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What happened to customer service in the wholesale banking industry?!

Christopher Mitchell
Jan 28, 2011

There was a time not too long ago that Account Executives and the lenders they represented rolled out the red carpet for their Mortgage Broker and Mortgage Banker clients. Last week I had a conversation with a well know AE in the industry. I asked; "why do I have to hound you to follow up and communicate with our Branch Managers and Loan Officers."  The response was sad. She said "I have to focus on writing a deal or two a month in order to pay my bills." As mortgage sales professionals; we spend a huge amount of our time on customer service.  Our marketing sources, consumers and internal staff members are still getting the top notch service they deserve, but in return we are receiving a B/C rated service from the banks that are receiving our business. Ask yourself this; did the banks stop making money on the secondary market?  While recently promoting my company's Reverse Wholesale Division, I was asked, "What makes Nationwide Equities different from all the other Reverse Mortgage Wholesale Lenders?" My answer was simple, "Customer Service!" We provide all of our Reverse Mortgage Wholesale Affiliates with competitive pricing, superior technology and stellar underwriting turn times, but it's the higher levels of customer service that makes us special. I congratulate everyone in our business that weathered the storm. Licensing and compliance alone holds us to a higher standard. We demand and deserve better from our Wholesale Lenders!
Jan 28, 2011