By Wallace Jones
Cross-selling home loans means taking service excellence beyond the “people helping people” mantra with which credit union leaders and employees are so familiar. It means service excellence becomes personal, as all employees make it their mission to not only aid members with what they ask, but also to make offerings available before members even anticipate their own need for them.
It’s a challenge to make service so personal that it sells, especially for something so big and important as a home loan. The last thing you want is to instill a culture that turns your team into pushy “big bank” sales people. Here are three things you can do to start off in the right direction.
- Assess what your front-line staff members know about your home loan department. For example, conduct a survey to find out staff members’ level of comfort in providing your loan group with information about members whom they think might be ready for a particular loan. Front-line staff shouldn’t provide rates or specifics about mortgages, but they should be able to collect information about how to contact a member—and when is the best time to do so. They should also be able to point members to someone authorized to provide further information about home loans. Structure your survey so it helps you understand both what prohibits your employees from cross-selling home loans and what would help them build confidence in making this a part of their daily activities.
- Determine a strategy for staff training to help fill any gaps. In many cases, your loan officer or VP/lending will be fully able to answer all the questions front-line staffers will have about your home loans and when a member might need one. In addition to group training or one-on-one sessions, your credit union can provide front-line staffers with flyers that describe the “who, what, when and where” members can apply for a home loan. Also consider providing some sort of staff incentive or game for them to be quizzed or compete to better retain the knowledge.
- Provide front-line staff with an easy-to-complete referral form. This will serve as a guide to them when they are asking questions of members. For example, a form some credit unions use to send referrals to CU Members Mortgage asks for such information as the potential borrower’s name and phone number; a good time to reach them, the likely type of loan (purchase vs. refinance); the property address; the property’s price; and a likely down-payment amount. Leverage your training sessions to show staff how to use the form, and how to spot a good referral. Your lending department will be thrilled to see the leads come their way.
Keeping the concept of home loan availability fresh in your tellers’ minds is the only way to stress the importance of this product. New staff will join the team, others will change positions but, most importantly, they shouldn’t forget the priority your credit union has on providing additional information to members. It’s a culture change, and it’s only complete when service excellence becomes personal and it becomes your credit union’s way of life–which all plays a vital role in achieving the highly coveted home lending success.
Wallace Jones is national training director and vice president of CU Members Mortgage, a CUES Supplier member based in Addison, Texas.
It's not too late to register for the CUES School of Mortgage Lending, slated for July 16-17 in Cambridge, Mass.
ServiStar, offered by CUES in partnership with Michael Neill and Associates, Atlanta, has helped many credit unions successfully implement a culture of sales and service.
