Contact Sales
Sign In
Schedule a Demo

4 out of 5 mortgage customers will get their next loan from another lender. Unfortunately, the numbers are plummeting, and the mortgage industry is seeing the worst customer retention rates than any other business sector. 

→Download Now: Cracking the Code: How Leading Lenders Are Overcoming the Mortgage Industry's Borrower Retention Problem 


The Problem

The mortgage industry typically focuses on "active borrowers" - the ones currently on the hunt for a loan. They neglect the customer that they will end up losing to another lender. 

Did you know that 68-74% of customers say they would return to their original lender or broker for a future loan? Though that's not what happens in practice. Research from the Consumer Financial Protection Bureau shows that borrowers treat each mortgage loan as a unique event. 77% move forward with the first originator they speak to when they need a new loan - whether that's the same LO who helped them last time, a quick Google search, or a competitor who called at the right moment. 

Since each borrower is likely to do 11 loans in their lifetime, it would be foolish to allow them to sit on a shelf and collect cobwebs. 


Get Your Wheels Turning: Mortgage Customer Retention Strategies


Invest in tech

Are you slow to adopt new technologies and hate to implement them altogether? Do you long for the days of dial-up modems, landlines, and snail-mail? As lovely as 'the old days' sound, you'd likely get smoked by your competitor if you fail to pivot in favor of technology.  

Lenders that invest in a proven automated borrower retention system will land at the top. For example, a system like Sales Boomerang scours mortgage lenders' customer databases for missed loan opportunities. Identifying opportunities before the borrower is even aware they are candidates for a loan and has a chance to shop with a competitor. 

Sales Boomerang alerts have enabled lenders to close more than $150B in additional loan volume that may have been overlooked and achieve retention rates of 3-5X. Being in the right place at the right time is vital, so lenders must have a mortgage customer retention strategy. 

With a proven solution. you'll be able to:

  • Respond to leads in minutes
  • Pay less than $300 per acquired loan instead of $1200+ per lead. 
  • Close 20-40% more loan volume per month


There's nothing worse than trying to catch a train and seeing it leaving the station in front of your eyes. Stop them in their tracks; the investment will help you retain borrowers to the finish line.  


Create a customer roadmap 

To get your sea legs in order, create a roadmap of the future of the intended relationship with your borrower. Did you know that the average American will do approximately 11 loans in their lifetime? 

Here's a good example:

Meet Anna. She's a 34-year-old millennial and a first-time homebuyer. 

She is about to purchase her first two-bedroom home in Salt Lake City, Utah, for $499,900. Great news, she has chosen YOU to work with to help finalize her loan.

After completing the transaction, you'd be hard-pressed to put her file on the backlog. As, the likelihood she'll need another loan in less than three years is doubtful. But, a first-time homebuyer might not be privy to know that there are tons of other opportunities to make their mortgage cheaper (like a Rate and Term or Cash-Out Refi). Rather than letting sweet Anna remain clueless about other options for her to save money every month, you'll want to nurture her journey with relevant messages, devising a strategy that goes through her unique customer lifecycle.


Devise a comprehensive marketing strategy

If you aren't implementing a comprehensive marketing strategy, the time is now. It can be common to shy away from marketing, but it will be detrimental to your bottom line if you don't.  Here are three ways to do it: 

Engage with your customers on social media. Please provide them with educational resources or showcase individuals on their home journey process. Adding relatable content will keep prospects and customers engaged. And remember, anyone with a smartphone can become a social media maven or a Youtube sensation.

Email campaigns. We can't deny that there is a generation gap in marketing. It can be hard to keep your toes in every avenue with an abundance of networks to choose from. Not everyone is in love with social media these days. But, you can't deny that most people have an email address. Sending consistent campaigns without flooding a customer's inbox will keep you at the forefront of their minds the next time they need a loan.

Snail mail: Yes, people do still love to get mail. 


Keep your customers top of mind

Understanding your customer's dilemmas and goals will strengthen your marketing message - a bit of compassion goes a long way, especially in the mortgage industry. Some have waited years to qualify for a loan or save up for their dream place.

Give them digestible information to understand the home buying process; options like refis or cash-outs may be something that hasn't crossed their minds. As an expert, educating your borrowers and empowering them with the tools to help make informed decisions will keep them coming back to you each time they are ready to do another loan.


Thumbs up or down? 

Most consumers are inundated with reviews daily. When was the last time you left a restaurant and were asked to write a review? You may even get the email before dinner is over. Or when you felt obligated to like, laugh or love a friend's Instagram post. Your customer's experience dictates whether they do business with you or your organization in the future. 

Do you know how your customers feel about you? When was the last time you asked? You might be shocked at the results - good or bad. Are you nailing it with customers after every completed transaction? Or are you falling short - and are unaware that your customer never wants to work with you again. 

Gathering and analyzing your customer's feedback will help you improve the customer experience and lead to happier customers every time they do another loan with you or your organization. For instance, invest in a feedback loop that includes a thank you note and a survey. You may want to/need to have a small incentive to gather essential details.


You're steps away from an ironclad strategy

Remember, you'll want to incorporate these puzzle pieces together to create a mortgage customer retention strategy that will succeed. Invest in tech, conjure up customer journeys, engage with your customers regularly, and make sure you tie everything together with a feedback loop that will help retain your customers for life.