Loan Officer Sales Training 04/16/24: How to Use Reciprocation as a Loan Officer

Unlock the power of reciprocation in your loan officer journey! In this episode of "Loan Officer Sales Training," we delve into the art of using reciprocation to build stronger relationships, win clients, and close deals effectively.

Join us as we explore proven strategies, real-life examples, and actionable tips to leverage reciprocation in your sales efforts.

Whether you're a seasoned professional or just starting out, this episode will equip you with the tools you need to elevate your game and achieve success as a loan officer. Tune in now and master the art of reciprocity!

For more episodes visit:
https://themortgagecalculator.com/Page/Loan-Officer-Sales-Training-Podcast

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The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! 

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of over 350 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix and Flip Mortgages and thousands more!

Our Mortgage Loan Originators are trained to be loan consultants to guide borrowers throughout the entire loan process. A licensed Loan Officer is only a phone call or zoom meeting away and always available to assist borrowers throughout the loan application process all the way to closing. To apply for a mortgage please visit our Quick Mortgage Quote Page at https://themortgagecalculator.com/Mortgage/QuickQuote

The Mortgage Calculator is a registered DBA of Mortgage Calculator Company LLC. NMLS ID #2377459. Programs and rates are subject to change without notice. Mortgage

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as thousands of Non-QM mortgage loan program variations using alternative income documentation!

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Stateme

Episode Transcript

(00:02):
So welcome everyone.
My name is Kyle Hiersche.
I am the COO of the MortgageCalculator, and this is our loan
officer sales training that wedo every weekday at 12 p.
m.
Eastern, where we go through thefront end of the mortgage
business.
Today we're going to be talkingabout the power of
reciprocation.
Excuse me.
And something very powerful touse in sales you know, there's

(00:22):
all kinds of other trainings outthere on this type of stuff.
So I'm going to be, you know,applying some of that to
mortgages specifically here, butthere's all kinds of other
trainings and books and videosand all kinds of stuff you can
watch about these concepts here,but let's go ahead and get into
it here.
Let me Change my screen.

(00:43):
I'm going to take the chat offthe screen for now, but go ahead
and drop comments there.
Go ahead and drop questions ifyou have them as well.
So the power of reciprocationhere.
First off, let's talk about whatthis actually is.
So reciprocity represents ourinnate inclination to respond to
gestures of goodwill withequivalent or even magnified

(01:05):
positive actions, right?
So that's the definition of whatwe're talking about here, right?
I do something for you first,you then naturally feel
obligated to do something for mein return.
Now notice here this is notmerely a sense of obligation or
deadness, but rather a mutualrecognition that promotes a

(01:26):
continuous cycle.
Good will so it can justcontinue right you Do something
nice they do something nice andyou feel like you need to do
something nice and they do, youknow And so it just kind of
keeps going right?
So that's basically the conceptwe're talking about here today
Now the reason why it's a verypowerful concept here is because

(01:46):
you can apply to sales, right?
Because when you're doing salesyou know the The reciprocation
is a tool that you can use toget to your goal as a
salesperson, right?
So that is what we're talkingabout here today, talking about
that.
It's a, you know, essentiallywhat it's saying here.

(02:08):
This is a, a you know asubconscious thing even, right?
Like this, we don't even.
Need to understand that this ishappening or what's going on,
but it definitely Is happeningall the time and we can use it
to our advantage when we'redoing sales So give before
receiving right by offeringvaluable information Insights or

(02:32):
resources up front You establishtrust and create a sense of
obligation on the client's part.
So what does that mean on ourbehalf?
Well, especially here as loanofficers, but especially as loan
officers at the mortgagecalculator.
We offer value all the time.
That is the name of the game,right?
We are loan consultants.

