Centralized Loan Origination Essentials Manage the...

Centralized Loan Origination Essentials

Manage the Sales Call

Facilitator guide Consumer Lending Learning & Development Version: 1.0 Version date: February 2012

1 - 2 Learning & Development/Centralized Loan Origination Essentials For Internal Use Only

Table of contents

Manage the Sales Call .............................................................................................. i Table of contents .................................................................................................... 2

Manage the sales call........................................................................................... 3

Facilitator background and preparation................................................................................. 3

Introduction ....................................................................................................... 4

Topics ...................................................................................................................................... 4

Resources/websites referenced .............................................................................................. 4

Objectives ................................................................................................................................ 5

Questions for my manager ...................................................................................................... 5

Our sales philosophy ........................................................................................... 8

Relationship-based selling ...................................................................................................... 8

Relationship selling vs. transactional selling .......................................................................... 8

Activity: Relationship selling scenario ................................................................................... 9

Approach ........................................................................................................... 11

Establish rapport ................................................................................................................... 13

Make initial benefit statement ............................................................................................... 15

Activity: Create your own general benefit statement ............................................................ 15

Activity: Find the benefit statements ..................................................................................... 16

Activity: Write a personal benefit statement ......................................................................... 17

Interview .......................................................................................................... 18

Ask permission to ask questions ............................................................................................ 19

Ask probing questions ........................................................................................................... 19

Open ended questions ........................................................................................................... 19

Activity: Question types ......................................................................................................... 21

Listening ............................................................................................................................... 24

Activity: Active listening ....................................................................................................... 24

Summarize and confirm most significant needs .................................................................. 25

Solve ................................................................................................................. 26

Make a recommendation ...................................................................................................... 26

Present benefits .................................................................................................................... 28

Activity: Present personal benefits ....................................................................................... 29

Manage objections ................................................................................................................ 30

Types of objections ............................................................................................................... 30

Activity: Manage objections practice .................................................................................... 32

Take action ....................................................................................................... 33

Ask for the business .............................................................................................................. 34

Gain commitment ................................................................................................................. 35

Test for reaction .................................................................................................................... 36

Activity: Ask for the business and gain commitment ............................................................37

Ask for referrals .................................................................................................................... 38

Formalize next steps ............................................................................................................. 40

Show appreciation ................................................................................................................ 40

Wrap up ............................................................................................................ 42

Key points ............................................................................................................................. 42

Centralized Retail – Manage the Sales Call

Manage the sale call - Facilitator’s Guide 1 - 3 February, 2012

3 hours

Manage the sales call

Facilitator background and preparation

To facilitate this module, you will need the following:

• A computer with an intranet connection and a computer projector

• The Customer’s Desired Experience road map

• The Sales Call Observation form

Objectives

After completing this module, participants will be able to:

• Use the MORGAGE COMPANY X standard greeting.

• Build rapport with customers.

• Provide benefit statement based on customer’s needs.

• Recommend product that best fits customer’s needs.

• Present benefits and manage objections.

• Ask for the business and gain commitment.

• Ask for referrals.

• Confirm next steps and show appreciation.

Do: Direct participants to page ___ in the Participant Guide (PG).

Say: Take a look at the objectives for this module.

Ask: What questions do you have about the objectives?

Say: Be sure that you note any questions or follow-up items for your manager in the space provided in your Participant Guide.

Transition from one topic to the next topic.

Say: Let’s start by looking at Morgage Company X Home Mortgage’s overall approach to sales.


1 - 4 Consumer Lending/Centralized Loan Origination Essentials For Internal Use Only

Introduction

Say: You were introduced to the Sales Call model in your pre-class self-study course that you completed online. In this module, we’ll take those same concepts and dive deeper. Plus, we’ll put some of them into action with role-plays.

In the self-study Sales Call course, we asked you to observe a sales call, complete the Observation Form, and bring the completed form to class.

Ask: Did everyone have the opportunity to do this?

Introduction

Topics

This module covers the following topics:

• Approach (greet, rapport, benefit statement)

• Interview (ask questions, assess, summarize/confirm needs)

• Solve (recommend, present benefits, manage objections)

• Take Action (ask for the business, gain commitment, ask for referrals, confirm next steps, show appreciation)

Resources/websites referenced

These resources are referenced in this module:

• Privacy and Solicitation Policy http://cerm.homestead.wellsfargo.com/sites/CERM/opsrisk/privacy/Privacy%20Policies%20%20Procedures/Privacy%20and%20Solicitation%20Policy.pdf

• Enterprise Privacy Scrub Service https://epss.wellsfargo.com/epss



Objectives

After completing this module, you will be able to:








• Confirm next steps and show appreciation.

Questions for my manager

List questions to ask and topics to discuss with your manager after class.

Our sales philosophy

Say: At Morgage Company X, our customers drive how we do business. In today’s market, customers expect a high level of service and look for companies who understand their needs and wants. That’s why we focus on creating the customer’s desired experience.

For all these reasons, we use a relationship-based, rather than transactional sales approach. Relationship selling means taking the time to build relationships by determining the customer’s values and needs rather than assuming we know what’s best for them.

Ask: Can anyone tell us what a transactional sales approach might be?

Potential answers:



• Pushing products down the customer’s throat.

• Not matching the product to the customer’s needs.

• Assuming what the needs are without asking.

• Get the customer off the phone as fast as possible.

Say: Transactional selling focuses on making the immediate sale, and meeting sales quotas. That means closing the deal and getting the person off the phone as fast as possible.

Ask: Who can share with us some of the key differences between the two sales approaches?

Potential answers:

• With relationship selling the HMC spends more time counseling and getting to know the customer than on any other part of the sales process.

• There is less resistance overall with the relationship sales approach because you truly understand the customer’s needs and resistance is minimized.

• The transactional sales approach focuses efforts on the product and sales quotas while the relationship sales approach is focused on the customer and nothing else.

Ask: What are some of the benefits of relationship selling? Take a few minutes to note your thoughts in your Participant Guide.

Do: Ask for volunteers to share their responses with the group.

Potential answers:

• Price competition is less of an issue.

• Establishing a relationship means more transactions in the future.

• Provide a systematic follow up process to obtain the business of customers who aren’t planning on moving or refinancing right away.

• Referrals to ensure a steady stream of business.

• Win-win, both the customer and the HMC benefit from the relationship.

• Objections are minimized because the HMC learns what is really important to the customer and matches a solution to meet their needs.

• More customers for life by gaining trust and ensuring a good product fit early on.

Ask: What obstacles could you encounter that would make relationship selling a challenge?

Potential answers:

• Customers who are in a hurry and don’t want to take the time.

• Customers who are reluctant to talk freely about their situation and are hesitant to give answers.

Ask: What are ways to overcome these obstacles?



Potential answers:

• Ask the customer if there’s a better time to talk.

• Take a step back to build rapport and trust with the customer before asking more questions.

