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5 Traits Of Successful Mortgage Lenders


According to NMLS, there are over 16,000 entities licensed in the United States as non-depository mortgage lenders and over 450,000 individuals licensed as mortgage originators. Factor in close to 7,000 banks and the mortgage market is a very competitive and crowded market place. With most of these mortgage lenders competing against one another at the local and regional levels, how can one competitor differentiate their services from another and grow market share? In discussing this question with some of our more successful mortgage lending customers, we have come up with five traits of that can make a mortgage lender great.

Expert Communicators

Communication between a service provider and its customers is a key component to any successful business relationship, regardless of what industry you are in. Successful mortgage lenders understand the importance of both the frequency of communication and the method through which communication occurs.

Outstanding communication can make your customer feel as if they are your only customer. This experience leads to higher levels of customer satisfaction and ultimately repeat business and increased customer referrals. Frequent updates, immediate responses to customer inquiries and a highly professional staff can help cultivate the “only customer” experience and helps successful mortgage lenders attract and retain customers.

The method through which communication occurs also contributes to your customer’s experience. In prior posts, we’ve discussed how preferred communication methods differ from generation to generation. Successful mortgage lenders understand these generational differences and adjust their communication methods as needed; whether that means more staff to answer calls from older borrowers or the ability to communicate through mobile and social media for the young Millennial borrower.

They Ask Question

The adage that the customer is always right is accurate. However, the customer does not always know what is best for them. This is particularly true when shopping for a mortgage as the variation in products and the short and long-term impact on the borrower can be confusing for the layperson. The internet has compounded this problem as many borrowers consider themselves educated borrowers after reading just a few articles of blogs.

Successful mortgage lenders understand the importance of matching their customer to the best possible mortgage product. The only way to accomplish this is to get to know the customer by asking questions; is this a rental property or primary residence, how long do you intend to stay in the property, are you planning to start a family or send a kid to college in the near future, etc.? Knowing more about your customer, besides how much is the property worth and how much do you need to borrow, enables you to put them in a loan product that they will not regret in the years to come.

Utilize Current Technology

Successful mortgage lenders tend to utilize the most recent technology. By utilizing new technology, both the lender and their customer benefit. The improved efficiencies afforded by new technology results in quicker time to close and reduced loan production costs. These savings can enhance the lenders profit margin and/ or be passed on to the customer through reduced origination costs. Further, the up-to-date security feature embedded in new technology assures that the customer’s NPI is safe and secure.

Maintain Experienced Staff

An inexperienced staff may be less expensive, but cost savings, and customer satisfaction, will quickly erode when inexperience results in errors and loans that fail to fund. Successful mortgage lenders understand the importance of maintaining an experienced staff. An experienced loan officer, broker or originator can instill confidence in your organization, provide a superior customer experience and result in referrals that can never be matched by an inexperienced team.

Foster a Pressure Free Environment

Successful mortgage lenders understand that their customers came to them for assistance in obtaining a mortgage loan. They are not there to be pressured into a loan product that generates the greatest revenue for the lender or the most income for the loan officer. By maintaining a pressure free environment and working with their customers to find the loan product that best meets their needs, successful mortgage lenders create an experience that will keep customers returning time and time again.

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