Procrastination means higher pricingJeff Barrprocrastination, refinance, poor credit, bankruptcy
I have been a loan officer for many years. Currently, I have a
desk drawer full of prospects with poor credit, no money and little
motivation to refinance or purchase a home. They do not realize
that procrastination is their worst nightmare. As the prospect
continues to mull over the idea of a new home or refinance, the
bills stack up and his credit deteriorates. More importantly, the
rates continue to go up. Here are some suggestions to get the
prospect to stop procrastinating: •Every sales manager or
owner should reinforce the urgency of making the sale. Look for the
buying signals and go for some kind of close.
•Advise the client that he must help himself, but that you
are there to assist him.
•Stress to him that you are his partner in the deal and
that you will deliver him a decent and fair product.
•He must strongly accept your advice and stay loyal to you
and your efforts.
•If it is a credit matter, you will advise him and direct
him to the necessary resources to rectify the matter.
•The customer must expect a reasonable time to correct the
problem, such as in the case of a credit report. The pressure is on
him to supply the credit agencies with the data needed. Credit
agencies generally work at their own speed.
•Bankruptcy papers, divorce decrees and collection letters
are the responsibilities of the customer. It is easier for the
clients to ascertain these items.
•Verifying the accuracy of information must be completed
by the applicant, with assistance of the loan officer, in a timely
fashion. They are racing against the clock to beat further rate
increases.
•The salespeople need to continue to watch the market
conditions. Their commission could be riding on it.
•Take a pulse of the prospect or client. Sometimes you
have to fold him instead of hold him. Miracles do not always
happen.
As the Board of Governors of the Federal Reserve System
continues to raise interest rates and the economy remains very
volatile, the consumer must plan ahead for short- and medium-term
changes to the financial posture of this global economy. It is a
goal to put almost everyone in a home. Some borrowers cannot help
themselves. We are working for the same goal. Emphasize that this
is a partnership to help the client, if he helps himself. But
still, procrastination does mean higher prices.
Jeff Barr is a competent toastmaster and speaker in
Louisville, Ky., an adjunct professor of communications at the
University of Louisville and a mortgage loan officer. He can be
reached at (502) 777-9555 or e-mail at
[email protected].