Say: When you begin your role on the sales floor, you may feel pressured to sell in a transactional mode. Don’t give in to any pressure you may be feeling! Instead, follow these HMC performance expectations related to relationship sales:


• Make outbound calls to follow-up on new leads and with customers who are not purchasing or refinancing right away.

• Follow-up after the application.

• If purchasing, follow-up at regular intervals with customers that have been pre-approved, but have not found a property yet.



Our sales philosophy Relationship-based selling

Taking a relationship-based approach to sales is a smart way to do business in our increasingly competitive industry. Rather than focus on the transaction, a successful Home Mortgage Consultant focuses on building relationships with customers and clients.

When an HMC uses relationship sales techniques, they are taking the time to build trust and ensure the customer that their best interests are at the heart of the conversation. When done correctly, both the HMC and the customer enter into a win-win exchange.

Relationship selling vs. transactional selling

Refer to the table below for differences between relationship and transactional selling.

Relationship selling Transactional selling

Focus on the customer Focus on products and rates

Focus on quality of relationships Focus on the number of transactions

Focus on yours and Morgage Company

X’s long term gain

Focus on your personal short term

gain

Help the customer make wise financial

decisions and provide a win-win situation

Convince the customer to apply

Spend time with the customer to truly

understand their needs

Get the customer off the phone as fast

as possible

Focus on creating long term business

relationships with your customers

Focus on making the sale

Focus on getting to know your

customer’s core values and most

significant needs

Spend more time presenting features

than getting to know the customer’s

needs

Spend minimal time on closing because

mutual agreement has been reached and

objections (if any) were addressed well

before closing the sale

Spend the majority of time with the

customer on closing and handling

objections

Resistance is minimized because

customers feel that you truly understand

their needs

Customer may resist because they

don’t trust you

Benefits of relationship selling:



3 minutes

Activity: Relationship selling scenario

Do: Have participants read the scenario in their Participant Guide and determine if the HMC used a relationship selling or transactional selling approach.

Allow one minute for participants to read the scenario and two minutes for group discussion.

Answer: In this scenario, the HMC used transactional selling, not relationship selling for the following reasons:

• HMC did not use the appropriate standard greeting.

• HMC did not take time to understand needs and values.

• HMC did not gain commitment or manage objections.

• HMC did not add a benefit for the customer to do business with him and MORGAGE COMPANY X.

Activity: Relationship selling scenario

Directions: Is this relationship selling? Why or why not?

HMC: Morgage Company X, this is Bob, may I help you?

Customer: Hello Bob. This is Carol and I’m calling to look into refinancing our home. My husband wants to do this but I’m not sure.

HMC: What is it you want to do?

Customer: Well, I don’t want to add years onto our mortgage.

HMC: We can look at a 15 year rate. It won’t add much, just a year and a half.

Customer: Hum, I’m not sure.

HMC: Well then you could just do a 15yr and continue to make your current payments. You would pay off your loan one and a half years sooner and the closing costs would be 2750.00.

Customer: Can you go over the closing costs?

HMC: Would it be okay if I just emailed them to you and you can think about it?

Customer: Could you tell me what I could save over the life of the loan if I refinance?

HMC: I don’t have a program to do that.

Customer: Could I apply today?

HMC: You could but I would advise you to think about it.




Say: Now that you understand our sales philosophy, let’s put it into practice.

Approach

Greet the customer

Ask: Take a look at the Customer’s Desired Experience road map. What stage do you think we’re in?

Answer: “I’m interested in a loan.”

Ask: What’s important to our customer in this stage?

Answer:

• Welcome me and put me at ease.

• Demonstrate that you know me.

• Have access to my existing Morgage Company X account information.

• Take the time to explain my options and the benefits of each.

• Tell me about rates, fees, and products in honest and simple terms.

Ask: Can someone state MORGAGE COMPANY X’s standard greeting?

Answer: “Good Morning. Thank you for calling Morgage Company X Home Mortgage. This is (first name, last name). How may I help you?"

Ask: Why do we use a standard greeting that we ask you not to alter?

Answer: We want customers to have a consistent experience that’s welcoming and professional.

Say: Let’s go around the room and share your greeting as if you were on the phone with your customer. The tone of your voice is key so make sure you sound upbeat, ready and willing to help. You can see in your Participant Guide under the Performance Standard that your performance is measured, not only by your greeting, but also by your tone and ability to be calm, empathetic, and professional.

Do: Allow each participant time to say their greeting. Remind them of the tone and inflection in their voice.



Approach In the Approach stage, make sure you:

• Greet the customer.

• Establish rapport.

• Make an initial benefit statement.

Greet the customer

Step Action

1 Greet the customer using the MORGAGE COMPANY X standard four-step

greeting:

Initial

greeting

Good Morning.

Good Afternoon.

Good Evening.

Identify

MORGAGE

COMPANY X

Thank you for calling Morgage Company X Home

Mortgage.

(Company name lets them know that they are in the right

place. Always use Morgage Company X Home Mortgage,

not just Morgage Company X.

Thank the caller up front for the call.

May not be altered in any way.)

Your name This is (name).

(Always use your first and last name for external calls.

May not be altered in any way.)

Offer to

help

How may I help you?

(Makes the customer feel comfortable and establishes

service attitude and professionalism. May not be altered in

any way.)

2 Determine if the customer has:

o Been previously working with an HMC.

o A loan in process.

o A current mortgage with MORGAGE COMPANY X.

3 Gather basic information to identify what the customer is looking to

accomplish.

4 Determine if customer should be referred to another business line.

Performance standard:

Ready to listen, avoided jargon, stayed

calm and empathetic and good tone.

Verified for understanding. General

professional and customer service

standards were displayed. The team

member stated the company name and

their first name in the greeting. Putting the

customer on hold was acknowledged

professionally. The team member referring

the customer is thanked.

HMC asked for the customer’s name at the

beginning of the phone call and effectively

used it at least one time during the call to

help build a relationship with the customer.



Establish rapport

Say: After greeting your customer, you want to establish rapport with them.

Ask: Why do you want to establish rapport?

Potential answers:

• To put both you and the customer at ease.

• Create general conversation so that you can quickly size-up the customer’s personality and style.

Say: The goal of rapport building and information gathering is to develop enough comfort and trust with the customer so that you can ask effective questions to determine needs.

Ask: What are some ways you can build rapport with your customer?

Potential answers:

• Talk about the weather, sports, current events, etc.

• Use the customer’s name.

• Find something in common.

Say: You can build rapport by using simple techniques such as asking for and using a customer’s name. Customers will appreciate hearing their names and knowing you consider them people rather than loan numbers. Recommended use of a customer’s name is a minimum of three times during an average length call.

Other ways to build rapport include finding a connection or common ground. Simple questions related to geographic location, the weather, sports, and so on, can help fill space in the call while you are navigating in the system.

Do: Ask for volunteers to demonstrate rapport building. For Scenario 1, one volunteer will play the role of the HMC and the other, the customer. Have two more volunteers play the same roles for Scenario 2.

