What Steps are Required to Keep the Borrower happy

Written By: Hina Habib

In the mortgage business borrower is a primary focus for everyone working in the industry. Without making a borrower happy no one can succeed. This sounds very easy, to make borrower happy, but this is one of the difficult task for every mortgage personal dealing with the borrower. This is the situation where extra effort customer service is required.

Need FHA Training? CLICK HERE: http://www.FHA-Classes.org

In one mortgage transaction there is one borrower but at least 3 to 4 other related entities involved, directly or indirectly. Every one of them tries to keep borrower happy. If borrower is not satisfied, you will not only loose that customer but most of the time results in loosing future clients. Hence this is one of the difficult areas which not everyone can master but definitely improve their selves.

When a borrower applies for a mortgage his/her first stop is a Loan Originator/Loan officer. Loan Originator is direct contact for the borrower where the loan begins. Loan officer should be the first one to make borrower happy with providing him the required services, as he takes initial information and has more interaction to the borrower comparing with anyone else.

Loan officer will be able to make his borrower happy if he is handling the clients in a manner where he provides required services to them. He can do that by keeping himself very well informed regarding the mortgage products offered and documentation required for those products. He should always have ability to say no if borrower does not qualify for the loan instead of fail trying. Sometimes just keeping himself at the front end with borrower helps a lot with any future problems. If he keeps these steps in mind he will have a satisfied customer at the end of the transaction.

Other mortgage personal deal directly with the borrower is a Loan processor. Loan processor being mediator between different parties involved in the transaction has more pressure for the quality customer servicing. Loan processor not only has to deal with borrowers but also loan officers.

Need FHA Training? CLICK HERE: http://www.FHA-Classes.org

Loan processor can take following steps to have happy borrower at the end of the day. As she starts on the file she does a welcome call to borrower and that is the best time to understand your borrower need. If borrower is complaining for any issues, a Loan processor should try to resolve this. Sometimes just listening to the complaints and apologizing for any delays, helps a lot in smooth process. It is recommended that a processor should call borrower, when file is opened, Loan is sent to underwriting and approval received. Loan processor should also keep the loan officer in the loop with whatever is happening with file to get good relations with loan officers too.

About The Author

Hina Habib - As an NAMP® staff writer, Hina Habib has been working as a Loan Processor with mortgage industry for more than 15 years now. Hina is a loan processing instructor for Loan Processor University (www.LoanProcessorTraining.org). She has ample experience of structuring and processing FHA, VA and Conventional loans. She worked with an established Correspondent Lender/ Mortgage Broker for 13 years. After her promotion as a Senior Loan Processor she trained loan officers and other processors. Currently she is working with a strong and established banking institute as a Mortgage Processor II. She is very well informed with the current on going changes in the mortgage history and can help answer your questions more accurately. If you're interested in becoming a writer for NAMP®, please email us at: contact@mortgageprocessor.org.

Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.