how-loan-officer-should-communicate-with-borrowers

How Loan Officer Should Communicate with Borrowers

In the world of mortgage industry, which is largely driven by strict regulations, good flow of communication can make all the difference to the quality of loans processed. Lenders and loan officers need to encourage interaction with their borrowers so that they can prevent obstacles at every step of the way.

The tips below will help you communicate with the borrower successfully and simplify the home loan process

Focus on Problem Solving and Timely Closing

It is safe to assume that you have been in business long enough to expect the unexpected. It is common to experience glitches and it is your responsibility as a lender to be prepared with an alternative, should such a situation arise. A good lender is the one that is focused on solving the problems and closing loans within stipulated time. Some lenders choose to avoid returning calls when things get rough. However, a reliable lender will do all it takes to help borrowers seal the deal.

Always Stay in Touch

A consistent lender/loan officer is the one who maintains regular communication with the borrower as per their preference. It can be emails, texts or calls to your home/office. It is the lender’s duty to stay connected with their clients throughout the process and return calls/texts in timely manner. It is always advisable to treat existing clients with higher priority than chasing new ones.

Addressing Borrower Concerns

Home loan processing can be overwhelming for the borrowers. As a lender or a loan officer, it is your obligation to address all concerns throughout the lending process. Homeowners sign a multitude of documents during the entire process and it is natural to feel confused when they see complex mortgage disclosures for the first time. A great lender is the one that goes the extra mile in making homeowners understand what they are signing. At the same time, lenders and loan officers who use complicated mortgage terms when communicating with prospective buyers may not even know what they are talking about.

Keep the Borrowers Informed

The quickest way to ensure that the borrower’s home loan file moves swiftly is by keeping them informed throughout the process. Borrowers who know their loan status feel inclusive and confident. Be proactive in educating your prospective clients about the factors that can determine financing. In a survey, homebuyers voted their overall home buying experience as excellent when the lender kept their borrowers informed and explained all the options available to them. The borrowers want their lenders/loan officers to be honest, responsive and transparent.

Encourage your Borrowers to be Honest

The last thing any lender wants is surprises down the road. This usually happens when the borrower leaves out important details at the time of file submission. As a lender or loan officer, you can prevent this from happening by encouraging your borrowers to honestly discuss issues in the past. By knowing about these matters upfront, you will be better prepared to address them when the time comes. Telling this to your prospective clients at the beginning can save you a lot of trouble later.

Help your Borrowers Plan Ahead

As a loan officer/lender, you need to understand your role in helping your customers plan ahead. Having an action plan beforehand can help mitigate risks associated with delays. It will also help lenders to come up with acceptable solutions in case of a gap.

Working closely with the borrower and loan officer can significantly reduce the turnaround times and keep your mortgage process rolling seamlessly. At Expert Mortgage Assistance, we keep your backend in order as you work with your clients in the frontend. We make the perfect outsource mortgage service provider for our clients, thanks to our wide range of services that covers the entire spectrum of loan lifecycle. From compliance document review to loan submission, we can expertly manage all the steps in between and more. Talk to use today if you are looking for a reliable mortgage partner for your business.

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