Allow five minutes for the demonstrations and for the group to observe and provide feedback. Have the group point out the differences between Scenarios 1 and 2.

Ask: What are examples of topics that you don’t want to use to establish rapport? Why?

Potential answers:

• Politics

• Government

• Religion

• Economics

• Current affairs

These topics can be highly charged and divisive. Rapport-building topics should be common and neutral, short and safe.



Establish rapport

Take a few minutes at the beginning of every conversation to establish rapport with customers and get acquainted on an informal basis. Also, do your homework by briefly reviewing their existing account information and any notes made by other HMCs.

Scenario 1:

HMC: Hello, this is Jordan with Morgage Company X.

Customer: Hi, I’m calling to inquire about current rates.

HMC: Is your current mortgage with Wells?

Customer: No

HMC: Are you purchasing or refinancing?

Customer: Thinking about purchasing.

HMC: I have to ask you a lot of questions before I can quote a rate. Do you want to continue?

Customer: Uh, I’m not sure.

HMC: Why don’t you call back when you’re certain?

Customer: Ok.

Scenario 2:

HMC: Good Afternoon. Thank you for calling Morgage Company X Home Mortgage. This is Jordan Diez. How may I help you?

Customer: Hi, I’m calling to inquire about current rates.

HMC: Great! And who am I speaking with?

Customer: This is Sam Milton.

HMC: I’m happy to help you, Mr. Milton. Is your current mortgage with Morgage Company X?

Customer: No.

HMC: Are you looking to purchase or refinance?

Customer: Thinking about purchasing.

HMC: That’s exciting. Have you found a house or are you still looking?

Customer: We’ve found a house.

HMC: Oh? Where is it? What area?

Customer: It’s in Overland Park, near Kansas City.

HMC: That’s a terrific area! I have friends in KC and visit about twice a



year. Are you a Royals fan?

Customer: Heck, yeah! We make about eight games a year. I’m impressed that you know so much!

Make initial benefit statement

Say: Now that you’ve started to build a relationship with the customer and earn their trust, you want to make an initial benefit statement.

Ask: Why should you use an initial benefit statement?

Potential answers:

• To gain the customer’s interest.

• To transition to the interview.

Say: There are two kinds of benefit statements – one focused on the customer’s needs, and another, more general benefit statement highlighting the brand and value of Morgage Company X. Make a general benefit statement early in the interaction when you need to demonstrate the value of establishing a credit relationship with Morgage Company X.

5 minutes

Activity: Create your own general benefit statement

Do: Have participants review the examples of general benefits statements in their Participant Guide. Allow two minutes for participants to write their own statements and three minutes for all participants to share with the class.



Make initial benefit statement

Examples of general benefit statements

“As a leading lender, Morgage Company X has a tremendous number of products, programs, and services to fulfill the diverse needs of all of our customers.”

“You can count on Morgage Company X to help you reach your financial goals with sound advice, personal service, and a wealth of web-based financial management tools.”

Activity: Create your own general benefit statement

Directions: Create a general benefit statement that you can use below:

Consider the following Morgage Company X values in your general benefit statements:

A top retail mortgage lender and

servicer in the U.S.

Competitive interest rates/fees

Low down payments Team atmosphere means quick

resolution to questions/issues

Extended/Saturday hours of operation Toll-free convenience

Premium Pricing Flexible lending guidelines

Quick loan decisions Automatic mortgage payments

Fast closings Government alternatives

Variety of products Direct bill (Relo specific)

No pre-payment penalty Relationship with employer (Relo

specific)

Loan commitment before house hunting

begins

Full credit for working spouse (Relo

specific)

1-Day OK (Relo specific)



5 minutes

Activity: Find the benefit statements

Do: Have participants read the scenario in their Participant Guide and determine if the HMC used a benefit statement(s). If so, point out the statement(s). Allow two minutes to read the scenario and three minutes for group discussion.

Answer: Yes, the HMC used a general benefit statement: “You’ve called the right place. We are the number one originator of home mortgages in the US. I have helped a lot of home buyers in my 15 years as a home mortgage consultant and I’m sure I can assist you.”

The HMC also used a personal initial benefit statement: “I’m confident I can offer you a product that would make your new home affordable.”

Activity: Find the benefit statements

Directions: Determine if the HMC in the scenario below used a benefit statement. If so, highlight the benefit statement(s).

Scenario:

HMC: Good Morning. Thank you for calling Morgage Company X Home Mortgage. This is Ronnie Moore. How may I help you?

Customer: Hi, I’m calling because I’m purchasing my first home and I want to close quickly.

HMC: And who am I speaking to?

Customer: This is Adam, Adam Caraballo.

HMC: Well, Adam, congratulations on finding a home! You’ve called the right place. We are the number one originator of home mortgages in the US. I have helped a lot of home buyers in my 15 years as a home mortgage consultant and I’m sure I can assist you. Can you tell me more about this house?

Customer: It’s just down the street from my parent’s house. It listed at 300,000, they accepted my offer of 289,000, and I’ve saved 40,000 to put down.

HMC: Adam, tell me about your plans for residing in this house.

Customer: I intend to live there for a very long time. I’m engaged and we plan on raising our family in that house. It will be perfect for us as long as we can afford the payments.

HMC: I’m confident I can offer you a product that will make your new home affordable. So Adam, are you ready to get started?

5 minutes

Activity: Write a personal benefit statement

Say: There are four general ways to make an initial benefit statement.

1) State the purpose - Tell the customer your objective.



2) Direct - State your desire to build a relationship.

3) Inquire - Ask the customer if they are interested in additional services from MORGAGE COMPANY X.

4) Testimonial - Begin with a success story from another customer.

Do: Have participants read the scenario in their Participant Guide and take two minutes to write a personal benefit statement. They can use any of the four types – whichever they think is most appropriate. Allow three minutes for group discussion.

Four ways to make an initial benefit statement:

Type Example

State purpose “Let’s talk about reducing the term of your loan so

that you can look forward to financial freedom

when you retire.”

Direct “I want to assist you in making your dream of

home ownership a reality.”

Inquire “Shall we look at an equity line of credit that will

help you with those home improvements?”

Testimonial “Our customers love the prequalification option.

You can line up your financing ahead of time with a

PriorityBuyer® preapproval.”

Activity: Write a personal benefit statement

Directions: Write a personal benefit statement for the customer in the scenario below:

Scenario:

Customer: I’m still working with a REALTOR to find the right home. I’m more interested in getting the best interest rate than having the shortest term. I have three kids who will be going to college in the next ten years, so that’s top priority.


Say: Now that we’ve created a great first impression and set the stage for an outstanding customer experience, we need to interview our customer to understand their situation, needs, values, and hidden opportunities.

Interview

Ask: Now that we’ve moved from Approach to Interview, where are we on the Customer’s Desired Experience road map?

