Transform Borrower Relationships into a Pipeline of Referrals

August 31,2022
A borrower referral can provide you with an advantage over the competition when it comes to building your mortgage-business pipeline. To keep referrals coming during all seasons, you must have the right responses prepared during the entire loan-process timeline and some key relationship hand-holding techniques built in as well.
Referral leads cost almost nothing to generate, yet they usually lead to major business growth compared to other leads. Is there anything you can do before, during, and after a deal so borrowers refer more business to you? We’re glad you asked…
 As They Look for a Property
  • A pre-approval letter gives your member buying power and these days it’s an important part of winning the deal. There is a difference between a pre-approval and a pre-qualification, with the pre-approval letter meaning that they have had some review of their financial situation and are prepared to move forward with their financing. This means a whole lot more than a pre-qualification. Guide your members to understand what is needed to be pre-approved and they will be better prepared to make an offer.
  • Warm leads should be contacted every two weeks and hot leads every week. The more you communicate with leads in an objective, friendly and timely manner, the more likely they’ll accept your offer. Additionally, being top-of-mind means any other potential borrowers they come across may be referred to you as well.
Going Through the Process
  • Give clear intentions and set good expectations. Only move forward on a mortgage if you authentically feel you can make good on agreed-upon periods and contract timelines.
  • Blast a video or email explaining the process flow and any do’s and don'ts during these crucial steps. Dos are important, but don'ts can be more critical.  Most critical, buyers should not purchase large items at the last minute or quit their jobs. Explaining these scenarios and how it will impact the loan process is helpful information for buyers.
  • Integrate your customer relationship management (CRM) system with your loan origination system (LOS) to enable automatic status updates. Borrowers will always be up-to-date even if you personally cannot connect with them in any given moment.
  • Before they sign final documents, always give a friendly yet comprehensive review of the closing disclosure. This is not a time for confusion about loan terms; it’s a celebration of the loan's completion! The very last step of a mortgage closing is how memorable it was for them and whoever they sing your praises to. Ensure the experience is a great one.
When It’s Finished
  • Follow up a week later to see if they need any help. In addition to asking for an online review, this is the perfect time to ask for a referral as well.
  • Make sure they know you are their “personal mortgage pro” for life and mention how you will track their loan for refinance opportunities so they don't have to. 
  • Stay in touch with a friendly first-mortgage payment reminder; sending a copy of closing documents in January for easy tax-return purposes; setting them up with a monthly home value tracking email campaign that provides automated neighborhood and market updates; routine mortgage, refinance, and other financial education emails; and friendly birthday and holiday cards.
Leverage your borrower relationships and grow your pipeline with referrals today!
by CU Members

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