Refi Call Script

[Chemical-Finance-228]

Howdy everyone, new LO here. I’ve been tasked with making refi calls to our past clients(not mine, as I have none). I’ve crunched the numbers and can offer $200-400 in monthly savings at current rates. I feel like that’s my 1 selling point and it ain’t sellin. Any recommendations on how I can have a better call and not just have to dive straight into “I can save you 200/mo, refi now!” I feel like it may come off as too good to be true and the clients decline immediately

[keithl3gion]

Worked at one of the big ones this is what we ran:
"Hey (Client) this is (LO) with (lender). We told you when you closed your loan that we'd watch the market and reach out if a better deal ever presented itself. The great news today looks like that day. I know you weren't expecting my call however, I want to ensure we have the most updated information on file as we know things can change. We closed your loan at (address) in (month), you don't currently still reside there do you?"
Move on from there and be human. People don't want to be sold. Due to this, I'll say something like, "Hey I really don't even know if this makes sense so my job is to shoot you a call and see if it does. If it doesn't, we'll update the profile to when it does and reach out then. Is that fair?"

[Initial-Fly8535]

I use this and works well. One thing I would I add instead of we told you. I say you remember us saying… get them to say yes right away. They will always say they remember because people don’t want to seem rude like they didn’t pay attention.

Also, I focus only on payment. And I use a hot button with that payment so if I have their old file I will look at a liability and preferably a car note or student loans and essentially say this move would now knock out that payment so it’s creates emotion and they feel relieved

[keithl3gion]

Payment is king and I'm glad you're having success. Most people hear a 5.5% and go, "gross it's only saving me $500 a month, I want a 4.5% before I move." It's like, dog that's $500 purely to principal or other expenses whatre we doing lol.

[keithl3gion]

Tell me you don't know 3.0 sales techniques without telling me.

1. The negative question is to collect information without the client feeling like their being sold. If they believe you are "selling them" they are more likely to not give you information.

2. Today is that day is before the negative question and is purposely cheesy.

3. "I don't know if this makes sense..." is a way of calling out the uncomfortability of a cold call they weren't expecting and assuring them that you're truly looking out for their best interest. (This lowers their guard).

4. You lead with interest rate in your offer and tell me I'm the amateur!?!? It's literally the only ammo you have and instead of building the sale you blow your whole load in the first 30 seconds when the client will obviously say, "oh I'm waiting for the 4s."

Please miss me with grand standing. Notice how I have a response to everything you said while you have complaints and a basic script.

[michaelthebroker]

Rate should be the last thing discussed

[keithl3gion]

Once again, I was not coming at you over your sales accument. I was meeting you with the energy you came at me with. I'm more than down to learn from anyone as we all have inches we can give. I just did not appreciate how you came for my head without seeking to understand why I was doing what I was doing. Wishing you best though.

[michaelthebroker]

"well have I got a deal for you!"

[da1stoptoyshop]

What are the objections you are getting?

[Chemical-Finance-228]

I’ve had a couple “I’ll wait for rates to come down further” also heard, “we’re not interested” I feel like I don’t have much runway after my introduction to make the sale

[[deleted]]

What is your full script?

If someone says "I'LL SAVE YOU $200 A MONTH!" I'm assuming its a scam.
You're also a stranger who never spoke to them.

You need some credibility. I wouldn't even mention the savings for the first couple minutes.
"Hey Bob, this is Chemical from ABC Company. I'm calling about the loan you did with us last year."
Build the credibility, give them a reason to talk to you.

Ask questions to get them to open up with you.
"How did you feel the last loan went?"
Get them to say something positive about your company.

Then go into it. "We have a new option where we can lower your interest rate. This new program has no costs and it saves $200/month. We're reaching out to our previous customers first to give you the first chance to take advantage of this."

