So you’ve found the best mortgage direct mail company, by which I mean Overflowworks of course, and you want to learn how to train your salespeople on how to convert your new leads into fundings. This is extremely important to a successful mortgage direct mail campaign. Today we’re going to discuss the most impactful sales techniques that convert calls into fundings.
Converting Direct Mail Calls: Confirming Caller Information
Confirming the contact information – One of the biggest reasons direct mail works so well is due to the fact that the prospective
borrower feels like you’ve already done the homework in pre-selecting them for your mortgage offer. It’s very important that your agents are taking advantage of the unique reference codes printed on each mail piece.
Each letter has a unique reference code printed on it. This code gives your loan officers the ability to pull up the data file on each caller at the beginning of the conversation. On each data file you will have the borrowers home address, loan amount, current lender, and often times the existing mortgage rate and payment amount.
Having this information at the beginning of the call eliminates the need to ask these personal questions and it makes the borrower feel more confident in your ability to conduct business professionally and efficiently.
The other great reason for the reference codes is the ability to identify which mail piece the caller received. A typical reference code will identify the program that this borrower is pre-determined to qualify for.
Here’s an example:
Ref Code: CA234005-VAI
This code identifies that the caller is in California and has received a letter offering a VA Streamline Program (IRRRL).
Converting Direct Mail Calls: Caller Conversations
While your loan officer is pulling up the prospective borrowers data file they can begin a conversational topic on living in California or being in the military since that is an obligation to receiving a VA Streamline offer. It’s the ability to confirm the prospects address and loan details, mixed with the ability to know which program best suits the borrower well before the application process begins that gives mortgage direct mail a distinct edge over other lead generation programs.
Typically, after the initial reference code search and confirmation, the borrower is relieved that they won’t spend 10-15 minutes going over the informational questions that usually begin the mortgage process and begins to relax. It’s the fear of having to give out personal information that makes most borrowers procrastinate on refinance offers and because you overcame that initial objection without having to intrude on the prospects personal information, the likelihood that the borrower is going to call other mortgage companies to get other quotes is lessened significantly.
Now that you have the attention and trust of the borrower, you can begin to ask about the goals of the refinance or home purchase that the borrower is hoping to accomplish.
Because you already know which program the borrower qualifies for, your pre-approval process is much quicker and you have time to build a rapport that will make overcoming any objections to the new home loan easier. Consumers love efficiency and professionalism more than any other character trait in a residential lender and there’s no other lead source that gives you this advantage from the very beginning of the first conversation until the very end of the final conversation like mortgage direct mail does. In fact, studies have proven that more referrals come from direct mail leads than any other lead source and if you’re company is looking to generate mortgage loans, you definitely need to build your marketing efforts around a targeted direct mail campaign.