June 16, 2015
Nikki Groff provides practical insight into the tools she uses to manage the borrower and realtor experience and maintain compliance with TRID. She uses thorough systems, consistent touch points, and education to ensure success with every loan. We have outlined a few of the key strategies she shares on this call.
1. Marketing with Rent vs. Own
Prior to the first point of contact with a customer, Nikki’s team performs strategic marketing with the help of Mortgage Coach’s “Rent vs. Own” information. The team identifies apartment complexes whose rent would be close to that of a mortgage, and they send out “Rent vs. Own” information around the first of the month. This step not only gets her name in front of them at a critical point of the month, but it sets them up to be perceived as an expert and resource in the mortgage industry.
2. Referral communication
Most business comes from referrals and previous business, so Nikki has set up a system to ensure that referrals are connected and appreciated. As soon as a referral comes through, a script is sent out to the referral partner, which thanks them for the business and lets them know they are working with the client. Nikki says, “You never want them to have to call the next day to make sure their referral went through.” This ensures simplicity and quality in every referral.
3. Phone Communication
Nikki’s team never lets a call go to voicemail. Everyone on the team is trained to collect information from prospective borrowers and communicate with others’ clients when needed. In order to ensure quality in every call, they utilize phone scripts and checklists.
All prospective borrowers are asked the same preliminary information and anyone may work to convert that phone call into an applicant. Additionally, prior to first appointments, all clients will receive a reminder phone call.
4. Building Trust with Customers
In the first consultation, Nikki recommends focusing on building relationship and trust. She utilizes a television on her wall to walk through the Edge with a cost analysis and discusses loan options. After the consultation, she sends out that presentation to the borrower and follows up with next steps in the process.
5. Building Trust with Realtors
One of the biggest complaints from Realtors about loan officers is a lack of communication about their borrower’s file. Nikki’s team builds trust with Realtors by ensuring they are supported with the information they need to be successful and efficient with their clients.
When the team sends out the Edge presentation to the borrower, they request permission to send it to their realtor as well. If they were able to send over the presentation to their real estate agent, they call the agent and discuss any pieces of information that would be particularly helpful for the agent to know.
Secondly, they provide email updates to agents, calls that introduce the team if needed, and they send out brochures with a list of the benefits and marketing support they will provide to the agent.
6. Post-Closing Touch Point
After closing, Nikki recommends updating the Edge presentation with the final numbers and sending that presentation to the borrower after closing. Borrowers feel confident in having understood their mortgage, and the loan officer is able to keep accurate information about the customer in their file.
Nikki includes a video with the Edge presentation that describes their lifelong commitment to the borrower and allows them to explain their ability to update loan scenarios in the future depending on the borrower’s goals (i.e. move into a bigger home in 5 years). This touch point is critical to sealing the bond with the customer and the loan officer’s reputation as a lifelong resource for their mortgage needs.
In conclusion, Nikki recommends a strategic approach to systematize every customer experience. This improves customer and agent relationships, as well as ensuring compliance with TRID. Mortgage Coach is a critical tool to help in this process.