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Most companies like to boast that they provide great customer service. I once attended a bank’s 5-year planning meeting where the facilitator asked, “How much do you, or can you, charge for your “great” customer service? Everyone went silent.
The reality is that every customer expects to receive good service as part of the product and process. You wouldn’t expect to go to buy a car and have the sales team ignore you. Or worse, treat you like you’re an inconvenience. You expect to be serviced like a valued customer. It’s no different when you apply for a mortgage loan.
Then, why is there all the talk about mortgage lenders concentrating on getting back to delivering better customer service? What have lenders been doing for the past few years? Treating their customers poorly?
According to some recent articles, and the talk at the recent MBA tech conference, it may seem so. Lenders are talking about increasing their business by making customer service their top priority, with a better use of technology to achieve their goals.
Maybe, we just lost our way in light of the intense concentration on all the recent regulatory changes. After all, who can be expected to concentrate on providing good customer service when new rules are being shoved down your throat? Even though, these rules are supposed to protect the consumer and increase their knowledge and awareness of the mortgage lending process.
Part of the problem is that many lenders and loan originators don’t view the consumer as their customer. They see the Realtor or Builder as their primary customer because that’s where they get their repeat business. Although this may be true, you can’t ignore the consumer.
In today’s world of social media and instant access to information, a consumer’s poor experience can be quickly broadcast over many sites for all to view, including the Realtors and Builders.
The key is to provide a positive and enjoyable customer experience. This can be enhanced through the use of better technology. But technology alone cannot provide better customer service. Online applications and access to information are great, but someone still needs to be there to lead the consumer through the maze of documentation and information. A knowledgeable, educated consumer is your best applicant…and borrower.
How many lenders have dedicated origination customer service reps? Who are really concentrating on helping the applicant to understand the process and do what needs to get done to get their loan approved and to get to the closing table on time? Are your originators taking enough time at application? Do your processors have the time? Does anyone explain the approval and closing process?
Systems, technology, and training can help but only if your employees have the time, and are willing, to utilize them. Remember, not all applicants are tech savvy. Some still do things the old way and need assistance to do so. Technology should be used to support the process. To help to make your people more productive and provide them some time to provide some real customer service.
It’s great to talk about providing good customer service, but in delivering it, meeting consumer expectations will go a long way toward creating a quality, compliant loan. Both will benefit your bottom line.
