It is no secret that a satisfied customer is much more likely to recommend a mortgage planner to their family and friends. For this reason, it is important for loan officers to take every measure possible to ensure that customers feel like their home buying experience is excellent. A big key to this? Attending closings, which is one of the most important things a loan officer can do to give their customers and business partners the impression that they are committed to a wonderful lending experience.
While loan officers are not required to be at closings, Mortgage SAT’s National Benchmark by the STRATMOR Group shows that when mortgage planners are not present, borrowers are less satisfied. According to this study, the Net Promoter Score — which is the likelihood that a borrower would recommend a loan officer in the future — drops by 11 points on a 100-point scale if the loan officer is not at the closing. Additionally, if there are unexpected rates and fees and the loan officer is not available to explain the difference, the score drops by 35 points. On the flip side, 94 percent of borrowers said they were fully satisfied with their loan officer and the closing experience when the loan officer was at the closing.
In addition to making a good impression on the borrower, a loan officer who attends closings is likely to have his or her extra effort noticed by real estate agents and other parties involved. Not only does a loan officer’s presence at closings show their interest in the well-being of their customer, but the LO can help clear up any last-minute confusion or problems, which will cause the closing to go more smoothly. In return, the loan officer’s business partners will be much more likely to refer their future customers.
If a loan officer is unable to attend a closing, it is beneficial for them to be reachable by phone during the closing so they can respond to any questions that may arise. Another option is for the LO to review the closing disclosure with the buyer before the closing date and time. Whatever the method, the goal is always to make the customer feel as valued as possible.
Lead nurturing, the process of tracking and developing prospective leads into sales-ready customers, is a crucial component of any successful mortgage marketing plan. When mortgage leads are captured from various sources, they cannot be expected to simply convert to a sale at the first point of contact. The mortgage leads must be nurtured before they are willing to entrust a mortgage planner with the task of helping them purchase or refinance a home. Through a process of contact points and email nurture campaigns, Intent Home buying Marketing Intelligence allows loan officers to effortlessly nurture their leads. And, as a result, loan officers have more time to invest in other aspects of building their mortgage business.
According to marketing research institute MarketingSherpa, 79% of marketing leads never convert to sales — and a lack of lead nurturing is the most common cause. As a mortgage marketing platform, Intent uses multiple systems to ensure leads are nurtured to their full potential. From the moment a lead is entered into the system, Intent guides the loan officer in helping the buyer through every piece of the home buying process. Once the buyer has closed on their home, Intent provides the loan officer with techniques to stay in touch with the new homeowner to ensure they remain a customer for life.
Intent offers a wide array of email nurture campaigns intended to educate homebuyers, build relationships and regain leads who may have slipped away. These campaigns are perfectly timed and provide calls to action targeted directly at the lead. The content in these emails is relevant, conversational and intended to not only convert the lead, but also create a customer for life. We hope that by providing your customer with useful information and a great lending experience, they will remember you when they decide to purchase a new home or refinance.
When people think of successful mobile apps, Uber is perhaps one of the first that comes to mind. Through this shining example of technological advancement, some real estate and mortgage companies have attempted to create an Uber-like app to strengthen their relevance and reach. Where Uber pairs passengers with drivers, these apps connect clients and borrowers with loan officers and real estate agents. Here are a couple of mortgage and real estate apps worth checking out:
Using the non-traditional model of Uber’s independent drivers, Real seeks to allow Realtors to function more like their own boss and contractor. After signing up for this service, licensed Realtors are provided free “leads” as potential homebuyers are paired with a Realtor based on chosen criteria. With no referral-fee charges, Realtors retain more from each sale. In addition, the app enables Realtors to keep up with homebuying trends. Particularly for agents who have frequent home showings and travel to different offices to meet clients, this mobile app is a perfect way to work on the go.
With a growing database of interested borrowers, Mortgage Lead allows both the client and the lender to enter information that will be used to create a perfect match. After submitting their product offerings and licensed locations, lenders can target specific borrowers based on additional search criteria. This advanced filtering technology delivers successful leads at an efficient rate.
Uber itself has also joined with Realtors to assist in house showings. Paired with certain real estate agencies, Uber allows Realtors to become “drivers” in specific instances to resolve issues such as a client’s lack of transportation. Although relatively new, this concept has been well-received and could be a sign of what’s to come in replacing specified home viewing appointments to meet homebuyers’ schedules.