Posted by MeridianLink | May 22, 2024

Sowing the Seeds of Loyal, Long-Term Borrower Relationships 

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the content herein. The opinions expressed in this article are the opinions of the individual authors and may not reflect the opinions of MeridianLink, Inc.  

Let’s think, for a moment, of your mortgage lending operations as a garden: your institution is the plot of land in which borrowers can set down roots to flourish, and it’s up to you, the lender, to tend to those borrowers’ unique needs and encourage those roots to deepen by fostering loyalty and trust. 

So, how do you build that good rapport? It starts with understanding borrowers’ challenges and responding to them with relevant solutions, streamlined experiences, and a personal touch. 

Every Borrower Brings Unique Needs to the Table 

You wouldn’t tend to a cactus the same way that you’d tend to a fern. The same is true for your borrowers, who come to your institution from a variety of circumstances that inform how you’ll need to care for them and address their requirements. While some factors—such as today’s higher rates and home prices—are practically universal experiences, other factors widely vary from person to person. For example, first-time homebuyers may need more guidance at certain points in the process than someone who’s more familiar with buying a home. And even then, while self-service options are excellent ways to create efficiency, a recent J.D. Power study found that 40% of respondents—including seasoned and new borrowers alike—would have preferred if their loan representatives were more involved in the process. 

It all comes down to treating each borrower as the one-of-a-kind flower that they are and attuning yourself to their specific needs—something that can be accomplished through regular communication, optional guidance throughout the application process, or even tailored offers like home equity lines of credit to help borrowers obtain better rates.  

The Right Technology Makes a Difference 

We led by discussing the importance of personalized service because, even with the right technology in place, a lack of personalization can hamper your growth and retention efforts. After all, nobody likes to feel like a number, especially when they’re trusting you with a decision as large as purchasing a home; however, once you have a handle on personalization, technology takes center stage once again. 

Today’s borrowers demand a seamless digital application experience free from confusion and frustration. If your mortgage LOS—the foundation on which your entire lending experience is grounded—isn’t evolving alongside borrower needs and shifting market dynamics, you leave your process open to delays, errors, and inefficiencies that can, in turn, lead to irritated applicants, missed opportunities, and even damage to your institution’s reputation and growth. 

Ask yourself: Are manual tasks causing bottlenecks? Are you relying on multiple third-party vendors to fill gaps that add costs? Is your mortgage lending operation struggling with service latency? How are these challenges impacting your profitability and borrower relationships? 

If these questions sound familiar, don’t worry! These are just a few very common struggles among mortgage lenders, and they’re all easily addressed with the right solutions and that personalized touch we keep coming back to. 

Advanced Tech + Personalization = A Winning Strategy 

Combining convenient, advanced technology with personalized solutions and a human touch is the key to ensuring that borrowers really take root within your institution. 

To further bolster borrower satisfaction, select a mortgage LOS—such as MeridianLink® Mortgage—that prioritizes configurable workflows, role-based navigation, and time-saving automations. These resources can help you complete once-time-consuming tasks in a fraction of the time while ensuring alignment with your operational needs, allowing you to better prioritize borrower engagement and more easily handle a higher volume of loan applications. More chances to build those key relationships and grow your portfolio? Sounds like a win-win to us! 

And then there are the tools and functions that can really supercharge your mortgage lending process. Integrated point-of-sale solutions empower you to easily build powerful, personalized borrower-facing experiences while seamlessly connecting them to their loan officer and real estate agent at any time on any mobile device; an integrated document management system can facilitate quick and easy loan document sharing, editing, packaging, and attaching to ensure borrowers remain informed and engaged every step of the way; and, MeridianLink Mortgage’s natively built PriceMyLoan® tool automates underwriting, pricing, fee, and margin management for an even more streamlined experience for borrowers and lenders alike. When used together, these solutions can help your institution scale more smoothly, reduce loan manufacturing costs, improve pull-through rates, and accelerate closing times—leading to better borrower experiences, efficiency gains, and greater return on investment. 

A Mortgage LOS Built With Borrowers in Mind 

Learn how MeridianLink Mortgage, part of the MeridianLink® One platform, can help your borrower relationships blossom with seamless document management, automated loan underwriting and pricing, and so much more. 

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