Loan Officer Training – It’s Not The Borrowers Fault, They Do What The…
If you’re a Loan Officer who answers phones, wouldn’t you like to get a nickel for every shopper call you got? If we got paid for when we heard the term “What’s Your Rate”, we’d all be happy as a gofer in fresh dirt! -Jed Clampett: Beverly Hillbillies.
Believe it or not, some Loan Officers truly get mad when people ask that question. I could never understand why that is. Since we’re in the business, of course we know that’s not the right questions to ask. Some LO’s know how to counter that question in addition. Like just about everything in the mortgage business, it gets easier with age and repetition.
Let’s look at the borrowers, shall we? The borrowers know one major thing about the mortgage business…rate. To them, our whole industry can be summed up with one number. They don’t understand that one of the biggest financial purchases they will EVER make is dependent on what some number is on the other end of a telephone call. For those of us in the industry, that drives us crazy! But when you stop and think about it, what else would Mr. Joe Lunchbucket know to ask? He hears “rate” on the radio, he sees “rate” on TV, he reads “rate” in the newspaper; to him that’s all that matters. In his mind, who ever has the lowest rate, wins. It’s that simple; it’s that cut and dry to him. And it drives us crazy!
Now we come along, being the ever so knowing Mortgage Brokers and Loan Officers, and try to do everything in our strength to NOT answer the “What’s your rate” question. And that’s what gets us frustrated. We know there’s more to a mortgage than rate, but the borrower doesn’t. At the same token, we can’t fault the borrowers for the knowledge, or without there of, they have of our industry. That’s what they were taught about our industry.