This is the perfect case study to follow up my interview with professional coach Daniel Harkavy. In my recorded interview with Daniel, he emphasizes that now is the time for loan officers to reconnect with referral prospects that you couldn’t get you’re your foot in the door with during the refi boom and who are now looking for ways to increase their business.
Dylan Kramer did just that, and it immediately generated him a new client. A 12-year veteran of the mortgage industry and veteran Mortgage Coach member, Dylan recently took some time to analyze his business and realized that he wasn’t getting as much business from financial planners as he used to. That prompted him to start making calls and presentations to referrals that had gone cold. Within just a few days, he had his first referral.
PROBLEM/SOLUTION:
This particular client was in a tough financial situation. They had a mediocre credit score and some late payments on their credit history. They were in a two-year adjustable sub-prime ARM at 9-7/8ths that was going to adjust in a few months. They had no escrows and were behind on their property taxes.
Many loan officers would take a look at this client’s situation and think, I can’t doing anything for them. But Dylan took a very creative, unconventional — and very successful — approach. He used three different versions of the Total Cost Analysis report to first win the client’s trust and then help them make the best decision for their long-term future.
KEY TAKEAWAYS FROM THIS CALL:
* Dylan first presented a 12-month analysis to show them how they could stop the short-term bleeding with a $4,400 savings the first year;
* He then presented a 24-month analysis to get them thinking about their future and how the savings would add up to $20,000 in just two years;
* Finally, he showed them the opportunities they would have if they improved their credit and refinanced again at a lower rate in just 6 to 12 months;
* He even offered to do the second loan for free; the first loan had a $5,200 commission built in so it was an attractive offer;
* In the end, he won their trust and put them on the path to a more secure financial future.
These are tough times and tough times call for creative thinking. This is the perfect solution for a client stuck in the wrong loan program. Dylan won the client over by first taking the time to build their trust and then dollarizing the cost and savings over time in a way they could clearly understand.
As a result, Dylan now has two raving fans — the financial planner he reconnected with who looks like a hero in the client’s eyes, and the client. No doubt, Dylan will be seeing more referrals from both parties.
Click on the player below to access this 20-minute interview between Dave Savage and Dylan Kramer.
Or you can download this 28MB file click here.
Click here to access Dylan Kramer's 12 month analysis.
Click here to access Dylan Kramer's 24 month analysis.
Click here to access Dylan Kramer's 24 month analysis with credit improvements.