Mortgage Inquiry Alert - MBai2 - Script & Playbook

The prospect has applied for a mortgage with a competitor.

Alert Background: 

This contact meets the minimum credit criteria set by your organization and has had their credit pulled for a mortgage in the past 24 hours.  They could have started an app with their bank or credit union, applied with an online lender, or maybe with a mortgage lender their agent referred them to.  Most of the time, they didn't make the conscious effort not to talk to you; they just went with whatever options were presented to them.  In any case, if you have worked with them in the past or have some affinity with the borrower, you still have a good chance of winning the business.  Whether they are in the process of refinancing or buying a home, there is still plenty of time to connect.  Also, don't give up if you don't connect on your first attempt.  After a week or two, they may have lost faith in the service or ability of whomever they first applied with.  Or maybe they don't like the terms and want a second opinion.  We suggest connecting now, again in 1 week, and again in 30 days. 

Tip: If the contact is a first-time home buyer, they will be very interested to hear about 100% financing or down payment assistance programs.  Even if they have a down payment, they want to know their options. 

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 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 reaches out to clients that may be in the market, and your name popped up, so I thought I would just give you a quick call and see if I could answer any housing market or mortgage related questions for you."

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

"Have you been looking into buying a home or refinancing your current mortgage?"

"Would you be interested in having me email you a quote as well, just for comparison?"

"Has someone let you know about your area's (down payment assistance) programs?"

Give Value: Let the conversation continue from here, with you asking questions about them.  Let them tell you how you could help them.  Remember, selling and buying a home is a complicated process. 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.  

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 individual programs compared to the standard products available.  

Possible Next Steps:

The homeowner is interested in getting a quote:

  • Answer any questions they have and get them a quote.  Focus on unique products and services that your competitors don't have.  
  • If selling and they don't already have a listing agent, ask them if it's ok if you introduce them to a good agent you know and trust!  Your agents will love the referral even if they stick with their current lender. 
  • If possible, introduce the agent so the client has a warm intro and the agent knows that the referral came from you.  
  • Keep in touch often through the process.

The homeowner isn't interested at this time:

  • Remember, they just started the process.  A lot can change in a week.  Send them an email thanking them for their time, and let them know you are standing by to help with any hurdles they may encounter.
  • Set a reminder to follow up in one week.  Ask them how the process is going.  If they are getting neglected by their current lender, let them know you want to help them move faster.
  • Set a reminder to follow up in 30 days.  Check in again and see what has changed and if you can give them a second opinion.