(02:53):
We are there to consult them.
We offer our quotes, which arevaluable.
We put in time and effort tosize up their scenario and give
them actual rates.
We then re quote those scenariosevery three days and make sure
that we give them updated rateson exactly what's going on,
right?
We talk to them in depth when wedo our borrower interview to get

(03:17):
all the different information ofthings we might need to do.
And when we do get back to themwith programs, we're getting
back to them with multipleprograms or multiple quotes and
being a consultant to them andproviding that value upfront.
And when we do that, you know,it's, it's going to come back.
And go the extra mile, right?

(03:38):
Surprise and delight yourclients by exceeding their
expectations.
That's always, you know, a greatway to you know, form that
reciprocation, right, is thatyou went way above and beyond
and, you know, these peoplearen't like paying you out of
their pocket or anything.
And so if you're just gettingpaid for your job, like normal
and.
Then, you know, you go way aboveand beyond it.

(04:01):
It's not like they had to payyou more money or anything.
And they technically didn'tnecessarily pay you any money
out of their pocket anyway.
And so you know, there's a lotof reciprocity built there,
right?
They are like, Oh wow, you didsuch a great job for me.
It was so amazing.
Because at the end of the day itwould have cost them the same to
deal with some other loanofficer who could have totally
botched the deal or notconsulted them or not answered

(04:24):
the phone like we talk about onthe answer the phone trainings,
which is so important in thisbusiness.
And then remember reciprocationdoesn't end at closing.
That's actually Where a lot ofit begins at, right?
The reciprocation of I closedthis deal for you, right?
So, you know, now, can you sendme referrals and can you send me

(04:47):
more of your own business,right?
Because.
At the end of the day once weget done with the transaction,
especially a complicated oneWe're not trying to tell the
client something negative But wewant to when we do talk to them
say wow, that was such a toughdeal I'm, so glad we were able
to get through it.
I'm, so glad I was able to helpyou through the process you know

(05:07):
and just kind of set up thatthat Mental mind state of like,
yeah, we got through thistogether.
I'm glad that I could help youout and then, you know, get them
feeling like there's that youknow, somewhat of an obligation,
I guess, to, you know, also, youknow, be open to any requests
that you may have, which yournext request is going to be for

(05:27):
referrals and repeat business.
All right.
So you know, just applying it tous again here.
You know, during the initialsales calls, providing valuable
info, providing your time tospeak to them, these types of
things, people are grateful forthat, right?
And then they feel obligated tolook at the quote when you send

(05:50):
it, when you send it, right?
They feel you know, like theyneed to you know, pay attention
to it, that you took time to doit, that you were nice to them,
that you consulted them, youprovided them something of value
first.
And then to jump back to wherewe just were repeat business,
right?
The rest of the, thereciprocation for repeat

(06:11):
business from the people again,you know, this has to do with
not stopping at closing.
This has to do with the closinggift that we send them and being
involved in that.
I think some loan officersaren't involved enough and don't
even talk to their client ortell them that the, that the
email is coming for them to pickout their package, let alone
that the package is coming, letalone that.

(06:32):
follow up later and see if theygot the package.
These are all opportunities toask for referrals, to create the
mindset of reciprocation of, youknow, I helped you out you know,
and I'm looking for morebusiness from you or more
business from people, you know,right?
So you know, you can use thattype of energy, not just with

(06:55):
the client themselves, but say,Hey, you know, we got through a
tough one.
You know, I know that if youknow somebody out there, you'd
recommend me to them so that Icould help them out too.
Right.
And so that is how we're goingto get referrals as well.
But I definitely think a bigthing here, especially for loan
officers at the mortgagecalculator, is that.

