Mastermind Group Referral Tracking - The Mortgage Originator- A Deeper Dive

Let's get started with the Primary Referral Targets for the Mortgage Originator. The 2 professionals that we have the Mortgage Originator focus on are, the property and casualty insurance agent and the Financial Advisor.

Now  let me be clear, and this is for all Core7 professionals, this doesn't mean there are not other referral opportunities to other professionals, however staying focused on the primary referral targets of the core 7 Referral System is the most efficient strategy to have the system flow smoothly, generate referrals, and put your client in the best financial position.

Ok the first primary referral target for the Mortgage Originator is the property and casualty insurance agent. This is a very simple cross sell, as it is just an email that is sent to the borrower with your insurance agent partner copied, with the proper amendatory clause language.  

 This gives your agent the opportunity to respond to the e-mail, and set a time to discuss the insurance policy. Below are the modules and timestamps to locate where we go into greater detail regarding this hand off.

Now ,for the Financial Advisor hand off. This can be a game changer for your mortgage business. It was for me. When I started being able to generate referrals for my Financial Advisor consistently, It really differentiated me from other Originators in the market.

 There are many opportunities for a mortgage originator to make an introduction to a Financial Advisor. However, I feel there are four super easy points which are illustrated here with references to the proper modules and the timestamps. All of the copy and paste scripts and emails are available in the Resource Center. Let's quickly review them.

 #1 is the cash flow cross sell. This happens at pre-approval. Very simply I offer the assistance of my Financial Advisor partner to review the client’s monthly cash flow in more detail. The way I introduce this is to say or email:

“ At this point in the process I always recommend that all my clients touch base with the Financial Advisor on my team who will do a full, no obligation cash-flow analysis. I think it would make a lot of sense. Would you mind if I made the introduction?

Again, there is no obligation, but I feel it would be time well spent.”

The second referral opportunity is at the closing. We call this the core 7 closing cross-sell which is reviewed in more detail in module ( ) around the ( ) point.
We just suggest reviewing any changes to the client’s financial plan. Very simply, I make a call or send an email saying:

Hi {Client's name),

Congratulations on the closing of your home. It is probably your largest investment to date. The purchase of a home can trigger many other financial ramifications. I would like to make the introduction to the Advisor on my team, he will be a valuable resource for you on this.

Would that be okay? I feel it would be time well spent.

The third opportunity is the one to three month cross-sell. It is always great to follow up with your customer as we all know, especially if it's to say you've been reviewing the file. Now if the entire Core7 system has been followed correctly, You would have obtained the mortgage planning questionnaire, so you know if the client has a Financial Advisor relationship or not.

 If they don't have a Financial Advisor relationship, I always call or email saying:

I was looking at your Mortgage Planning Analysis and I noticed that you don’t have a Financial Advisor. The purchase of a home triggers so many other financial considerations. Would you mind if I made the introduction to the Advisor on my team? I think it will be time well spent.

There’s no obligation and I think he/she will be a valuable resource for you.

Please let me know If that's okay with you.

Thank you so much!

Now the last referral opportunity for the Mortgage Originator is what I feel is the best opportunity to make the connection between your client and your Financial Advisor partner. Especially if you’ve followed the other cross sell points. We call this the mortgage review. We go into much more detail in the Mortgage Originator Module, but the gist of it is just to ask goal related questions, that cause your client to think about the future. This question sets us up to ask what we call the referral generator. Here is an example:

"Mr. Smith, what are your 2-10 year goals regarding real estate? Or what are your 2 to 10 year financial goals? Whatever the clients answer, you have the opportunity to ask " How is your relationship with your realtor or financial advisor who specializes in that area? This is really easy and will generate so many referrals if executed properly.

Over an 18 month period, I was able to generate 70 referrals for my financial advisor partner and 18 referrals that closed for my realtor partner. I’m telling you, It really works, just try it.

So we hope you got a lot out of the mortgage piece and will be able to see all the cross sell opportunities.
Next , we’ll review  the real estate agent which really flows easily and naturally along with the transaction process, and is executed with a couple simple copy and paste emails.

I feel the scripting and the wording of these emails are the big differentiator here, and can increase the system’s success by a huge margin.