July 30, 2021

MP Now News

Mortgage News

“We want to raise the bar for the entire industry”: how firm is changing borrower retention

“Many mortgage lenders ignore their previous clients and focus on new clients and attracting new leads. But there is a huge abundance of options in previous clients. And if you look at other industries, the average retention rate is around 70% or more. By comparison, 18% from the mortgage lending industry is terrible. You don’t really get more business from customers you’ve worked so hard for. “

Before releasing its borrower retention playbook, Sales Boomerang spreads the word about why an automated borrower retention strategy is a necessary tool for lenders to overcome customer loyalty opportunities. That message is at the heart of Sales Boomerang’s brand new free whitepaper. available here exclusively for download.

“One strategy for retaining borrowers involves asking, ‘What are the signals?’” Said Grieser. “What is the key piece of data you need to identify the moment a borrower qualifies for a better loan? What do you do when you have correctly collected this data? You actually have to act. If I’m a borrower and someone can save me money on my interest rate and turn to me, that’s a good conversation. “

“This whitepaper shows how powerful this strategy is for a lender’s business. We took 20 of our clients at random and analyzed their borrower retention rates. Lenders who implemented our strategy improved customer loyalty by an average of 11.66% from 2019 to 2020. One customer increased customer loyalty by almost 50%. Imagine what that did to your business! “

“I would consider implementing an automated retention strategy like an arms race with technology. The mortgage lenders who survive the next 10 years will be the mortgage lenders their customers know best. If not, you will lose ground to everyone. “