"The only foundation of real business is service."
Henry Ford (1863-1947)
American industrialist, inventor
Correct me if I'm wrong, but mortgage loan officers stand to make a pretty sizable commission when their loans fund so why do many deliver such poor customer service?
One simple thing that can make a difference between a client signing and not signing their loan documents is the ability to get their questions answered in a timely manner.
The Notary Signing Agent may be the only person the borrowers meet in person during the loan qualification process. We are neutral parties in the transaction; we represent neither the lender nor the loan officer. If a borrower has a question we are allowed to answer the "what" but not the "why" so that is why it's so important that borrowers are able to get their questions answered once they are at the signing table.
Below are two real life examples:
Scenario#1 - How the process should go:
I arrive at the borrower's home with loan documents in hand. The loan officer has spoken with the borrower prior to my arrival. He has answered all of the borrower's questions so that when I arrive the borrower is comfortable with signing the loan documents and I am out of there in less than an hour.
Scenario #2 - How the process should not go:
I arrive at the borrower's home with loan documents in hand. The borrowers are a very nice elderly couple attempting to refinance a home that will be purchased by their daughter in six months. The borrowers are completely unhappy because they have been going through this process for three months and this is the second time a notary has been out to their home.
The first set of documents had a higher percentage rate than they were quoted, included a prepayment penalty (which wasn't going to work since the daughter was going to be refinancing the property in her name in six months), had a mysterious $100 fee for local officials, and to top it all off their loan officer is hardly available and doesn't return phone calls.
Now this new set of loan documents again has errors, and as usual they are unable to get in contact with their loan officer. When they spoke with him last night he said he would be in the office by 9:30 a.m. but it was now 10 a.m. and he was no where to be found, so let's just say they were a little upset.
The borrowers are not willing to sign and they can't speak with their loan officer so there is nothing left for me to do. I tell them it was a pleasure meeting them and I'm out the door. I get a call about an hour later from the borrowers who have finally spoken with someone who could put them at ease so they are ready to sign. I will have to make a return trip later today.
Scenario #2 is an ordeal that could have easily been avoided. In my experience if the borrowers are able to get their questions answered and made to feel comfortable then things will go smoothly.
I think the above quote from Henry Ford aptly states what we as real estate professionals should be striving to deliver. Quality customer service is what our businesses should be based on to guarantee repeat business and referrals.
0 comments:
Post a Comment