Answer: We’re still in the “I’m interested in a loan” stage. We’re gathering information in order to make the best recommendations.



Say: At this point, asking the right questions to get the right information is crucial. A successful customer interview includes three parts:

1. Ask probing questions. 2. Assess customer needs. 3. Summarize and confirm most significant needs.

Ask: What information should you be gathering in the interview?

Answer: Data; needs and values; hidden opportunities

Ask: What’s the difference between these three?

Answer: Data is factual information. Needs and values are desires, hopes, goals, dreams, wishes, etc. Hidden opportunities are issues or concerns that if addressed correctly, can help you gain commitment/business.

Ask probing questions

Say: Asking questions is the only effective way to uncover needs. Before asking questions, make sure you have the customer’s permission to ask questions that will enable you to satisfy their needs.

Ask: What is an open-ended question?

Potential answers:

• It cannot be answered with yes or no.

• It encourages people to talk.

• It begins with Who, What, Where, Why, When, and How.

Ask: Why do you think these questions are important?

Potential answers:

• You can uncover the true values, and needs.

• You can gather more accurate information by asking open-ended questions

Say: Customers will agree to your recommendations only when they see that a product or service fulfills their needs. Even though your time on the phone with customers is limited, it’s essential that you spend enough time determining your customer’s needs. If not, you run the risk of suggesting a product or service that is not a match and potentially losing a sale, and damaging your credibility and a long-term relationship.

Interview In the Interview stage, you will:

• Ask probing questions.

• Assess the customer’s needs.

• Summarize and confirm the most significant needs.


HMC appeared to be aware of any non-

verbal clues the customer was providing

(listening for feelings). The HMC picked

up and analyzed key words and phrases provided by the customer.



Ask permission to ask questions

Examples:

• “Mrs. Rashad, is it ok if I ask you a few questions in order to recommend the product that best meets your needs?”

• “Mr. Osgood, as a home mortgage consultant at Morgage Company X, it’s my goal to ensure we are helping you succeed financially. To get to know you and your home financing needs, I’ll ask you some questions about your current situation so I can be sure we’re providing you with the best possible products and service. How does that sound?”

Ask probing questions

Some customer information is easy to retrieve and see. However, a skilled salesperson will go below the surface to uncover needs and values as well as hidden opportunities. By asking the right questions, you set the stage to effectively fulfill your customer’s needs, build the relationship, and create customer loyalty.

Open ended questions

Conducting a needs assessment using open-ended questions is essential to successful selling. While some needs are easily expressed, others may be difficult for the customer to verbalize and still others may be unperceived. Open-ended questions encourage customers to open up and share information.

Example: “What benefits are most important to you?”

Closed-ended questions

Ask: What is a closed-ended question?

Potential answers:

• It gets a yes or no response.

• Usually it will get a one-word response.

• It gathers facts.

Say: Closed-ended questions limit the response. Closed questions usually ask for a choice, a fact, or a simple yes or no.

Ask: Why do you think closed-ended questions are important?

Potential answers:

• Good for gathering facts.

• To control the conversation – get it back on track.

• To close the call.

• To gain agreement.

Ask: What are some examples of closed-ended questions you can use to gain agreement?



Potential answers:

• Is that accurate?

• Would you agree?

• Does that sound good to you?

Closed-ended questions

Closed-ended questions limit people’s responses. Closed questions may ask for a choice, a factual response, or may be answered with a simple yes or no.

Example: “Are you a first time home-buyer?”

Value questions

Say: When asking open and closed questions, go beyond gathering facts to qualify the customer for our products and services. Listen for clues, and ask questions that help you learn what’s most important or valuable to the customer.

Value questions

Value questions help determine needs or concerns that the customer is not expressing. Use value questions when you need to test for importance and reaction.

Example: “How satisfied are you with the process so far?”

8 minutes

Activity: Question types

Say: For this activity, work on your own to determine if each question is open-ended, closed-ended, or a value question. Write the answers in your Participant Guide.

Do: Allow five minutes for participants to answer questions and three minutes for group discussion.

Answers:

1. What is prompting your decision? Open-ended

2. How comfortable are you with the payments? Value

3. What is the purchase price? Closed-ended

4. How satisfied are you with this solution? Value

5. What are your long-term goals? Open-ended

6. How long do you plan to be in the home? Closed-ended

7. Do you prefer a loan with a variable or fixed interest rate? Closed-ended



8. Will you be the only borrower on the loan? Closed-ended

9. Tell me how you like to access your accounts. Open-ended

10. How are you feeling about the process so far? Value

Activity: Question types

Directions: Determine if each question is open-ended, closed-ended, or value.

1. What is prompting your decision? ____________

2. How comfortable are you with the payments? ____________

3. What is the purchase price? ____________

4. How satisfied are you with this solution? ____________

5. What are your long-term goals? ____________

6. How long do you plan to be in the home? ____________

7. Do you prefer a loan with a variable or fixed interest rate? ____________

8. Will you be the only borrower on the loan? ____________

9. Tell me how you like to access your accounts. ____________

10. How are you feeling about the process so far? ____________

6 minutes

Activity: When to ask what question

Say: You not only need to know what type of questions to ask, but when to ask them. Take a few minutes to look at the scenarios in your Participant Guide and determine the best questions to ask in each scenario.

Do: Allow participants three minutes to read the scenarios in their Participant Guide and determine the appropriate type of question to ask. Allow an additional three minutes for group discussion.

Scenario 1:

You’re talking with customer, Ricardo Sanchez. You’ve assessed his needs and recommended products, but it’s hard to tell if he wants to go ahead with an application or not. What kind of question would be best in this situation?

Answer: Value question. Use value questions when you need to test for importance and reaction.

Scenario 2:

You’ve just taken a call from Lin Chang. You need to gather some basic information from her before you can recommend appropriate products. What type of questions would be best in this situation?

Answer: Open-ended questions. Use open-ended questions early in the call to



elicit information.

Scenario 3:

You’re on the phone with George Lee. George is a conversationalist and it’s a challenge to keep the call focused on the topic at hand. What type of questions would work best in this situation?

Answer: Closed-ended questions. Use closed-ended questions when you need facts and specific details.

Activity: When to ask what question

Directions: Determine which question type you will use for each situation: open-ended, closed-ended, or value.

Scenario 1:

You’re talking with customer, Ricardo Sanchez. You’ve assessed his needs and recommended products, but it’s hard to tell if he wants to go ahead with an application or not. What kind of question would be best in this situation?

Scenario 2:

You’ve just taken a call from Lin Chang. You need to gather some basic information from her before you can recommend appropriate products. What type of questions would be best in this situation?

Scenario 3:

You’re on the phone with George Lee. George is a conversationalist and it’s a challenge to keep the call focused on the topic at hand. What type of question would work best in this situation?

Listening

Say: Effective questioning technique is a very important skill, but just as important is your listening skill. People often underestimate the ability to take in information, feed it back, and then pull it all together with mutual understanding.

