In the midst of a competitive purchase market, it’s more important than ever to foster existing borrower relationships. In light of this, HW Media CEO Clayton Collins spoke with Steve Reich, COO at Finance of America Mortgage, to learn more about tactics top originators are using to build and retain relationships with borrowers.
With the current housing inventory crunch and rising rates slowing refi volume, lenders are finding themselves in a much different position than this time last year. According to Reich, a lot of success in this market will hinge on having strong referral partnerships.
“Real estate professionals and the mortgage professionals need to partner together,” Reich said. “They need to understand the programs, they need to understand their borrowers and find ways to get their borrower’s offer accepted by the seller, and they have to find the right program for the borrower to find their home.”
Outside of referral partnerships, tech plays a large role in helping build borrower relationships.
“Here at Finance of America, we look at technology as an ‘and’ with our loan originators not an ‘or,’” Reich said. “They should be utilizing this technology to make their job better, easier and more efficient. We do all sorts of analysis on each of our loan officers’ databases to provide them wonderful timely opportunities.”
Reich outlined that some of those opportunities may include the borrower being eligible to get rid of mortgage insurance or have a cash-out transaction. With loan officers continually being alerted and aware of their borrowers’ situation, they are able to better build and retain those relationships.
To learn more about Finance of America Mortgage, visit www.foamortgage.com