Lenders who are not connected to their past clients may find themselves at a competitive disadvantage when selling against lenders who are more client centric.

Many lenders in the residential mortgage market underestimate the importance of maintaining long-term relationships with their customers. These relationships can be a company’s most profitable source of new business, and lenders who run successful organizations dedicate more company resources towards increasing their customer retention rates.

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The most important thing mortgage originators need to consider for customer retention is to make sure their clients know in any interest rate environment that they are looking out for their needs and goals, said an executive with a lead generation company.

It is an area that the industry is becoming more focused on as time goes on, said Jim Blatt, chief executive at Mortgage Returns. It is inevitable the interest rates will at some point start to rise again and “being prepared for that is increasingly important.”

ST. LOUIS, MO –

What: With increasing demand for more efficient marketing and greater return-on-investment (ROI) within the mortgage industry, lenders are considering automated marketing strategies. A well-designed automated marketing strategy enables busy originators to stay connected to customers, which increases customer retention and ROI.