Talkie, Or Walkie

Communication: Will it make or break you?

Insider

Contributing Writer

It continuously blows me away how many borrowers are satisfied with their LO or realtor, but then don’t repeat business when it’s time to sell their home or buy another. There are many likely factors that contribute to this phenomenon, but the biggest cause may just be communication.

A simple communication breakdown can be what makes the difference for referrals and repeat business. With that in mind, let’s talk about how to communicate with your borrowers to ensure they have a great experience that keeps them coming back.

Keep It Personalized

Everyone will have different communication styles and preferences which can be based on everything from age to personal preference. According to Entrepreneur, each generation has a distinct communication style that runs through most of the age group. Baby Boomers, for example, tend to appreciate formal and direct communication with a preference for either face-to-face, phone, or email interactions. They value having background information and details, whereas Gen Xers appreciate less formal communications over email, phone, or text and they value professional etiquette. Millennials, on the other hand, usually want quick communication via text, chat, and email. They value efficiency and convenience through a digital-first approach. Finally, Gen Zers prefer visual communications, often opting for face-to-face or video and, of course, a mobile-only format.

But remember, as much as research can help you craft a personalized communication style to start with, it’s up to you to ask your borrowers what they prefer. There will always be a few outliers, so never assume you know what your borrower wants or expects out of your communication style simply based on their age.

Keep It Thoughtful

There is no “one size fits all” communications approach. Too often, it’s easy to go on autopilot with emails or follow-ups, but I’d encourage you not to.

Keep very close track of your communications and be mindful of the cadence. Make note of who you’ve already followed up with, who has responded to you, who may be out of town or busy at that time, etc. There is nothing worse than getting follow-up after follow-up when you’ve already responded or receiving countless emails while you’re on vacation. Keeping close track of each individual’s situation goes a long way in making them feel seen and valued.

Keep It Compliant

No matter an individual’s preferred communication style, there are certain things that must be delivered a certain way. For example, you cannot deliver a Loan Estimate or Closing Disclosure via text, no matter how much your borrower may want you to. The borrower can opt for electronic delivery, but it will be via email. It is your job as the loan officer to not only educate them about this option, but to very clearly communicate what they can expect. Doing so will help you set your borrower up for success, even when they are not communicating in their preferred channel.

You cannot deliver a Loan Estimate or Closing Disclosure via text, no matter how much your borrower may want you to.

And even if your borrowers can view their loan status online, be sure to communicate the status through their preferred communication method so they feel informed on what’s happening. Not everyone will be checking regularly.

Ultimately, the borrower’s communication style does not trump any compliance rules — you have to know when and where you can tailor your communications and where you can’t. And if you can’t, make sure to explain why you’re deviating from their stated preferences.

Putting some real thought into how you’re communicating is critical for building trust with borrowers, giving them a great experience and making sure you’re effective as a loan officer — and it can also help you get the all-important referral and build business in the future.