 that person on to the next bank or mortgage company to get their mortgage. They make no attempt to help! Our research shows this happens more than 95 percent of the time.

Two problems. One: The caller wasn’t helped because they didn’t receive any guidance and they’re left to shop with the risk of not choosing the best mortgage option for their needs. Two: 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 let 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.

How do you do this? Easy. Draft a few questions that steer the prospect and create a system where 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 will usually 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, transfer the person there immediately.

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

But the real magic comes from the questions you salt into the rest of the conversation that position you as the logical place for their mortgage. Begin by listing your unique features and benefits and then shape questions around those benefits. Here are some samples to help you create the most effective questions:

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 face a nightmare 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. Banks that have implemented this process 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 cash drawers without a system. Don’t expect your people to do this unless you build an easy system—because they won’t. 

Create a mortgage inquiry script and require that the form be completed   for every inquiry. While you’re at it, create forms for every other department in the bank. For a free sample of a mortgage inquiry form, contact us at 1-800-236-5885 or e-mail us at office@EmmerichGroup.com . 

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