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Why Saying ‘Yes’ is Hurting Your Business

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No May Be the Best Thing to Say…

We are in the people business. The business of selling, educating and assisting older homeowners get a reverse mortgage. As salespeople we love not only to hear the word “yes” but we love to tell our customers the same.yes-no-seesaw

Wouldn’t it be wonderful if every age-eligible homeowner qualified for a reverse mortgage? How about most? The advent of the financial assessment and other changes to the HECM program have collectively changed many of our yeses into maybes. Here are some reasons saying yes is hurting your business.

1. Resources. If you are still primarily attracting the needs-based borrower with few assets, a high mortgage balance and a checkered credit history you may want to help but you may be only hurting yourself and other potential borrowers. Time is one of the most valuable resources you have and if you spend it trying to qualify borrowers who are problematic you have robbed yourself of the opportunity to help qualified homeowners. Consider the time, the cost to your company to process and underwrite. It’s not about discriminating but marketing to the most likely borrower to qualify.

2. Credibility. Nothing stings more for applicants than being denied. Lest we forget, applying for a reverse mortgage is an emotional process. Be careful what…

 

Download a transcript of this episode here.

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1 Comment

  1. Shannon,

    Good presentation and very good advice. The truth hurts at times but in the end, they will appreciate you for it and respect you!

    The rest of your advise is so true, to many LO’s spend to much time in the wrong boxes. Time management is one of the most important organization skills needed in sales!

    Also, your statement at the end about pre-qualifying, so many loan officers don’t understand the importance of pre-qualifying to the fullest. Especially with FA, we have to use every tool in the book, such as lenders offering to do a pre-underwriting qualifying service for free.

    I liked the presentation and felt your timing was great. You and everyone else out there, make it a great weekend.

    John A. Smaldone
    http://www.hanover-financial.com


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