Loan officers can close more loans with these 5 tips | Blend
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December 14, 2021 in Challenges and solutions

4 minutes

5 tips to help loan officers close more loans

With a cloud-based platform, loan officers can increase their organization and deliver a better customer experience.

Illustration of building blocks with mortgage software interface

It’s an exciting and challenging time for LOs, who are under pressure to help their businesses thrive in constantly changing market conditions.

As 2022 looms, mortgage leaders are facing the potential for reduced margins accompanying the predicted shift to a purchase market. This compounds the existing competitive challenges they face, for example from digital-first providers.

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LOs are also being asked to sell to an increasingly challenging consumer base. Not only are banks more selective about who they lend to, but consumers broadly expect more. Millennials (those aged between 22 to 40), currently make up the largest portion of homebuyers. This digitally-savvy segment is used to fast and easy retail experiences, and they expect their borrowing experience to be the same.

At the same time, a key historical driver of LOs’ business is in flux. Real estate agents’ value chains are being disrupted thanks to new real estate technology and virtual tour software. As a result, there may now be fewer opportunities for loan officers to get in front of borrowers.

With all this in mind, loan officers are increasingly looking for ways to close more loans in a shorter amount of time. Here are five tips for successful loan officers for doing this effectively:

Tip #1: Stay organized

The mortgage process is notoriously complex. The most successful LOs have the capacity to go out and build new relationships. That’s because they are efficient and productive — and therefore don’t need to spend their days tracking down documents or dealing with fires in the loan manufacturing process. Stand out here by maximizing the structure you bring to your work — and that you offer to your customers. As an added bonus, by being efficient and methodical, you can spend more time seeking and building relationships.

How Blend can help

Find the tools you need for the entire origination process in a single workspace that can be accessed from digital devices. Improve application data accuracy by capturing high-quality information upfront. And reduce the manual paperwork burden thanks to automated processes that improve productivity and free up time that can be spent building relationships.

Tip # 2: Be responsive

The best way to convert prospects into customers is by being responsive. The faster you can engage with someone, the quicker you can take them out of the market. Connect with borrowers regularly for optimal results. Setting regular time aside to do this can be helpful, so consider blocking out space in your calendar.

How Blend can help

Deliver seamless service in every interaction. Pre-approvals, instant decisioning, and automatic verification help your customers get answers fast.

Tip # 3: Be knowledgeable

A lack of clarity can inhibit customer trust. Be knowledgeable about the lending process and the underwriting criteria, and you will be able to offer honest, helpful advice — and build credibility as a result. This can give you more opportunities to achieve better outcomes.

How Blend can help

Having all the tools you need in one cohesive experience enables you to quickly and accurately determine qualification, facilitate rate and loan scenario comparisons, and match borrowers with loan products that suit their needs.

Tip #4: Communicate carefully, and in detail

Provide detailed guidance early on, and you’ll save time in the long run. With clear, open lines of communication, you can ensure customers are confident in their choice of lender and avoid the need for lengthy follow-up meetings. Help your customers understand the loan terms, deposit amount, and other key information — and justify the decisions they make.

How Blend can help

Build trust early with a guided user experience that increases borrower engagement and encourages connectivity to source data. Get a complete matching view of the borrower’s application so that you can help if things get tricky — we call it co-piloting.

Tip #5: Stay intently focused on the customer

One of the most effective business development strategies for loan officers is to recommit to the customer and for good reason: when customers feel appreciated, their loyalty increases and they are more likely to buy additional services or products. It’s easy to forget that borrowers aren’t just looking for a loan. They’re trying to buy a home, and it’ll serve you well to center your relationship around their tangible goals.

How Blend can help

Surpass expectations from the start with a user-friendly application that offers real-time assistance when it’s needed. Focus on prospecting and guiding borrowers instead of inputting data.

Success in practice

Management at Utah-based Primary Residential Mortgage, Inc. (PRMI) places a huge importance on enabling its team of 900 local LOs to operate efficiently and effectively. That’s why they equipped their LOs with Blend’s technology.

“With Blend, we can speed up the transaction from origination to close and we can really eliminate a lot of the communication hurdles,” said Ruth Green, PRMI’s EVP and COO.

Wherever the team of loan officers is, they can take an application instantly, meaning they never miss out on the opportunity to originate more business. As a result, PRMI has been able to originate more loans and close loans faster.

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