Mortgage referrals are a main driver of business for most loan officers and 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.