Ways to Improve Customer Service for Mortgage Servicers

Posted by About Mortgage on March 7th, 2019

As the market for customers seeking mortgage loans has opened considerably in recent years, the loan servicing landscape has seen quite a few transitions for servicers and lenders alike. Not long ago, it was nothing more than collecting scheduled payments and retaining portfolios. Today, it involves offering an improved borrower experience while meeting the emerging needs of customers. That said, it’s critical for home loan refinance lenders and servicers to look at loan servicing from a different perspective and do everything they can to retain their borrowers.

Since today’s borrowers expect immediate and easy access to mortgage information, it can be challenging for mortgage servicers to meet their customers’ expectation. To help them improve their service, we have pulled together a list of few strategies they should incorporate:

Use mortgage customer-centric retaining platform

In today’s mortgage servicing sector, complying with the frequently changing norms is essential. Borrowers these days spend most of their time over the web in search of the right mortgage servicers. So, taking this into consideration, it’s in the best interest of mortgage servicers to use customer-centric retaining platforms.

Bridging the gap between the borrowers and home loan refinance lenders, these platforms help servicers provide the right information to their customers, enabling them to make informed decisions possible. This ultimately helps them gain and retain those borrowers by delivering improved borrower experience, and creating long-term customer-relationships.

Automate servicing process using mortgage software

Though borrower experience is an important thing, it's not the most important thing. What’s more important is how to deliver mortgage services efficiently, which will ultimately drive in more customer satisfaction. This is where automating services with the help of mortgage servicing software can be an excellent decision. By automating processes such as escrow administration, investor reporting, payment processing, and many others, mortgage servicers can have more time to meet consumers’ exact needs in an efficient manner.

Offer various payment options to borrowers

These days, a wide range of payment options are available: online, by phone, in-person and many others. However, online payment is the most convenient option and borrowers prefer to pay their home loan refinance mortgage via online portals and various web applications. This is why it’s important for servicers to allow borrowers to pay in several ways.

Final thought

Today, the mortgage servicing journey demands multiple cards to stay one step ahead of the competition. Therefore it’s essential that you incorporate evolving technology to meet your loan servicing investor’s goals and do your utmost to deliver excellent customer service.

Author’s bio: The author is a blogger and this article is about improving customer service for mortgage servicer.