Loan Officer Sales Training 5/20/24: Closing & Post Closing Sales

In this insightful episode of "Loan Officer Sales Training," we dive deep into the crucial phases of closing and post-closing sales. Join us as we explore strategies and best practices for ensuring a smooth closing process, maintaining client satisfaction, and leveraging post-closing opportunities to enhance long-term relationships and generate referrals.

Our expert host shares their proven techniques for navigating the final stages of a sale, addressing common challenges, and providing exceptional service that sets you apart in the competitive loan officer landscape.

Whether you're a seasoned professional or new to the field, this episode offers valuable insights to help you master the art of closing and build a thriving business through effective post-closing engagement. Tune in and take your sales skills 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 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 Q

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

Restream recording May 20, 2 (00:00):
So welcome everyone.
My name is Kyle Hiersche.
I'm the CEO of the mortgagecalculator, and this is our
weekly podcast that we doweekly.
Now used to do it daily, but nowwe do it every Monday at 12 PM
Eastern, where we go throughmore of the sales end.
Of mortgages.
Now, today we're talking aboutclosing and post closing.
So it doesn't sound liketraditional sales stuff, but

(00:22):
we're going to be talking aboutit in terms of how it applies to
sales and how we need to thinkabout it as loan officers,
right?
Obviously there is a closingdepartment.
But there is a lot that has togo on and it's there's a lot
that needs to be essentially,you know followed up on by us

(00:44):
and also used by us to make moresales.
All right, so let's go ahead andget into it here.
So the important thing aboutclosing and post closing.
And again, this is not justabout closing these deals.
It's about closing future deals.
So we need to manage people'sexpectations through the closing
process, right?
When we're coordinating theclosing you know, obviously

(01:08):
title and closing.
And everybody is coordinating,but you need to understand
what's going on.
Right.
And managing the client'sexpectations is super important
and not just the client, buteverybody.
We have a whole training, awhole sales training we did on
managing people's expectations.
And we talk about, it's not justthe client.
It's also the realtors.

(01:28):
It's also.
You know, everybody involved inthe transaction, right?
So we need to make sure that wemanage people's expectations
about the closing.
That's super important.
Now, if you're local, you shoulddefinitely attend the closing if
possible.
If you have a closing and you'relocal.
And you are missing a hugeopportunity if you're not
attending that closing inperson.

(01:50):
And that is a huge salesopportunity, right?
To actually meet the person toactually be involved to be there
to walk them through things.
Now, if you cannot attend.
Make sure that you're available.
This is something so simple thatso many loan officers neglect to
do.

(02:11):
You should have every closingyou have on your calendar.
You should have that timeblocked off to make sure that
everything is good.
And you tell your client, Hey, Iblocked off my calendar.
So I'm available.
If you have any questions, whenyou're at the closing table, you
feel free to give me a call.

(02:32):
I'm waiting by my phone for you.
It really doesn't take much.
I mean, the closings arescheduled for an exact time,
right?
So take, you know, half an hour,block it off on your calendar.
Of course you can answer emailsor do whatever while you're
waiting for them to call.
But the point is you've made ita point to be available.
If they do call, you've conveyedthat to the client that makes

(02:54):
them feel good, even if theydon't use you, use it, even if
they don't take you up on theopportunity.
It makes them feel good and it'sthe professional thing to do
something that simple.
So many people don't do now ifyou have closings all the time,

(03:14):
we're still talking about a verysmall amount of time to block on
your calendar, even if you hadfive closings a day, right?
So this is something that's veryeasy to do.
It's just also very easy not todo.
So a lot of people don't takethe time to do it, but if you
have a closing, if you canattend it in person, do it.
If you attended in person, takepictures with the client, you

(03:37):
know, that way you can post themlike we talk about.
And then again, if you can'tattend, make sure to be
available.
And let the client know that youare available.
Have something that's plannedand scheduled and in stone.
You don't want to be drivingaround in your car and go, Oh, I
forgot.
I have a closing right now.
And this client is calling me.
No, this should all be plannedout and coordinated in a

(03:59):
professional manner.
Right now alone is not closed.
Last bullet point is not closedonce, or excuse me, I guess loan
is not done once it's closed.
Right?
So we are still going to beworking with the client and
there are numerous reasons forthat, all of which come back to

(04:23):
being sales opportunities.
So I have talked to loanofficers who may get frustrated
because there's you know, postclosing conditions or things
like this.
Understand that each time that,you know, things come up, yes,
unfortunately we have to dealwith them.
But it can be looked at as apositive to create more rapport,

(04:47):
build more of a relationship,stay in touch with the client
more, stay top of mind more,which is also another reason why
I suggest that the loan officer.
Not the processor is the onethat reaches out, right?
The, the processor can know thedocuments we need, request the
documents in the system and, youknow, do all that stuff.

