“When you learn things about your borrower (preferred communication method, work hours, experience with technology, etc.), you can gauge the best way to get what you need to expedite the CTC. I’ve tailored the way I work through a loan based on the borrower’s preferences. Some borrowers just want a list of necessary documentation so they can knock it out within a few hours and other borrowers need me to hop on a Zoom call and walk them through each step.”
At the end of the day, mortgage professionals are in the business of customer service and making homeownership dreams come to life. While it’s easy to get lost in the weeds of day-to-day operations, it’s important for mortgage professionals to recognize and hopefully appreciate what a privilege it is to help make borrowers’ dreams come true.
Tip 2: Maintain a Customer-Centric Mindset
The mortgage industry is full of jargon, different lenders and loan types, and fluctuating rates. For even the most seasoned professionals it can be hard to keep up, much less for borrowers (especially first-time homebuyers). An MLO is a borrower’s lifeline and it’s important to coach borrowers through the ins and outs of the often-confusing, usually intimidating home financing process.
For veteran wemlo loan processor Andrea H., setting expectations at the outset of each transaction is fundamental to facilitating a smooth experience for all parties involved. When working directly with borrowers, Andrea H. firmly maintains that no question is a stupid one. “Communication is key in making sure a borrower understands each step of the process. As a processor, it’s my job to read the room and ensure the borrower feels comfortable and empowered on their home loan journey,” she said.
Simply having the mindset of being more of a teacher and less of a salesperson can help mortgage professionals distinguish themselves from the competition. This hands-on, empathetic approach can help generate what every MLO is after: more word-of-mouth business and repeat customers.