“Never Split the Difference”

August 6, 2024: Chris Voss is a former FBI hostage negotiator and author of the book “Never Split the Difference” He is known for his expertise in negotiation techniques. A mortgage loan officer can learn much from the several effective negotiation techniques from this book.

For starters, Voss emphasizes the importance of active listening in negotiations. By truly listening to the borrower’s needs and concerns, a loan officer can better understand their motivations and customize and personalize their services accordingly.

Then Voss introduces the concept of tactical empathy, which involves understanding the other person’s perspective and emotions in order to establish a more positive and cooperative relationship with borrowers.

Another effective technique is mirroring when you subtly mimic the body language, tone, and speech patterns of the borrower to build rapport and establish a connection. Loan officers who use mirroring create a sense of familiarity and trust with borrowers.

Voss also recommends using labeling, which involves verbalizing the other party’s emotions or concerns, to demonstrate empathy and understanding. Loan officers can use labeling to validate borrowers’ feelings and build rapport.

Voss recommends asking more open-ended questions and less yes or no questions. This will encourage the borrower to provide important information regarding their true intentions and loan preferences.

Reading or listening to “Never Split the Difference” can provide valuable negotiation skills and strategies that can help mortgage loan officers effectively communicate with borrowers, build trust, provide a better customer experience and ultimately close more deals.