With your help, borrowers could potentially be saving big. As a mortgage professional, you could probably guess that one of the biggest barriers to homeownership in today’s market...
Your choice of loan processing team could make or break you.
As a mortgage professional, the loan processing team you choose to work with says a lot about you and your business. Ask yourself, are your professional connections knowledgeable, efficient, and reliable? Or are they seedy, negligent, or outright unethical?
The fact of the matter is that your professional reputation may be on the line here. Your clients may evaluate your service through the proxy of the loan processors you connect them with. In other words, someone else’s bad behavior could very well reflect poorly on you.
And you simply can’t afford to slip up here—a whopping 70% of consumers reported they will leave their current brand if they find a higher-quality alternative.
That’s why it’s critical to work with a professional, proactive loan processing team like wemlo®. When you’re choosy about your professional relationships, the benefits are many:
- You (hopefully) get to closing that much faster
- The client experience is improved
- You look more professional
- You foster good working relationships
Let’s explore each benefit of working with a proactive loan processing team in greater detail:
You (Hopefully) Get to Closing That Much Faster
In today’s mortgage market, speed can be everything. That’s because prices only continue to climb, and inventory remains sparse.
Home prices recently hit a record high in May 2024, reaching a staggering $419,300. Each and every day that your clients wait on a mortgage, homeownership may become more expensive.
Inventory is also frustratingly low. Buyers must be able to move quickly if and when they eventually find a home that suits their needs.
Whether your clients know these ins and outs of the market or not, it’s ultimately on you to advocate for speed and efficiency in their path to homeownership.
By working with a proactive loan processing team, and setting clear expectations surrounding timelines, you may be able to better move the process along. Then, the efficient, speedier transaction becomes a win for everyone.
The Client Experience is Improved
Two of the top concerns for today’s mortgage clients include having an exceptional experience and getting to closing faster. We touched on speed previously, now let’s delve into providing an unforgettable customer experience.
The modern consumer expects nothing less than ease, efficiency, and seamlessness. That’s true whether they’re buying takeout or a townhome.
When it comes to the mortgage process, some of this may be inside your control and some is in the hands of the loan processor.
By choosing to work with a reputable, proactive loan processing team, you can almost instantly improve the client experience. That’s because issues, conflicts, and delays will likely go way down. From the client’s perspective, everything is progressing seamlessly, which is exactly what they want and expect.
With a solid loan processing team on your side, you might see better post-transaction outcomes related to client experience, including improved reviews or even increased referrals.
You Look More Professional
Remember the adage, “You are the company you keep?”
When you team up with professionals who are just as impressive as you are, it makes your business look that much better. Two teams at the top of their game will only inspire, uplift, and better each other.
On the other hand, an unresponsive or sluggish one may only drag your business down. You’re the one in the client-facing role, which means you’ll probably also take more flack when it comes to reviews and referrals.
Remember: Your professional reputation is everything! That’s why it’s critical to choose a loan processing team very carefully.
You Foster Good Working Relationships
We all know what it’s like working with someone who doesn’t exactly knock it out of the park… You may find yourself constantly apologizing on their behalf, cleaning up their messes, and eventually dreading each interaction. It might even impact your life outside of work.
But by choosing to only work with people who are good at what they do, your job becomes easier and more enjoyable. You’ll find yourself excited to update the client because you’ll be sharing good news instead of bad!
Plus, a good working relationship is much more likely to lead to improved outcomes even outside the home loan process, like better networking opportunities, potential referral business, and more. Talk about a win-win-win!
Final Thoughts: Working with a Proactive Loan Processing Team
As a mortgage professional, your choice of loan processing team could truly make or break you.
A proactive team can improve efficiencies, bolster the client experience, make you and your business look good, and ultimately contribute to a strong working relationship. A bad one, on the other hand, could all but undo all of your hard work.
This is a critical decision for any mortgage professional, and you simply shouldn’t settle for anything subpar. Make a point to research potential candidates, interview carefully, and don’t hesitate to jump ship if it just isn’t working out.
Remember: Your clients deserve the very best!
Ready to have the latest mortgage insights conveniently delivered to your email inbox? Sign up for the wemlo newsletter.
