Module 2: Lead Management & Conversion
This module will explain how to manage leads and convert leads to closings. During the conversion process, loan officer assistants complete an initial call and perform a series of filter questions, convert leads to completed applications, assist applicants through the pre-qualification process, coordinate internally while a pre-approval letter is issued, and then follow up on applicants as they get into contract.
The script in this module is a guideline and is not expected to be followed on every interaction, although the items covered throughout the module are the items expected to be covered by a loan officer assistant during lead conversion.
Initial call and filter questions
Reach out to the prospect and greet them. Contact prospects within 30 minutes of receiving the borrowers’ information.
“Good morning/afternoon/evening. Am I speaking with [Prospect]? My name is [LP] and I’m reaching out from [Loan Officer]’s office with [Brand/Branch]. I’m calling because I received information that you may be interested in a home loan. Are you interested in purchasing a home or refinancing?”
If the prospect is not interested, ask the prospect to elaborate: is the prospect not interested in a home loan at all, or are they not interested now but might be open to it in the future? “Thanks. Are you not interested in a home loan at all, or just not right now? May I ask why?”
If the prospect is open to getting a mortgage loan in the future, try to schedule a call in a few months once the prospect is in a better position to finance a property.
If the prospect is interested in a mortgage, confirm the transaction type: purchase or refinance.
If they are refinancing, are they trying to lower their interest rate, lower their payment, or taking cash out of the home’s equity? "Are you interested in refinancing to lower your monthly mortgages payments, consolidate high-interest debt, or eliminating your Private Mortgage Insurance (PMI)?"
If they are purchasing, confirm their status as first-time homebuyers, purchasing a second home, or an investment property. “Are you a first-time homebuyer, or do you already have a home and are purchasing another property? Will you use it as a second home, or will you rent it out?”
Ask questions to understand the prospect’s credit history. “Do you know what your credit is like? Do you have any history of derogatory credit? Are there any credit challenges that you think should be addressed?”
Identify an approximate purchase price. “Where are you searching? What are the price ranges for homes in that area?” Keep in mind that some leads may not be fully sure of the price range they are aiming for, but they might have an idea of the monthly payments they can afford. If a lead cannot provide you with a purchase price, try to identify what monthly payments they can afford. “What is the range of monthly payments you feel comfortable with? If you find the perfect home, could you pay more than that?”
Check for income (source of monthly mortgage payments). “Are you currently employed? Are you an employee or are you self-employed?”
Check for assets (source of down payment and closing costs). “Do you have any savings?”
Make sure to record any useful information. When in doubt, it is always better to record than to leave it to memory.
When filtering clients, consider the following milestones as places to go to over the course of the conversation:
Gauge interest and define transaction. We need to know if it will be a home purchase or refinance.
Define occupancy. Occupancy can affect eligibility and rates.
Gauge credit health. Credit scores can affect eligibility and rates.
Define approximate purchase price. This gives us a target price point for prequalification.
Check for income source and type. It is important for the lead to also be able to show documentation to prove income.
Check for assets. Assets are the source of down payment.
Gauge interest and define transaction.
Are you interested in purchasing a home or refinancing?
I’m interested in buying a home.
I want to refinance.
Define occupancy.
Are you a first-time homebuyer, or do you already have a home and are purchasing another property?
I’m buying my own home/buying for the first time.
I’m buying a vacation/secondary home.
I’m buying an investment property/I will rent the property out.
Gauge credit health.
Do you know what your credit is like?
I have a good credit.
I don’t have good credit.
I don’t have credit.
Define approx. purchase price.
What are the price ranges for homes in the area you are searching in?
Check income source and type.
Are you currently employed? Are you an employee or are you self-employed?
I’m an employee.
I’m self-employed.
I’m unemployed.
Check assets.
Do you have any savings?
Yes, I do.
No, I don’t.
Leads to applications
If, through the filter questions, you determine that the prospect fulfils the requirements, invite them to complete the application. “The next step for us is to have you complete an application so the Loan Officer can review your case and see what program you qualify for.”
If the prospect doesn’t fulfil all the requirements now, but they are interested in buying a home in the near future, give them actionable objectives depending on what they are missing and schedule a follow-up based on their timeline.
If the prospect wants to meet with your Loan Officer, schedule the meeting with the prospect while you are on the line to avoid any scheduling issues or back and forth. Make sure you have access or visibility to your Loan Officer’s calendar for scheduling purposes. Make sure that they complete the application before they meet with your LO.
“Of course! We can set up a meeting. However, before you speak with the Loan Officer, we need you to complete the application so that we have some information about your specific case and can counsel you better.”
Applications completed by prospects may have incomplete information. Review the application to ensure all information needed has been filled out. If it isn’t the case, reach out to the prospect and check their availability for completing the application. Always try to have the prospect complete the application while you are on the phone with them.
“We can complete the application in 15 minutes. Do you have time now while we are on the call? The application is simple, but we can stay on the line in case you have any questions.”
If the prospect doesn’t have time to go over the application at that time, schedule a call to go over the application together. Make sure to say your availability in the prospect’s time zone to avoid any miscommunication.
“If you can’t go over the application right now, we can schedule a call at a later time. I am available at [TIME AVAILABILITY]. What time works better for you?”
If the prospect isn’t available during your work schedule, or doesn’t want any assistance, get an ETA on the completed application, and follow up with them on that date.
“Please don’t hesitate to call me if you have any questions. You have my phone and email. Just so I can schedule my follow-up, when do you think you’ll be able to go over the application? I’ll reach out to you afterwards just in case you need any assistance.”
Pre-qualification & pre-approval letter
In PMG MX, pre-qualification is defined as the process of reviewing a client’s application in tandem with their credit report to perform an initial assessment of the client’s eligibility to a mortgage loan program.
To pre-qualify a client, you need:
A complete application with supporting documentation; and
Credit score beyond the program’s minimum requirements.
Once both requirements have been fulfilled, the application needs to be reviewed to make sure that the client will pre-qualify.
If the client pre-qualifies, coordinate with the corresponding loan originator so the loan originator can review the application and issue a pre-approval letter, if applicable. Contact the client within 30 minutes of the pre-approval letter being issued by the LO.
“I have great news for you! You have been pre-approved, and you will be able to start looking for a home. Your pre-approval letter has been sent to your email by the loan officer, who will be reaching out to you regarding next steps.”
Following up on pre-approved clients
When a client has been pre-approved, make sure to follow up with them weekly, keeping a positive and casual demeanour over the phone, and probing their experience with the process, ensuring that they are actively looking for homes and that their experience has been a positive one overall. Take note of any feedback from the client and communicate that feedback to your loan officer.