Ask: What are ways you demonstrate to the customer that you are actively listening?

Potential answers:

• Responding in a way that shows you hear the customer and that you are interested in what he or she has to say.



• Acknowledging the customer by saying phrases like: “I see” and “Ah ha.”

• Summarizing or rephrasing in your own words what the customer said.

• Not showing approval or disapproval and being careful not to mimic the customer.

• “If I understand you correctly, you are ...”

• “What I’m hearing is that you are looking to ...”

• Demonstrating effective listening in emotionally charged situations.

• Understanding what the customer is feeling and why they feel that way.

• Playing back your understanding of the customer’s emotion and the reason for the emotion.

5 minutes

Activity: Active Listening

Say: Let’s practice. Listen and respond to your customer in the scenarios below.

Do: Ask for a volunteer to read the customer script in the Participant Guide and a volunteer to respond as the HMC for each scenario. Ask the group to observe and provide feedback. Allow five minutes for this activity.

Scenario 1:

Customer: I’m upset because my calls haven’t been returned. I expected a better level of service.

Potential answer:

“It’s frustrating when a loan officer does not return your calls. We strive for one-call resolution, so if I’m not available when you call any of my team members can assist you. If you do leave a voicemail for me, I will call you back the same day you called.”

Scenario 2:

Customer: I’m not sure that I’m doing the right thing. I don’t know anything about the home-buying process.

Potential answer:

“Purchasing a home is a big deal and I understand that you’re nervous. I will explain everything step-by-step and answer any questions you have along the way.”

Scenario 3:

Customer: My current interest rate is too high. I’m paying around $200 more each month than I should be.

Potential answer:

“If I understand you correctly, you are looking to lower your current rate in



order to save more money each month.”

Do: Point out the need to pick up on, acknowledge, and be empathetic to the emotions your customers are feeling.

Listening

Active listening builds relationships, strengthens cooperation, and reduces misunderstanding and conflicts. It is proactive, accountable and professional.

Activity: Active listening

Directions: Actively listen to your customers in the scenarios below and respond appropriately:

Scenario 1:

Customer: I’m upset because my calls haven’t been returned. I expected a better level of service.

Scenario 2:

Customer: I’m not sure that I’m doing the right thing. I don’t know anything about the home-buying process.

Scenario 3:

Customer: My current interest rate is too high. I’m paying around $200 more each month than I should be.

Summarize and confirm most significant needs

Say: You’ve gathered and assessed the customer’s needs. Now it’s time to summarize and confirm them.

Ask: Why do you want to summarize and confirm needs?

Answer: Gain agreement from the customer.

Say: It’s best to organize the customer’s needs, values, and hidden opportunities into a concise, summary statement. This statement connects what you heard the customer say and what you and Morgage Company X Home Mortgage have to offer. It ties it together for the customer and makes it easier for them to say “yes.”

Do: Ask for two volunteers to role play the scenario in the Participant Guide. After the role-play, ask if someone can point out the summary statement.

Answer: “How do you feel about saving money on the refinance of your first mortgage and having a home equity loan to take care of the home improvements? Does that sound good, Maria?”

Ask: Do you think the customer will agree?



Say: It would be hard not to!

Summarize and confirm most significant needs

Summarize the customer’s needs, values, and hidden opportunities into a concise statement.

Is there a summary statement in the scenario below?

Scenario:

HMC: Maria, I see that you are currently paying on a $250,000 30 year fixed mortgage with a rate of 5.50%. Is this house still a Single Family, Primary Residence?

Customer: Yes.

HMC: Are there any Second Mortgages or Lines of Credit attached to the home?

Customer: No.

HMC: Maria, what would you like to accomplish with this transaction?

Customer: I’d like to take advantage of lower rates, but I also need about $20,000 for some home repairs.

HMC: Do you have an idea of what your home may be valued at in today’s market?

Customer: A neighbor just sold their house for $318,000. Ours is the same style so I’d probably say $320,000.

HMC: Was that house similar to yours in size?

Customer: Yes… but we also have a deck and a larger yard.

HMC: Assuming your home would appraise for $320,000, we should be able to include the extra $20,000. Can you describe the type of home repairs that are needed?

Customer: I just want to repaint a few rooms inside the house, freshen up the landscaping, and repave the driveway and patio.

HMC: How soon would you like to pay off the balance for the home improvements?

Customer: I want to have it paid off within ten years.

HMC: How do you feel about saving money on the refinance of your first mortgage and having a home equity loan to take care of the home improvements? Does that sound good, Maria?




Say: Now that you understand your customer’s values and needs, it’s time to make a recommendation for products that would best meet those needs.

Solve

Say: The key in this stage of the call is linking the solution to the summarized and prioritized needs, values, and hidden opportunities uncovered during the interview. By doing this, you:

• Create an understanding of what you have to offer. • Gain agreement.

Ask: Have we moved on the Customer’s Desired Experience road map?

Answer: Not yet. We’re still explaining options and the benefits of each so the customer can make an informed decision.

Solve In the Solve stage of the sales call, it’s your job to:

• Make a recommendation.

• Present benefits.

• Manage objections.

8 minutes

Make a recommendation

Say: When making a recommendation, you’re telling the customer how you can add value. Only then are you ready to ask for the business, as long as the customer has no objections.

Activity: Write your own recommendation

Do: Have participants read the scenario in their Participant Guide and finish the scenario with a recommendation. Allow three minutes for participants to work individually, and then another five minutes to share recommendations with the group.

Potential answer:

HMC: The solution of refinancing at 5.35 will lower your monthly payments and improve your financial situation (and eliminate some stress!) Are you ready to proceed?

Make a recommendation

The recommendation you make links directly to the customer’s needs and



values.

Recommendation examples

“From what we’ve discussed about finding the right program to fit your needs, I can assure you that Morgage Company X Home Mortgage has a variety of options focused on customers with similar needs as yours. I’m confident that we will be able to find just the right fit for your individual situation.”

“I understand that easy online access is very important to you. Morgage Company X Home Mortgage provides a comprehensive, easy-to-navigate website not only for your mortgage, but for your other products and services with us. With one easy click, you can view all of your online accounts at once.”

Scenario:

Customer: I really need to lower my payment. I’m in the process of a divorce and I have to get my finances under control.

HMC: It looks like I could lower your rate from 6.25% to $5.35%. This option would lower your payment by $300 each month which means you would save $3600 each year. How does that sound?

Customer: It sounds good. I need every penny I can get. But how much are the closing costs?

HMC: Let me calculate the closing costs for you. While I’m doing this, let me ask you a question. Will saving $3600 each year on your mortgage help you pay off the revolving debt we discussed earlier?

Customer: It sure will. That and help with child support payments. I wasn’t sure how I would manage without working two or three jobs. I’ve been losing sleep over it.

HMC:

Present benefits

Say: From our work so far, you know how important it is to tie the products you’re recommending to the customer’s most important needs, values, and hidden opportunities. Just as important is describing the product and its benefits in a language that makes sense to the customer.

