Another trap I see lenders or originators often fall into is the Jargon Trap….
I’ve heard that we too often use jargon or mortgage lingo in our process. We need to remember that we help people buy homes every day (at least I hope you are getting a borrower each and every day) and that borrowers only buy a home every five to seven years.
So cut the jargon.
No more talk of LTV, PITI, DTI, ATR, QM, PMI or any other abbreviation.
Wanna stop? Promise the borrower that you won’t use any abbreviations and tell them you’ll give them a dollar each time you do it. You will quickly get to the point where you stop using jargon.
Now I haven’t run this by compliance so I’m probably suggesting you violate some regulation or rule. That’s not my intention so ask for permission before you do this.
If you can’t give the money to the borrower, tell them you’ll give it to a charity such as the National Credit Union Foundation.
Getting away from using jargon will help your members better understand the process and be another step towards becoming memberlicious!