Are You Telling Them “Why”?
So, I just got my new insurance card that includes free eye exams and a discount on glasses (never had that option before).
But, in order to get the discounts, I had to change eye doctors.
I was nervous about going to a new optometrist but, right away, I noticed something different between the previous doctor and the new one.
When he explained something—he told me “why” he was testing for certain eye conditions. The staff explained why I should order one frame instead of the one that I choose. Why it would take longer to get my prescription filled.
The word “why” is a powerful word.
Here’s my question to you: Do you explain “why” to your borrowers and real estate agents?
You may give the borrowers a list of documents that you will need to complete the loan application. You may provide the real estate agents with a list of repairs required (from the appraisal). You may even give the file back to the processor with instructions on what to do next.
But are you explaining the reason why?
If you don’t know the reason “why” you are asking for a document or an underwriter is asking for a condition, it’s probably in your best interest to ask. It’s part of the learning process in becoming a knowledgeable loan originator or manager.
If you explain the reason “why” to others, you become their teacher and, in turn, hope they “teach” others down the line, the reason why.
Here’s my challenge to you:
When you take your next loan application, take the time the explain to your borrowers the reason why they are signing the papers. The reason why you need the documents. The reason why you need them in a timely manner. When you discuss a file with your processor or real estate agent, also tell them the reason why you need them to do something to get it closed.
Oh, and don’t ever be afraid to ask the reason “why” yourself! Not only does it show that you are interested in learning more, but you can pass the info on to others once you learn the “why” of things!