Loan Officers Can Take Classes to "Sell" a Refinance.
When loan volume declines because home sales are slow or rates haven't dropped enough to convince people that a refinance is something to consider, then loan officers can find themselves without any income. When the mortgage business slows down for any reason, suddenly loan officers are deluged with promotional e-mails or postcards wanting to sell them "leads" to possible mortgage loan customers.
This is typically now done via the Internet. Consumers can respond to certain ads they see, such as "Need money for college?" or "Need money for taxes?" or some other such pitch. When a consumer sees such an ad and completes a form that says something to the effect of "Yes, I'm interested," a company collects the contact information on the person who is interested in a loan to pay off some income taxes or credit cards. The loan officer agrees to buy this information from the lead provider and contacts the consumer for a potential loan. Almost any industry that sells a product or service also has lead companies to help generate business.
There are also various business-building courses and classes that loan officers can take, and one of those classes is how to "sell" a refinance loan.
Most often, such a class will show a loan officer how he can review old loan applications from his previous clients and find ways in which a new loan might benefit them. The easiest things to do are to see if current rates are lower than what the consumer originally obtained and to contact someone who has an adjustable-rate mortgage and might want to convert the uncertainty of an ARM into a fixed-rate loan. Or a loan officer can review old credit reports to see which of his clients carried a relatively high balance of consumer debt and therefore might be potential customers for a cash-out loan.
Loan officers will take these classes, all with polished scripts, and start contacting their old clients. There's nothing really wrong with this at all, as long as you understand the implications of a refinance and when it makes sense for you. If a loan officer calls you out of the blue and starts talking about refinancing, it's probably not in your best interest. If rates have moved down, then you'll certainly hear about it on the news or read about it in the papers or on the Internet.