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
but
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
off-guard
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
com
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
sure
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
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I'll see you in the next video
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