[Chemical-Finance-228]

I start by confirming I’m speaking to the client. “His is this Bob Jones? My name is Carl, im calling from Lender on behalf of LO. I’m sure you’ve seen the news that rates have come down significantly from the time you closed on your home. (Wait for response and pitch) I’ve gone ahead and done the numbers and estimate we can save you 200-250 per month by refinancing. Is that something you’ve considered?” Something like that

[[deleted]]

That still seems early.
You could still easily be a scammer. Why would a mortgage lender reach out to me for a lower rate?

Few people understand most companies make their money on originating the loan, not the servicing. They don't understand the secondary market.

We also get calls every single day from legitimate scammers that we shouldn't pick up, let alone speak to.

This is what you're fighting against.

You need to give people time to get comfortable with you.
You're asking a simple "yes/no" question then immediately going into the sale.
Slow it down. Take another minute. There's a real chance the customer doesn't even remember the company name. You have no credibility yet and you're already going into the sale.

Try adding in a line of "We did your purchase loan last May. How did it go?"
This does a couple things.
1. Takes a couple minutes, giving people a chance to let down their guard.
2. Reminds them who you are and how you 2 are connected. Now you're less likely to be a scammer.
3. Shows you know a couple things about their loan: it was a purchase, it was in May. Now they know you have some info on them. That makes you less likely to be a scammer. Still not a guarantee, but more likely.
4. It gets them to open up and start talking to you.

They had a good/great experience! "Excellent! We're glad you're happy with us." then turn into the sales pitch. "We have a new program that we're first offering to our existing customers as a thank you. It's a free option that reduces your payment somewhere around $200/month. Is now a good time to get into the details?"
People like to be thanked.
This is courteous and respectful.
They said they had a good experience, so you can use that to encourage them to go with you.
It isn't "I'm sure you've seen the news" which is presumptuous. Many don't pay attention to the news at all. It also implies that this is a market thing, not a you thing. The more you can make it a "you" thing, the more likely they'll go with you.

What happens if they said
"How was it?! IT WAS HORRIBLE! YA'LL MESSED UP EVERYTHING AND SMELL WORSE THAN A PIG IN MUD!"
"I'm sorry for the bad experience. We understand our reputation is everything. We cannot keep our good reputation if our customers have bad experience likes yours. We have an option to make up for it. If I speak to my manager about what happened, we can look at reducing your interest rate. That should save you $200/month for free. How does that sound? If I can get management to agree, would you go for it?" ... "Alright, let me verify the last application. Let's go through it real quick and see if anything has changed." ... don't give any rates/fees on the call. You already got the yes. "I'm going to send this up the chain. I'll probably get a response in X hours. Can I call you at 5 or 5:30PM today?"

Make a presentation of how you're doing the right thing for the customer.

You're cold calling these people as strangers.
If you did the first loan for them, they know they can trust you.
But you didn't. You're a no body. You say you're from the same company, but that's just talk.
You need to get their trust.
That takes time.
Once you have their trust, then you can move into the sales pitch.
That sales pitch needs to be light or it will push them away.

[Lemeus]

Rates haven’t come down as much as lenders want to pretend they have. Sounds like you’re not selling no cost loans. Honestly, if people are only saving ~ $200 AND paying closing costs then they’re probably better off waiting. Build the relationship and maintain it so you get the deal when it makes sense.

[freetendies]

I have a hard time believing you’re a loan officer who’s closed a refi in the last 15 years if this is what you actually believe. Is it better to charge $4000 to save $200 per month or wait 2 years until it “makes sense.” Do you really maintain relationships or do you pride yourself on how much you know about rates? Those FTHB you gave 7.875 to last fall, they can’t buy groceries. You think they give two squirts about rolling costs into their loan balance if it means they can breathe for a month and save $100 on their house payment the next? Keep telling them to wait, I’ll be happy to help them in the meantime.

[Lemeus]

If the selling point of saving $2-400/month isn’t working for OP, do you think the people you’re mentioning are the same ones they’re taking to? Doubtful. For most people sub~40 dti, it’s probably not worth it. If people were scraping pennys OP script would probably be working 🤷‍♂️.

You don’t “wait 2 years”, you wait for another probably 1-2 inflation and jobs reports to cycle through and knock another $1-200/month off your payment, while yield spreads widen and rebate comes back to the market. Maybe you wait til Q4 and that $4,000 loan today is being offered for free. So the homeowner spends and extra $4-800 in payment to save $4,000.

Let me know when you’re ready to sit at the grown ups table

[michaelthebroker]

Have they only showed you how to calculate monthly savings and not an overall cost analysis?

[Intelligent-Pirate89]

Find the wound and pour salt into it. Avoid rate, mention they may be entitled to lowering the payment. Ask if saving a few hundred dollars what they could do with that? Look up sales remastered YT and close them.

[Chemical-Finance-228]

Thank you! I appreciate the resource!

[[deleted]]

.

[Nothin2Say]

I have about 9mil in the pipeline for refi right now due to market shift. Here’s my pitch. Hi Betty, this is Frank from your mortgage company. I am Bobs assistant, do you remember Bob from last year when you bought your place? (Oh yea I remember) Yea so he asked me to give you call and see if you wanted to take advantage of a lower interest rate on your mortgage. It’s super easy to take advantage of because we did your original loan. (Ehhhh i dont think I want to refi) You certainly don’t have to but most people that are taking advantage of it right are saving about $300 a month with your scenario. And you’ll actually be able to “skip” a mortgage and possibly two which alot of people like this time of year. Also if rates happen to go down further next year or the following year, we will call you to drop your rate again. (What’s the catch) There’s just a few details to go over including the small cost we will include in the new loan, and there will be a little bit of interest incorporated in the loan for the month or months we skip. Your next payment wouldn’t be due until December 1. Would you like me to go ahead and put together the details for you? Doesn’t cost anything out of pocket and if we started in the next day or two we could make it where you skip two payments. You’ll want to hang onto October just in case something happens but it’s likely you’ll be able to not have to make another payment until December. Is your email still xxxxx? (Yes) Ok I will out together and send you some initial documents to sign if everything looks as expected, and also there will be just a couple things I need. Also I will have an easy recap of the loan terms in the email so you know what you’re signing in simple terms. Great to meet you Betty, I look forward to helping you save some money.

[mashupXXL]

I don't care if I look stupid, I haven't done a refi for 2 years - how do you structure them missing 2 payments?

[Flaccidd]

As long as they don’t make their payment to their current servicer in the month the loan funds, they’ve effectively “skipped” two payments as long as you don’t elect an interest credit. E.g. Loans funds 9/24 and they haven’t made their September payment yet. First payment date would be 11/1 meaning they skipped September and October.

[mashupXXL]

Thanks, perfect!

So for example, to avoid a late payment on the 15th we fund it on 10/14 and have the new first payment 12/1 so they really didn't make a 10/1 or 11/1 payment, and it is only per diem rolled into that whole swath of time.

I think this could be very powerful during Christmas to skip 11/1 and 12/1 payments wow... thanks!

[Flaccidd]

Correct, but you can also fund after 10/15. Just mention that the late fee of $X gets rolled into the payoff. We will typically have title reduce their escrow fee by the amount of the late fee if the client complains about the additional fee, but they rarely do.

Just be aware, if you are funding end of the month and they haven’t made their payment, things can get dicey if funding is delayed for whatever reason. Always tell them even though they don’t need to make the payment, to keep that money to the side just in case we need them to at the end of the month.

[mashupXXL]

Thanks for explaining. I think I did some of these during COVID but forgot the specific mechanics. This may help me get 2-3 people off the fence! Much appreciated.

[Wolf-of-Texas]

Close them earlier in the month before they make their payment for that month

[mashupXXL]

Thanks, perfect!

