Loan officers are key-players in the mortgage industry and to foster a proper relationship between the buyer and the lending company, a system of interaction has to be established, especially in cases where loan retrieval is involved. Long-term relationships with and referrals from buyers is important for loan officers, so they have to master the process of loan follow-up with buyers to complete payment for mortgage.
Proper loan follow-up takes time and effort in regards to the loan officer and doing so in the right way can make a world of difference in the performance and success of the loan retrieval. Below are some tips which loan officers should take note of so they can have a smooth follow-up with borrowers in Southern California.
LOCATE HARD-TO-FIND DEBTORS
Collect up-to-date contact information of your most hard-to-find debtors as communicating regularly with these debtors prevents any strain in the relationship and makes the process of loan retrieval faster.
Beyond communicating with these debtors via phone calls and emails, it is important that you reach out to them personally in order to maintain a strong understanding about their mortgage payment.
DELIVER SOME PIECE OF USEFUL INFORMATION
In the process of retrieving a loan from a debtor, the focus doesn’t always have to be on the loan which you seek to retrieve as often; approach supersedes intention.
The information you are providing the debtor may even serve as an avenue to secure another deal while getting the loan repayment for the current one.
MAKE YOUR FOLLOW-UP PROCESS SUBTLE
Follow-up is a crucial part of your relationship with your clients, and a consistent but not overbearing follow-up is a key element in making the kind of impression that maintains the relationship with the client and ensures faster loan repayment. A simple email can go a long way in doing a follow-up. You could also send them emails wishing them happy holidays. Your emails should not always be focused on the loan repayment – a healthy and open line of communication goes a long way.
BEGIN THE PROCESS OF LOAN RECOVERY PROMPTLY
They say the early bird catches the worm. Same applies to securing loan repayment from debtors.
When collecting money from debtors, the earlier you go, the sooner the urgency of the repayment dawns on them, and this enables you to spread the repayment plan early and consequently begin collecting the debts early.
In lending, it is important to treat people as well as you can. Follow-up with your clients to ensure they are adhering to the promises they make, maintain communication and be as helpful as you can. These qualities, like the tips above, will make you a trusted loan officer in the eyes of your clients and increase your loan recovery over time.
These are the best ways loan officers in Southern California can work better with their clients.
How Can JCAP Private Lending Help?
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