Every type of sales is a numbers game: for X number of people you get in the door, only a certain percentage will close. However, closing a loan is not a game of luck. You can control your ROI by ensuring that the time you spend with leads is not wasted.
Increase Your Sales ROI
Mortgage brokers and loan officers who help clients with credit can easily double or triple their revenue and close rate. Once you are trained in credit restoration you can spot leads who may not qualify now, but who could qualify if they increase their credit score just a bit more. Use the time with these clients to educate them on credit repair, then help them qualify for a mortgage and get a lower rate on all types of loans. You can help your clients pay significantly less over the life of the loan, learn better financial habits, and help yourself with a better ROI for your time.
Create More Qualified Leads
Your leads are only as good as their probability of closing. You can control the level of qualification for your leads (to a certain degree) by ensuring that they are qualified for loan approval should they desire to continue with you.
Once you understand how to read their credit report, you can spot the negative items on your clients’ credit reports and give them a path to credit restoration.
- Over 79 percent of credit reports have errors that negatively affect the credit score
- Sometimes creditors do not remove items after they have been paid off, so it is up to the consumer to ensure that this happens
- Credit bureaus are required to investigate and remove unverified and inaccurate negative items from a credit report
Imagine being able to turn unqualified leads into qualified leads to help you and your team build a legacy of financial success for your business and the greater community.
Understand that not every client can increase their credit score enough for a mortgage to be a feasible option. For those in the 580 and up range, a credit restoration program can work wonders to improve their credit score. Not only can you increase these happy future clients’ scores, but they are much more likely to refer their family and friends to your brokerage firm because you went above and beyond other mortgage brokers in the area.
Diversify Your Services
Financial education is a major aspect of a credit restoration specialist’s role. Many folks aren’t sure how their credit scores are calculated, what factors affect a score, and how to change their financial habits to increase their credit score. Diversify your services by offering future and existing clients credit education.
As a mortgage broker who understands credit restoration, you can educate the larger community and find leads through financial education events, webinars, and information on your website and throughout your loan process about credit repair solutions.
Increase your visibility and your income by diversifying your service offerings with credit restoration. Stephanie Black was a mortgage broker who ended up building an entire credit repair business that far exceeded her mortgage broker income just by providing credit restoration for her fellow mortgage brokers’ clients. She started out helping her own clients and when she started closing more loans, fellow mortgage brokers in her office took notice and sent their clients her way. With 75 clients each paying $300, Stephanie realized that she would make $22, 500 in gross profit. She decided to switch to doing credit repair full time and continues to run an incredibly successful credit repair company to this day.
The bottom line is that mortgage brokers already do much more than just look over paperwork and stamp a yes or no. You understand that there are many factors that go into approving a loan, and credit restoration can be a deciding factor for whether your leads turn into clients. Increase your luck with leads by offering solutions to poor credit, rather than a simple no.
Grow your business by learning about how credit restoration helps your mortgage clients and gives you an easy second stream of revenue.
Download the Recipe for a Scalable Credit Repair Business today!