3 Ways to Empower Your Loan Officers With Customer Data

Whether your customers are applying for their first mortgage or their third, getting from pre-qualification to close can be a daunting process.

Your mortgage loan officers already leverage their personal skills and digital savvy every day to usher customers through the loan application process, but there’s so much more they can do. By leveraging the data and customer insights you already have on hand, your LOs can work more efficiently, unlock revenue that’s currently buried in your organization, and transform timid prospects into lifelong customers.

Here’s what your LOs need to know in order to build trust with homebuyers to turn them into customers for life.

Leverage Data-Driven Insights to Assist Homebuyers from the Start

Today, when customers are in the market for a mortgage, they start online. Ninety-two percent of mortgage borrowers researched online before speaking to a lender, and shopping around is easier than ever thanks to online lenders. So, when interested parties land in your LOs’ queues, the response your team provides carries more weight than ever before. This is your first opportunity to influence whether they want to move forward with you as a mortgage provider.

While an automatic reply may be a helpful placeholder to let the customer know you got their message and that you’ll be following up within a specific timeframe, if you don’t follow through on that expectation, there’s little chance they’ll follow up with you. You’ll have lost their trust right off the bat.

Rather than letting these prospects slip through your net, use the data they provide in their initial contact form to create a profile (or match them to an existing persona in your system) and respond accordingly. Use the data insights you already have to send them a relevant, humanized message that shows you’re paying attention.

Anticipate the Questions of First-Time Homebuyers 

Customers who haven’t applied for a mortgage before may have a vague sense that it will involve a lot of paperwork, time, and patience. Remember: most customers don’t have the expertise of your LOs and may find the process nebulous and confusing. 

LOs can demonstrate that they’re paying attention to customer needs by following with relevant information and providing a clear list of next steps along with an approximate timeline. Set clear expectations for your LOs response times at every step of the way to demystify the home-buying process for new homebuyers. 

Even in today’s environment, with sped-up digital mortgage applications and shorter times to close, mortgage applications take time. Show that your team cares about efficiency and values each homebuyer’s time by giving them all the resources they need to feel comfortable, and you’ll find that customers have favorable memories of their correspondence with LOs.

Prompt Customer Actions at the Right Time to Unlock Revenue

To get more revenue from the leads that are already in your pipeline, your teams need the right technology to reach folks at the right time. For example, many homebuyers never complete their digital mortgage application and eventually end up with your competitors. Too many lenders miss the opportunity to start engaging customers to build their trust from the early stages of their home-buying journey. 

An experience platform that integrates your marketing operating system, sales, and customer service in a single platform can help streamline this type of outreach by offering a 360-degree view of the customer. In the example at the start of this section, this would give your LO the right tools to ask a potential homebuyer if they have any questions, and let them know they’re available to talk through any concerns they may have.

Once they’ve made contact, you can use the marketing operating system to categorize customers to better deliver highly contextualized content that builds authority and trust. By giving your team the tools they need, loan officers can wow homebuyers and provide an unexpected positive impression of the mortgage application process.

Empower Your LOs to Build Lifelong Relationships

It’s all too easy to lose a homebuyer’s attention when they’re browsing rates from behind a screen. When someone does reach out, you have one chance to gain their trust and stay on their list of potential lenders.

The good news is that your loan officers are experts. They know homebuyers and how to get them through the process. With the help of data-driven insights from modern marketing technology, your LOs can close even more loans with greater efficiency.

Given the right tools and relevant prompts from a marketing operating system, your top producers will soar. Empower your team to leverage the customer data they have on hand to provide a positive, humanized experience with every interaction. You’ll see the results in the numbers at the end of every month.