It's often been said that there is no loyalty in the mortgage loan origination business. In the past (back before the historic refi boom of 2000-2003), people took out a new mortgage infrequently, so it was difficult for brokers to find good reasons to stay in touch over the 7-year period between mortgages. During the refi boom, people were refinancing every few months, but they were going in search of the lowest rates and paid little attention to the broker helping them with the loan.
Those days are over now and the mortgage market is beginning to normalize somewhat. The market is entering an in-between zone where borrowers have been trained to refinance when it makes good sense to do so, but loan programs have become so complex that they can't figure out when to act. This is a great environment for good mortgage brokers.
But is it really possible to create Customers for Life? Not without the right technology. The trend is to leverage new tools and techniques to add value to borrowers' lives on a regular basis. Most brokers need some help with that. In this column, I'll be looking at some of the tools, techniques and partners that are helping brokers forge stronger ties with past customers in order to get more repeat business and more referrals.
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