Lock in new borrower’s loyalty

Julie C. Nichols General

HousingWire.com – hwKnowledge

Buying a new home can be one of the largest and most stressful purchases consumers make in their lives, and refinancing that new home can be equally trying. Getting a mortgage has even been deemed more stressful than finding a new job. Lenders can either add to that stress or make the experience simple and smooth. The key to being distinctive and upholding a positive reputation is listening to what specific types of borrowers want and offering a relationship-based service that’s tailored to their needs—a true experience that creates a loyal customer and differentiates a lender from the sea of competition.

In fact, mortgage lending is positioned for a true disruption. By approaching the mortgage process differently and molding the journey around the customer’s preferences, your company can become that disruptive experience provider. Outside industries should pay attention to the mortgage model, too. How the lending industry evolves could show the way for other businesses that are also faced with shrinking margins, new regulations, and evolving customer needs. It’s those changing customer needs that should ultimately lead the turnaround. How?

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