Clients need to understand their employment history is a piece of the mortgage application puzzle.
Here’s How You Can Deliver a Stellar Customer Experience
From keeping up with the refinance boom to making the best out of the ever-fluctuating market conditions, it has been a whirlwind few years for mortgage professionals nationwide.
And while this may seem like a positive, one area of the process appears to be hurting: the customer experience.
With increased business in the loan origination space comes an increased workload. This is because each new client means there is more paperwork to be done, more phone calls to be made, more statuses to monitor, and more overall back-office work to complete.
These repetitive tasks carve out a significant portion of an MLO’s workday, leaving little time for the customers themselves. It’s easy to see why, from the borrower’s perspective, this approach to customer service leaves much to be desired. And can you blame them? After all, this is the largest purchase many of them will make in their lifetime.
Essentially, the loan origination process needs an update. Here’s how you can keep customer service at the heart of every mortgage loan transaction.
Customer Satisfaction and the Loan Origination Process
When it comes to nurturing and growing a business, customer service is critical. In fact, did you know that over 80% of customers are willing to pay more for superior service? This may be even more applicable in consumer-centric industries, like mortgage lending. And with nearly 350,000 other MLOs out there, you’ll need to stand out.
The good news? If a broker can reach the borrower on a personal level rather than a business transaction level, the negative perception surrounding customer experience in the loan origination process could begin to change.
Look at the process from the buyer’s perspective, for a moment. They are about to make the largest purchase of their lives and are feeling a range of intense emotions. Not to mention, there are dozens of documents to be signed and financial decisions to be made!
And it isn’t always possible to hold their hand and emotionally support them through the process while trying to do your job, too. As much as we’d like to be there to share in the emotion, there simply aren’t enough hours in the day to connect with each client in this way.
Automating the Loan Origination Processes
If you want to provide superior client care in today’s day and age, automation is key.
It’s no secret that MLOs wear many different hats. The modern mortgage professional is a marketer, researcher, and cheerleader, all on top of simply ensuring that clients’ loans are closing. Some even get so busy trying to find their next client that they forget the one they’re currently working with.
That’s where prioritization and back-end optimization come in.
Automating many of these tasks will clear time in your schedule and allow you to accommodate your borrowers. In turn, happier clients will follow. After all, you’ve no doubt seen first-hand how satisfied customers lead to future business through referrals.
Interested in Improving Your Customer Satisfaction?
The loan origination process doesn’t have to be so hard. In a world where digital technologies assist in everyday tasks, wemlo has simplified your workday to free up your capacity.
Take back your time and spend it becoming a part of your borrower’s journey to homeownership. Schedule a demo today to see how we can help eliminate some of your most tedious tasks.
