If you would like to improve your customer mortgage and closing experience, then take charge of it, like you do other critical tasks, and don’t treat your preferred lender as an exception.
(Based on a true story...) Mike, the internal operations manager for Lovely Homes, a multi-division home builder, was growing weary of the number of customers upset with their mortgage experience. A couple years prior, Mike was happy just to get his customers approved for a mortgage; but now that the mortgage crisis had passed, he felt that homebuyers should have an easier time getting through the lending experience.
Top 10 steps for improving the customer mortgage and closing experience1. DO: Define the Best Imaginable Customer Experience (BICE) for the mortgage/closing process with the help of the preferred lender, sales manager, and Voice of the Customer partner.2. DO: Create a BICE matching scope of work for the preferred lender with the help of the purchasing and closing manager.3. DO: Objectively measure the preferred lender’s performance (preferably via a third party, objective VOC survey) and provide regular feedback to the preferred lender and home building management.4. DO: Retrain or terminate any non-performing preferred lenders.5. DO: Praise and reward high-performing preferred lenders with more opportunity.6. DO: Share mortgage results with the sales team, so they have objective customer-based feedback to share with prospective clients (i.e., “Our preferred lender has an industry-leading 93 percent willingness-to-refer lender rating.”)7. DON’T: Pick your preferred lender just because they are providing an operational line of credit to the home building company.8. DON’T: Treat your preferred lender as a special “hands off” class of trade partner.9. DON’T: Rely on a self-administered preferred lender’s closing survey for accurate performance feedback.10. DON’T: Let salespeople or Realtors add outside lender business cards/contacts to the sales office or model. You don’t want customers to perceive unapproved businesses as official preferred lenders.