Loan Officer Sales Training 4/23/24: How to Retain Clients

In this episode of "Loan Officer Sales Training," we tackle one of the most crucial aspects of building a successful career in lending: client retention. Keeping clients satisfied and loyal is essential for long-term success, and in this episode, we'll explore proven strategies to help you do just that.

Join us as we discuss the importance of fostering strong relationships with your clients and providing exceptional customer service throughout their journey. From the initial consultation to closing and beyond, we'll share practical tips and techniques for exceeding client expectations and earning their trust and loyalty.

Discover the value of personalized communication, proactive problem-solving, and staying top-of-mind with your clients even after the deal is done. We'll also explore the role of technology in streamlining processes and enhancing the client experience, helping you stay ahead in a competitive market.

Whether you're a seasoned professional or new to the industry, mastering client retention is essential for sustaining and growing your business. Tune in to gain valuable insights and actionable strategies that will empower you to retain clients, build lasting relationships, and achieve ongoing success as a loan officer. Don't miss this opportunity to elevate your client retention game and take your career to the next level.

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

About The Mortgage Calculator:

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 S

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
officer sales training that wedo every weekday at 12 PM
Eastern time, where we gothrough the front end in the
sales end of the mortgagebusiness.
Today, we're going to be talkingabout how to retain clients.
So just some general.
Stuff to go over here to keep inmind to make sure that we're not

(00:23):
only Working new leads andgetting new clients, but also
retaining the clients that we'vealready had.
A lot of loan officers are kindof in the, the just, you know,
churning business you know, andnot really worried about the
people they've already closed.
Cause they figure they're notgoing to do a transaction for a
long time.
And so they're right onto thenext one, trying to just chase

(00:45):
the quick money.
And that's not what we want tobe doing.
Right.
So let's talk a little bit aboutthis here.
Okay.
So number one way to retain aclient is to become a loan
officer consultant.
We talk about this day in andday out here at The Mortgage

(01:05):
Calculator, becoming aconsultant, a loan consultant.
When you've done your jobproperly as a client, Loan
consultant and got that pointacross to your client that
that's what you are.
Then retaining the client isnothing like all this other
stuff we're talking about is allgreat here.

(01:26):
The rest of the stuff will gothrough the presentation, but
you don't really have to worryabout much of this.
As long as you are just beingthe proper loan consultant you
know, that you're supposed to beright.
That's kind of the overarchingthing.
As long as you're doing that.
Then you'll be okay.
Now, part of that is educatingand empowering your borrowers.
So knowing the programs, right?

(01:48):
So that's another way to retainclients, knowing what you're
talking about, knowing theprograms, being able to speak to
them in detail about these typesof things, right.
And educating them on thedifferent choices.
Right.
And of course, effectivecommunication, even with bad
news.
We talked about this on thecommunication training, the

(02:10):
number one complaint from bothrealtors and clients about loan
officers.
This was an actual study.
The number one complaint aboutloan officers from clients and
realtors was lack ofcommunication.
So communicating effectivelywill definitely help you keep a
client, especially when there'sbad news.

(02:31):
Now, another general thing hereis that we're always going to
have the customer's bestinterest in mind.
Sounds like a no brainer, right?
Well, remember we all swore andattested that that is what we
will do when we got licensed.
That is what our license isbased on.
The number one rule of having amortgage license is that the

(02:52):
customer has to, we always haveto have the customer's best
interest in mind.
We always must be looking outfor the borrower.
I'm sure you all remember thatfrom your schooling.
That is the number one rule ofmortgages is that our job.
Is to protect the borrower,right?
And so it's easier said thandone, especially when real life

(03:16):
happens.
So for example, you got to payyour bills.
You're trying to get a dealdone.
You could maybe cut some cornersand close it.
You could maybe kind of steeryour client slightly into
whatever is quicker for you todo or easier or more likely to

(03:39):
close as opposed to being thebest cost option, which.
There's nothing wrong with doingthe going with an option that
would be more likely to close,even if it's expensive.
For example, if you have apurchase that's under the gun of
time, UWM has terrible pricing,but they're the quickest.
So that's a conversation you canhave with your client saying,
Hey you know, we have an optionthat's extremely quick.

