The “Annual Mortgage Review”

Christine Strategies


Use the “Annual Mortgage Review” to open up a wealth of opportunities by providing this service to your existing clients, family, friends, colleagues and referral partners

We here at Mortgage Coach are big fans of the “Annual Mortgage Review”. But don’t take our word for it. Most top-producers and industry leaders say it should be a part of your prospecting process. Likewise, many leading mortgage companies and lenders require their originators to provide an “Annual Mortgage Review” to their clients.

Why? Because they work!

Why do they work?

Here are just a couple of reasons:

1. Build trust and value while uncovering referral opportunities:

It doesn’t matter if your client needs to refinance or is in the market for a new home. At some point they will be. By providing an annual review, you are providing your clients with a valuable service that most loan officers aren’t offering.

Rates may be lower or rates may be higher than when your borrower last refinanced or purchased, and new mortgage could be beneficial (or not) in either scenario. If a new mortgage makes sense, great! You’ve got a new loan to add to your pipeline.

If it doesn’t make sense (or cents), that’s fine, too! This is an opportunity to share a mortgage acceleration or asset accumulation strategy (see our “Skip the Bagel” presentation to learn how to create this report).

They will appreciate your level of service and honesty, both of which are commonly lacking with many originators. When they are ready to refinance or purchase, who do you think will come to mind first? You, their trusted advisor or Larry Loan Officer, who is insensitive to their needs, simply shows them rate/fees and tries to shove a mortgage down their throat?

But, more importantly, what better a time to ask for referrals than after you’ve provided them with some great advice? Ask for referrals to friends or family that may be in the need of your services. But don’t stop there. You’ve earned their trust. Ask for an introduction to their CPA, financial planner, realtor…heck, ask for an introduction to their hair dresser (who by the way can be great referral sources)!

2. Uncover opportunities you may not have known existed:

Have you ever had this experience? You’re mining your database and decide to touch bases with one of your borrowers you haven’t spoken to for more than a year only to find out they just refinanced or just purchased a second home? Ouch! That stings!! But it’s happened to the best of us.

While we like to think our borrowers are loyal beings, often they’re not. If a need arises, like purchasing a new home, frequently the loan officer who was at the right place at the right time is the one who gets the business.

If you just call your clients periodically, they may or may not remember to call you when they’re ready to work with you again. Sadly, more often than not, they will probably forget.

However, imagine if at the time of your initial transaction with said client, you let them know to bookmark the analysis you’ve created for them—or better yet, that they have on their mobile device—and that every year as a complimentary service, you will provide them with a complimentary mortgage review.

But, not only are you willing to offer this service annually, anytime there’s a favorable change in rates, they are thinking about purchasing a new home, or home prices have appreciated enough that they might be eligible to refinance and eliminate mortgage insurance, you will happily provide them with a complimentary analysis. What you’re doing is planting the seed and in the process dramatically increasing the chances that they will become a repeat customer.

To learn how to create an “Annual Mortgage Review” check out the following “Turbo Tip”:

Watch the video

Happy hunting!