home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Stories For Salespeople
Loan originator and broker news and stories. Advice about improving mortgage loan originations. Insights to and profiles of mega-producers.
sales stories | sales books | originator newsletter

Customer Retention Services

Encore Relations, Salesforce.com manage touchpoints

July 25, 2007


photo of Paula Parisot
Paula Parisot

Staying in the minds of customers is essential in generating repeat business, according to two companies that manage the process for salespeople.

Encore Relations recently launched a five-year client continuity program that helps keep originators at the forefront of customers' minds after their loans close. The service uses 15-20 annual touch points including housewarming gifts, postcards, holiday cards and letters delivered to specified customers.

Chris Medina, the Austin, Texas-based company's founder and CEO, told MortgageDaily.com that the idea for the program was born out of a need he had as the former vice president of a national mortgage company.

"I wanted to implement something for our clients where we would continue a relationship with them after the transaction would close, but it was too time-consuming to put something together," he said. "Nobody offered the service. I figured if I had this problem so did others."

Understanding the importance of continued customer contact, Medina developed Encore. For $299 per client, the basic five-year plan handles the follow-up touches on behalf of the originator.

The chief strategy officer of a similar service told MortgageDaily.com that studies in the financial sector have shown that in order to build consistent client relationships, "you have to touch your clients 10-20 times a year."

The caveat is that every client is different, according to Tien Tzuo of Salesforce.com.

Some clients might not need as much communication as others, he said, and for some -- a phone call might be better than a postcard.

"We can set up a customized action plan," he explained.

For example, one client might need a monthly touch, another once a quarter, Tzuo said. Or for another an arrangement for lunch or a social event might be appropriate.

These touches should be timely and relevant, he added, use news events, interest rate changes or perhaps a change in the stock market.

Follow-up touches before the loan closes might be just as important as after it closes.

Another vital aspect to be aware of is the period right before the transaction completes, Tzuo said. For instance, after a loan goes into processing, a broker might want to set an action plan to touch the client every one, three or five days to ensure they don't lose that borrower to perhaps another broker or mortgage company.

Follow-up touches offer the borrower an opportunity to express any concerns they might have about the experience. After the close, the originator can find out if the transaction went as smooth as possible and if there is anything they could do to better the experience for the customer, all the while keeping them in the forefront for future transactions and referrals.

Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry.

e-mail Paula at: [email protected]

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders