Things Consumers Want Loan Officers to Know

Hey loan officers! Want to know what your clients really want from you? We gathered recently published data from consumers who closed on a mortgage or refinanced their home, and here’s what they said.

Be organized and efficient.

Clients want to know that they’re working with someone who is on top of things. They want their loan process to be as smooth and efficient as possible. In fact, according to a study by the National Association of Realtors, 60% of homebuyers said that the loan process was their biggest stressor.

So make sure you’re organized and responsive, and that you keep your clients updated on their progress.

Educate your clients.

The loan process can be confusing, so take the time to explain everything to your clients in plain language. Don’t assume they know anything about mortgages or refinancing. The more informed they are, the less stressed they’ll be.

According to the same study by the National Association of Realtors, 40% of homebuyers said that they didn’t understand the loan process at all.

Support your community.

Clients care about the causes you support. So if you’re involved in local or global organizations, be sure to let your clients know. This will show them that you’re a good person to do business with.

According to a study by the Cone Communications CSR Study, 86% of consumers say that they are more likely to do business with a company that supports a cause they care about.

Be honest with your clients.

If there are any hiccups in the loan process, be honest with your clients about what’s happening. Don’t try to sugarcoat things or make promises you can’t keep. They’ll appreciate your honesty, even if it’s not what they want to hear.

According to a study by the American Customer Satisfaction Index, 82% of customers say that honesty is very important to them when doing business with a company.

Offer more digital options.

In today’s world, clients want to be able to do as much as possible online. So offer them digital options for submitting documents, tracking their progress, and communicating with you. This will make the loan process easier and more convenient for them.

According to a study by the Pew Research Center, 72% of Americans say that they use the internet to do their banking.

Don’t ignore your current clients.

Just because someone is already your client doesn’t mean you can ignore them. If they’re looking to refinance, be sure to give them the same attention and service as you would a new client. They’ll appreciate it, and they’re more likely to refer their friends and family to you in the future.

According to a study by the Aberdeen Group, 65% of customers who have a positive experience with a company are likely to refer that company to others.

By following these tips, you can give your clients the best possible experience and build a strong reputation for yourself.

Here are some additional statistics that you may find helpful:

• 70% of customers will do business with a company again if they have a positive experience.
• 80% of customers will switch to a competitor after a single negative experience.
• The average cost of acquiring a new customer is five times more expensive than retaining an existing customer.

So there you have it! These are just a few things that your clients want from you. By following these tips, you can give them the best possible experience and build a strong reputation for yourself.