Predictive Refinance Scenario - MBai145 - Script & Playbook

The contact recently had an increase in their minimum monthly payment, possibly ARM or Escrow adjustment. Often this is a catalyst for a refinance.

Alert Background:

This contact meets the minimum credit criteria set by your organization. The contact has also had an increase in the minimum monthly payment required by their servicer. This often happens when servicers need to adjust the monthly escrow withholdings, for example, when property taxes increase. This can also be an indicator of an ARM adjusting. Either way, borrowers don't like the news, and even though this usually isn't the servicer's fault, we have found it often prompts the borrower to look at refinancing options they may have been putting off.  

Script Example:

This script is one example; feel free to make it your own and communicate the message in your own words. 

"Hi (First Name),

It's (Your Name)" 

Make the Connection: At this point, you want to remind them of how you know each other. This will change the tone of the conversation from a cold call to a warm call. For example, if you helped them with financing to buy a home two years ago, bring that up. If this is a contact that an agent provided to you, let the client know the connection, for example:

"We worked together a couple of years ago to purchase your home..."


"I work closely with (Agent Name)'s clients..."


"We met at a concert a few months ago..."  (you get the idea, right?)

Now that the conversation has relevance, it's time to start talking about them...

"You may have seen the letter or email from me recently; my system periodically reaches out to clients that may benefit from an adjustment to rates and terms, and your name popped up, so I thought I would give you a quick call. How have you been since we last spoke?"

Let them talk, and ask follow-up questions that will get them talking about their plans, for example... 

"Are you planning on staying in your home long-term?"

"Have you thought of doing a cash-out to make home improvements or eliminate other debt payments?"

"Would you like me to put together a comparison to see if it's beneficial to consolidate and see how much you would save monthly?" 

Give Value: Let the conversation continue from here, with you asking questions about them. Let them tell you how you could help them. All you are looking for in the initial call is if they have any interest in comparing their current terms to new possible terms. The more value you can give, in the form of insight or answering questions, the more likely they will open up and have a meaningful discussion.  

Differentiate Yourself:  Tell them how unique you are compared to other lenders and why you like helping clients save long-term money.  

Possible Next Steps:

The homeowner is interested in refinancing in the next 1-3 months:

  • Answer any questions they have and tell them you will put together a quote. 
  • Send them a follow-up email so they have your contact info on hand.
  • Ask them their preferred communication channel: phone, text, or email. 
  • Keep in touch often through the process.

The homeowner isn't quite ready, but thinking about a refinance, maybe within the next 4-8 months or if rates decrease: 

  • Let them know you will check in in 30 days or if rates decrease; this will ensure they have your contact info if they have any questions along the way. 
  • Set reminders in your CRM to follow up with an actual check-in email or call once a month or if rates decrease.  

The homeowner isn't interested at this time:

  • Send them an email thanking them for their time and give them the estimated net monthly savings for future info.  
  • Add them to your value-driven nurture campaigns in your CRM. 
  • Set a reminder to follow up if rates decrease.