I’d like to suggest a single strategy that I believe will improve your mortgage business in the short term – and radically increase it over the next few years. When implemented correctly it will help you close applicants more often, while generating so many referrals you may not need ever buy leads.
Yet, before I tell you what it is, let me tell you what it is not. This strategy is not an instant cure all. Success will come gradually (but it will come), and your referral business will grow slowly (but it will grow significantly). Neither is it expensive nor is there anything to buy or set up. You can even start implementing this strategy right now with the clients on whom you are already working.
I’m going to suggest a new way to add value to your applicant’s. When done correctly, YOU become the only logical choice for doing their loan. In fact, your clients go out of their way to refer you to friends, family and colleagues. Why? Quite simply because you were able to offer them highly valued service, advice and council that no one else can. That no one else thought to offer.
The service you should offer your clients, starting now, is Credit Proofreading.
To fully understand credit proofreading we must first understand that while every American possesses a credit profile, no one truly understands its health. Am I suggesting that a credit profile can be “sick”? Absolutely, and a “sick” profile often presents a lower score than it would in a healthy condition. It follows that a mortgage business that can efficiently improve credit file health will close more loans while creating a thriving referral business at the same time. This is the essence of Credit Proofreading.
Credit profiles are dynamic, constantly changing entities. Never static, credit profiles steadily record inputs generated by how we use (or don’t use) our available credit and how creditors actually report this usage. A healthy credit report reflects proper credit usage along with accurate data reporting. Deficiencies in any of these areas can create an unhealthy profile, which often results in a lower score than one might have otherwise. Yet, without Credit Proofreading, one would never know whether a credit profile is healthy or not. If you haven’t guessed it already, it is here where your opportunity lies.
Credit Proofreading is the science of using technology to bring a credit profile up to its optimal health – and accordingly its optimal score. Credit Proofreading tools instantly assess your borrowers credit profile to detect poor credit usage patterns and even credit data errors. Moreover, Proofreading suggest solutions and fixes, that when implemented, will nurse the credit profile back to health in just three days. That generally means a permanent, higher score in just 72 hours.
Credit Proofreading helps your clients achieve and maintain an optimal credit profile. It’s a service that can keep you in touch with your clients after the loan is closed. And surprisingly, it’s a service that your clients don’t even realize they need – which is the real power of this opportunity. So run with it. Speak to your applicants about the importance of maintaining proper credit usage behaviors – and eliminating bad ones. Discuss the idea that errors and outdated information may have infiltrated their credit profile and harmed their score. Then show them that you have the means to Proofread their file – and put them in the best possible loan.
This post really got me thinking about the credit profile rather than just the credit score. Credit proofreading seems an odd term but I gotta tell you, it makes a lot of sense.