In this market, customer satisfaction is priority #1
Customer service is always the No. 1 priority of FAM and many other service-oriented, sales-driven businesses. That goes without saying. But there are times in the market cycle where customer service isn’t just the top initiative, but absolutely essential to long-term success. Mortgage industry consultant Stratmor Group believes now is that time for us.
Make your service experience the prime differentiator between yourself and the competition
It’s no secret that rates are rising and many firms are rethinking their strategies as activity shifts from refinancing to purchase originations. While FAM’s strategy, built on a foundation of excellence, trust, support and superior associates, remains steadfast, Stratmor’s latest insights report serves as a timely reminder that we must never lose sight of our top goal. That goal isn’t necessarily originating the most loans. It’s servicing the right people, acknowledging their hard work and making sure we do our absolute best to fund the dreams of well-deserving Americans the country over. When we do that, we elevate ourselves above the competition, and that word-of-mouth (or of internet) reputation is what will keep us at the top of our industry at all points in the market cycle.
Garth Graham, senior partner at Stratmor, offers a further explanation of this notion.
“In a slower growth environment that relies more on purchase originations, the winners are going to be those lenders that are able to steal market share from their competitors – and the key to doing that is having a strong focus on borrower satisfaction. While pricing will continue to be a factor in lenders’ ability to compete, providing borrowers with a superior customer experience will play a much more significant role than ever before. One reason customer experience will be key to competing going forward is that prospective borrowers have more convenient and widespread access to lenders’ customer experience ratings via social media and online sites that enable borrowers to rate their lender experience.”
Take stock of your methodologies and whether they’re leading you down the right path or not
Graham also goes on to identify “The Seven Commandments for Achieving Borrower Satisfaction,” which is absolutely worth reading. In essence, the winners are those who are proactive, communicative, timely and able to problem-solve without a lot of hand holding. Take a look for yourself, and determine whether you not only embody, but exude the traits likely to lead to loan officer success. If not, note the direction of the wind and adjust your sails.