As the summer months hit, along with midyear bonuses, it is not uncommon for loan officers to consider a move to the competition. Even if they are not actively looking, recruiters are looking for them. Mortgage executives that participated in the Mortgage Collaborative’s recently released biannual survey, The Pulse of the Mortgage Industry, listed staff retention at the top of the list of most critical issues for mortgage lenders. As you can imagine, if staff retention is that urgent, then your competition is looking to hire as well. It becomes extremely important that your overall business strategy include a perspective that proactively supports the needs and expectations of your loan officers. This is not a consideration to be put off until yearend, when it may actually be too late to keep your winning team intact.
Do not let any lull in your application volume or business planning compel qualified loan officers to look elsewhere for employment. The mortgage industry has been running on overdrive, hitting a 15-year high in 2020 with $4.3 trillion in mortgage originations. The Mortgage Bankers Association predicts a 14 percent drop in this year’s total origination volume, bringing us down around $3.28 trillion. Although refinance activity is expected to drop, purchase volume is projected to break a new record at $1.67 trillion! With purchase originations on the rise, your team of loan officers becomes even more valuable as their ability to cultivate and retain relationships is what will lead many of these purchase borrowers to your institution.
Whether focused on relationships, referrals, and/or technology, winning loan officers leverage success tactics that draw from these areas because this is how they excel for the long term. With half of the year behind us, many mortgage operations are busy tweaking processes and systems to accommodate forthcoming third and fourth quarter production. However, the CRM, which is certainly a mainstay in this effort, is rarely developed or evolved with the loan officer as a primary consideration. This can create misalignment in ensuring consistency in utilization and more importantly lead to a gap in relationship and referral data. Loan officers are persistent and astute so will find ways to tap the CRM, but even with automated emails and communication, many rely on individually sent emails, text messaging and phone calls, which although more personalized, are not nearly as traceable. So how can management ensure alignment and transparency in terms of relationships, referrals and technology?
Envision an innovative technology platform that can be branded to your valued loan officers, and simultaneously offer a meaningful approach that fosters relationships and expands referral business…. without spending additional time in pursuit of this effort. Complimentary to CRM platforms, which market a database by producing a myriad of semi-generic automated communications, is HomeBinder. Delivering a unique centralized home management platform, HomeBinder provides property-specific communication, actionable maintenance, and document storage that is readily accessible through a private-label, mobile-friendly portal.
How does this promote loan officer retention? HomeBinder uses sophisticated automation to systematize and assimilate valued relationships with the professionals that regularly interact with homebuyers. This methodology builds an ever-expanding referral network that supports the homeowner throughout the life of the property, creating a genuine “Client for Life”. Gifted to the homeowner by the loan officer, for as little as $7 per loan, the branded loan officer forever remains top of mind. No more ongoing communication, follow-ups or tickler systems, the homeowner is regularly reminded of the relationship with their valued loan officer as they are prompted to complete maintenance, presented with educational information, or access key household documents, all through the HomeBinder platform.
This is a genuine business differentiator that allows loan officers to focus on developing new relationships and supporting applicants through closing, while existing homebuyers flourish into repeat business and inherently produce more referrals. To find out more about the HomeBinder revolutionary approach to homeowner engagement and the “Client for Life” opportunity, visit us at www.homebinder.com, or contact us directly at 800.377.6915. HomeBinder ● Expected by Homeowners ● Driven by Lenders