It’s more crucial than ever to nurture existing borrower connections in the face of a competitive buying market. In light of this, HW Media CEO Clayton Collins spoke with Steve Reich, COO of Finance of America Mortgage, to learn more about the strategies used by top originators to create and maintain borrowers’ relationships.
Lenders are in a significantly different situation than they were this time last year, with the current housing inventory shortage and rising rates reducing refi volume. According to Reich, having strong referral partnerships will be critical to success in this sector.
Reich believes that real estate and mortgage experts should work together. They must comprehend the programs and their borrowers to find approaches to have their borrower’s offer accepted by the seller and to locate the appropriate program for the borrower to locate their property.
Outside of referral agreements, technology plays a significant role in assisting in developing borrower connections. We look at technology as a ‘and’ with our loan originators at Finance of America, not as a ‘or,’ Reich added. They should use technology to improve, simplify, and streamline their work. We perform a variety of analyses on each of our loan officers’ databases to give them fantastic prospects on time.
Some of these options, according to Reich, include the borrower’s eligibility for mortgage insurance cancellation or a cash-out transaction. Loan officers can better create and maintain relationships with their borrowers if they are constantly alerted and aware of their status. To read more on this, click here.
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