Why working with a lender that services its loans brings you future sales

By Jon Reed

As Loan Originators, you know how important it is to provide superior service to your borrowers. Your business depends on it. Your customers though aren’t simply looking for excellent service only during the loan process, they’re expecting it even after their loan funds. 

Since they’ve built a relationship with you throughout the lending process, they expect that caliber of service to continue when questions arise after their loan closes. Of homes being sold today – 56% of them are first-time buyers, who rely on the same quality care for the life of the loan. Yet, if you’re not the one servicing their loan and they’ve been turned over to a third-party company, it creates challenges.

What your customer quickly realizes is that dealing with a servicing company isn’t quite the same. They’re now working with someone they’re not familiar with and it’s not uncommon for them to fall into an automated voicemail system when they have questions. 

If you don’t want your customers left with a negative experience, it’s important to continue servicing them; but that means you have to be partnered with a lender that serves its customers for the duration of the loan. 

By working with this type of lender, it gives you the ability to resolve any potential issues that may come up down the road. Providing this ongoing assistance delivers the type of first-rate experience that the modern-day consumer wants and it’s an excellent way to build repeat business.

It’s also one of the reasons New American Funding services the majority of its loans. Not only do we want our customers to be satisfied but we want our sales team to build a pipeline of ongoing business. Since we service from start to finish – it gives us the ability to market our Loan Originators to their borrowers for years to come after their loan closes. 

When we send out our own mortgage statements, we brand them with our originator’s photo and contact info, which keeps them top of mind with their borrowers for the long haul. We also co-brand it with their real estate partner’s photo and info too. We allow their agents to ‘ride along’ on mutual transactions since it’s content we’re already sending out on the originator’s behalf. It’s just one more way to help our Loan Originators build lifelong relationships not only with their customers but with their business partners too.

When you don’t have this sort of long-term interaction with your borrowers and partners after a loan funds, you’re missing out on future business. Often times, it’s excellent follow-up service – that separates you from your competition and secures your next sale.