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The Mortgage Business and Beethoven’s Music

What’s the use of reading Beethoven’s music if one can’t read music?

What a powerful statement, and it’s so true. You can have every tool that Craftsman makes, but if you don’t know how to use it, what’s the use? Knowing what to do with the items you have is what makes the items useful, not just having them.

How does this relate to the mortgage business? Let me tell you what I have observed in all my years in this business and then you decide whether it pertains to you or not, ok?

When I was first starting out in this business, I was given a rate sheet and was shown where on that sheet the “par rate” was. Then I was told to read the rest of the rate sheet and everything would be self explanatory. All the bumps to the rate or yield would be easily understood.

Well, that was kind of true. I could find the bumps to the rate/yield, but then I had to decipher to which program it was added. Some rate sheets were so confusing I couldn’t make heads or tails out of them. Programs names like “Gold”, “Gold Plus”, “Gold Plus Ultra”, “Gold Silver Plus”, Gold Silver Plus 1”, ect. If you’ve been in the business for a while, you know exactly what I’m talking about.

All the AE’s say the same thing when asked why so many confusing programs, “We have so many products to offer you, we need to label them somehow, and this is the easiest way. With all the products we have to offer, you should just use us for all your mortgage needs.”

What the AE’s don’t realize is that because everything is so confusing, the fact there are “so many programs” gets shoved aside and that lender doesn’t get used as much.

What’s the use of having the rate sheet if you can’t figure it out? I was always of the belief that simpler was better. Once you show someone something good to use and they use it, then you can introduce new products and little by little, those products will be used as well.

I learned this when I worked as an AE as well. At first, I just gave info on all the products in my pipeline, so to speak. When I started giving less info as to what I had to offer and started concentrating on just a product or two, sales volume when up.

When I questioned this, more often than not I got the “Your old rate sheets were way too confusing. After you simplified it, it was easier to read and use.”

The same thing goes for the Pay Option Arm when presenting it to your borrowers, it could be so confusing then don’t know what you’re presenting them. Make it more simplified and more understandable, then see what kind of results you get. Teach your borrower’s to “read Beethoven’s music, then give them the music to read.”

And now I would like to offer you free access to my Mortgage Mailbag with the first installment being "The 5 Biggest Myths about the Pay Option Arm and the Real Truth About Them". It's a free weekly service you can access at