We are currently in a high-volume mortgage environment. Such a climate presents the perfect opportunity to adopt a more efficient approach to mortgage origination. Did you know that there's an approach through which you can speed up the application process and build excellent relationships with your clients simultaneously?

September 2020 – Regulation and Compliance Update

To do so, you must move from a two-step to a one-step sales process based on the circumstances. You should also cleverly incorporate technology to improve your operations.

Ordinarily, a two-step sales process is the way to go when it comes to mortgage loan origination. The exception, however, is when you're in a high-volume environment. Dealing with many clients in a short time means that you are better served shifting to a one-step sales process.

The application process can be more streamlined in cases where the person you're dealing with is the primary decision-maker or if they only have a set number of logical options. In the space of one interaction, you can get their commitment, build rapport, and begin the application process.

Before you even begin the interaction, ascertain that you have everything you need. This includes all the mandatory components of the application, the rate, and the "Intent to Proceed". Listen intently when speaking to the client, and capitalize on moments when you can form a deeper connection.

Be inquisitive without prying. Ask them about their future plans, goals, retirement ideas, and family as you go through their application. As a result of your interest, the client will feel a more personal connection with you as their MLO.

Make sure you end the call with clear goals and expectations for the future, such as timelines and the next steps.

The Right Time to Use a One-Step Sales Process

While this will be heavily case dependent, some signs will tell you when to use a one-step sales process. These include:

• The client is the primary or lone decision-maker
• The borrower has limited options available to them
• The borrower asks to apply explicitly

Of course, not all situations will fit neatly into all these boxes. If a complicated situation faces you, you may wonder if you should try to initiate an up-front application to prevent them from going straight to the competition.

Yes! There is a big condition, though. Do so only if you have taken the time to build a solid relationship with the client. If you haven't fulfilled this requirement, then the one-step sales method will probably fail. Not only that it will make the uncommitted borrower uncomfortable, and regaining their commitment will be very difficult.

Building a solid foundation for your relationship with every client is essential regardless of the method you use. You may think it's unfathomable due to the sheer volume you're interacting with, but earning commitment and building relationships is the one tried and tested method of closing a sale.

The Question of Technology

Technology can make our lives easier, and for mortgage loan originators, it can make the application process more efficient.

While the above is true, too many MLOs make technology the be-all-end-all of their process. The problem with over-reliance on technology during the sales process is that it puts your borrowers into a "shopping" mindset. This should not be your goal when incorporating technology into your processes. Instead of becoming the entirety of your sales approach, it should facilitate and improve your approach.

So go ahead and use technology. Do so to remove time-wasters like call-scheduling, information verification, and documentation collection. Don't do so to remove your personal touch from the equation altogether!

The best mortgage loan originators out there are adept at adapting their approach based on the climate.  Not only that, they do so without sacrificing any of the foundations that make them excellent salespeople. You'll truly stand out from the competition when you learn how to go through the application process as quickly as possible while still focusing on the client's satisfaction.

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