The Pending Retention Challenge for Lenders

Lenders, here is a stat that I ran across that is so scary it’s hard to believe:

“In the midst of record-breaking refinance volume, retention woes persist for mortgage servicers, with the report showing just 18% of all refinancing borrowers being retained post-refinance…” – Black Knight’s July 2020 Mortgage Monitor

Read differently, 82% of homeowners will choose a new person to run their next financing. Wow.

At HomeBinder, we feel the best way to stay connected post-close is a centralized home management platform like HomeBinder. Lenders can give HomeBinder as a gift to clients, which allows them to stay connected when they go for their next financing. With our integrations and new Encompass partnerships, it’s easier than ever to create binders.

If interested in learning more book a demo with us.

Looking forward to connecting with you,

Alec

Lets book a meeting to discuss:

Growing and Protecting Your Future Business with HomeBinder

Busy Times for Lenders Despite the Pandemic

Bankrate, a personal finance company that guides people through pivotal steps of their financial journey, recently published an article highlighting six key trends in the housing market and mortgage industry for the third quarter of 2020.

Trend 1: Home prices are holding up

Trend 2: Americans are migrating to the suburbs — at least for now

Trend 3: Record-low rates are here to stay

Trend 4: Home shopping is going virtual

Trend 5: The mortgage process is going paperless

Trend 6: Millennials are entering their prime home-buying years

This convergence of trends is fueling the mortgage industry and the lenders who support it are very busy with new loans and refinancing business. But lenders cannot take this for granted or assume that their future business is protected.

Technology has an impact on how buyers shop for homes, the mortgage process and closings, and millennials have an expectation for processes to be online and streamlined. To stay competitive and relevant, to gain new clients, and secure repeat business with existing clients, lenders must deliver better technology and services to their clients.

HomeBinder for Lenders

HomeBinder is a centralized home management software platform that facilitates homeownership and maximizes property value. HomeBinder is delivered solely through businesses that service the residential market, whereby we help you retain client relationships, increase referrals, and stay top of mind. Through our partnership with Ellie Mae, lenders automatically create and deliver digital binders to their borrowers as a value-added gift, and through the intelligent nature of the platform deliver ongoing value to the homeowner and to the agents and service professionals that work with your clients.

HomeBinder as a Gift to Differentiate Lender Services

Businesses that serve homeowners have found HomeBinder to be a unique competitive differentiator to help them not only improve client relationships and increase referrals but if introduced early in the pre-sales cycle as a gift to be provided at closing, it helps to solidify the relationship early on. Each HomeBinder that is gifted can be branded by the lender so that they stay top of mind with their client. Post close, once it’s time for a refinance or home equity line, it’s more likely that they will secure the repeat business.

“ALCOVA’s passion is to serve our clients. The customer experience is paramount in all we do. Discussing HomeBinder proactively early in the selling process has enabled us to differentiate ourselves and demonstrate that we understand that managing their most valuable asset can be challenging but can be made easy and effortless with HomeBinder. Gifting HomeBinder to our clients at the closing establishes simplified home management from the start and keeps us top of mind with our clients to secure repeat and future business.” – Kim Bratic, VP of Marketing, ALCOVA Mortgage

Staying Competitive: From Transactions to Relationships

Lenders should consider HomeBinder as a new technology tool to help not only as a differentiator to help close new clients but as a retention tool to stay connected to their clients as a value added partner around their most important asset: their home. Introducing HomeBinder early in the process sets them apart and helps to reassure home buyers that they are in it with them for the long haul, not just the closing. HomeBinder enables an easy to use, cost effective digital connection with the people that they serve.

Easy Ways to Add Value to Your Home

With spring and summer just around the corner, homeowners may want to spruce up their home. It is common for homeowners to make changes to their houses to increase the comfort level and make their homes look better. These changes may be based on personal taste or they may be to make their home life more convenient. In many cases, these improvements add value to the home. Smart homeowners make their upgrades based on these value-added changes. They prioritize how they are going to improve their homes based on the changes that will make their home worth more. One of the main ways to determine if a change will add value is to consider what room you are improving. Carrying out some home improvements to your home not only increase the functionality and usability of your home, if the right improvements are carried out then you can also add value to your home. Whether you want to add value to your home to sell it or just to update your home for your own pleasure, here are easy ideas you can do to add value to your home:

