Loan Officer Sales Training : How to Pitch and Create Urgency

what's up everybody welcome back to

cells remastered my name is Daniel I'm

your host and on this episode I'm gonna

treat all the loan officers watching

with the answer to the most common

questions I receive from you and that is

Daniel how do I create urgency so being

a loan officer is a challenge because

you rely a lot on your borrowers to do

certain things whether it's go pay for

an appraisal whether it's go dig up

their tax returns go get that pay stub

called their HR department to rush that

VOE there's a lot of things that we rely

on that prospect to do for us and this

prospect may not have signed up for the

rate that they wanted or may not have

been getting the pricing that they

wanted so it's pretty easy for these

borrowers just you know just shut

everything off and go ahead and cancel

everything but we can't let that happen

because our income is derived based on

that that whole loan processing being

complete and so I'm gonna share some

insight with you that's really gonna be

able to influence your prospect to act

with more urgency and this is gonna be

very helpful I think that that urgency

really needs to be set up at the time of

your pitch so at your sales presentation

but here's the problem is that most

pitching and most sales presentations

happens at the very beginning of the

sales call like way before the 10:03 is

even given and so I got a video for you

I'll leave a link before this or below

this video it's gonna say 10:03

remastered and how to properly extract

the most information out of that first

initial 1003 conversation how to do it

correctly and break past the objections

that you get at the very beginning of

that call

so be sure you check that out the sense

of urgency really needs to be

implemented at the time of pitching and

so I'm gonna give you an example how

most pitches go most pitches go like

this so this is gonna be a common pitch

they're gonna say a loan officer would

say hey mr. Jones this is what I got for

you I got option 1 option 2 and then

option 3 this is very common most loan

officer to do this and so they say mr.

