4 Sales Plays That Lose Mortgage Servicers Valuable Customers


As a mortgage servicer with quite an active customer base, you have already started building relationships. Relationship-building should never stop there, after the papers are signed and the funds are deposited. Each of these customers, already in your pipeline, are recurring revenue opportunities for you as a mortgage servicer. Avoid making the mistake of letting this revenue slip through your fingers.

It’s important to focus on providing exceptional customer service not only in the beginning of budding servicer-buyer relationships, but throughout, and even after the lifetime of a mortgage. Today, servicing lenders are at an advantage and have the opportunity to build customers for life. It starts with replacing old, outdated sales plays that are hindering growth with tactics that optimize the borrower journey.

According to a recent survey, mortgage servicers identified their top three business challenges:

1. Moving data from loan origination to servicing systems.

2. Archiving and auditing customer information.

3. Onboarding new loans and/or new portfolios.

Archiving and auditing customer information.

Onboarding new loans and/or new portfolios.

Top mortgage servicers are taking a proactive approach to overcome these challenges. They are acknowledging the advantages that technology provides, and implementing the latest innovations to solve problems that are hurting their bottom line. If you’re ready to hold onto your customers, it is time to retire the following four sales plays:

1. The Manual Handoff

Leaving it up to loan officers, processors, junior processors, and the rest of your team to alert the next person in line that it is time to take action on each loan is a perfectly, unnecessary way to lose customers. Manually managing the progression of each loan puts it at risk for closing. Delays are likely to occur, giving borrowers the opportunity to jump ship. Even worse, your team isn’t able to leverage the latest lead data, in real-time, because they are shuffling files and working between multiple systems, with multiple team members—all for one loan.

The Replay: The process of taking a borrower through the entire loan process must be done as efficiently and seamlessly as possible. By automating workflows in a centralized system, your team doesn’t have to think about the next step. They simply focus on what they need to get done, make updates in the CRM accordingly, and the rest is managed automatically through unique workflows that you setup. This takes the guesswork out of what comes next for your team and simplifies the loan process so they can focus on delivering top-notch customer service.

2. Spray and Pray

Manually crafting email campaigns or any other marketing content is already more time consuming than it needs to be. And spending the time to craft unique content just to blindly cast a wide net won’t yield the results required to captivate the attention of the modern borrower. It’s time to retire ‘spray and pray’ marketing and replace it with a more targeted approach that earns the repeat business of borrowers.

The Replay: Take a targeted approach with content, built to address specific borrower needs. Fill your CRM with custom content that enables your team to deliver a unified brand message that is pre-approved by your corporate team. Setup customized experiences for each borrower; automate marketing so they enter specific campaigns that match their needs and maintain engagement over time. Build campaigns based on borrower experience, where they are in the loan cycle, important life events, or any other factor that indicates they are ready to buy.

3. Little Black Book Outreach

Little black book outreach is a good way to lose track of what needs to get done. Leveraging a spreadsheet or disparate systems to maintain a system of record for each customer is just like relying on the traditional black book to keep track of contacts and your daily calendar. It requires one to manually track all details and information for each lead and to accurately match those details to calendaring requirements. When servicers are required to keep track of multiple customers over an extensive period of time, the details can easily get lost and customers can be forgotten without a centralized system of record that keeps track of the details for you.

The Replay: Eliminate human error and replace this outdated play for a CRM solution that effectively manages customer information with workflow automation. Build alerts that signal important action items, like when it is time to reach out or follow up with a customer. Don’t let opportunities to continue engagement and a lifelong relationship with customers slip out the door and to your competitors. Leverage technology to automate outreach efforts and other time-sensitive needs.

4. Guess Who

If you’re still playing the classic game of Guess Who, it might be time to replace this outdated play. Scrolling through customers for possible new opportunities is ineffective. Replace this outdated play for one that is more targeted and leverages automation to alert you of customers who are ready to buy their second home, refinance, or make another purchase.

The Replay: Take advantage of big data and turn it into big action. With alerts that signal borrowers are ready to buy, like new house listings, credit pulls, equity increases, and high credit card usage, automate follow-up accordingly. Enable your servicing team to engage immediately based on this intelligence that informs you a borrower might be in the market to buy again. Taking a proactive approach gets you in front of customers before another lender has the chance and ultimately gives your customer satisfaction and retention a boost.

The bottom line is that CRM automated technology and software for mortgage servicers can be your golden ticket. This technology can aid in consumer-driven marketing techniques that are based on actual metrics and qualitative analytics. Keep these replays above in mind and take heed of what you need to put into motion in order to help your company succeed. Don’t lose those valuable customers. Everything your company needs can be streamlined into a wonderful, user-friendly dashboard to allow for exceptional CRM technology experiences that are personalized and action-oriented. Learn more about how to grow your business by simplifying and accessing your sales and marketing initiatives from one place.

Josh Friend is founder and CEO of Insellerate, true mortgage CRM. Josh began his career as a loan officer and soon moved on to open six mortgage call centers. Over the past 19 years, he has grown to manage and train thousands of loan officers, processors, and marketing managers. With a keen eye for developing best-in-class sales processes, he leveraged automation software to build a better loan cycle. Combining the best from both a CRM and lead management system, Josh now enables lenders to achieve higher revenue goals with Insellerate.