Consumers have had enough! They have had enough of telemarketing calls, the lies, the scams, the come-ons from everyone — including mortgage companies.
Why do you think that over 35 states have passed strict laws on the do’s and don’ts for telemarketers? Why have many states started a "Do Not Call List" where consumers can place their name on a list with State agencies? The State of Minnesota passed a similar law recently and on the very first day, over 1 ˝ million people placed their name on the list.
I have elected NOT to place my name on these lists—because as a marketing person, I feel that it is part of my "research" to field telemarketing calls and keep track of the truly great opening lines (of which there are very few) especially from mortgage companies.
I am appalled and embarrassed for the telemarketers in the mortgage industry today. My calls range from:
- "Hi, I’m from XYZ Mortgage and with the rates so low, I can help you consolidate your credit card debt." (Whaaat? I don’t have any.)
- "Hi, I’m from ABC Mortgage and I can give you a home equity line of credit." (Why, did I call and ask for one?)
- "Hi, I’m from LMNOP Mortgage and I can give you a great rate if you have bruised credit." (Why would they think that?)
But, the phone call that I received recently—skirted the law—and was particularly appalling because it was an out-and-out telemarketing lie!
"Hi, I’m Jason from a mortgage company in Minneapolis and someone left a message that they wanted information about refinancing your mortgage."
He called the wrong person when he called me! I asked him, "Just who left the message?" He did not know who it was but wanted to talk about rates and refinancing.
I told him, "You must be mistaken." He said "No, this was the number left on the answering machine."
OK, I just couldn’t take it any longer and asked him the name of the mortgage company. He did not give me the name—but told me again they were located in Minneapolis.
Then I told him, "I think you are mistaken, no one here called you because I have been in the mortgage business for 28 years and publish an online mortgage magazine." Then I asked him if this was his way of getting around the "do not call" list rule.
He hung up on me.
These are the mortgage companies that give the industry a bad name and reputation.
Here’s an idea! Why not try honesty? I am not knocking telemarketing—it’s another method of marketing, but here’s a script that I would appreciate hearing.
"I am calling to speak with you regarding the possibility of refinancing your mortgage. I was wondering if you are currently working with a loan officer since the interest rates are so low."
If the answer is, "Yes" the follow up question might be, "Would you be willing to let me give you a second opinion?"
If the answer is, "No" the follow up response might be, "Have you ever considered refinancing and would you allow me to send you a quote via email, fax or mail?"
Permission Marketing needs to replace the "hard sell" and the "lying". If part of your business strategy is telemarketing—I suggest that you consider re-writing your scripts and begin asking for permission to help clients with their mortgage. This is important to all of us because our industry needs to "market" at a higher level!
Copyright, 2003, LoanOfficerMagazine.com