(07:17):
There should not ever be a gapof communication after the
closing so many people theyclose the deal and they're just
like, oh, phew.
And then maybe they'll reach outin a couple of weeks.
You know, to, to touch baseabout the gift box, maybe, but
this is not something thatshould be happening, right?
We should be thanking them,congratulating them, touching

(07:41):
base.
Did you get the email to pickout your closing gift?
Did you end up getting theclosing gift?
Is there anything I can do?
Is there anyone I can help?
Right?
So there's there shouldn't bethis gap that I think a lot of
loan officers leave there towhere even if they do follow up
later There was clearly a gap oflike, okay, they closed i'm done
with them You know For now untilmaybe later, I you know next

(08:05):
month I get some time and i'llcircle back around or whatever
It should definitely not be likethat.
That should be a Constant Andit's a, every single chance you
get to talk to your client is achance to build that reciprocity
and a chance to build referrals.
You know, so many loan officersI think, you know, want other

(08:26):
people to do the calling forthem and things like that are
like, Oh, I want my processor tocall them to do this or whatever
it may be.
Remember every chance.
You get to speak to your clientis a chance to build rapport and
reciprocity, right?
It's a chance to show thatyou're there for them and that

(08:48):
you are a consultant and thatyou're providing value.
And each time you speak to them,they're going to feel more and
more obligated to do what'snecessary to get the deal done,
to listen to your instructionsand all that kind of stuff.
And then to give you businessafterwards of their own and for
others, right?
The more you have other peoplecontact them, right?

(09:08):
If you were just, if they, ifyou were just saying, Oh, you
know, I talked to them once andthen I just pass them off to my
processor and then they callthem a bunch of times to.
Try to get documents and try todo all this and that and they're
pretty much in touch with themfrom there Well, guess what then
you didn't really provide muchof value, right?
They don't really feel anyobligation to you They more so

(09:28):
would feel like that you didn'tfulfill your obligation to them
Because you're not there talkingto them walking them through the
process like you're supposed tobe As a loan officer consultant,
right?
So just remember that ingeneral, every chance you get to
talk to your client, you shouldbe talking to your client.
All we're looking for all day isreasons for talk to client,
reason to talk to clients and tofollow up with clients that we

(09:50):
didn't talk to.
What are rates doing?
What are the programs doing?
What's going on right now that Icould use as a reason to contact
every single person I'm talkingto?
Right?
So we're always constantlylooking for a reason to touch
base with people.
So any, any reason we can for usas the actual loan officer to

(10:11):
get on the phone with the clientor to speak to them in some way
we want to definitely takeadvantage of that for sure.
So that's it here today.
We're short and sweet here.
It's a pretty simple concept.
The last thing that I would sayhere is that another concept of
using this is also to getreferrals from places that you

(10:35):
support, right?
So the reciprocation of, hey,other small businesses that you
support or you know, otherentrepreneurs, things like that,
you know, the, the, Can you, youknow, if you have a friend that
owns a store or even if you goto a certain dry cleaner for the

(10:56):
past 10 years, ask them if youcan put your business cards
there.
Hey, I've been here for a longtime.
I support your business.
Would you mind supporting mine?
Can I put my business cards outhere?
You know, that's just anexample.
Of course, there's a millionways to do it.
But the point is here is thatall the people you've already
been putting in the goodwill tothat you're supporting them,
whether it's a a largerbusiness, smaller business, a

(11:18):
person, their services, all thepeople that you support, you
should be hoping for supportback.
There's nothing wrong with that.
pointing that out, for askingfor support back, for having a,
you know, business cards and alittle cardholder stand and
going to the places that yousupport and asking them to put
it up, right?
So that's another way that youcan use that as well.

(11:40):
Who we support, we should bemore than willing to ask for
their support as well, right?
And that's reciprocation rightthere.
We, and how we support people iswherever we go and whatever we
buy and whatever we do, right?
Wherever we spend our money,we're supporting that business,
that person, that venture, andor with our time, whatever it

(12:00):
may be.
So whatever we're supporting, weshould hope for support in
return, and that isreciprocation.
So, we'll wrap it up here early.
Thank you everybody for tuningin.
Remember 12 p.
m.
Eastern Time.
We do this every weekday wherewe go through the front end and
the sales end of mortgages.
So we'll be back tomorrow with anew topic.

(12:21):
Thank you everybody for tuningin.
We'll see you tomorrow at 12 p.
m.
Eastern Time for the nextepisode of the Loan Officer
Sales Training with the MortgageCalculator.