(05:07):
But the loan officer should takethe chance to reach out if the
client hasn't, you know, givenwhat we need, you know, and
somebody needs to call theclient.
So many loan officers are like,Oh, I shouldn't have to be
bothered with that.
I should have a process or do itlike an assistant.
I'm telling you, that's thewrong way to think, right?
You want to use thatopportunity.
If somebody has to get on thephone with the client, you want

(05:28):
it to be you to keep buildingthat relationship.
Not that you pawned them off tosome other assistant and
somebody's just annoying them toget to collect paperwork.
Right?
So don't look at it as anegative.
If you have to reach out duringclosing after closing, look as,
look at it as a positiveopportunity.

(05:50):
So Now, after closing, let'stalk about post closing here.
Congratulate and thank theclient.
Obviously, again, if you arethere, take the pictures, post
it.
So, so important.
The best advertisement that youcould ever have is posting a
closing that you just did forsomeone, right?

(06:13):
Them posting it on their pagesand even just you posting it on
your pages.
That's the best advertisementever.
So, make sure you congratulatethem, thank them, use it as a
success story, post it any waypossible.
And also remember, we send outthe closing gifts here at the
Mortgage Calculator, so yourclient's going to get that email

(06:33):
afterwards saying, you know,asking them some questions that
then our little AI bot thencurates them a gift box, sends
it to them, it's a MortgageCalculator gift box with a
letter from us.
So, again, another opportunityto talk to your client, another
opportunity to, you know, as itsays here at the bottom, ask for

(06:53):
referrals, right?
And just an opportunity to staytop of mind, right?
Now, be ready.
Here's the next one.
Be ready for post closingconditions.
Right now, especially here atthe mortgage calculator,
remember we're a lender, right?
So those of you from the brokerworld, it's a little less stuff

(07:17):
like that when you're a broker,right?
Cause you're not the actuallender dealing with it.
But when we're the lender,there's going to be things that
come up.
There's going to be post closingconditions from time to time
they have to be dealt with.
But again, we want to look atthem as a positive.
Obviously it's not alwayspositive to need more paperwork
and stuff from them, but we wantto use it as a positive

(07:39):
opportunity.
And remember that loans are notactually essentially closed and
done with not only until they'reclosed, but also after the EPO
and the EPD periods expire,right?
Everyone can get theircommission taken back.
If they, you know, refinance orsell too early, or if they

(08:03):
default on their payments tooearly, right?
So very important for us to alsoremain involved from that
perspective.
Very important to manage thoseexpectations up front as well.
Keep that in mind.
Make sure when you're talking topeople, you're understanding,
okay, are you looking, is thislong term or, Is this person
just looking to do a refinanceand then they're telling you

(08:25):
straight up front that they'regoing to refinance three months
later when the rates go down?
Right?
So there's a lot of managing upfront.
That we need to do on that end.
But also again, you know, whenwe get things like a early
payment default notice, right,the loan officer needs to be
proactive of reaching out to theclient saying, Hey, it looks

(08:45):
like you didn't make your secondpayment, right?
These are things that we do haveto worry about, you know, as a,
as a lender, we need to makesure that everyone is making all
their first payments or theloans will get lost.
Called for, you know, repurchaseand then everybody loses all of
their commission.
So these are all things to beaware of, especially when you're

(09:06):
working at a lender.
And again, use them as apositive instead of a negative
and just use every opportunityto follow up and ask for
referrals, right?
That's how you are going tocontinue to get business over
and over.
And that's the great part aboutremaining in control of the

(09:27):
process the entire time fromstart to finish is that you're
there talking to them.
You're building the rapport sothat you can ask for more
referrals, the clients takencare of.
They feel like they can trustyou.
They know you, they don't feellike you pass them off to other
people.
You know, this is it's allimportant.
It all starts, you know, fromthe very beginning with you and

(09:47):
then ending with you.
And that's how you're going toend up getting all the
referrals.
You're not going to get as manyreferrals.
If you have only spoken to them2 times and the rest of the time
you say, oh, yeah, my processoris just going to call you and
coordinate all this stuff.
Right?
So, you know, Very importantthere.
Let's see here.
It looks like we have aquestion.

(10:08):
Let's see here.
Do we need to send our post tomarketing first before posting
if you've created any you know,advertisements or anything.
If you're using the ones wecreated for you, then you can
post them.
But if you're creating any newcollateral or advertisements or
graphics or anything, you wouldneed to get them approved.

(10:32):
Okay.
All right.
Well, again, I don't want tokeep everybody for too long, but
just something to keep in mind.
The loan isn't done until it'sclosed, funded, EPO expires, EPD
expires.
Everyone made their money.
Everyone's happy.
Client is fulfilled.
You know, and then we can askfor referrals, but until then we

(10:52):
need to be involved all the waythrough the process.
And look at it as a positive wayto keep in touch with the
client.
So Thank you everybody fortuning in.
Remember we do this weekly nowSo every monday at 12 p.
m eastern where we go throughthe front end and the sales end
of mortgages So I appreciateeverybody tuning in We will see
you next monday at 12 p.

(11:13):
m Eastern for the next episodeof the loan officer sales
training with the mortgagecalculator