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Maintain Borrower and Lender Relationships Past the Pandemic

borrower and lender

Over the past year, many mortgage companies have had their borrower and lender operations affected. This is due to the COVID-19 pandemic and the various government measures taken to mitigate its impact. 

Borrowers and lenders had to deal with various changes. The closure of many places of business, restricted operating hours, and moving employees to working remotely are a few.

The most successful loan officers have remained flexible and adapted to client communication with fewer in-person opportunities. Video calls and digital communication are key to keeping the loan process running smoothly. 

Now What?

But, now that vaccines are more readily available to the population, how can loan officers maintain borrower and lender relationships past the pandemic? Old processes may need to be reevaluated as new ones also evolve. Consider the fast evolution of the COVID-19 crisis and now vaccine distribution. It is important to keep borrowers informed as circumstances continue to change. 

Keep reading to learn how to successfully nurture your borrower and lender relationships as the mortgage industry redefines new normals. 

borrower and lender

Maintain Solid Borrower and Lender Relationships

As a loan officer, it is important to nourish relationships and improve your customer engagement experience. So, add flexibility and personalization to the borrower journey. This can be achieved by enhancing your strategy and implementing positive communication throughout the loan process. 

Building strong ties is paramount for successfully closing deals and expanding your business opportunities. But there is an art to building these relationships. It takes time, effort and creativity, especially during the time of the COVID-19 health crisis.

In the midst of the global pandemic, this would seem to be a difficult time to strengthen relations with customers and business partners. After all, it is much harder to meet and chat with your clients and contacts in person. But the truth is, there have never been more resources available for businesses. This allows them to bond with leads, borrowers, and partners in a remote fashion.

Establish Rapport

Cover all your bases, and contact people in your existing network of borrowers and lenders consistently. Reach out to people who would be willing to partner with you or send you referrals. This includes anyone who has access to the clients you would like to see in your pipeline. 

The pandemic has altered how we form and maintain relationships. With rising remote communication, be sure to call the person directly, send them an email, or even message them on LinkedIn. This establishes the rapport required to build trust and transparency. Your chance of creating a lasting impression is much higher when you go beyond the hard numbers of a deal. Plus, show an interest in your customers and partners as people. 

After all, we may seem extremely isolated due to COVID-19. But, everyone has more in common than ever as we adjust to the new state of our world. 

Make It Personal 

Be sure to personalize your messaging for each person you contact. Getting them to talk a bit about themselves emphasizes your role as a trusted advisor. 

Also, since most everyone has experienced some sort of affect from COVID-19, check in on your borrowers and leads. Are they working from home? Have they returned to the office? Have they had the opportunity to be vaccinated? Use these questions to help guide the conversation and offer ways to support your customers. Also, form connections around these major life changes. 

After all, if you know personal details about your business partners and clients, it is easier to gauge their needs and what you can expect from them while working together on a deal. Find out information that helps you serve them better. Such as when it is best to reach them based on their remote work schedule or late night shifts. 

Communicate Accordingly

Although vaccinations are becoming more readily available in the United States. Virtual communication channels are not disappearing anytime soon. In order to stay in touch, it is necessary to use digital platforms effectively. So, consider Zoom, Microsoft Teams, and Slack, since these are the new normal that have evolved immensely during the pandemic. 

On the other hand, in some places, it is still safe to meet with clients and partners in person. If this is the case for you, and it is safe to do so, seize the opportunity to connect on a deeper level.

Given the restrictions and isolation of the past year, meetings can go a long way in strengthen your borrower and lender relationships. So, consider outdoor seating options with social distancing to safely meet face-to-face.

Establish Referrals 

As a loan officer, you know that learning how to get referrals is key to your business strategy. After all, one successful referral partner can bring you hundreds of leads over the course of your relationship. So, put a plan in place every week. Consistently contact the partner with timely information. 

Maintaining strong ties with real estate agents is especially important. Also, try to get to know them and their team on a personal level. Understanding a real estate agent’s day-to-day schedule can be useful as well. It can make the loan process run more seamlessly.

The value in taking the time to create and sustain sincere business relationships will pay off in more ways than you know. 

Bottom Line

Loan officers need to maintain the trusting borrower and lender relationship they have built. It pays to be proactive, show transparency, and uphold best practices during these shifting times. Especially as we begin to see the light at the end of the pandemic. Also, the relationship of trust between borrower and lender is, more than ever, an asset. 

So, take actionable steps sooner rather than later to maintain relationships past the pandemic. Use the digital resources available to do so. The benefits will shine through, and your business will close more loans and build more capital.