Completing The Puzzle

Completing The PuzzleMastering the Calusa Script

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The Calusa Script - History

• Script originally developed by Dave– Trial & Error from own history in sales

• Through the years, refined by Top Producers

• Original purpose:– Provide a Clear & Concise Roadmap

• Script Revised as Loan Products Evolve

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Preparing Yourself for the Call

• Arrive to work with enough time to check E-mail, return calls, etc.

• Have Product Guidelines & Matrix available

• Have a stack of Qualification sheets• Discontinue any other conversations• Stop any activity that can be overheard

by the caller:– Eating, chewing gum

• Smile when answering…your voice will be more pleasant

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Using the Script

• Script Opening • Thank you for calling Calusa. My name is __________. How may I help you?

• Creating Comfort Levels with Caller– Use Full Name to Establish Rapport

• Invitation for Moving Conversation Forward• Using Clear Opening Enhances Image

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Reservation Screen

O.K. Let me confirm some information so that I can better answer all of your questions and select the best program for you. On your pre-approval letter, there is a reservation number.It should start with a ‘C’. Great, am I speaking with _____? I show your address is _____.

• Confirmation of Information– Insinuates you have plenty of information to get

started with loan process

• You’re in Control of Call– Their questions can come later

• “Take an application”: Negative Connotation

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Reservation Screen continued


• “Best Program”– Giving them 2nd Best Program?– Challenge: Use “2nd Best Program” to see how many

loans you close

• “Pre-Approval Letter”– Use ‘Your’ to personalize call to their situation

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Reservation Screen continued


• Not an Interrogation, build rapport• Objections

– Don’t stop talking– Don’t talk over person

• Go right back to question you need answered

• Always personalize by using their name

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Joint Borrower Screen• __________, does anyone else own your home with

you?• Will they be doing this loan with you? What is

his/her name?• What is your social security number? Your date of

birth?• What is __________’s social security number? And

their date of birth?• What is your home telephone number?• Do either you or __________ have an E-mail

address available?• What is the month and year you purchased your

home?• Your home is located in __________ County?• What is the current value of your home?• Is it a single family home, condo or mobile home?• How much did you pay for your home when you

purchased it?

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Joint Borrower /Name & Address Screens

• I’m going to update your credit history now. While that is updating…

• …the federal government requires us to request your race and gender information in order to monitor our compliance with fair housing, equal credit and home mortgage disclosure laws. You are not required to furnish this information but are you…(read from Integra screen).– Ethnicity– What is your marital status?– Are you a citizen of the United States?

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Joint Borrower /Name & Address Screens continued

• Social Security Number– Make it normal part of compiling information– Everyone knows when asking for credit, their credit

will be pulled

• Section has no ‘Yes’ or ‘No’ type questions• No telephone number in Integra prior to pulling

credit– Use Qualification sheets to record telephone numbers

& E-mail addresses– Both telephone number & E-mail address must go into

Integra once credit is pulled

• Must say government verbiage portion prior to pulling credit

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• Exercise #1– Taking control of the call:

• Calling to ask what your current interest rate is for my credit score.

• Exercise #2– Overcoming a standard objection:

• Refusing to give social security number.

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• Verbiage for Credit– Never use ‘Pulling Credit’, etc.– Use ‘Updating Credit’

• Government verbiage gives assurance to caller– Tells caller we are complaint

• When asking Ethnicity & Sex, NEVER assume!– “I can tell by your last name that you must be

Hispanic.”

• Marital Status & Citizenship required on all loans

• Allow conversation to immediately flow into Employment

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Employment Screen

• Who is your current employer?• What is your work number?• What is your current position?• How long have you been with them?• What is your gross monthly income?

– Gross income is your total pay prior to any deductions.

• Repeat for Co-borrower• Must have 2-year work history• No longer placing call on hold

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Asset Screen• Now, let’s talk about your savings account• How much do you have in your 401K account?• How much do you have in stocks and bonds?• How much do you have in savings?• How much do you have in any other accounts

like checking?

• Opportunity to iterate to borrower how dire their financial situation truly is

• Use voice inflection to be surprised at lack of emergency reserve funds

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Credit Grading Screen

• Ok, __________, I’m reviewing your credit history from the credit reporting agencies. What they are saying is that…– You’re discussing their payment history. Ask about

late payments and/or tax liens and judgments

• Example #1:You’re payment history is pretty good. But the amount owed on your revolving accounts is high compared to your available balances. They are also indicating that you have to many accounts with balances. But that’s probably why you called. Let’s go ahead and see what we can do for you.

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Credit Grading Screen continued

• Example #1:You’re payment history is pretty good. But the amount owed on your revolving accounts is high compared to your available balances. They are also indicating that you have to many accounts with balances. But that’s probably why you called. Let’s go ahead and see what we can do for you.

• Use Tone & Inflection to stress points• Be enthusiastic

– Borrower “Buy-In” begins here– They’ll feel confident– Gives you psychological advantage

• Pause after, “…why you called.”

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Underwriting Disclosure Screen• I’m showing your current mortgage is with __________,

with a monthly payment of __________. Is that correct? Does that include your taxes and insurance or do you pay those separately? How much are your real estate taxes per year? How much is your homeowner’s insurance per year?

• Now, let’s go over your outstanding debt aside from your home. Is there anything that you would like me to target for payoff that has a higher interest rate?

