The message was loud and clear: delivering excellent service and good information to customers is the core of building a great mortgage business.
By an overwhelming margin (97 percent), top producers rated having satisfied customers as “very important” to their overall success. Moreover, employers recognize the importance of customer satisfaction, as reflected by the fact that 77 percent of them survey their customers about their experience with the mortgage process.
Drilling down further, the top producers ranked which elements of customer satisfaction are most important and which seem to have the least impact. Three actions easily top the list:
Key Influences on Customer Satisfaction
While nobody in the mortgage industry should be surprised that keeping customers satisfied is critical to building a great business, the numbers in the Mortgage Daily survey stand as an emphatic message to all executives: originators need to work closely with their customers and deliver on their promises. Other people in the firm need to support the originators. There’s no substitute for personal attention and great service.
And yet… the survey also revealed that only 19 percent of firms that conduct customer satisfaction surveys are using that information as part of a producer’s compensation package. In a world in which customers are demanding more and more, origination firms should consider whether they could improve results by adding a customer-service component to financial incentives for their staffs.
7 Refinance Strategies
Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...