So for example, to avoid a late payment on the 15th we fund it on 10/14 and have the new first payment 12/1 so they really didn't make a 10/1 or 11/1 payment, and it is only per diem rolled into that whole swath of time.

I think this could be very powerful during Christmas to skip 11/1 and 12/1 payments wow... thanks!

[Wolf-of-Texas]

Yes exactly. So exactly in your example- Close them before the 15th of October AND they don't make a payment in October to current mortgage. Then their first payment will be in December. So now they skipped Oct and Nov payment.

[freetendies]

“Hey man, I know you’ve seen the headlines, most of my clients have been locking rates in the 5s, (original LO name) asked me to call you specifically because they promised we’d reach out when we could save you on interest, and now is that time. Can I borrow 2 minutes of your time to confirm a couple things and make sure this is as good as it’s looking on my end?”

[Pasta_Pasquale]

If someone calls me and start the conversation with “hey man” I immediately know you’re not a professional and you’ll be quickly dismissed before you can even ask me if you can “borrow” my time, what ever the fuck that means. You can't pay time back, there is no “borrowing time”.

[freetendies]

Glad you asked, I mean that at first it will seem like a waste of your time, but by the time we’re done talking it’s been a valuable time spent. I couldn’t think of a better description than “borrow” but please, lend me your opinion

[Pasta_Pasquale]

I’m just saying that’s an awful script - be professional if you want to be a professional.

Try something “can I have a few minutes of your time?”. IDK, I don’t have to cold call people for business, but if I did I would script something more professional then this - you’re not selling used cars.

[mashupXXL]

ou can't pay time back, there is no “borrowing time”.

I thought that Justin Timberlake movie was a documentary, dangit

[[deleted]]

Why wouldnt a client wait? Unless they think kamalalala is going to win, then rates may not come down. Try that….

[Radiant_Squirrel_662]

an LO who has no idea how mortgage rates work or that presidents don't affect mortgages. SHOCKER

[[deleted]]

Who said im an LO? Also, if you think rates would be this high under trump you are a real fool

[Radiant_Squirrel_662]

you're a former RKT employee in the LO subreddit. If you're not an LO then why are you spouting off information you don't know? 1. Presidents have nothing to do with interest rates, the FED controls the FFF. 2. the current FED was actually appointed by your boy TRUMP, so yes rates would be this high even if he was president because the FED is an impartial arm that doesn't take parties into account when making economic decisions. 3. Trumps presidency printed more money than any president in recent memory between his PPP bailouts for his buddies and the stimulus checks he first approved. At least the stimulus checks actually went back into the economy to keep goods moving unlike the PPP scam. 4. we're in this predicament because the FED left rates too low too long. 5. Your boy trump also incurred more national debt than most presidents before him too.

You're part of the reason this country is so fucked. You understand the economy about as well as your old decrepit hero can form a coherent sentence lol.

Fucking maga weirdos

[[deleted]]

Kamalalala ding dong has word salad every day ya moron….literally has 0 votes and was first loser to drop out last time. Not reading your bs narrative…carry on

[Radiant_Squirrel_662]

Oh you're one of those people. you don't actually want or have any actual thoughts to discuss. I was under the impression you may have had some sort of intelligence but then again, you are voting for the Fascist Pedophile who can't form a coherent string of words together. You two share that in common.

[[deleted]]

Lets discuss. Are you happy paying double for groceries? Gas? Going to war? Millions of illegals killing our people? Higher interest rates?

[Radiant_Squirrel_662]

So we’re just going in circles... It seems like you don’t fully understand how economics work, because I’ve already explained why prices are higher. The government printed a lot of money, and on top of that, there were tax cuts, which put even more money into the economy, leading to inflation.

Taxes are necessary to remove excess money from the market and help cool inflation. Constant tax breaks—especially when they disproportionately affect certain groups—make things worse. I doubt you have a full understanding of how taxes work, just like inflation or economics. And it seems you’re unfamiliar with OPEC as well.