In today’s market, low mortgage rates and high home prices are motivating homeowners to refinance mortgages, buy new homes or sell existing ones. But much of the mortgage industry is missing out on realizing the full income potential of mortgage servicing rights, and, as the frenzy in the market begins to subsides it’s time to hone in on improving retention strategies.
“We‘ve all heard how it’s easier to retain a current customer than secure a new one – we call this ‘playing for keeps,’” said Joe Welu, founder and CEO of Total Expert. “Until now, most lenders couldn’t ignite and fuel long-term loyalty with borrowers because the data access and advanced personalization required to deliver a seamless, unique experience was simply too hard to achieve.”
A recent white paper, Mortgage Retention: End the Annual Borrower Exodus, dives into how lenders can convert MSRs from “mere hypothetical loan opportunities into lifetime lending relationships,” and now more than ever that conversion relies on “purposefully designed marketing automation platforms that empower loan officers to intelligently engage with customers and members in the most meaningful, valuable way while becoming as operationally efficient as possible,” said Welu.
The fact is, modern banks and lenders must compete on customer experience – and the only way to do that at scale is to leverage customer data and insights. Total Expert allows users to market to the right borrowers, improve loan office productivity and most importantly deliver proactive, personalized service. Lenders must look at their omni-channel engagement and recognize that the right mix of human and digital is “what creates the special sauce for these truly modern banks and lenders,” Welu noted.
Marketing automation provides personalized communication and updates to borrowers during a loan process, so when borrowers have questions and need to connect with an advisor, for example, a system such as Total Expert gives the advisor a complete view of the customer’s profile and can seamlessly provide the human touch point that the borrow needs. Lenders leveraging marketing automation in this way deliver more personalized, relevant communications, leading to borrowers who feel valued and confident in their financial future.
“Lenders must be equipped to drive meaningful connections with borrowers because they expect that you know what they want and need,” he said. “Lenders have to educate those consumers about the products and services that best fit their needs and engage with them on the channel that they want. Doing this creates trust, drives better customer experiences and builds that essential customer loyalty.”
Now is the time for modern lenders to leverage powerful prospecting and lead gen tools in conjunction with stellar customer service to lock-in customer loyalty. Learn more by reading the full whitepaper here.