Jones I you know

I got I got the numbers ready for you

I'm gonna cover a few options for you

grab a pen and paper here we go option

one and the reason why I don't like to

do this is because number one you're

putting yourself as an option you're

reiterating the point that you are just

an option you you are one of many

different options and and why I don't

like to give them to it there is too

many things to think about but you know

that I saw this one sales video or sales

training video the guy gave him 18

options even everybody on it was

commenting like 18 like damn that's a

lot of thinking to do right you don't

want to confuse these people they're

already confused as they are you being a

consultant not a Salesman you should

already have the answer for them but I'm

gonna go and give you over the common

spew or the common pitch and if you're

currently doing it like this don't get

don't trip don't get mad now you know a

better way but here's the common pitch

is that I got option 1 and that's 4

percent monthly payment of 2,000 lender

credit of let's say 3,000 and we dig

into that because we know that they want

a free loan right like we're talking to

mr. Pat towel and mr. patel's super rate

sensitive or we're talking to mr. Jones

and he did will not pay for a loan he

said it right from the very beginning he

didn't you want to want to pay nothing

in cost I got a 910 FICO score I don't

need to pay cost as a matter of fact I

don't even need this loan I could pay

this house off tomorrow if I wanted to

you know who I'm talking about

so why I think this isn't effective is

because if mr. Jones or mr. Patel

whoever we're pitching here right here

at this time if we say hey I got option

number 1 your option number 1 is 4% the

youever I've already lost the attention

of mr. Jones mr. Jones cares nothing

about anything that I say after that 4%

mind you mr. Jones heard option so the

only thing that mr. Jones is now hit is

now thinking in his head is okay what's

option two and three I don't like this

rate and so why this is not effective is

because now you're going over option two

and typically option to let's say 4.25

payment of let's say 2100

LC will give you me even higher right so

we'll even cover his escrow deposit and

then we get say mr. Jones you get to

keep your escrow balance you know we'll

cover your property tax and insurance

I'm I'm gonna take care of you mr. Jones

but the problem is that again he the

very first thing you heard was the

interest rate my he didn't give a

about the 4500 he just doesn't like the

rate he didn't even like it at 4% and

then finally we go to three right and

say option number three I got a three

point eight seven five monthly payment

let's say nineteen hundred no LC right

so put zero so now mr. Jones has to

cover all this closing costs but he gets

a three point eight seven five the

problem with doing it this way and you

could do 3.875 option number one and

kind of work you down that way

regardless however I think that saying

option and then the inch rate is the

wrong way of going about it now here's

the the better way to do it pitched okay

so I'm going to show you the remastered

pitch now there's a few things that to

keep in mind when you're doing a

remastered pitch number one is your

borrower is gonna receive not only an

escrow refund of their current ESCO

balance now but they're going to also

get a payment deferral right and so you

know I'm gonna give you an example I had

a borrower who I did a refinance for it

was just a rate and term refinance no

cash to them but I knew that through my

escrow balance and through my payment

deferral I was gonna leave that borrower

with about six thousand dollars

available cash flow just the way it

worked out you know had a pretty big

escrow balance inside their bank account

and most prospects they don't know about

that most borrowers they don't

understand or at least they forget that

they get an escrow balance refund and

then they'll also skip a payment and if

you're paying off debt then you can skip

a payment on all the other debt we're

paying off too so because there's no

payment on those debts for one month

right and so don't don't let that slip

through the cracks really use that for

your benefit in this example I was able

to free up $6,000 on the refinance in

itself I was only able to save him like

$50 payment the payment this is very you

know it was a streamlined refinance

and I needed enough lender credit to

cover not only the closing cost but I

was able to get enough juice to cover

also the the prepaids as well and so

with regards to the surge of cash flow

with that 6000 they were able to pay off

three credit cards that I was able to

dig in and I found out that they're

paying $600 on it was three credit cards

about $2,000 each the credit report said

$25.00 is a minimum payment but I don't

I don't accept that

I remind them and say hey you know mr.

Jones you got this $2,000 chase card how

much you send per month on that oh the

wife sends it a mrs. Jones how much you

sent you send $200 on that okay cool

what about this US bank credit card it's

about two thousand to how much you send

on it oh I sent $200 on that okay 200 on

the other one because if you go with the

credit card or is the credit report

monthly payment they're just pointing

out the minimum payment but we don't

know if mr. Jones is really trying to

pay it off faster and so now I've

discovered that they're paying $600 so

now my payment savings went from fifty

dollars the 652 huffs per month because

I was just I was I was really digging

deep and trying to find out how am I

gonna sell this person on a $50 savings

who cares if he skips a payment or

whatnot you know how do I sell somebody

on that and they're really really

grinding me on the monthly savings I

gotta say blog I save a lot and so I

could have looked at it and said all man

I'm only gonna save 50 bucks but I got

creative I used the payment deferral and

also the escrow refund and created more

savings so really think about that but a

way to do this is um you know when you

find out you know let's say they're

getting a payment deferral of 3,000 and

the escrow refund of 2,000 so right here

I already got $5,000 this is available

cash flow from a payment deferral an

escrow refund this is something I'm

gonna keep in my back pocket but when I

do a remastered pitch what I start off

is I never even say they have a option

one option two option number three every

pitch that I that I start I you know

whether it's set at four o'clock or five

o'clock I'll always give them a call and

I'll start the pitch off like this I'll

say hey mr. Jones I was putting the

information together for our appointment

and as I was putting it together I found

something I want to run it by you first


or I release it out before I send it out

to you and writing you got a minute okay

cool so here's what I'm thinking and the

reason why I open it up that way is

because I know they're on guard I know

they're on guard because that call is

gonna be based on a pitch it's gonna be

based on looking at the numbers and I

understand that the likelihood of mr.

and mrs. Jones talking to each other

before going in saying hey don't say yes

don't say yes

whatever you do don't commit and so that

might be you know that might be the case

so when going in I like to put them


much like the sales script if you

haven't gotten a copy download a copy of

that sales script it's at Sal's remaster


but when I went you know that sales

script it really dismantles their guard

same thing happens on the pitch call and

so open up your pitch that way and then

go into the pitch this is the pitch that

I do is I'll always open up the

conversation as hey you know what mr.

