Mortgage
Sales Assessment Results
50
Needs Improvement
10 questions
Maximum score: 100
Completed in
It’s tough love time, my friend. Your performance on this test showed some serious room for improvement with an average score of 5. You have the potential to be a strong salesperson, but right now, your responses lack clarity and structure, which makes it difficult for prospects to grasp your value. You often miss the mark by not diving deep enough into the specific concerns of your prospects, especially regarding their financial situations and how your solutions fit into their needs.
You seem to excel when you empathize and ask clarifying questions, which is a good foundation. However, you need to channel that curiosity into actionable solutions and concrete examples. There’s a consistent pattern of being vague and convoluted in your messaging, which hinders your ability to build trust and rapport.
I suggest you study and practice the SPIN Selling and Solution Selling techniques. SPIN will help you ask the right questions to uncover deeper needs, while Solution Selling will guide you in tailoring your offerings to address those needs directly.
Remember, sales is not just about making a pitch; it’s about creating a conversation. Your key takeaway? Make it your mission to listen actively, clarify concerns, and then respond with clear, structured solutions. You've got this—now go make it happen!
Question Breakdown
1.
2
/ 10Question:
"I'm worried about how the monthly payments will fit into my already tight budget."
Answer:
We can structure the loan to fit a payment that your comfortable with
Feedback:
The response lacks depth and does not specifically address the prospect's concern about fitting payments into their budget. It would benefit from exploring the prospect's financial situation in more detail to better tailor the solution. Asking clarifying questions about their budget would show active listening and a collaborative approach. Overall, the response is too vague and does not effectively demonstrate value or provide reassurance about affordability.
Consider using a more structured approach, like discussing potential payment plans or offering a budget analysis as part of your solution.
2.
3
/ 10Question:
"With so many lenders out there, why should I trust your rates over the competition?"
Answer:
I’m here to earn your trust first. The way our process and service is completed you be informed and aware of the process the whole time.
Feedback:
The response touches on the importance of trust but lacks a direct answer to the prospect's specific concern about differentiating your rates from competitors. It would be more effective to provide concrete evidence of why your rates are competitive, such as sharing unique selling points, testimonials, or comparisons with other lenders. Additionally, the phrasing is unclear and could benefit from a more polished structure. Consider addressing the pricing, value proposition, or benefits of working with your company directly to enhance credibility and reassure the prospect.
Engaging the prospect with questions about their specific needs or previous experiences with lenders could also strengthen rapport and demonstrate a consultative approach.
3.
5
/ 10Question:
"I’m in a rush to close this, but I hear your approval process can take longer than expected. How can I expedite that?"
Answer:
I have lenders that can close in the time frame you need. My check list I’ve give you will ensure an on time closing. The check list covers all the documents I will need. The list also has the timeframe in which I’ll need the documents to ensure a closing in your time frame
Feedback:
The response provides a proactive approach by mentioning that you have lenders who can close within the required timeframe. However, it lacks clarity and structure, making it difficult for the prospect to understand fully. You should explain how the check list works and emphasize the importance of quick document submission to demonstrate urgency and collaboration. Additionally, it would be beneficial to ask the prospect about their specific timeline and any concerns they might have to show active listening and engagement. Overall, while the intent is good, the execution could be more polished and customer-centric.
4.
6
/ 10Question:
"Can you guarantee that there won't be any hidden fees popping up after I sign?"
Answer:
Yes. The loan estimate has all the fees required to close your loan. Each line item has a specific law that governs each fee and how much it can go up or down. Because of this, I make sure that the fees in the estimate are accurate. Some fees can’t even change and if they do I’m in the hook to cover the difference and can not be passed on to you
Feedback:
The response does a decent job of addressing the prospect's concern by stating that the loan estimate includes all required fees and that certain fees are regulated, which helps build trust. However, it lacks a more personalized touch and could benefit from a clearer explanation of how the law protects the customer from hidden fees and the implications of inaccuracies in estimates. Additionally, offering to provide a detailed breakdown of fees or inviting the prospect to ask questions could enhance transparency and engagement. Overall, while the response provides some reassurance, it could be more effective by making the communication more customer-centric and relatable.
5.
5
/ 10Question:
"I’m not sure my current income level aligns with the mortgage options you offer. Can you help clarify this for me?"
Answer:
When going over your income I makes sure your income can be used.Things like over time and bonuses can’t always be used. If you’re self employed there are some income line items that have to be subtracted and some can be added back. I make sure during the pre approval process that your income does qualify. We do have debt ratio limits on loan programs and we make sure you meet those limits during the pre approval process. Some loan programs have higher limits than others and we go over this during the pre approval. I will look at your w2’s and paystubs to make sure he income qualifies
Feedback:
The response does a commendable job of addressing the prospect's concern by outlining the factors that affect income eligibility for a mortgage. However, the explanation is somewhat convoluted and lacks clarity. It would benefit from a more structured format and clearer segmentation of key points, such as the process for evaluating income and the specific documentation required. Additionally, engaging the prospect with questions about their current income situation or previous experience could demonstrate active listening and a consultative approach. Overall, while the intent is good, refining the communication to be more concise and customer-centric would enhance effectiveness.
6.
6
/ 10Question:
"My colleague just had a bad experience with a mortgage lender; how can I be sure I won’t face the same issues?"
