Richard Lovell of First Choice Mortgage Lending in California is a 12-year veteran of the mortgage industry, so it’s no surprise that he is a master at turning a single loan into multiple loans and referrals. In this recorded interview, he’s got some great ideas for helping other loan officers do the same.
PROBLEM/SOLUTION:
This client, a restaurant owner, had a strong financial position with low debt — but they had limited monthly cash flow and were concerned that they were paying too much in taxes. So, their financial planner sent them to Richard.
KEY TAKEAWAYS FROM THIS CALL:
* Richard creates what he calls a “predictable process” and uses it consistently.
* He starts with basic questions that uncover unseen problems while setting up his future presentation.
* He drills deep to uncover unseen opportunities. For instance, after discussing their current home mortgage payment, Richard asked if they had made any improvements on the property. It turned out they had, which he felt expanded their options.
* He positions himself as the “captain” of their “wealth team” early on by asking for the names of any financial planners, tax advisors and estate planners they work with, as well as permission to call them.
* Richard always presents the Total Cost Analysis report first, and uses a client’s existing loan as a starting point. He then makes comparisons with loan options that would increase their liquidity and long-term assets.
Soon after the loan closed, the client referred Richard to another family couple who also had multiple properties. In addition, by bringing the tax advisor into the loop, he now has a new referral partner. And by introducing the tax advisor to the financial planner, Richard looks like a hero all around.
Click on the player below to listen to this call.
Or you can download this 28MB file click here.
Click here to see a sample of Richard's Equity Repositioning Analysis he presents to clients.
Dave - Very solid and useful post!
Posted by: Tony Gallegos | March 04, 2008 at 08:18 PM