Jones I had a quick question for you I

wanted to run something by you and just

confirm a few things before I released

it to you this is really gonna help you

achieve a B and C this is the goals that

we extracted from the very first

conversation again if you need any help

on completing the 1003 application and

do it correctly look at the video link

I'll leave it in the notes under this

video but definitely check that out and

when you get up to the pitch and you're

going over the options you don't say

this is an option just say hey I had an

idea I want to run it by you

now you'd mentioned to me it was

important for you to achieve a B and C

because that would enable both you and

mrs. Judy to do you know X Y & Z and

this is the results of their benefit the

results of our exchange right so me

doing this refinance it'll create the

result that they needed so if mr. Jones

wanted to let's say free up some cash

flow so he can afford to go on vacation

and take mrs. Jones out on vacation more

than that's their thing whatever the

goals is this is what you want to in

cover and the reason why you're doing it

this way and that's how you start your

pitch is because you want to reframe

their mindset put them back into that

mentality confirm any any numbers that

you know that you have and that you're

about to present to them but get them

back into that mind zone get them back

into that emotional state and say you

know because you'd mention that that was

important to you I have an idea I saw

that you have

credit-card debt on your credit report

and I wanted to ask you a few quick

questions there's this chase card and

the reason why I might ask them that is

because I know I have $5,000 freed up

for them automatically from both the

payment deferral and also the escrow

refund so I know I got five thousand but

I'm not gonna tell them this right away

I'm going to map that out for them and

create a plan for them people like when

it's already handled and so it's easier

to accept if it's already a proven path

if it makes sense and it's logical and

so if I knew that I was creating $5,000

I would try and find out how I wouldn't

mr. Jones and mrs. Jones really like to

use this five thousand starting from the

sales conversation I knew that they're

looking for monthly savings and so on

the credit report I saw let's say two

credit card debts and each one's about

$2,000 and say you know I got this chase

card mr. Jones how much are you sending

per month on that and let's say they

sent $200 on a $2,000 credit card then

I'll make mental note of that and then I

you know we got this other credit card

at the US bank how much resetting that

one I sent another 200 so now I got four

hundred dollars in monthly savings right

then in their already planned out to

assist me with the monthly savings

because I know that if they didn't

refinance they wouldn't get the payment

deferral nor they would they get the

escrow refund but since they are this is

just another bonus and this is never

being used on sales pitches at least

from what I hear or at least just a

mount of the pitch and what you're doing

is you're building the anticipation

you're building the excitement and

things are now starting to make sense

and say well mr. Jones the reason why

I'm asking is because you have two

thousand dollars in your escrow balance

when we pay off your loan that actually

gets refunded to you

it gets refunded to you in about 30 or

45 days plus you're also gonna skip a

payment and so if I knew that their

mortgage payments 3000 and I know they

pay 400 technically that's fifty four

hundred dollars in total total monthly

expenditures that is being deferred plus

the escrow refund right and I know that

those two credit cards that they sent

four hundred dollars on total balance is

only four thousand so now I'm leaving

them with a little bit of cushion so

they can put it in the bank which they

don't really have too much in the bank

he mentioned that because I ask the

right questions in the beginning of the

conversation and so I'll say mr. Jones I

know you

mission that was important so I thought

about this and I want to run it by you

with the payment deferral an escrow

refund I can actually remove that credit

card debt help you improve your FICO and

create $400 a monthly savings not only

that but but keep about fifteen hundred

dollars left over so you could put in

the bank the best part about it is I'm

able to take your your total monthly

payment if I added this the mortgage

payment plus the credit card debts

you're at thirty four hundred right now

I'm gonna be able to show that show you

how to bring that down to twenty nine

hundred dollars mind you I'm only saving

them a hundred dollars on the mortgage

payment but now that I've created or

I've added in these figures the four

hundred dollars credit card debt now I'm

creating five hundred dollars a monthly

payment get it so I'm able to save you

five hundred dollars on monthly payment

and there's gonna be no costs on this

option why I think this is important is

because I want to show you how to really

protect your equity sounds like you miss

her mrs. Jones are are in the process of

creating a better financial plan and I

praise you for that you'd be amazed how

many people out there just do not care

about the things that you brought up and

so I could see that you you guys really

do want a a beneficial plan and I think