In this section, we’re going to talk about features and benefits.

Ask: How do you explain the difference between features and benefits?

Potential answer:

Feature is a characteristic that describes the product while the benefit is the



value that the product provides.

Say: Customers are mainly concerned with how the product will meet their specific, personal needs. So the benefits you present to the customer should be directly related to their needs.

Present benefits

Features and benefits are linked, although you spend most of your time talking about benefits. A good way to describe features and benefits is to use a linking phrase like this:

Because of this feature, you will be able to benefit.

Definition Examples

Features Facts or characteristics

about a product or service.

• Origination fee

• Automatically increasing home equity line

• Fully amortized

• Interest only

• Balloon payment

• No closing costs

• Extended office hours

Benefits

Describe what a product or

service feature will do for a

customer. In other words,

a benefit is the value of a

particular feature.

• Convenient

• Saves time

• High quality

• Financial control

• Peace of mind

• Low risk

• Flexible

8 minutes

Activity: Present personal benefits

Do: Have participants read the scenarios in the Participant Guide and determine a product or service recommendation and write a benefit statement for the final two scenarios. Participants can work in pairs for this activity. Allow five minutes to complete the activity and three minutes for group discussion.

Potential answers:

• Wellsfargo.com/mortgage and Online Application Status (OAS) (This tool is used by CORE users only.)

Morgage Company X.com is a comprehensive, easy-to-navigate website not only for your mortgage, but also for your other products and services with us. With one easy click, you can view all of your online accounts at once.

For CORE users only: With the Online Application Status system, you can view the status of your application at any time – day or night – so you are always up-to-date.

• Contact information – phone number, email address, and expectations for



communicating

Here’s what I can do to assure you that you will always have access to me and my team and the information you need whenever you need it.

Activity: Present personal benefits

Directions: Add a product or service recommendation and benefit statement to the last two scenarios below:

Scenario Product/service

recommendation

Benefit statement

Your customer is

concerned about rising

interest rates. She hopes

to raise a family in this

home.

30 year fixed The 30 year fixed loan

provides you with a low

monthly payment over a

long period of time. You

can count on the security

of stable and predictable

payments because of the

locked interested rate for

the entire term.

Your customer wants a

low monthly payment. His

job requires a transfer

every three to four years.

3/1 ARM The 3 year adjustable

ARM provides you with a

very low payment in the

first three years. With

your intention to move in

just a couple of years, you

can count on that low

payment for three years,

thereby minimizing your

housing expense and

increasing your cash flow.

Your customer wants the

flexibility of having online

access to mortgage

details and prefers online

services in general.

Your customer wants to

work with a lender who is

easily accessible and

available if she has

questions or concerns.



Manage objections

Ask: In your opinion, what is an objection?

Potential answer: An objection is not a rejection or obstacle. It’s simply a sign that you need to create more value for your customer.

Say: Usually, all it takes are a few techniques to manage the objection. But, recognize that if an objection is too strong, you may need to take a break and give the relationship more time.

Most types of objections fall into one of five general categories. Each type is a natural reaction and represents a valid concern on behalf of the customer. They can most effectively be managed when you know how best to respond.

The table in your Participant Guide lists the objection types and an example of each one.

Be sure to clearly identify and isolate the real objection before you respond. Before you begin looking for a solution to the objection ask, “Is this the only item preventing us from doing business?”

In the mortgage sales industry we tend to get some objections when asking for the sale. They’re not because the customer doesn’t want to do business with us. Buying a home or even refinancing is a huge monetary decision to make. Many times a customer just has an obstacle in their way of making a decision.

By handling objections effectively, you can remove any obstacles that block customers from the solutions that are right for them, as well as those in the way of closing the sale and developing the relationship. Effective use of this skill also involves understanding that, sometimes, a customer may not be fully aware of what’s really prompting an objection; the objection that’s stated may not reflect the true underlying concern.

Manage objections

Objections are:

• A way for the customer to clarify key points or to resolve a misunderstanding.

• A method for raising concerns and seeking reassurance.

• A positive sign from the customer – it means they are listening! By effectively handling objections, you build and strengthen your relationship with your customer.

Types of objections

Objection type Example Response

Don’t understand “Why should we pay for

those closing costs just

to refinance?”

Explain further

Don’t need “We are just fine where Ask further questions to


If a financing solution has been

found that satisfies the

customer’s needs/goals, but the

customer does not want to begin

an application - the HMC clearly

identified the objection. The type

of objection was determined and

a response provided. A common 4

step process to overcoming

objections is 1) Acknowledge 2)

Seek understanding 3) Address objection and 4) Gain Agreement.



we are at right now.” understand need

Don’t believe “I saw on TV that I

shouldn’t choose an ARM

loan.”

Provide proof

Drawback “I need to get going.” Minimize objection, add

value

Smokescreen “Let me think about that.

I need to talk to my

partner.”

Ask further questions to

identify real concern

Steps to manage objections

Step

Acknowledge

What to do

Welcome the customer's

feedback.

Listen without interrupting.

Thank the customer for

asking the question or for

bringing forth the concern.

What to say

"Thank you for the feedback."

"That's a good question."

"Let's see if we can work through

that."

“I can understand why that would

be a concern for you.”

Seek

understanding

What to do

Clarify what you heard by

restating the customer's

question or concern.

Probe to identify the root

cause or primary reason

preventing the customer

from acceptance and taking

action.

What to say

"Let me make sure I

understand...."

"Tell me more about..."

"Why do you say that?"

"So the main concern is..."

“Tell me why this is a concern for

you.”

"Is this the only thing keeping

you from moving forward today?"

Address

objection

What to do

Loop back to identified

needs and values.

Restate benefits or provide

evidence or proof.

Take care to address the

objection.

What to say

"I know you want to accomplish

(state needs and/or values).

When you consider my solution,

you'll get (state benefits of your

solution.)"

"You indicated that (state needs

or values) was critical. When you

use my solution, you'll find that

(state benefits)."

Gain

agreement

What to do

Ask for permission to

proceed.

What to say

"If that makes sense, I'd like to

proceed. Are you ready to do

that?"

"Now that we've walked through

your concern, let's proceed.

Okay?"



15 minutes

Activity: Manage objections practice

Do: Have participants work in small groups to develop scripts for each scenario. Remind them to cover all four steps in their script: 1. Acknowledge; 2. Seek understanding; 3. Address objection; and 4. Gain agreement. Allow five minutes for groups to draft their scripts and another ten minutes for groups to role play to the larger group.

Activity: Manage objections practice

Directions: Develop scripts to handle the following objections:

Scenario 1

Customer: Your rates seem a little high. I’d like to check around before I commit to anything.

Your response:

Scenario 2

Customer: I didn’t realize that I’d be paying so much in fees. I’m not sure that it would be worth it to refinance.