Do a Paint Job

Without a doubt, the easiest and quickest way to update the look of your home is to paint it. Painting the exterior and interior of your home can make it look newer, cleaner, and more stylish. Pay attention to the latest design trends to see which colors are hottest right now. A fresh coat of paint attracts buyers and adds value to your home. It may seem simple, but if you are selling a property, you initially have to get buyers through the front door. This means that the outside of the property should look smart and as attractive as possible

Create a New Kitchen Feel

This is perhaps one of the simplest ways to recreate a room. The kitchen is generally seen as the focal point in any house, and small improvements can make a big difference. Most people do not realize the major bang for the buck that swapping out hardware can create. Do a kitchen make over, you can do re-tiling or add cabinets. Nothing attracts people more than a modernized kitchen with attractive drawers and a big spotless sink. Changing the handles on your cabinets can bring an outdated kitchen back into the right decade. Equally, cabinets should be cleaned up wherever possible, or replaced if beyond repair. There are now options to simply replace the fascia above cabinets, rather than install a brand new kitchen, so this may be worth considering. Before viewings, ensure that any personal clutter is removed, allowing visitors to gage the space accurately.

Curb Appeal is Key

The truth is that the curb appeal of your home is probably one of the most influential factors in its value, as the curb appeal will increase its perceived value – thereby increasing its actual value. If you want to raise the value of your home, fixing it up and making it look nice is one of the best ways to make it more valuable and appealing to those that are going to buy it. While fixing up the inside and outside of the house is important, the property itself will also go a long way towards the sale of the house. Do landscaping and if possible, plant trees. If you have a yard with walkways, beautifully cared for grass, flowers and gardens, trees, and all the other beautiful landscaping elements, your attention would no doubt be divided between the house and the outside. Even if the house isn’t perfect, most people will be interested in the home due to the beautiful landscape.

Improve the Inside

Consider improving the wall, floor, and window insulation. You do not have to resort to super expensive solutions. Cork wall tiles and insulating curtains can do a good job. Making your heating system more energy efficient is highly recommended.

Change the Windows

The windows should match the house as it is now, and should be in keeping with the age and style your home. Don’t be tempted to install brand new white PVC windows in an older-style property; it can actually be detrimental to the value of the house. Generally speaking, if the windows are in good condition, concentrate on cleaning up the paintwork on the windowsills and surrounds.

Improve Your Lighting

Instead of using basic lamps, add accent lighting to your home. Track lights or spotlights can be purchased and installed at budget-friendly prices while adding visual appeal to your space.

Make Use of Every Available Space

There are several ways to make use of available spaces in your home. The available space under your stairs can be useful by turning it into a closet where you can put extra books, papers or cleaning equipment. Home buyers will be glad to have a place to store extra household items. You can readily use these rooms traditionally meant for storage to create functional areas in the home. The attic can be turned into a spacious family room, TV room, kids’ room or a playroom. The basement can be modified into a functional study.

Change or Make New Flooring

Installing a new floor or giving some TLC to the one you already have can significantly increase your home’s value. It’s easy to overlook your floors. You use them every day without a second thought. However, the flooring can play a huge role in the overall functionality, look, and value of your home. If you feel like your house is looking a little worn around the edges, or if you want to increase its value, redoing your floors is a great choice.

Add Additional Bathroom

If you have only one bathroom, adding one or two is a very good idea. If you only have one bathroom in your home, the installation of a second one is definitely going to pay dividends. Although bathroom additions tend to be expensive, the money you put into the project can be almost entirely recouped when it comes time to sell. Before getting started, you would need to find a good spot for it. You can start looking at any room that has no designated purpose, like a spare bedroom. The space under the stairs is usually unused and left to go to waste. You need 18 square feet for a bathtub, as a minimum, but the more space you have the better. You need to look carefully to make sure the space you want to use is going to give you the bathroom that you want. If you have several bedrooms, then it is necessary to add enough bathrooms to cater to the needs of the occupants. It is not necessary to build an extension; simply using available space in your home will do the trick.

Why All Homeowners Should Keep A Home Inventory

If you’re like most homeowners, you have probably filled your home with furniture, decor, tools, electronics and other items that you find valuable. You probably even have a good idea of what items are in each room and a rough value for each item but could you confidently create a complete list of those items from memory if you needed to?

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Stop Leaving Home Buyers Hanging After the Inspection

There is a great strategic business question that I’ve come to love: “What are your customers doing 5 minutes before they engage with you, and what are they doing 5 minutes after they engage with you?”….this post takes that question to the home inspection industry.

In today’s world of home inspections (due to standards of practice), most clients are left hanging after the home inspection. They are delivered a report with a bunch of findings but none of it is actionable.

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