Why Survey Your Borrowers After a Mortgage Closing?

One of our clients at Top of Mind Networks is a broker in Atlanta, Georgia. Let’s call him Bob. Bob is what I consider to be a “low cost provider”. He gives his borrowers very aggressive pricing. He’s not the greatest customer service guy you’ll meet. But if you’re looking for a deal – Bob’s your guy.

Bob’s doing a loan for a doctor – large purchase price – large commission. They get to the closing table and the doctor reviews the settlement statement. Keep in mind that Bob’s given him a great deal…

“What’s this courier fee for $28?” asks the doctor.

“That fee covers the cost of shipping the documentation for your loan to the lender.” says Bob.

“Well I don’t think I should have to pay for that. That’s your cost of doing business!”

“Not a problem.” replies Bob. “I’ll be happy to send you a check for the $28 once I get back to the office”.

The doctor is happy with Bob’s solution. The loan closes – the doctor moves into his new house and Bob heads back to the office to work his pipeline…

… and Bob forgets to send the doctor the $28 check.

As I mentioned, Bob is a Top of Mind Networks client – so Bob enrolls the doctor into our 5 Year, 24 Touch Follow Up program.

30-days after closing, we send the doctor the Customer Satisfaction Survey. This correspondence includes a self-address stamped envelope and is returned directly to Bob.

Well wasn’t Bob surprised when he hears the doctor’s feedback about how he viewed the transaction. I won’t get into details, but let’s just say that “scathing” is a word that comes to mind. He never got his $28 check and that’s all he could remember. Not the great deal, not the smooth transaction, it was all about 28 bucks.

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If Bob didn’t have the mechanism to elicit this feedback, he would have lost this client forever. Fortunately, upon receiving the doctor’s survey, Bob was able to rectify the situation and save the relationship.

In summary, if you don’t survey your borrowers after every closing, the same thing has probably happened to you at some point. It’s critical to elicit feedback from your clients – whether positive or negative.