KISS The Mortgage Business

The more Loan Officers I speak with, the more it becomes obvious to me what a major issue is in the mortage industry.   I was at a restaurant the other day and overheard someone talking to someone else about mortgages.  As I listened, I realized it was a Loan Officer presenting his mortage ideas to a potential client.  The formalities they were using with each other made it obviouse they were not long time buddies.

Anyway, I felt what the Loan Officer was saying was good and acurate, he definitely did his homework.  Everything was fine except for the words he was using.  What I mean is he was talking "mortgage speak" with the potential client, which is a trap that a lot of us fall into when we talk to others.

What I found, and I'm sure Mortgage Brokers throughout the nation have as well, that is you KISS your business, things get easier and you close more deals.  If you don't know what KISS means, it's an acronym for "Keep It Simple Stupid".   

You see, because we as Mortgage Brokers and Loan Officers talk our own lingo everyday, we don't realize we sometimes speak that way with our potential clients,  I'm not saying we shouldn't, I'm saying if we want to put every advantage we can on our side, we should do so with our lingo as well.  Here's an example, if you talk about "spread" or "yield spread" (some of us actually talk about this with out clients), you should explain what it is.  You can't assume every client understands it.   Remember, you have to win your clients over, they are already getting a mortgage, your job is to have them get the mortgage with you.   The more you can possibly confuse them by talking mortgage lingo, the more likely they'll go with someone else who may not confuse them.  

So remember, always KISS your mortgage business.