How Team Texting Improves the Mortgage Customer Experience

Woman helping customers fill out forms

Staying competitive in the mortgage industry doesn’t always mean offering the lowest prices or margins to customers. While affordability undoubtedly plays a large role in the purchasing decision, there’s another aspect of the process that’s nearly just as important: the mortgage customer experience.

Lenders have been using business texting software to build upon their borrower experience as it’s the fastest, most convenient method to stay in touch. But instead of texting with borrowers one-on-one, lenders are turning to team texting to create an even better mortgage experience.

Below, we highlight why borrowers value a superior customer experience from their lenders and how team texting works to meet those expectations.

Why the mortgage customer experience matters

Customer experience can be a differentiator when borrowers choose a lender. According to a report by McKinsey & Company, customers said that an “exceptional customer experience” was almost as important as securing the “best rate.”

In the same report, customers also said that speed and reassurance were among the top satisfaction dimensions in the mortgage journey.

  • Reassurance refers to “having helpful, knowledgeable, and accessible employees who can confidently guide and support customer decisions.”
  • Speed refers to customers expecting fast service before and after choosing a lender. The application process should move swiftly and “quick, clear, 24/7 status, pre-approval within 24 hours and providing a single point of contact” should be a priority to lenders.

Frequency of communication is also directly linked to customer satisfaction. According to the J.D. Power 2020 U.S. Primary Mortgage Origination Satisfaction Study, customers with the highest level of satisfaction receive daily communications from their lender. The more communication throughout the loan process, the better.

Image from McKinsey & Company

Customer expectations are continually evolving, and mortgage teams should closely follow trends to adjust their own strategy. The mortgage customer experience can be greatly improved by incorporating the above insights with help from the increasingly popular text messaging medium.

Why team texting improves the mortgage customer experience

Having one-on-one texting conversations gives customers exactly what they want from a mortgage lender: fast response time, convenient access to employees and the ability to connect on their preferred communication channel.

Suggested reading: How Guild Mortgage uses texting to connect with borrowers

However, in an industry where high standards are set for the customer experience and 24/7 access to employees is favored, team texting should be considered to meet those needs.

Team texting is simply allowing the entire mortgage team to see and respond to individual borrowers (as opposed to assigning one employee to one borrower). This strategy not only provides the customer with the fast attention they expect from lenders, but also offers each employee greater visibility and awareness of an individual borrower’s journey in the process.

Team texting accelerates response times

The mortgage process requires a lot of time from the borrower, and because it’s usually a process that’s unfamiliar to many, things can get stressful. It’s critical that teams prioritize quick responses to borrower questions to assuage any fears and speed along the process.

When the task falls on one employee, however, there are natural lapses in sending an answer: The employee could go on vacation, leave early for the day, get stuck in a long meeting, get caught up assisting another borrower, etc. But with team texting, response delays are reduced since someone will always be available to answer a text.

Quick replies provide prospective borrowers and applicants with the immediate attention they want and leave them feeling important and cared for during this important time in their lives.

Team texting increases customer visibility and awareness

Giving a mortgage team complete access to every borrower also offers greater visibility into the customer’s journey. With texting software, a customer’s communication history is housed into a single conversation. No matter which team member accesses a conversation, they can scroll through to see how other employees have answered questions so that messaging can stay consistent. It also means that handoffs from one team member to the next are seamless.

Team texting adds simplicity to the communication process

From pre-approval to closing day, there are many moving parts throughout the loan process. Customers will greatly appreciate keeping communication clean and simple: less phone calls to schedule and less emails to track down in their inbox from different team members. Team texting gives borrowers the option to keep a majority of their mortgage communication in one, easily accessible spot.

Create a texting response strategy for your mortgage team

Ensure that team texting is fostering a competitive mortgage customer experience by creating a well-defined response strategy. All team members should know what to do when a text comes through and how quickly anyone should reply.

  • Set a goal for a response time. Should someone reply to a text within five minutes? 10? 15? The time is up to you, but the entire team should know how long they should leave a text unanswered.
  • Use templates consistently. Templates are a great way to create consistent messaging to borrowers no matter which team member hops into the texting conversation. See how templates can be used throughout the mortgage journey in this blog post.
  • Use text message signatures. Texting for business software lets team members add signatures to any text. When multiple team members are available to chime into a single conversation, it may be helpful for the borrower to know who they’re talking to at any moment.

Interested in adopting business texting software for your team? Start a free Zipwhip trial and see how your team can create a better lending experience using a single account (or even on a single line).

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