Customer Service Tips: As purchase business returns to dominance in the lender loan mix, referral business becomes a key factor of revenue growth. According to data from STRATMOR Group’s MortgageSAT Program that measured the loan experience for more than 260,000 borrowers last year, the Net Promoter Score (NPS) falls 91 points when the borrower says there was a problem with a loan. It can be anything from a misunderstood fee to poor communication or expectation setting. 91 NPS points is the difference between your next referral and someone who will badmouth you to friends and colleagues. In his August Customer Experience Tip, Mike Seminari suggests three steps lenders can take to survive and thrive through the transition to a purchase environment by creating a delightful experience for borrowers. Don’t miss, “Preparing for the Shift to a Purchase Market.”
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