Loan officer best practices to keep your loan process running smoothly


It’s easy to be a little complacent in your treatment, but this complacency can lead to disaster if you’re not careful about your vigilance with respect to regulations, rates, member needs, protocols, etc. . Not good if you’re looking to maintain or improve your credit union’s mortgage performance, especially in today’s highly competitive market.

To help you stay on track – and keep your loan business running at optimal levels, here are four best practices for loan officers to consider adopting in your credit union:

1. Organization – This may sound so basic and fundamental, but think about the number of emails you receive per day and the number of phone calls you may need to return. In most cases, juggling a prospecting list of current clients – all with different stages of need and all at different stages in the loan process is a pretty cumbersome business.

Whether you color code your emails, keep a tickler file, or just use to-do lists, find the method that works best for you and reap the benefits of a smoother experience for your members. Organizing your records often means whether or not you meet your deadlines or whether or not they are homeless while waiting for the keys to their new accommodation.

2. Communications – Borrowers expect things to be stressful and chaotic, but you can take that out of the equation with simple, straightforward communication. Once the member’s loan is active, provide simple emails with a checklist of what is needed with easy to understand information. Being clear and concise in your communication will achieve greater member satisfaction.

Moreover, it’s not just what you say, but how you say it. Informal, short, abrupt, and incomplete conversations, whether emails or phone calls, are signs of laziness. Laziness in your writing and speech shows that you don’t care about your job and conveys to the member that you don’t care about them. You don’t need to be cold and unfriendly, but you do need to pay attention to detail. Watch your tone and be sure to respond in the way the member prefers to be reached and when. Listen to the member and become their advocate. Keep accuracy and communication style in mind. This will maintain a high level of trust and confidence in your abilities.

3. Punctuality – It’s not just about closing, it’s about responding quickly to all aspects of member needs along the way – with accurate and precise information. If a member contacts you for a “pre-qualification” letter, even if it’s the fifth time, respond promptly. He can determine whether or not they get the house. If they call with a question, impress them with your service by responding quickly and accurately. And, if you don’t know the answer to their question, let them know you’ll get back to them as soon as you gather more information, then follow them.

Even if your member is very slow to respond to you, be sure to respond quickly to them and their needs. If you face a problem, deal with it quickly. Problems that escalate become bigger problems. Learn how to overcome out-of-the-box scenarios such as self-employed borrowers. So when they do apply, you know how to handle them. In this industry, time is money and being late can cost you and your members.

4. Education – Helping to educate the member before, during and after the loan process is essential to building a relationship. This builds trust in you as a lender and helps the member determine if you are really there to help. Set appropriate expectations by explaining to members how the loan process works. If they’ve been there before, explain what changed. Give them information about the products they have available and help them understand why others won’t work. Never delay in providing them with details of the latest training opportunities. Be transparent to build a lasting relationship.

If you are looking to maintain or improve your credit union’s mortgage lending performance, especially in a highly competitive market, even the simplest things are important to maintain and maintain member confidence in their mortgage needs. Mortgages. This trust ultimately leads to returning business, word of mouth advertising, building your reputation and much more. This all adds up to maintaining or even improving your credit union’s mortgage business.


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