(04:04):
So, you know, we have a muchbetter chance of actually
closing, but the cost is goingto be or we can take our chances
and go with a much lower rate.
But I'm, you know, it's not asquick as the fastest lender in
the country.
You can't get everything youwant, right?
If you want the speed, you'regoing to have to pay a little
bit more.
If you pay less, you're going tohave to deal with you know, not

(04:24):
as speedy.
Right.
So that's a conversation we canhave with our customers.
But what we can't do is not havethat conversation and us make
that decision.
Because again, you may not thinkyou're doing something
malicious, but you are breakingthe oath that you took to your
license of always having thecustomer's best interest in

(04:46):
mind.
That doesn't just mean saying,Oh, I, you know, You know, I
don't want them to lose theirdeposit or have anything bad
happen.
There's actual real life thingsthat come into play here where
just one little decision of yousaying, Oh, we should go with
this because I know it's goingto close.
And you know, if that wasn't aconversation with your customer,
if you didn't let your customerdecide and empower your

(05:07):
borrower.
You know, to make their owndecision, then that can get
pretty sticky and that's notwhat you want.
Right.
And then positive outreach here.
That's how you retain a client,right?
Reach out to them positively.
That's it.
Just communicate positively,reach out, don't harass them

(05:32):
about anything, but also don'tforget about them and don't let
them forget about you.
Now.
Here's a big one on a way thatyou can retain clients.
And this is not a must, buthere's a tip become a real
relationship in the customer'slife, connect with them on

(05:53):
personal social media, ifappropriate, if they would be
okay with that.
Right.
And if you you know, kind ofhave your social media a little
bit more open to people.
Right.
The best thing you could doafter closing a transaction with
someone or even before.
Is be personal friends with themon Facebook.
Now you're in their life, right?

(06:15):
You're their mortgage person.
And yes, you're friends withthem on Facebook.
They see you have, you know,they see your kids, you see
their kids, you're commentingcongratulations when they have a
new baby or you know, whateverthe situation may be.
Now you're in their life.
Now they're like, Oh, whocommented on my post?
Oh, that's John, my mortgageguy.

(06:36):
Right.
So you know, that's a huge wayto just be embedded in their
life.
Now, maybe not alwaysappropriate.
Some won't accept your friendrequest or whatever, but that's
big when you're, when you'rethat close to a client that
you're like, Oh yeah, we'reFacebook friends, you know, Hey,
I saw you do this or, you know,do whatever.

(06:58):
I mean, yeah, that's that's,that's huge, right?
Way beyond any calls and textsthat you could do for you know,
to, to keep reaching them.
Right.
Be a genuine resource here tohelp customers and their
families that goes back to someof the other trainings we've had
about just being genuine andreally embracing this business.

(07:24):
So this is kind of directed forthe newer loan officers here.
more experienced loan officers.
You guys already know that thisis a 24 seven business that you
need to live.
So when we talk about livingthis business, we talk about
genuinely wanting to be aresource for our borrowers,
potential borrowers.

(07:44):
That's a big one.
Not just your actual borrowersyou're working with, but anyone
and everyone.
We want to be a Genuine resourceto help our borrowers and their
family.
We have an amazing job.
We sell not sell homes, but wesell the ability to get into
homes, right?
We make money by putting peoplein homes and realizing their

(08:07):
American dream, which is homeownership.
Right.
We also sell people money thatneed it, whether they need it to
get by right when we're doingcash outs or he locks or
whatever.
Either they need it to get by,or they may need it to invest in
something.
Either way, we're serving a veryimportant need.

(08:28):
Which is housing and also, youknow, investment, right?
Biggest investment of theirlives is typically their home.
Number one wealth builder inAmerica is real estate.
Right.
And so, you know, it's reallyembracing that and living that
my goal in this business is tohelp as many borrowers and their
families.