• Get taxes & insurance at this point in call• Confirm both outstanding balance and monthly

payment• State each figure in full dollar amounts

– Confirm caller’s feeling of being overwhelmed by payments• Online Script: Select Program before Underwriting

Disclosure

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Underwriting Disclosure Screen continued

• ______, you need to get a pen and piece of paper ready because you are going to want to write this down. I’m showing your current minimum monthly payment on the debts we just listed to pay off is _____. Does that sound right? How much cash would you like back?

• OK, I’m going to put you on hold while I put your loan program together to determine how much of a difference this loan is going to make for you.

• Pen & Paper changes call dynamics– Caller is being charged with a task

• Recognize how long you have caller on hold– Placing call on ‘Mute’ can garner information

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• Exercise #3– Placing a caller on hold

• You’re working the loan, but how long have you left your caller on hold?

– How long does 30 seconds really feel like?

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• __________, I’m back.(come back with sincerity…such as WOW – this really does make a difference for you.)

• What I can do is consolidate all of the debt you want to payoff into a new loan (or loans) with a minimum monthly payment of _____. (this may or may not include their taxes) This represents a payment savings of _____ in your first month alone and a payment savings of _____ in your first year.

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• Also, since these are simple interest loans, anything you pay over the minimum monthly payment goes directly towards the principle balance, unlike your credit cards. Any extra payment you send on your credit cards goes first towards the compounding interest since your last statement, which is why the average credit card could take over 25 years to pay off. So, if you were to keep paying the same amount you have been paying on the debts we just listed to pay off of $_____, you would have this loan paid off in full in just _____ years and _____ months.

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• ALWAYS STRESS SAVINGS!!• In addition to their yearly savings, equate their

savings to a raise in income• Learn wording to allow for a natural flow

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• Everything is included in your loan so there are no out of pocket expenses to you with the exception of your appraisal. The appraisal runs about $300. We will take care of ordering this for you.

• So, your total loan amount is _____ at an interest rate of _____%. We will be paying off (list all debts to be paid with the amount) plus writing a check to you for _____.

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Closing

• Do you still have that pen and paper handy? Great, here are the few items that I need you to fax to me. I will need:– Copy of your 2005 & 2006 W2 form(s);– Copy of last 2 consecutive pay stubs;– Copy of your monthly mortgage coupon or

statement;– Copy of your drivers license– The name, telephone number and policy number

for your homeowner’s insurance company.

Indymac requires two years W2 forms, as per guidelines

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Closing continued

• My fax number is __________. I will call you to let you know I have received your items. How soon can you get these items to me? (Within 24 hours is what you’re looking for.)

• Great! An appraiser will be in touch with you within the next 24 hours and I will immediately begin the process on your loan. I will be sending some information by fax or E-mail. Which do you prefer? Great, send this information back with your other items and it will take me 2 to 3 days to process your loan.

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Final Closing

• Once your loan is completed, we will have a signing agent contact you to schedule a convenient time to get together so you can sign your final paperwork.

• Now, are there any questions that I did not answer for you? O.K., again my name is __________. My direct dial toll free number is __________. I will be on the lookout for your items and look forward to handling your financial needs.

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Alternate Closing – Gordon Ehrlich

So what we need to do is order the appraisal. It will take 24-48 hours for the appraiser to call you to schedule the inspection. They usually run $300-$350 and you pay him directly as it is your appraisal. We do not get involved in the financial end of that transaction. We have to order the appraisal so that we can be sure it will meet the underwriting guidelines. In the mean time, I need you to fax me several items so that I can do the income calculations and for the final approval.

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Alternate Closing – Gordon Ehrlich

Three common responses:

• What do you need me to fax you?– Loan is Closed

• Final approval? I’m not already approved?– You are pre-approved, however the income

and the value of your home need to be documented so we can obtain the final approval. There are two variables that need to be addressed with a loan: the DTI (Debt to Income Ratio), and the LTV (Loan to Value).

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Alternate Closing – Gordon Ehrlich• Hold on…I need to speak with my “spouse”

before we do anything.– Of course…I want to make sure everyone involved in

this process understands your financial situation and how this program is going to fix it. I actually prefer to have both of you on the phone together so that I can answer both of your initial and secondary questions. This will allow us to have one fluid conversation, and answer all of your questions at the same time. I place the order for the appraisal so that we can initiate the process to assure my ability to close the loan within the next 5-7 business days, which will start your savings this month as you will not have a mortgage payment next month.

• Secondary question is one that comes from the answer of the initial question.

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10 Steps to Success

Opening1. Take immediate control of conversation

“Let me confirm some information so I can better answer all of your questions.”

Credit Grading2. Review credit summary3. Give current monthly payments (all debts

paying off) and estimated pay-off times.

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10 Steps to Success continued

4. Determine how much cash they want back for home improvements, debts not listed, etc.

5. Give savings 1st month, year and time savings if they continued to pay what they’ve been paying.

6. Gain commitment by having them part of the process of what will be paid via loan.

7. Review items that have “Tax Deductibility” that are included in the loan.

8. Summarize loan. Loan amount, rate, new payment, debts paying off and cash back.

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10 Steps to Success continued

9. Give your complete contact information. 10. Gain commitment on receiving docs within 24

hours

• Build Rapport

• Be Enthusiastic

• Gain Commitment

Economy & Finance

Completing The Puzzle