Feedback

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

As we foster relationships with brokers and LO’s, it is important to continually ask for feedback. There are so many different expectations and styles of doing business that we can easily find ourselves in a comfort zone that may or may not work for our clients.

It is difficult, if not impossible, for us to accurately evaluate our competencies. Asking for feedback is an easy way to evaluate the way your brokers perceive your performance. This will help us to recognize the difference between our perceptions of our abilities and reality – a gap that can make all the difference in business.

Psychologist’s research shows that our own incompetencies blind us to our incompetence. Isn’t that interesting? The fact that we have an issue can blind us to being able to recognize that issue as an issue. Whew – that’s a mouthful of issues!

So let’s gather up our brokers for a performance meeting and pick their brains. You never know, you may just find out ways to improve your performance and solidify your business.
Key things you can do to gather feedback:

1. Before taking on a new broker, be sure to determine what your client's exact expectations are. You have a much better chance of delivering what people want when you actually understand their needs. Ask questions. Listen carefully. Offer customized solutions. Every broker is different and some may not be a good fit for how you do business. Offer to take them based on a no-commitment trial basis in which you can both evaluate each other.

2. Conduct regular client surveys. Survey research can be the best and most thorough way to find out what your brokers want. Ask if their expectations are being met and about what they like and don't like about dealing with you. Ask how you could change, gather suggestions for improvements, and have brokers rate the value of your service. There's a wealth of information about your business that you just need to tap into. A very clear picture of your businesses' strengths, weaknesses, opportunities and threats can be drawn after properly analyzing broker feedback.

3. Include "feedback cards" with statements. This will show your LO’s that you take pride in your work, and should make it easier for unhappy brokers to provide you with feedback; if they know you want it, they'll be less afraid to give it to you.

4. Call to follow up on services provided, and, when appropriate, ask how you could improve next time. There's nothing like an unexpected phone call from someone expressing concern for their satisfaction. And, a quick call only takes a moment of your time.

5. Offer a prize for "best improvement idea." Whether you are gathering feedback through a customer survey, in person, or over the phone, it's always a great idea to reward those who help you improve. You could offer free processing on a file for the best suggestion.

With that being said, I would like to gather your feedback on my articles. Are there any specific topics you would like me to address?

I would also like to hear from brokers what their number one complaint is with processors. Conversely, I would like to hear from processors what their number one complaint is with LO’s.

Please do not hesitate to respond. I really do want your feedback!!!

Remember - Your reputation is your business.

Happy Processing!!!

About the Writer. As one of NAMP's volunteer writers, John Hoxsey is currently a NAMP member in good standing and is a NAMP Certified Master Loan Processor (CMLP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.