Until recently, mortgage management was more about calculating cash flow than about the consumer’s experience. Finally, customer expectations for push-button simplicity and smart human advice are a game-changer. Lifetime consumer-first retention is now our dominant service theme, increasing both MSR values ââand lifetime customer value. But how can repairers convert the âlifelong customerâ from theory to practice?
Industry retention is only 21%, according to MBA, as data and communication gaps erode customers’ trust in the two most important parts of the relationship: (1) when they move on from creation to maintenance, and (2) when they need a new loan. .
Here’s how repairers can solve both of these issues to create a lifelong customer engagement loop.
Cut 18 days of transition between origin and maintenance
The transition from initiator to service provider is too often a failure of the consumer experience and must be a primary objective of service modernization. Repairers can solve this problem by automating origin to maintenance through the planning, loading, mapping, converting, and testing processes.
For example, Sagent’s LoanBoard software cuts the onboarding process from origin to maintenance by 18 days by automating all system processes from LOS to maintenance, such as loading, mapping, converting and testing. .
This enables real-time compliance when integrating new services at any scale, with today’s most widely used LOS. Most importantly, it speeds up the identification / correction of errors, which eliminates gaps in customer service for borrowers.
Customers spend months with designers, decades with repairers
Modernizing consumer-centric services is not just a slogan, it’s a mandate we all must follow in a consumer-led era. This concept strikes most when we see the world from their experience.
Where a consumer is at, he spends months in the origination process – 30-90 days on a refi and up to 360 days in a long-term buy in a market where more than half of the deals have bidding wars.
But they can spend decades maintaining – FI services hire them correctly.
Some in our industry joke, “Who thinks of their agent when they need a new loan?” “
I’m all for jokes, but this one isn’t about laughs – it’s the biggest opportunity of this era, and one we take very seriously at Sagent.
We’ve spent the past 12 months rebuilding our CARE platform – customer care, retention and engagement – to do four things:
1. Loyalty of the clientele: When you think of new loans, it comes in many forms in today’s market: the latest of the rate / term refis before the rate hike, disbursement refits for home improvement and debt consolidation, and , of course, the new purchase loans. . More information on purchases and withdrawals in the Commitment section below. For rate / duration, a system like CARE combines real-time UPB and pricing data so you can make offers that close quickly.
2. Commitment: The new loans allow borrowers to interact with real-time data about their home and their financial profile. When buying a home, the triggers informing you that an existing customer has put their home up for sale are too late. Now you can and should let your clients start their home search on your platform, you see this activity and can therefore be their primary advisor, which includes a pre-approval. Likewise, if they are using real-time data about their own home, you can invite them to submit real-time home improvement loan offers based on their actions. And on cash-out debt consolidation, if they can see their credit scores and non-home debt right in your interface (a white label from Sagent CARE), then you can offer them deals they are interested in just at the moment. of intention.
3. Events: Fortunately, a smart policy response to the pandemic is leading to a soft landing for homeowners’ hardships on the whole, but every loan portfolio will have challenges along the way. And there’s nothing that builds customer loyalty like giving your borrowers immediate and easy self-service tools to get help in times of trouble. Sagent makes it easy for borrowers to seek help and resolve issues from their phone as it was up to them to get their loan in the first place.
4. Transparent customer service: And getting back to my opening paragraph above: Customer expectations for push-button simplicity and smart human advice are game-changing. Self-service is not enough. You should also have your customer service teams on the same platforms, showing the same UI / UX as your borrowers, whether they have questions about selling their home to buy a new one, or they just lost their home. job and need human help immediately. The technology that powers the unified collaboration of maintenance departments and consumers is what makes consumer-centric modernization a reality.
The final phase: a continuous maintenance loop back to the origins
The good news is that this reality is finally the center of attention for operators as we move into 2022.
The final phase is a continuous loop where customer attention, retention and engagement in customer service leads to new origins, which then lead to – and preserve – lifelong service.
This is how we optimize positive cash flow calculations with a lifetime customer experience in the service. To find out how Sagent does this for our customers, visit Sagent.com or email me directly at [email protected]