Mortgage Broker Comeback : How To Capitalize On Your Growth
December 13, 2019 12:00 PM
James Hooper
In Print

Brokers are bucking industry trends and overcoming the current tight and competitive lending environment.

But while it’s an exciting time for brokers, given they were on the brink of disappearing not so long ago, brokers still need to differentiate themselves from their big box of competition to succeed.

It’s simply not enough to ride the success of the current strength in the mortgage broker industry. This is not the time to rest!

Technology, turn times, and rates are all important, yes,but these factors mean absolutely nothing without amazing customer service.

The reality is that without good customer service, your business will suffer.

Here are quick tips that you can implement now that make a huge difference when it comes to delivering great customer service.

Track your documents. Take an upfront accurate 1003. This is critical to ensure the loan closes in a timely manner, with the least amount of customer stress. Get what you need and only what you need.

Great service shouldn’t end at the closing. Work with lenders who have the same values as you, especially when it relates to customer service. You want the same high-level of service on the servicing side that you do on the origination side. Do you know who is servicing your customers’ loan because they think it’s you?

Proactive communication is key. It might sound cliché, but ensuring clients are informed throughout all phases of the process,along with any third parties like realtors and sellers, is always a key to the success of the overall client experience. The mortgage process makes people anxious because it’s a big unknown when your loan goes into underwriting. You should take every opportunity to keep them informed along the journey. It’s a partnership.

Don’t let them forget your name. It’s imperative that you follow up after closing. You will benefit from asking your clients to rate the overall experience. Then, take this feedback and learn from it. Don’t underestimate the power of a phone call. Customers spend up to two weeks researching you and another two to four weeks with you as you originate their loan, don’t let them forget your name. Send them reminders on their birthdays,anniversaries, anniversaries of when they closed on their home, and so forth.

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