Your response:


Say: You’ve made a great first impression and gained your customer’s trust, uncovered their needs, and recommended products to fulfill those needs. Now it’s time to take action.



Take action

Say: By taking action, we mean asking for the business, gaining commitment, asking for referrals, formalizing next steps, and finally, showing your appreciation.

Take action Taking action includes:



• Formalize next steps.

• Show appreciation.

Ask for the business

Say: Once you have determined the customer’s needs, values, and hidden opportunities, summarized their most significant needs in a concise statement, recommended products that would best meet those needs, gained agreement and managed objections, you’ve earned the right to ask for the business.

Compare the two scenarios in your Participant Guide.

Ask: What did the HMC do right/wrong in each?

Potential answers:

The HMC in Scenario 1 asked for the business and gained commitment.

The HMC in Scenario 2 didn’t ask for the business and therefore didn’t close the sale.

Ask: What are ways you ask (or will ask) for the business?

Potential answers:

• It sounds like you and I are ready to get your application in process.

• Do you have a few moments now to get started?

• Is there any reason why we cannot get started now?

• You seem to like the ideas that I have shared; let’s go ahead and get your application started.

• So, you've agreed with the solution I recommended. Do we have a basis to work together on your home financing?

Say: Once you’ve asked for the business, pause and wait for an answer or acknowledgement from the customer.


HMC asked for the business. (Example:

It sounds like you and I are ready to

get your application in process; will you

have a few moments now to get

started?) If the asking for business was

in the form of a statement, the HMC

waits for acknowledgement and if it's in

the form of a question, HMC waits for an answer.



Ask for the business

Scenario 1:

HMC: Let’s go ahead and complete your application and lock your rate today– does that sound good to you?

Customer: Sounds good.

Scenario 2:

HMC: What would you like to do?

Customer: Well, I guess I’ll think about it and call back tomorrow.

Gain commitment

Say: Think of a time when you were looking to purchase something and you said to the sales person, “I’ll think about it.”

Ask: Why do you suppose we say that as a customer?

Potential answers:

• Because we are not ready to commit to spending the money.

• We need to talk it over with a significant other.

• We may not know enough about the product.

• We’re worried about buyer’s remorse.

Say: Sometimes customers are reluctant to make a final decision and need your help to overcome doubts. Gaining commitment throughout the sales call will keep the customer saying yes and keep the call moving forward.

Remember, gaining commitment isn’t always the final step in the sale. Use this skill any time during the sales call when you need the customer’s agreement.

Ask: Can you think of some examples?

Potential answers:

• You want the customer to agree to review information or to provide information (such as the interest rate currently paid on a loan at another bank).

• You want the customer to agree to another phone call.

• You want to continue to help the customer in the decision-making process and agree to a convenient time to follow-up.

• You want the customer to agree to move forward with your suggested product or service.

Say: When gaining commitment, it’s a good idea to briefly summarize the personal benefits. For example, “Applying for a home mortgage is easy. We can complete your loan application right now over the phone to move you one step closer to buying the



home you’ve always wanted.”

Ask for commitment by using tie downs or trial closes. Take a look at the examples of tie downs in your Participant Guide.

Ask: Can you put those in a sentence that you would use with your customer?

Potential answers:

• That would help solve your problem, wouldn’t it?

• This sounds like a good idea doesn’t it?

• This could definitely help you out, couldn’t it?

Gain commitment

The more you can keep your customers saying yes, the better you know you’re on target with meeting your customer’s needs (and eliminating objections).

Tie downs

Use tie downs to gain agreement.

Examples of tie downs:

“Isn’t it?”

“Wouldn’t it?” “Don’t you?”

“Doesn’t’ it?” “Shouldn’t it?”

“O.K?”

“Couldn’t it?”

“Aren’t you?”

“Right?”

Trial closes

Use trial closes when you’re close to gaining commitment from the customer.

Examples of trial closes:

“Does this sound fair?” “How does this sound so far?”

“This sounds like a good idea, doesn’t it?”

“Does this make sense?”

“Can you see how this could benefit

you?”

“This would address what you said

about… wouldn’t it?”

“This could definitely help you out,

couldn’t it?”

“Does this sound like something that

would help you out with …?”



Test for reaction

Say: Because we do our business over the phone, we miss out on non-verbal cues. To make sure customers are onboard, we need to listen actively and use techniques to test for reaction.

Instead of making assumptions, ask a question to get the customer to express their reaction. Or, you can make a statement, pause, and wait for the customer to respond.

You want the customer to verbalize a positive reaction so that you can strengthen areas of agreement.

Sometimes customers may express hesitation, but they won’t say it. If you sense discomfort or hesitation, press gently for more information. You could say:

“Tell me more about that,” or

“What is your concern with…?”

Test for reaction

Test for reaction at any time during the sales call.

Ways to test for reaction:

“How do you feel about that?”

“Would this be helpful?”

“How comfortable are you with this solution?”

“That’s a cost-effective solution.” (Pause)

Test for reaction when:

• The customer gives conflicting cues or information.

• The customer isn’t providing any verbal cues of either acceptance or dissatisfaction.

• You suggest a course of action, and you hear potential reluctance or hesitation.

• You’ve shared detailed information and want to check for understanding.

15 minutes

Activity: Ask for the business and gain commitment

Say: Work in pairs to draft a short script for each scenario in your Participant Guide where the HMC asks for the business and gains commitment from the customer. You’ll have five minutes to work on your scripting and then we’ll ask you to role play to the class.

Do: Allow five minutes for participants to draft scripts and another ten minutes for roles plays to the group.



Activity: Ask for the business and gain commitment

Directions: Ask for the business and gain commitment in these three scenarios.

Scenario Ask for business/gain commitment

Customer says during a call, “Your rates

look pretty good. Even so, I think I’ll

check with another lender to make sure

I’ve got the best deal.”

Customer acknowledges positively when

you tell her about Morgage Company X

hours and accessibility.

Customer says, “I want to be sure my

loan won’t be sold. I’ve heard bad

stories about that.”



Ask for referrals

Say: Referrals are a great source of new business. Ask the customer if they know someone who could benefit from the same service they’ve received. Friends, family, neighbors, and co-workers are good sources for referrals.

Ask: How do you (or will you) ask for referrals?

Potential answers:

• I'm really glad that you're pleased with the service you received. I'm always looking for referrals and wonder if you know anyone else who might be interested in refinancing while rates are low?

• I’m happy that we could help you out. Can you think of anyone who would be interested in receiving the same benefits you’ve received?

• Do you have friends or family who have similar needs that I could help with?

Do: Point out the scrubbing process under Ask for referrals steps in the Participant Guide.

Say: It’s very important to understand our Privacy and Solicitation Policy and to meet the requirements for all inbound and outbound calls. The link to the policy is under Resources for this module in your Participant Guide. Some phone numbers are on the National Do Not Call Registry, so before reaching out to referrals, we need to check this list. Do this using the EPSS DNC (Enterprise Privacy Scrub Service Do Not Call) Lookup function. This link is also in your Participant Guide.

