We all know that precipitous drops in interest rates drive significant increases in loan applications. From September to October of this year mortgage rates dropped 30 basis points and applications correspondingly increased 11.6% from one week to another. For lenders seeking to prosper in 2015 and beyond the question is, are you prepared to capitalize on favorable market fluctuations when they occur? Do you have the proper tools and processes to attract and convert new prospects in real time? As competition heats up to acquire new purchase and refinance customers, winning lenders can benefit from leveraging more advanced, customer centric CRM solutions that connect borrowers with the right product the right people and the right process in real time.
The latest research from JD Power’s 2014 originator rankings confirms the value of consistent communication indicating a 23.7% decrease in customer satisfaction when lenders fail to call back as promised. Delivering on a new customer centric CRM strategy should be high on the agenda of lenders seeking to grow top line revenues by aggressively converting prospects to customers over the next several years.
To create a truly unique customer centric experience, lenders need to first envision mortgage CRM as an end to end process designed to support customers from first contact through loan closing. Using advanced component based vendor solutions specifically designed for mortgage origination; lenders can deploy the desired front office functionality, either as a standalone solution or integrated to their traditional CRM investments.
The best solutions are able to ingest new leads, instantly connect online applicants with seasoned loan officers, deliver real-time compliant loan quotes, share ongoing loan status and provide integrated mobility options. Ironically, as borrowers click through online loan options, communicate through messaging and upload requested documents they not only compress the overall process but also leave a digital footprint. Likewise, using properly designed digital solutions, call center agents, loan officers, processors and underwriters also actively contribute to a positive consumer experience in real time providing the required audit trail to boot.
Implementing customer centric CRM is a win-win value proposition. The use of advanced digital solutions simultaneously empowers borrowers to actively engage, while compressing cycle times, ultimately leading to a more satisfying interaction. With all the current focus on implementing compliant back end electronic disclosures, many may miss the opportunity to modernize the front office customer experience. Lenders seeking a place high on the 2015 JD Power Mortgage Origination Satisfaction Study should consult with vendors versed in delivering a highly automated digital customer experience. Taking action now could prove quite valuable as forward thinking lenders capture inordinate market share, with satisfied borrowers eager to ”tweet” compliments about their highly competent mortgage lender.