NMP - November 2019 - 10

Recruiting, Training and Mentoring Corner

VA is the Answer
BY DAVE HERSHMAN

I
NOVEMBER 2019 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

10

have previously given my
rendition of the magic
question. Actually, there
are two magic questions.

The first is addressed to loan
officers: What is your rate for a
30-year fixed mortgage?
The ability of loan officers to
answer this question translate
into their success in converting
leads. That is why the answer is
so important.
The second question is
addressed to managers: What is
your commission plan?
Obviously, this is a
recruitment question. The more
the loan officer focuses on the
"Rate" in their answer and the
more the manager focuses the
"Commission Plan" in their
answer, the less effective they
will be. Furthermore, if a
manager is not effective in
overcoming their magic
question, how can they be
effective helping their loan
officers overcoming theirs?
What does all of this have to
do with VA loans? That is also
an interesting question. Did you
know that there are more than
18 million veterans in the United
States? There are less than 200
million Americans which are of
"homebuying age." That means
that approximately one in 10
homebuyers are eligible for VA
loans.
The tragedy here is that many
of these eligible homebuyers
never get a VA loan because
they are not aware of the
benefits and their loan officer
never asks them if they are

eligible. As a matter of fact, I can
recall someone who worked for
me at a mortgage company-not a
loan officer-who was buying a
first home with her husband and
never knew they could purchase
VA because they were in the
reserves. No one told them that
and she worked for a mortgage
company. I did, obviously-
because I asked the question.
Thus, I train loan officers to
ask the question. A simple
question: Have you served in the
Armed Forces, including serving
in the National Guard or as a
reservist? For those reading this
article, did you know that starting
in 2020, the funding fee for those
who served in the National Guard
and reservists will no longer be
higher, though the "regular" fee
will be going up, at least
temporarily?
So, let me return back to the
magic question. When a loan
officer is asked: What is your rate
for a 30-year fixed mortgage?
A very important question to
ask the consumer is: Have you
served in the Armed Forces,
including serving in the National
Guard or as a reservist?
When they question why we
asked, we will say that we carry a
special program for active
military and veterans and this
program has special benefits. For
example, this program requires
no downpayment and no monthly
mortgage insurance, which is
very unusual for a low
downpayment loan.
You can always go on to say
that as a professional mortgage
advisor, you will always find the
best program options for a client

"The tragedy here is that many of these eligible
homebuyers never get a VA loan because they
are not aware of the benefits and their loan
officer never asks them if they are eligible."

so that you can deliver the right
benefits for their needs and
situation.
Now we are talking about
program options, instead of
rates. If they are indeed eligible,
you could offer to e-mail them
an article which explains the
benefits of the VA loan program.
The addition of added value.
Don't have an article to send
them? E-mail us at
Success@HershmanGroup.com
for an article (we have many,
many articles) or ask for a trial of
our program so that you can get

one personalized with your
information on it.
Let me add one more
"Personal Peeve." I hate it when
listing agents advise their clients
not to accept a VA contract. This
is a program which is a benefit
for those who served our
country. I think this practice is
absolutely terrible and we all
should be educating agents to
cater to those who have served
our country, don't you? Let's all
try to educate our industry
regarding the magic answer to
the question.

Senior vice president of sales for Weichert Financial
Services, Dave Hershman is a top author in this industry,
with seven books published, as well as establishing the
OriginationPro Marketing System and the OriginationPro
Mortgage School-the online choice for mortgage learning
and marketing content. His site is OriginationPro.com and
Dave can be reached by e-mail at
Dave@HershmanGroup.com.


http://www.NationalMortgageProfessional.com http://www.OriginationPro.com

NMP - November 2019

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NMP - November 2019 - CT1
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