Answer:
Sore to hear that. Do you know what part of the process that your friend had the bad experience? Was it at the end or the beginning? Was it an issue with the house that took to omg to resolve? I don’t know what the other lenders process is but my process makes sure that your experience will be out of this world. The checklist of documents that are needed upfront and time frames of when they need to be submitted. The ordering of the appraisal the underwriting process is communicated with you. I have 25 years of experience should an issue arise you will be communicated with immediately. Once that happens we will then be able to resolve the issue if it can be resolved in a timely fashion. This assures a smooth transaction
Feedback:
The response begins well by empathizing with the prospect's concern, which is a good approach. You effectively ask clarifying questions about the colleague's bad experience to understand the specifics, demonstrating active listening. However, the response becomes somewhat convoluted with several ideas introduced at once, making it difficult for the prospect to follow. Simplifying your message and clearly outlining how your process differs from potential pitfalls could enhance clarity and confidence. Furthermore, instead of just stating your experience, consider sharing specific examples or testimonials from past clients to reinforce trust. Overall, while you show a proactive stance and willingness to communicate, focus on structuring your message for better clarity and impact.
7.
5
/ 10Question:
"If I choose your mortgage, will the transition disrupt my current financial plans significantly?"
Answer:
We would go over your financial plans to check if it would disrupt your plans and what we can do to manage the disruption to a minimum of at all. We can Taylor a program to minimize the disruption of any.
Feedback:
The response begins positively by expressing a willingness to review the prospect's financial plans, which shows an understanding of their concern. However, the communication lacks clarity and could benefit from a more structured approach. Phrasing like "manage the disruption to a minimum of at all" is confusing and needs refinement for better comprehension. Additionally, it would enhance the response to include specific strategies or options that could be tailored to the prospect’s needs, helping them visualize how the transition could be managed effectively. Asking the prospect about their current financial situation or specific concerns would further demonstrate active listening and engagement. Overall, the intent is good, but the execution needs to be clearer and more focused on actionable solutions.
8.
6
/ 10Question:
"I don't have much time to spare; how quickly can you ensure I get my funds if I go with you?"
Answer:
How quickly do you need the funds? I have a checklist of documents I need and the timeline in which I need to have them in. This ensures that we meet your time frame. By getting the documents I need upfront and timely will ensure a quick close.
Feedback:
The response demonstrates a good starting point by asking the prospect how quickly they need the funds, which shows curiosity and a willingness to accommodate their needs. However, it lacks specificity regarding how quickly you can actually deliver the funds. It would be more effective to provide a general timeframe based on typical processing times and how your process can expedite things. Additionally, clarifying the importance of timely document submission in relation to closing timelines would help reinforce that you are proactive about meeting their needs. Providing examples of past successful quick closings could enhance credibility and build confidence. Overall, while the intent is solid, adding more clarity and detail would improve the effectiveness of the response.
9.
6
/ 10Question:
"What happens if my financial situation changes after I take out the mortgage? Are there options to renegotiate?"
Answer:
What type of financial situation do you mean? There are a few options that are available if your financial situation changes positively. More income or a large windfall. We can look at those options if they should arise. There is a recast option if you come into a large sum of money and want to put more down to lower the payment is an option. Refinancing and putting money down is another. If there’s a negative impact to your situation refinancing to lower interest rate can be an option as well as calling the lender and getting a modification to your payment. There are different options for different scenarios
Feedback:
The response starts well by asking for clarification about the prospect's specific financial situation, which shows curiosity and a willingness to understand their needs. However, the communication could be clearer and more structured. You mention several options but fail to distinctly categorize them for better understanding. For example, separating positive changes from negative impacts would help the prospect grasp the range of solutions available more easily. Additionally, elaborating on how these options work in practice—such as the implications of refinancing versus modifications—would provide more value and reassurance. Engaging the prospect further by asking about their current concerns or experiences with financial changes could foster a more collaborative approach. Overall, while you offer valuable information, refining the clarity and structure of your response would enhance its effectiveness.
10.
6
/ 10Question:
"How adaptable are your mortgage solutions if my business needs shift in a few months?"
Answer:
What kind of shift are we talking about? If you earn more we can make changes to the pre approval to qualify for more. If it’s negative we can make changes to that as well. If you were to come into a larger downpayment we can make adjustments immediately. Most solutions depending on the need can be made instantly. Others may take a little more time like if you were to be at the closing table and need to make a change that would add on a day to redraw docs and get the loan back to you for signing. If we needed to restructure the loan while your at the closing table that would take a little longer, usually 24 to 48 hours as we would need to restructure, disclose and send back to underwriting and get it to closing again.
Feedback:
The response begins effectively by asking clarifying questions about the type of shift the prospect is considering, which shows a desire to understand their specific needs. However, the communication lacks structure and could benefit from clearer segmentation of positive versus negative changes, outlining specific options for each scenario. While you mention the possibility of immediate adjustments for increased income or larger down payments, the explanation becomes convoluted and may overwhelm the prospect. Simplifying your message and directly addressing the adaptability of your mortgage solutions would enhance clarity. Additionally, providing examples of past clients who successfully adjusted their mortgages could build trust and confidence. Overall, while you provide relevant information, refining the clarity and organization of your response would improve its effectiveness.