Ask for referrals

Ask for referrals steps:

1. Get the name and number of the referral.

2. Before contacting the referral, you must meet one of the requirements below to comply with our Privacy and Solicitation Policy:

o Obtain express consent from the referred customer. (Consent that is stated affirmatively in a verbal, written or electronic format (unless written consent is explicitly required) and stored in a retrievable format for two years.)

o Make call from a scrubbed list or check the phone number against the EPSS DNC (Enterprise Privacy Scrub Service Do Not Call) Lookup tool on the EPSS website: https://epss.wellsfargo.com/.

o Obtain written consent to call a number on the National DNC Registry and certain state lists when an established business relationship does not exist, or for certain state lists where an established business relationship is not acknowledged and the consent is stored in a retrievable format.

o Make call in response to an inquiry.

o The referral is performed as a live transfer with the individual who has



agreed to be transferred on the phone.

3. Contact the referral. To remain in compliance:

o Introduce yourself and MORGAGE COMPANY X.

o Notify the customer that you intend to make a sales offer.

o Describe the nature of the products and services you’re offering.

4. Follow up with your customer who made the referral to recognize their actions and show your appreciation.

Tips for asking for referrals

• Make it a habit to ask for referrals on every call.

• Let customers know how important referrals are to you.

• Give your customers an idea of the type of referrals you’re seeking. “Do you know anyone who might be shopping for a new home?”

• Thank customers for the referrals they send you. Following up with thank you notes will make your customers feel appreciated and will lead to additional referrals.

• Treat every customer with empathy and respect, regardless of the outcome of their loan application, to increase future interactions including referrals.

• Use high-volume periods as opportunities to get your name out to even more prospective customers. Think about future deals you may receive when volume is lower.

Formalize next steps

Say: Formalizing next steps means that you communicate key activities that need to take place and time frames for each. It’s important that your customer understands and agrees with next steps and the timeline.

Ask: At the end of the call, what would be some important things an HMC should do before hanging up with the customer?

Potential answers:

• Talk about the next steps for both you and the customer.

• Thank them for working with us.

• Give the customer your name and number in case they have questions.

Say: An important part of the sales call process is closing the call. If at any time in the process, you need to end a call, use the steps in your Participant Guide to ensure clear intent, agreed upon action items, timeframes, and appropriate closure. After your first few calls, the closing will become second nature. It leaves our customer with a positive feeling about you and about our company, whether they decided to do business with us or not.



Formalize next steps

• Follow-up on your next steps in a timely manner.

• Contact the customer to keep them informed of progress on next steps.

• Make yourself available for questions.

Steps to close the call

Step Action

1 Set expectations for what the next steps will be.

2 Clearly communicate the follow-up process, and provide a loan number if

applicable.

3 Provide the customer with your name and extension number.

4 Identify the time frame for all follow up items.

5 Ask if the customer has any questions.

6 Use the customer’s name to personalize the call and give them confidence

that you are taking care of them.

7 Thank the customer for calling Morgage Company X Home Mortgage.

Reinforce the relationship with courtesy.

Show appreciation

Say: At the close of the sales call, it’s time to show your customer in a meaningful way how much you appreciate their business.

Ask: What ideas do you have for showing appreciation to your customers?

Answers will vary.

Say: Remember that it’s not only what you say to the customer, but what you do for the customer after the call that shows your appreciation and generates future business.

Show appreciation

Say “Thank you” to the customer.


The HMC provided appropriate

appreciation to the customer for their

business. Examples include 'thank you', 'I appreciate your business', etc.


HMC offered options or explained

the next steps. They were specific

with deadlines and provided

realistic expectations for the next

contact. Follow up was discussed,

along with best method (which

phone number/email) and Horizon

follow up date is updated if it's still

pre-application.



Observation form

Say: As part of The Sales Call online course that you took before coming to this class, you were asked to complete the Sales Call Observation form while observing experienced HMCs, and bring the completed forms to class.

Let’s review those forms and talk about your experiences now.

Ask: What stood out for you as you observed:

• Approach o How did the HMC establish rapport? What was the initial benefit

statement?

• Interview o Describe how the HMC identified needs, values, and hidden opportunities.

• Solve o How did the HMC meet the needs; what solution did they recommend? o What type of objections came up and how did the HMC manage them?

• Take action o How did the HMC ask for the business? For referrals? Show appreciation?

Do: Spend time discussing feedback on each part of the sales call. Allow thirty minutes for this discussion.

Ask:

• What was the most memorable moment for you as you observed?

• What do you think the customer would say was their most memorable moment?

• How did the HMC differentiate Morgage Company X from the competition?

• Do you think the HMC achieved the customer’s desired experience? Why or why not?


Ask: What questions do you have before we wrap up?

Wrap up

Ask: What are the key points that stand out for you in this module?

Do: Allow a minute for participants to share.

Point out Key Points in the Participant Guide.

Revisit objectives:










• Confirm next steps and show your appreciation.

Ask: Are you feeling comfortable that we completed the objectives?

Do: If participants are not comfortable, refresh on the topic and answer questions as needed.

Conclude the module.

Say: We covered a lot of information in this module. As we go through class, we’ll be adding a few more components to the sales call.

Wrap up

Key points

• We use a relationship-based, rather than transactional sales approach. Relationship selling means taking the time to build relationships by determining the customer’s values and needs rather than assuming we know what’s best for them.

• Your performance is measured, not only by your greeting, but also by your tone and ability to be calm, empathetic, and professional.

• You can build rapport by using simple techniques such as asking for and using a customer’s name.

• There are two types of benefit statements – one focused on the customer’s needs, and another, more general benefit statement highlighting the brand and value of Morgage Company X.

• Before asking questions, make sure you have the customer’s permission to ask questions that will enable you to satisfy their needs.

• Customers will agree to your recommendations only when they see that the product or service fulfills their needs.

• Three types of questions that will help you in the interview/needs assessment process are: open-ended, closed-ended, and value questions.

• The key to the Solve stage of the call is linking the solution to the summarized and prioritized needs, values, and hidden opportunities uncovered during the interview.

• Feature is a characteristic that describes the product while the benefit is the value that the product provides. Customers are mainly concerned with



benefits.

• Be sure to clearly identify and isolate the real objection before you respond. Objections/responses include: Don’t understand - explain further; don’t believe - provide proof; don’t need - ask further questions; Drawback - minimize objections, add additional value; Smokescreen - explain further.

• When gaining commitment, it’s a good idea to briefly summarize the personal benefits.

• Ask the customer if they know someone who could benefit from the same service they’ve received. Friends, family, neighbors, and co-workers are good sources for referrals.

• Formalizing next steps means that you communicate key activities that need to take place and time frames for each.

Centralized Loan Origination Essentials Manage the...

Documents

Transcript of Centralized Loan Origination Essentials Manage the...