How To Handle The "Rate Shoppers"

Loan Officer Freedom

Carl White

Education, Business, How To

4.9 • 753 Ratings

🗓️ 10 August 2020

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Have you ever run into this situation before?

Borrower: "What's your rate?"
You: [State your rate].

Of course you have, we all have! Here's the thing, borrowers have been trained and conditioned to ask about rates and that's okay. It's okay if some people shop us sometimes.

On this episode of Loan Officer Freedom my dear friend and leader in the Freedom Club, Kevin Gillespie, and I will discuss how we handle rate shoppers and what you can do to BEFORE and AFTER they've asked the inevitable question...what's your rate? We're going to go over a few strategies and share a script with you. If you'd like to go over even more scripts and strategies set up your complimentary coaching call with one of our coaches at LoanOfficerFreedom.com/StrategyCallRequest

Transcript

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0:00.0	all right hey gang this is carl white here on loan officer freedom the number one
0:11.5	podcast for loan officers in the world and i know what you think carl is because you're one
0:17.4	handsome devil that's not what it is it's's the, it's because of you guys,
0:22.7	you ask great questions, you make great recommendations, and you, you forward this to your friends,
0:28.6	and I'm very, very grateful that you do that. I'm joined today by a very, very, very dear friend of
0:34.1	mine, one of my mentors. I've learned so much from this gentleman, Mr. Kevin
0:39.0	Gillespie. Before I turn the camera to him, you're on the right episode. If the question in your
0:46.2	mind is, Carl, Kevin, how do I deal with the rate shoppers in a rate compression environment?
0:53.4	How do you guys deal with the rate shoppers?
0:55.1	So Kevin, brother, great to have you on board here today. Where are you located at today, my man?
1:01.2	Austin, Texas. Austin. Everything's awesome in Austin, right? Yeah, Lakeway, Texas. It's a suburb of
1:07.5	Austin. It's great out here. It's beautiful. Well, cool. Well, brother, it's an honor to work with you,
1:12.2	my man. We joined forces here a couple years ago, and it has been an incredible journey. And if you
1:18.8	look at the production in our branch, it's gone nothing but up. We just finished a record month.
1:28.2	Again, thanks to the loan officers that grace us by letting us be part of their team,
1:33.4	because that's how this works, you understand that they're not on our team.
1:36.7	They've graced us to allow me and Kevin to be on their team, right?
1:40.0	That's a good message for the branch managers out there.
1:42.6	So, dude, we get this all the time, man. I'm getting shopped. I'm getting shopped. I'm
1:48.8	getting shop. So I thought, uh, I thought that's what we would kind of cover here today.
1:53.2	So, uh, good subject. I think it's a great subject. And it's, it's probably one of the most
1:59.3	important because the ability, if you're getting calls,
	...

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