The COVID-19 pandemic has brought on many changes and innovations that have underscored the importance of human relationships in the mortgage business. Now, more than ever, mortgage companies need to develop ways to connect with clients despite the distance and the digitization of almost all their processes. 

The study made by the University of Oxford and Deloitte some six years ago that revealed how mortgage brokers face a 41% risk of being replaced by automation has come to pass. And, as this is the case, the mortgage world needs to step up and bridge the gap that inevitably comes with this automation, especially concerning client communication.

Everyone knows that lack of communication is the number one reason for dissatisfaction among customers. Although the implementation and improvement of digital self-service channels have significantly decreased customer complaints, this does not mean that you stop talking to your clients. 

So, below are just some points that can be observed in sustaining better human relationships with clients in the mortgage industry.

Communication is vital.

This could never be stressed enough. Whether it’s with your referral sources, your lenders, or your borrowers, effective communication is always the key to getting the best outcomes. Ensure that you always keep in touch, even if it’s just a bi-monthly personalized email or a call. 

Even if you are working with a small-balance borrower, it does not mean that you already stop at keeping them updated throughout their loan application. Each person you deal with in your mortgage business, no matter how small, is vital to your success. So, talk with them regularly. 

Always be positive.

It is not just enough to talk with your clients. It would be best if you conversed with them with a positive attitude. If you are proactive and you treat everyone with respect, you won’t just sustain relationships but also inspire confidence among the shakers and movers within the industry. Borrowers, lenders, and referral sources alike will appreciate how you deal with everyone and treat you accordingly. 

Practice honesty at all times.

It is always essential to be truthful, especially when dealing with finances and funding in the industry. This is the strongest foundation to building trust among your borrowers, lenders, and sources. If you are straightforward and truthful throughout the lending process, you won’t find it hard to close deals and get a veritable cache of new and repeat clients.

Be knowledgeable about your business.

Even with the digitization of many processes in the mortgage industry, it is still imperative that you know everything about your business. Do not just refer your clients to a website or an app when they ask questions. Be there for them. You have to know everything about your lending programs before you can even offer them to any borrower or referral source. Again, this will build trust and confidence and let your clients know that they are not wrong in your service.

Now that you already know how to foster stronger human relationships within your mortgage business, the next step is to put tactics in place that will promote client satisfaction further. Yes, you’ve learned that communication and attitude are vital, but how do you let your borrowers, lenders, or sources know that your lines are always open? How do you tell them that you are always ready to be of service?

Here are some strategies you can put into practice:

Put in place a good onboarding program.

This can help build a dialogue between you and your clients while allowing the clarification of service channels. Ideal expectations can also be set during the onboarding, which will help clear things for your clients and paving the path to understanding the entire loan process better.

Communicate regularly through emails.

This is where you will provide personalized and relevant information to your customers, such as how making advance payments can decrease their loan term and principal debt by this much. This will tell your customers that you care about them and make things easier for them.

Provide monthly or quarterly statements.

This is a regular opportunity for you to deliver information and answer frequently-asked-questions (FAQs). It also presents a chance to communicate with your client, even if it’s just through a voice or video call. 

Send out triggered communication consistently.

Do not forget your client’s special moments. This might seem tedious and trivial to you, but you don’t know what hearts you can warm when you send a “happy anniversary” or a “happy birthday note. At this time, when there are still people who are afraid to get out of their homes, it is always nice to let your clients know that you are thinking of them during their special day. Plus, you can foster better client relationships, which is always a good thing for your business.

Give out newsletters.

This should not be those newsletters that are full of jargon, though. Your newsletter should provide a layman’s interpretation of the financial market and its impact on your lender’s position in the industry. It should also bring relief to your borrowers and let them know that their loans are in good hands. In short, your newsletters should be simple to read and understand, as this will allow your clients to appreciate your efforts in keeping them informed in a way that is easier for them.

In this day and age, when the digital transformation of all major industries is up and running, it never hurts to remember that human relationships, especially in the mortgage business, are not things of the past. While automation can cut costs and increase customer satisfaction, nothing beats the old-fashioned way of real and open communication in making things happen.

For More Information, Contact:

John (Adam) Watson, CEO, CanCap Mortgage Group Inc. Email: Tel: 416-452-5281