Credit Migration Alert - MBai16 - Script & Playbook

The contact's credit has improved to meet your credit minimums and now has a 12-month clean mortgage payment history.

Alert Background: 

This contact credit has improved in the last 30 days and now meets the minimum credit criteria set by your organization.  They have had a mortgage late in the past that is now over 12 months old and meets seasoning requirements for an FHA loan.  The credit score is also above the minimum set by your organization.  The borrower might not even know at this point that they could credit qualify, so a call to congratulate them on improving their credit could be a great conversation starter.  Most lenders that turn down a client will never speak to them again because they don't follow up at the right time.  If you follow up, they will be thankful that you are trying to take care of them.

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 they talked to you two years ago about a purchase, 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 six months ago when you were looking at buying a home..."


"I work closely with (Agent Name)'s clients; we spoke a couple of years ago..."


"We met at the home buyer seminar I held a year ago."  (you get the picture, 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 prequalifies and reaches out to clients whose credit has recently improved, and your name popped up, so I thought I would just give you a quick call and catch up."

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

"Are you still interested in buying a home?"

"Are you still looking to tap the equity for a home improvement (or to consolidate debt)?"

"Are you still interested in refinancing to a lower rate?"

Give Value: Let the conversation continue from here, with you asking questions about them.  Let them tell you how you could help them.  People don't want mortgages; they want homes.  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.  Tip:  Most first-time buyers want to hear about 100% financing or down payment assistance programs.  Even if that isn't their route, surveys have shown that most first-time buyers assume they will buy their first home without a down payment.  

Differentiate Yourself: Talking about rates and terms will put them to sleep.  Rates and Terms will sound very similar from one lender to the next.  Tell them how unique you are compared to other lenders and focus on your programs compared to the standard products available.  

Possible Next Steps:

The homeowner is interested in refinancing:

  • Get an idea of what they are trying to accomplish and stick to that subject first.  Don't go straight into taking an app.  They don't want to apply if they don't know what you can do for them.
  • If they are interested in consolidating debt, check the credit profile in MonitorBase, and you can get a good idea of their consumer debt.  
  • If they are interested in cash-out for home improvement, ask if they have an estimate for the cost of improvements so you can look up an estimated value.  
  • Keep in touch often through the process.  Let them know all the hurdles you are overcoming for them.

The homeowner is interested in buying or selling:

  • Ask questions about the home they want, their area, and their dreams!  Focus on what they want first, a house, then talk about mortgage terms after.  They want to know you can get them where they want to be before they start an app and pull credit. 
  • Ask if they would like an introduction to a good agent you know and trust.  

The homeowner isn't interested at this time:

  • Send them an email thanking them for their time, and let them know you are standing by whenever they are ready.
  • Set a reminder to follow up in 30 days to check-in.  They will ultimately work with someone trying to solve their problems. 
  • Add them to your value-driven nurture campaign in your CRM.