Home Point Financial, a wholesale mortgage lender headquartered in Ann Arbor, Mich., has introduced Customer for Life program for independent mortgage brokers.
According to the company, the new program
is designed to “maintain long-term relationships with their customers in the long-term, and creates stability and long-term value for mortgage brokers that doesn’t exist in the market today.” The program’s technology uses data touchpoints to identify if a consumer is in the market for new loan and feeds their contact information back to the originating broker while keeping the mortgage brokers informed of their customers’ interest in other financial areas, such as personal loans, alternate financing, homeowner’s insurance and utility services, the company added.
Home Point’s said that it created the Customer for Life program following its recent study that showed that brokers are currently only recapturing 14 percent of their business from past customers.
“The transactional nature of the mortgage business forces mortgage brokers to stay largely focused on the next loan, the next customer, but sustainability of existing business is more important to mortgage brokers’ growth than anything else,” said Phil Shoemaker, Chief Business Officer at Home Point Financial. “The Customer for Life program creates stability and long-term value for mortgage brokers that has never existed before and, with Home Point being the only wholesale lender that retains all of its servicing, and it enables us to take the idea of true partnership to a whole new level.”