Don’t Let Poor Communication Torpedo Borrower Satisfaction

There’s a misconception that top sales professionals possess the “gift of gab.” But the reality is much more complex than that. The best loan originators in the biz are excellent communicators who understand how to connect with borrowers and referral sources in a way that inspires loyalty and trust.

Why it matters:

• Stratmor Group’s Mike Seminari, observed, “Communication consistently tops the list of problems most cited by mortgage borrowers. Year to date, nearly one in four borrowers (24%) who had a problem in some area of their mortgage journey attributed it to communication issues.”

• According to the J.D. Power 2022 U.S. Mortgage Origination Satisfaction Study,SM less than half (48%) of mortgage customers said they were kept fully informed during all phases of the loan process.

• The good news? Communication skills can be improved. Active listening, responding to borrowers in a timely and proactive manner, and providing accurate information are non-negotiables if LOs want to earn repeat and referral business.

For additional insights, take a look at “How Can Mortgage Originators Improve Their Communication Skills?” by  Stratmor Group’s Mike Seminari.