Most of the time, people in need of a mortgage are looking for the best price, product and service.  They want low interest rates for a particular loan program with the best turnaround available.  Everyone can promise those three things, but it is the best loan officers who actually deliver.

With rates at all-time lows and many new products out there to help potential borrowers, it’s important for loan officers to differentiate themselves and their services.

Ask for referrals – If you just closed a loan with a client who had a great lending experience, as if they know of a friend, co-worker, or family member who is also in need of a loan officer.  A good loan officers will go out and find their next client instead of sitting around, waiting for the phone to ring.

Provide transparency – Make sure to discuss rates or any likely rate movements with your clients, letting them know where you think things will stand and when the best time to lock is. Especially for first time home buyers, you should explain, in layman’s terms, the factors that affect rates and upcoming events and economic reports, as well as, the most likely impact they will have on your clients’ loan.

Be accessible – For most of your clients, this is the most important purchase of their lives and they want to know that you will be there with answers when they need them.  Be accessible via cell phone and e-mail, and even on your social networking accounts.  A client will readily give your name and number to a friend in need of mortgage assistance if they had an easy experience, and being accessible to them is one of the most important pieces of the puzzle.

Use your resources – Your clients will need the help of other professionals when buying a home (from insurance people, to home improvement people, to attorneys, etc.). A good loan officer has a network of high quality referral partners to offer their clients.  And in time, that resource can turn around and provide you with your next lead.

Don’t wait for them – Go through your database and look for opportunities—they are right there in front of you.  The best plan of action is to set a time to go through your list of clients and contact them, providing them with the opportunity to save more money on a refinance.  Yes, we know that rates are low right now, but they may not – they aren’t the mortgage experts, you are.

You want to offer the best price and products out there, but also remember that giving the best service to your clients will provide the most value over time and help your clients most in the long run.