(08:49):
As possible, whether that begetting in a new home, realizing
the dream of homeownership orcashing out properties or
helping them realize the freedomof real estate investing.
Right.
That's open.
You can open someone's entirelife and change the trajectory
of their financial future by.

(09:11):
helping them invest.
And most people just don't evenknow that things like DSCR loans
exist.
If they did, they might take thehundred grand they have sitting
in their savings and go buy a,you know, property with it.
They just didn't know they coulddo that with no income
verification, no jobverification and all that kind
of stuff.
So we help people get intohomes.
We help people with cash whenthey need it or when they want

(09:32):
it, we help people invest andbuild their wealth.
So we have a very amazing job.
It's very rewarding if we do itIn a genuine way and rewarding
way.
So that's another way to retainclients.
When you live that day to day,retaining clients is not going
to be an issue.
Right.
It shows through in everythingthat you do.

(09:54):
And that next bullet point isexactly what I'm talking about.
The goal is to help as manypeople as possible.
The goal is to not make as muchmoney as possible.
The money will come.
The goal is to help as manypeople as possible get into
their homes or get the cash theyneed or lower their rate or you
know, not happening too muchlately, lowering the rate, but
you get the point here, normalcourse of business, those are

(10:16):
the type of things that we do,right?
Now, another thing that we dohere at the mortgage calculator,
which is great that we do foryou, you know, like we pay for
this.
We send every borrower a closinggift on behalf of you.
And it's in a box that says themortgage calculator on it.
And they, you know, They get anemail with some questions and

(10:37):
the bot takes their questionsand puts together a gift package
for them.
It might be like a, a waterbottle and a mini speaker or
something.
You know, things like that.
It's like a 75 gift or, youknow, something like that.
And so that's something that wedo for you that can also help
you retain clients.
Now I talked about this on thereferral training a little bit

(10:58):
ago.
That that's the perfectopportunity to contact them,
right?
So for one, after we're doneclosing, we want to make sure
that they know they're going toget an email, say, Hey, you're
going to get an email from usabout a closing gift.
That's going to ask you a fewquestions.
Once you answer them, we'llcurate a little package for you
and send it out.
That's a great opportunity.
And then on that phone call,Hey, just want to remind you and

(11:21):
anybody you talked to that, youknow, May need help with
something.
Please.
I would really appreciate it.
If you mentioned my name to themor, you know, connect me or
whatever it is.
So perfect opportunity.
And then again, the otheropportunity is later 2 weeks
later, you follow up.
Hey, did you get the closinggift?
Did you like it?
We appreciate that you wereworking with us again.

(11:42):
If there's anybody, you know,looking for, you know, that
needs my services, please let meknow.
So not only is it a way toretain clients, obviously,
because they feel good that yousent them a gift that keeps you
top of mind, that you know, kindof keeps some knickknacks around
that, you know, they, they, theywill remember that you gave
them.
So when they look at it, theyThink of you, right?

(12:05):
And then use technology to keepin touch.
That's an obvious one.
Again, things like beingconnected with them on their
personal social media is evenabove and beyond that.
But remember after you close aloan, you should still be having
follow up tasks set for thatlead.
Every lead should have follow uptasks set just because you
closed a deal doesn't mean youjust leave it in the past.

(12:27):
Every contact in the CRM needs afollow up task for the future
unless they've unsubscribed orsomething, right?
So you know, it goes for thistoo.
And that's again, how you retainclients.
You keep in touch, right?
You don't, you know, Wait, andthen say, Oh, they'll call me
three years from now when theyneed to refinance.