I'm able to help create this for you so

if you look at the monthly payment and

the monthly savings this is a $500

payment difference giving you five

hundred dollars in extra cash flow per

month that you could ultimately be

putting towards your retirement or you

could be putting it towards your current

monthly savings account now I wanted to

get your feedback on that because you

had mentioned it was important to do a B

and C so that you can XY and Z and again

you hit them right back with that

mindset and just ask them say what do

you what's your thoughts on that and

that's how you ask for the sale if

you've done it right mr. Jones gonna say

oh yeah that sounds great then your

response should be you know what I

thought you'd say that I'm gonna go and

send this out to you in the mail but

before I can even begin and offer I got

to make sure that you're even approved

to move forward so there's gonna be a

few things that I need from you I'm

gonna send you a quick email it's gonna

have a just a few items that I'm gonna

need back and that's gonna enable me to

confirm that there's a bridge for you to

cross if I do confirm that you can cross

then we can start the process and it'll

be over in about 30 to 45 days

throughout the process though I asked

please refrain from pulling your credit

refrain from applying

renting loans and ensure that anything

that we ask upon you please be prompt in

making sure that you get that back in a

timely manner because we want to get it

done in about 30 to 45 days once this

loan funds there will be no payment on

this month your first payment is here

and this would be your total monthly

payment so I'm gonna go and send that

email out to you and then release it

over in disclosures and what time can I

get those items tomorrow got it okay

cool I'm gonna go and set that up you're

gonna hear from my loan assistant she's

gonna give you a call just to follow up

and make sure that we have everything

buttoned up that I can validate it by

tomorrow before the market closes or

before the market changes and once I get

that confirmation I'll reach out to you

to confirm that we can have an appraiser

come out to your house okay so now you

understand why that creates somewhat a

sense of urgency right from the very

beginnings because I never said that the

loan was locked I never said that they

were approved where most locks kind of

go south is because the prospect

believes that their lock they haven't

even given any documents yet you don't

even truly know if they're approved

across that bridge

but when you end the pitch in that

manner saying that all in order for me

to even to confirm that we can even

proceed I got to make sure that you're

approved across I got to make sure that

you have a bridge across so that you

your approved they even move forward so

I'm gonna send you out a list of

documents once I confirm that you are

able to move forward I'll validate the

approval and we'll start the process so

now they understand that there is items

needed and it's going to be based on

their documents in order for me to

validate their ability to proceed now

here's the thing is that when you get

them emotionally attached to the savings

like I had mentioned to you on the board

and you give them an a plan on what to

do in order to improve their their way

of living current budget and you create

these positive impacts the truth is is

that the prospects are already spent it

up they say okay well I get $500 this

will let me do a B and C's so it's it's

this instinct reaction that they have

that creates that emotional bond to your

product or your service and when you use

that wording to end your pitch you

create this momentum this sense of

urgency along with it hey you know what

before I can even begin the process I

got to validate that you have the

ability to proceed I'm going to make


got a bridge across I see things like

that in order to really confirm to the

person or the prospect that that they

don't have it yet

so I talked about this nice positive

impact to their budget and taking off a

lot of their stress and ending a lot of

their worries and and really putting a

solution down to the two what's probably

creating a lot of arguments within a

household and I and I put out a plan a

straight road map of how to get to where

they want to be and then I stopped it I

said hey well but wait it sounds great

no but I got to make sure you came

across the get there so get me over

these documents first once I get them

I'll confirm it validate your ability to

proceed we'll begin the process so now

they understand that they are the ones

who hold the key and then they'll react

that much faster understanding that they

have to do something in order to get

that vision that I painted for them

through the pitch so try it out I'm

interested to see what your feedback is

and I got a question for you which one

are you using you know are you on the

option pitch are you doing it more in

line of kind of like the remastered

pitch that I had shared with you

do you see value in it do you think it

would work I'd really love your input so

please leave your comments below that

this is your first time visiting the

channel please consider subscribing and

please like comment and share share on

your Facebook share on your LinkedIn

share on any social media channel that

you have to help me support my brand

awareness and I appreciate your time

I'll see you in the next video