It has become abundantly clear during our 13 years as a PA title company that one of the most important things a lender can do is take steps to strengthen their business relationships. This includes working more closely with borrowers, title companies and real estate agents. One of the easiest and perhaps most influential ways for loan officers to connect with everyone is by attending each mortgage closing.
The Impact of Making an Appearance
A satisfied client will understandably feel more compelled to share your contact information with their family, friends and coworkers. Therefore, it’s wise to carefully consider some data that was presented at the National Mortgage Lending Conference. After analyzing 150,000 home loans, the STRATMOR Group found a direct link between borrower satisfaction and whether or not their loan officer showed up to the closing.
The percentage of borrowers who reported being fully satisfied with their lender and the closing experience is 93.6 percent when a loan officer is present. This number drops by 5.4 percent when the loan officer makes the choice not to attend the closing. The difference between these closings may seem small at first. However, when you consider how much future business the extra 5.4 percent could lead to, it becomes easy to see why some loan officers make attending each closing a top priority.
Interestingly, first-time home buyers report a higher level of satisfaction overall than people who have purchased at least one other home. This means that loan officers may benefit even more from being there for repeat buyers. After all, increasing their level of satisfaction is a very worthy goal that could pay off big.
Borrowers who are happy will help provide you with referrals, but keep in mind that they are not the only group you can impress by being at a closing. The team at our PA title company always appreciates having the loan officer available on closing day, and you can be guaranteed that the same is true for real estate agents. This is because loan officers can help clear up any last minute confusion or issues, which will make the closing go much more smoothly.
By showcasing that you understand the importance of the closing process, you can impress real estate agents and title companies. In return, these individuals and companies will become more likely to refer their clients to you. Ultimately, showing up for each closing could make a major difference in your bottom line.
A PA Title Company Specializing in Complex Transactions
World Wide Land Transfer started out as a PA title company, but we have expanded our service area year after year. We are now proud to issue NY title insurance, FL title insurance, MD title insurance, VA title insurance, and more. To learn more about our services, please contact us today!