Five things to ask during client consultations

The initial client meeting is a crucial turning point in what will hopefully become a lifetime relationship between an originator and a client.

Whether it’s done in person, over the phone, or via a video call, there are certain things an originator can do to establish a connection, build trust, and place themselves firmly in the mind of the borrower as the only person they need to call for their mortgage needs.

1. What can I do for you?
Presumably, a person contacts a mortgage loan originator because they need a mortgage. But how the borrower frames that can make all the difference. Rather than starting with how much money they have, how much they want to spend, and looking at the mortgage programs available, let them introduce themselves to you. You’ll probably find out what they do for a living, why they want to buy a house, and what they say will likely help identify their priorities.

It’s also just as likely that they don’t want a home at all at the moment; instead, they might want some help with numbers and figures, or are needing help to look at various financial scenarios to determine whether or not they want to make a move at all. Waiting to hear what they need can save a lot of time as opposed to potentially wasting time going through a sales pitch, not to mention putting the clients more at ease.

2. What are your plans for the coming year?
A lot of times people might voluntarily mention the Big Life Things, getting married, growing their family, other reasons why they need more space. They might not mention a dissatisfaction with their job, or a terrible commute, things that might interrupt the loan process should they decide to get a new job after their initial application. They might not mention their desire to start a business on the side, go back to school, or renovate a home immediately, all of which would affect their incomings and outgoings, and may require going beyond the surface of their situation on paper. Many people don’t know that these things and other life changes would make any difference at all when it comes to the type of loan they get, or the timing of the process.

3. What are your concerns?
For first-time home buyers, concerns are generally around the process itself; what ducks they need to have in a row, what the subsequent steps are, explanations of industry terms and products that they’ve seen online. Most often they do come to the table with information, but aren’t quite sure how it is relevant to them. Other people may know the basics, but are more concerned about refinancing for debt consolidation purposes or switching to a fixed rate from a variable rate, and needing help determining short-term versus long-term benefits. Hearing what the client wants to address first, and then fill in the gaps with what they don’t know they need to know.

4. What are you doing this weekend?
Okay, so it doesn’t have to be exactly that question, but taking some time to discover what hobbies the borrowers have, what sports teams they follow, and hearing more about the kids and/or pets in the home (if any) open the doors to forging a connection that exists beyond mortgages. Shared experiences also pave the way for conversations later down the line, and give reasons to stay in contact after the loan has closed. Talking about this apart from mortgages also allow the borrower to see the originator as a person, not just someone providing a service. Originators who give the borrowers a chance to see them as people stand a greater chance of getting repeat business and referrals.

5. Next steps
Just as it’s smart to secure the second date before the end of the first, it’s smart to end the first meeting by telling people what the next action will be. If they need to upload documents, then make sure that they know how to upload them and the deadline for doing so. If they need to think some things over before the next conversation, then let them know the day/evening that you’ll be in touch with them, as well as how you’ll be in contact, so they know what to expect and when to expect it. Setting expectations isn’t just about keeping the process on track for an efficient closing, it’s also about setting a bar and letting clients see you meet it every single time.

Every originator hopes for long-term relationships with their borrowers. Start relationships with these steps, and lay the foundation for a database that will fuel businesses year after year.