4 Communication Tips for Mortgage Lenders
Alan Parris
Principle-first thinking means formulating strategies and taking action based on a set of agreed principles. Let’s review the top communication tips for mortgage lenders that enable effective loan communication. Every loan officer is different, but the most successful originators consistently mention these attributes as cornerstones to their approach to work.
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1. Immediate Communication
“The thing I loved about [my loan officer],” exclaimed one borrower we met recently, “is that he kept the updates coming. Even when there was nothing ‘happening’ on a loan, he seemed to know when I was curious and sure enough I had an email in my inbox.” Letting borrowers know what’s happened, especially if it may derail expectations, is critical. And to the extent you can predict some outcomes, give them as much of a heads up as possible.
2. Transparent Communication
According to this PwC study, the main drivers of poor experience after the loan officer himself were the Fees & Terms and the Application Process. Misunderstanding the rate quoted or how the fees are constructed can easily lead to frustration (especially since PwC found that over half of borrowers claimed to comprehend basic loans). Likewise, borrowers often underestimate the amount of paperwork required. Fill them in as you go along.
3. Authentic Communication
Who are you and how do you be yourself? The point is not to mimic others who have been successful, but to be yourself. If you prefer no ties and denim, then don’t buy off the suit rack. Doing things differently may bring the need to work harder to prove your worth. But if you execute with excellence and build a predictable source of revenue, you will have all the respect you need.
4. Action-Oriented Communication
Notifications make your clients lives easier because they provide highly personalized and relevant information in real-time. At Maxwell, we design all our notifications to be intrinsically useful and we always ask — what action do we want the recipient to take? Or what emotion do we want them to feel? When you’re notifying your customers, even if it is a mild FYI, consider making it actionable, whether they need to do something or “feel” something.
Download Your Free eBook: “The Mortgage Communication Playbook”
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