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How to sell more loans

Published on September 2, 2020
Last modified on November 24, 2021
How to sell more loans

As a loan officer/seller, your primary goal is to decide the best loan program for your customer and further on close the deal. Moreover, you need to be well adverse with details like property type, loan amount, credit score, etc. These key details are necessary for providing your customer with great services. If you want to keep your business flow healthy, then you must have a healthy flow of new and repeat customers visiting you again.  As a loan agent, you can start by doing some research to learn about the specific products and services that can help your customers. Example-You may not want to start a conversation with a first-time homebuyer the same way you would with someone who has already gone through the mortgage process already. So make sure to use the information that will have the most impact on your audience. But first, you need to get the conversation started.

The following are the top strategies to sell more loans:

Spreading The Word:
The first step is to know with whom you need to connect if you are working on building your business. So start by reaching out to other industry professionals and build relationships and widen your referral network. You can consider accountants and CPA firms usually manage the client’s financial details would be having many referrals. Also, appraisers are a good go-to source of local information, like which loan agency is selling the most loans, and everything related.

 Many times, customers use social media to share their loan buying experiences, be it a car loan, housing loan, and so on with friends and family. Therefore,  connecting with your clients on social media platforms like Facebook, Twitter and LinkedIn afford you additional opportunities to promote your services as a trusted loan officer to these expansive networks of potential new clients. These are the perfect places to provide testimonials from satisfied clients, too.

Telecalling comes in handy for connecting with your prospective clients. Its economical, effective and saves time. However, manual dialing leads to a wastage of time and you might also miss following up with clients. Lead management is always an issue. In such scenarios, tools like NeoDove do come handy. You just need to upload leads and assign them to the executive. The executive can log in into the app and start calling without having to manually dial the lead nor keep a track of all followup. The system does it all.

You can also get involved in your community and spend time at public events where you can have one-on-one conversations with people who are looking to purchase a home. Often first-time loan buyers do not know how to start the loan-buying process. Therefore, providing them with an expert available to them in an informal setting can ease the stress that comes along with the unknown. 

Therefore, you need to ensure that your business cards are readily available when you network or provide a flyer or postcard that highlights your key loan offerings.

Add Value

Now, this may seem quite obvious but the formula to success in the modern and cluttered landscape is “give, give, take”. Make it a point that you try to provide someone with something before you ask for anything in return or try to sell them. Furthermore, aside from being able to structure and underwrite a loan, you can also think about adding value to your clients in other aspects of their business if needed.

Find Out More About Your Customer

You need to find out more information and details about your customers by asking open-ended questions. Rather than just asking about the loan type and loan amount, you can focus on asking if the customer would like to take cash out and ask what their future plans are, etc.  By asking questions you allow yourself to provide superior service. This can help you uncover your customer’s true needs and motivations especially if your customer doesn’t have a firm answer yet. Some sample questions  you can include are the following:

  • Has anyone ever explained the loan process to you step-by-step?
  • Do you know what your credit score is and what’s on your credit report?
  • Have you seen any other rates you like? 
  • What kind of loan type you would be interested to buy? Tell me more about it. 
  • Have you considered rolling other debt into the mortgage in order to lower payments and save money on interest?

 Asking questions will help you stand out to your customer and begin to build a personal relationship, which is a very effective way to sell.

Everything is a sales opener

Every sales executive has encountered prospects who are not exactly keen on being sold, and in fact, some can be outright hostile to you. In one of the cold calls, I remember the prospect telling me” You all guys are the same. Just want to lie and sell your things”. There are two ways to react. I could have got offended and hung up, instead my response was “ It seems somebody has been lying to you for years, why not give me a chance and see?” .The client immediately cooled down and began a business relationship that lasted years. It’s very important to find ways to turn negative situations into positive ones.

Give Action items

Remember to always give action items. You can link each meeting or phone call with your potential customers with a set of action items or next steps to complete with the responsible party. Make sure that at the end of each interaction, be it long or short, you confirm and update those action items. 

Whether you provide a checklist, email summary, a potential borrower should always know the path they need to take to most efficiently close a loan with you. Following these tips and strategies will ensure you are successfully and effectively able to sell loans to your potential customers.

Focus on Speed

Responsiveness and short approval time are what will make your customers repeat customers. Ensure you don’t waste your customer’s time. Automating the loan approval process does help.


Speed, personality are great ways to catch clients’ attention but if you are not able to understand the customer’s pain point or the customer does not see value in what you’re offering, the sale is no -go. Therefore to sell more loans, client education becomes imperative.

NeoDove can help you to close more deals by automating your process and increasing your efficiency.

Also Read : Debt Collection Revenue: How To Increase It?

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