3 Ways to Keep Borrowers Engaged in the Loan Process
In 2015 research firm Gallupconducted a poll of mortgage borrowersin order to gauge their level of engagement with their mortgage lender, and how it affected their overall experience.
Unsurprisingly, they found that 93% of borrowers who are fully engaged with their lender are likely to recommend that lender to friends, family, and colleagues. Yet only 3% of actively disengaged borrowers would make the same recommendation.
The big shock in their research was just how poorly mortgage lenders are doing at fully engaging borrowers.
Only 22% of those surveyed reported that they were fully engaged with their mortgage provider. 22!
The implication here is that not only is there a lot more that LOs need to be doing to create a positive, engaging experience for their borrowers, but also that LOs are leaving a lot of business on the table by NOT crafting a workflow that maintains borrower engagement.
Those clients are not likely to transact a second time OR refer that mortgage lender to any new prospects.
That’s not exactly the ideal way to build a sustainable business.
Fortunately, with Floify, there are several ways LOs can leverage the system’s capabilities to enhance relationships and build client engagement. These will both pay huge dividends for them moving forward.
Customizable Milestone Templates
Floify’s milestone updates are one of the most useful features within the platform. This feature makes it quick and easy to update borrowers, any partners, and/or stakeholders on the loan’s current status.
Out of the box, Floify provides a clean default email template that lists all of your milestones. With this default template, you are able to let recipients know what has been accomplished and when. This works beautifully to provide a quick update.
These are customizable templates, meaning there is a huge opportunity to build in more education about the loan process for borrowers. This essential inclusion of procedural information keeps them both engaged and informed.
We’ve seen Floify customers embed video content into these milestone emails, or simple text, that not only congratulates the borrower on knocking-out the last stage but also briefs them on what to expect during the next phase.
It’s a great space to set expectations. Now, it’s easier to let borrowers know what’s happening behind the scenes during this time (so they don’t feel the need to call and ask). It’s also key to make sure borrower(s) know what you’re requiring of them, if anything, during this part of the process.
Custom Fields and Layouts – Borrower View
A couple of weeks ago, we wrote about how originators and their teams are using Floify’s custom fields and layouts tocreate and access a dynamic data set about their borrowers and prospects, right in Floify.
That is only one of the many ways to leverage custom fields and layouts.
Another use would be to display information or present downloadable files directly to your borrowers. By implementing a borrower layout, you can do just that.
Many companies have put in tons of effort to create educational collateral for homebuyers. Wouldn’t it be great if you could have those guides readily available to your clients in the same place where they will be going for the rest of the transaction?
Maybe you just want to have a space to leave a personal message. Or a checklist of tasks. Or the location of their closing.
You see where this is going.
Borrowerswantmore information, at all times, so they can feel at ease with the process. Often, they want to know that there is still work being done behind the scenes.
You can leverage Floify’s custom fields with a borrower layout to give them everything they could want in one place. Not only will they be more engaged throughout the process, but they will always know what is required of them which impacts how quickly they will get it done. This, in turn, impacts how quickly YOU complete certain tasks – it’s a symbiotic transaction.
Pro-tip: You will need to have borrower fields also embedded in your lender layout, otherwise you will have no way to edit the information in them.
Floify’sdeadline reminders got a huge upgradeback in February of this year.
This upgrade brought new functionality that grants more control over your ability to nudge borrowers to submit their supporting documentation. Now, you can blackout holidays or other custom dates and decide which specific days your reminders should be sent.
This update enhances your ability to engage your clients and make sure they receive the message at the best times.
When the deadline reminder email template is configured to impress upon the borrower the importance of getting their documents to you, AND they get that notice at the right time, your borrower will be driven to their portal to continue fulfilling their responsibilities.
Are you struggling to keep your borrowers engaged throughout the loan process? Using the strategies listed above via a mortgage automation platform like Floify can significantly increase borrower engagement. And from that, satisfaction metrics will also increase without requiring a constant influx of manpower to do so.