A Broker's Guide to Customer Success: Ensuring Client Satisfaction and Repeat Business

Posted by Hannah Lapin on May 30, 2024 1:59:00 PM

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In the competitive world of lending, brokers play a pivotal role in connecting borrowers with the right lenders. However, the journey doesn't end once the connection is made. Ensuring customer success is crucial for brokers to maintain and grow their business. Borrowers often select their lenders based on their own positive experiences, relationships, and referrals from others who have had similar positive experiences.

We’ve engaged with STRATMOR Group to bring valuable insights on customer success to brokers. STRATMOR Group is a data-driven mortgage advisory firm with 38-years and over one million mortgage surveys under their belt. They have invaluable insights on the importance of customer success and what brokers can do to delight their customers. Let’s dive into the significance of customer success, the dangers of poor experience, the lender’s role in customer success, and the seven key commandments to ensure customer satisfaction.


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The Importance of Experience and Relationships

While a competitive rate is important, it's not the primary factor driving borrower decisions. Borrowers prioritize their own positive experiences and relationships, along with referrals from trusted sources. This means that as a broker, your focus should be on creating and nurturing these positive experiences. The best rate becomes insignificant if the borrower has a negative experience during the lending process. This highlights the necessity of prioritizing customer satisfaction and building strong relationships.

The Cost of Miscues: A Major Deterrent

An alarming statistic STRATMOR found is that 55% of loans have one or more miscues that can destroy referrals, repeat business, and retention. These miscues, ranging from minor errors to significant oversights, can severely damage the trust and satisfaction of your clients. A single mistake can lead to a ripple effect, deterring potential future clients and harming your reputation in the industry. Therefore, meticulous attention to detail and proactive communication are essential to minimize these miscues and enhance customer satisfaction.

Another key finding from STRATMOR is that to be delighted in the loan experience is the bare minimum. The more mortgage brokers can exceed expectations, the more the broker will wow leads to greater success. 

The Broker's Role: Facilitator of Success

As a broker, you are indeed important to your customer. However, the success of the lending process heavily depends on your lender’s process and execution. A seamless, efficient, and transparent lending process is crucial for ensuring client satisfaction. If the lender you connect your clients with fails to deliver a positive experience, it reflects poorly on you, regardless of your efforts. Therefore, selecting reliable lenders with proven track records is essential for maintaining your reputation and fostering repeat business.

STRATMOR’s Seven Commandments for Optimizing the Borrower Experience

STRATMOR’s Seven Commandments for Optimizing the Borrower Experience

Delighting customers isn't magic; it involves adhering to seven key commandments outlined by STRATMOR. 

1. Provide an Upfront Checklist

First impressions are crucial. Providing borrowers with a checklist of the documents they need to submit at the beginning of the loan process sets clear expectations and reduces confusion. A well-informed borrower is more likely to have a positive experience and recommend your services. Conversely, failing to provide this checklist can lead to frustration and negative reviews.

2. Review Final Numbers Before Closing

Contact borrowers before closing to review final numbers. This proactive step shows consideration for their time and helps them feel prepared and confident. Borrowers who know the exact funds needed at closing are more likely to recommend your services.

3. Avoid Redundant Document Requests

Requiring borrowers to resubmit documents they've already provided is a significant source of frustration. Efficient document management not only eases the borrower’s stress but also enhances their overall satisfaction. Clear communication with the lender and your customer about potential updates can mitigate misunderstandings.

4. Keep Borrowers Informed Proactively

Regular updates on the status of the loan process are essential. Whether through emails, texts, or phone calls, keeping borrowers informed without them having to ask fosters a sense of transparency and trust. Automated systems can help, but personal touches are often the most effective.  Remaining in sync with the lender and over-communicating with the borrower are critical.

5. Close Loans Within the Expected Time Frame

Meeting the expected closing dates is crucial for borrower satisfaction. Delays can cause significant stress and dissatisfaction. Setting realistic timelines and managing expectations can help mitigate issues arising from unavoidable delays.

6. Resolve Problems Promptly

When issues arise, addressing them quickly and effectively with the lender and your client can turn a potentially negative experience into a positive one. Even if a problem cannot be fully resolved, showing genuine concern and effort to address the issue can significantly impact borrower satisfaction.

7. Start Scheduled Closings on Time

The actual closing process should start on time to respect the borrower’s schedule. Delays at this stage can tarnish an otherwise positive experience. Being punctual and prepared for closing demonstrates professionalism and consideration for the borrower’s time.



Ultimately, prioritizing customer satisfaction and building strong relationships will set brokers apart in the lending industry, driving repeat business and fostering a network of loyal clients who will enthusiastically refer your services to others. By leveraging STRATMOR Group’s insights and best practices, brokers can ensure their clients’ success and, in turn, secure their own success in this competitive field.

Topics: Brokers

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