The amount of confusion and disruption caused by the COVID-19 pandemic is unparalleled. From my perspective, the reasons for this start at the top. In the best of times, and especially in the worst of times, strong leadership makes the difference between chaos and clarity.
Effective leaders share a common characteristic: communications aptitude. They connect with their organizations and their customers through centralized communications protocols and a clear list of priorities. Their communications are direct, frequent, honest, and empathetic toward the needs of the community, whether that’s their employees, customers, third-party vendors or the world at large. Strong leadership is what is needed to navigate this ever-changing environment and minimize confusion.
In the lead article of this month’s report, we’re focusing on what it takes to build a customer-centric culture and the leadership needed to manage through this change. In “Creating a Customer-Centric Culture in a Brave New World,” Mike Seminari shares some powerful communication and management techniques lenders can employ to transition disruption into discipline. STRATMOR challenges the mortgage community to make this change and do as Socrates encouraged: “…focus all your energy not on fighting the old, but on building the new.”
Also this month, be sure to check out our COVID-19 Homeowner Experience Report. From April 27 to 30 we surveyed 1,000 homeowners about pandemic impacts and found, among other issues, that 36 percent of homeowners have no knowledge of government assistance programs. Here is a definite opportunity to increase communications and help the borrowers we serve.
We hope this issue inspires customer-centric actions across your organization. STRATMOR stands ready to assist.
By Mike Seminari May 2020
There’s a famous quotation from Socrates about change that speaks to where business, and the mortgage industry in particular, is today:
“The secret of change is to focus all of your energy not on fighting the old, but on building the new.”
In this brave new world of pandemic impacts, we’re all learning as we go traveling the ever-evolving path of rapidly changing business needs. Mortgage rate volatility, servicing liquidity issues and bursting refinancing pipelines have left a wake of uncertainty and stress — change has become the “new normal” for lenders and servicers. Many who fought the remote work model must now consider the benefits of increased productivity and reduced overhead expenditures. Those who relied heavily on in-person borrower interactions and fought the idea of technology investment must now fully pivot to online closings and to digital tools like Zoom and the video email platform BombBomb.
The constant in the midst of this change? The need to focus on the customer.
This study reports the results of a survey conducted April 27 to April 30, 2020 by STRATMOR Group and CFI Group of the impact of the COVID-19 pandemic on 1,000 homeowners.
In this article, Sr. Partner Garth Graham teases out the specifics of “the mortgage mullet” concept that aptly describes aspects of the current digital transformation in the mortgage industry.
There’s no doubt that business is feeling the effects of the COVID-19 coronavirus. In this article, we examine what lenders are dealing with as the COVID-19 waves continue to swell.
Robotics Process Automation (RPA) is more than the latest technology trend. In mortgage, RPA is helping companies re-engineer processes and transform the customer experience.