Don’t Risk Losing Your Quality Loan Officers

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

HomeBinder and The Mortgage Firm Have Partnered To Accelerate Borrower Retention

Forging a unique partnership, The Mortgage Firm borrowers now have access to the revolutionary HomeBinder platform, during and beyond the life of a mortgage loan.

BURLINGTON, MA, May 18, 2021 – HomeBinder is a leading home management platform provider that centralizes documents, projects, maintenance, home valuation, access to home professionals, and more.  These capabilities are uniquely designed to provide homeowners peace of mind, maximize home value, optimize the ownership experience, as well as enable businesses servicing the homeowner to create a true “Client for Life” experience.  

Coupled with the quality and expertise of The Mortgage Firm, borrowers will have the exclusive opportunity to access the HomeBinder cloud platform to centrally store all closing documents and holistically manage all aspects of home ownership.  The Mortgage Firm is collaborating with HomeBinder to deliver a sophisticated, interactive homeownership process that is beneficial for the borrower and the lender.  The Mortgage Firm and HomeBinder partnership will instill confidence throughout the loan lifecycle, beginning with the loan officer and extending throughout servicing. 

For lenders serving the residential homebuyers’ market, who want to deliver a true “wow” factor that will differentiate their offering, HomeBinder is an automated, tech-forward means to create immediate brand loyalty. “We instantly realized the HomeBinder difference,” said Todd Pierson, President of The Mortgage Firm. “Our partnership will enable The Mortgage Firm to easily deliver HomeBinder’s home management platform without adding any time to our loan officers’ day, and establish a lifetime loyalty campaign for our borrowers,” added Pierson. The Mortgage Firm will automatically provide a HomeBinder to all borrowers as a digital closing gift containing all mortgage closing documentation, helping to enhance the loan experience, improve borrower retention after closing, and increase referrals.

This exciting new affiliation further affirms the growing demand from mortgage lenders to achieve meaningful, long-term client engagement beyond the closing of the loan. “HomeBinder is excited to partner with The Mortgage Firm, as we both understand the value of educating and supporting homeowners throughout their journey of ownership,” said Jack Huntress, CEO of HomeBinder.  “Together we are taking a monumental step towards evolving industry collaboration and innovation.”

HomeBinder ● Expected by Homeowners ● Driven by Lenders

About The Mortgage Firm

Headquartered in Orlando, Florida, The Mortgage Firm has been providing quality real estate financing for over 20 years. With a proven track record, we serve the lending needs of real estate professionals, builders and individual homebuyers.  Our qualified and licensed professionals offer expertise in every area of mortgage lending:  We have access to a full range of mortgage sources and all of our lending specialists are dedicated to finding the right loan with the best rate, terms and cost to meet your unique needs. But that’s just the beginning. Throughout the lending process, our talented staff will provide regular updates and progress reports, so you know exactly where you stand, in person or online.

About HomeBinder

HomeBinder is a home management platform that provides homeowners peace of mind and maximizes home value.  HomeBinder is offered exclusively through business partners serving residential homeowners, enabling them to deliver long term value to clients, remain top of mind, and generate referrals.  Our select business partnerships include home inspectors, mortgage lenders, insurance providers, home service providers, property managers, builders and real estate professionals. Founded in 2012, HomeBinder currently serves all fifty States and Canada, and is based in Burlington, MA. For more information on how to create true clients for life, visit www.Homebinder.com.

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