(12:49):
I know they will.
They'll just pick up the phoneand call me.
Not true, right?
Not true.
Especially if they're buying ahome.
You know, I don't know the exactpercentage, but there's a huge,
large percentage.
Of people who will just workwith whatever loan officer,
their realtor tells them, evenif they worked with another loan

(13:09):
officer before when they'retalking to this realtor and they
go out to start looking for ahouse, the realtor goes, oh, you
need to connect with thisperson.
They don't really care.
For the most part, usually,right?
Especially if it's been 2 yearssince you took care of them,
they're not remembering theintricacies of how well you
worked with them and what youdid for them and they don't feel

(13:31):
any you know, obligation to youbecause you haven't been
reaching out to them and stuff.
But if you've been talking tothem this whole time, trying to
consult them and reaching outand staying top of mind.
Then they're going to use you,but if not, it's so easy for
them to just go, Oh, okay.
Yeah.
Tell the guy to prequalify meor, or, or woman.
Right.
So you know, again, realtors, ifyou're not, if you're not the

(13:54):
one working with that realtor, arealtor is going to want to
steer them towards their, Loanofficer that they work with
because they think their loanofficer can get it done and they
don't know if you can get itdone, which is a little is
understandable to an extent,because this is a difficult
business and there's a lot ofloan officers out there that are
just screwing up deals left andright.

(14:14):
Right.
And so, you know, Realtorsrightfully so want to know that
the deal closes because let metell you, a realtor doesn't care
about what rate the client gets.
They don't care if you chargedthem 20%.
The only thing a realtor caresabout is the deal closing.
Trust me.
I own a real estate brokeragehere in Miami as well.
And that's it.
All the realtors care about isif the deal closes, they have no

(14:37):
idea what the interest rate is.
They don't care.
They don't know who is a betterloan officer to give the client
a better deal, or, you know, allthey care about is, is this loan
officer going to close this dealso I can get my commission?
Zero care for the interest ratefor the client.
And that's never going tochange.
And that's just the way it is.
All they care about is, youknow, Getting their end done.

(15:00):
Right.
And they don't care how you getyour end done.
As long as you get it done,you'll be charging the client
20%.
So my point here is that theywill quickly steer them
elsewhere.
So if you don't have that firmgrasp on the client and, or
working with that realtoralready, then you're going to
have a problem.
When it comes time for them todo something else.

(15:21):
And so, you know, that's,that's, it would be only our
fault.
I talk about this a lot.
It's only our fault.
If we didn't stay on top ofthem, let them know, just like
if one of our family membersrefinances without us or goes
and buys a home, it's only ourfault.
We weren't on top of themenough.
We weren't letting them knowwhat we do.
We didn't call them and.
Tell them specifically, this iswhat we do.
So when you buy a house, pleaseuse me, you know, so it's, it's

(15:43):
along those same lines, so we'vegot to keep in touch.
Technology can help us do that.
And you know, we just need tomake sure that we're staying top
of mind and that we're stayingin touch with them.
or else we may lose them forfuture deals.
So those are the different waysthat we can retain clients.
Obviously there's tons more, butagain, let's come back here to

(16:05):
the first slide.
The overarching theme here iseverything we talked about is
pretty much adding up to being aloan consultant, right?
Everything we talked about hereall comes together.
To as long as you are a loanconsultant, that's properly
guiding your clients through theprocesses and doing the work,
not just part of the work to getthe deal done, not just the work

(16:27):
that's easy, but going throughthe motions, looking up the
guidelines, finding the bestprograms.
I mean, these are processes thatneed to be followed.
It's not about just closing adeal and making quick money
because.
A lot of the things we talkedabout today, if that's your
attitude, then it's, you'regoing to end up losing the
client.
So that's the big thing fortoday.

(16:48):
Be a loan officer consultant,walk your clients through
everything.
Don't skip steps, take theproper steps and you should not
have any problem with retainingclients.
Okay.
I don't see any questions inhere.
Like I said, I wanted to keep itquick.
I'm going to try to keep these alittle quicker because like I

(17:09):
said, we do do them every day.
So I just want to You know, get,get them a little bit shorter
and sweeter.
So we'll be back tomorrow with anew topic.
Remember we do this 12 PMEastern time every weekday.
So I will see you all tomorrow,12 PM Eastern for the next
episode of the Loan OfficerSales Training with the Mortgage
Calculator.