Gaining new borrowers is a big deal! It means they trust you, your company, and want to partner with you for their financial future. Once the deal is closed, make sure you keep their trust at an all-time high. You can do this by implementing practices to improve lender-borrower communication. Consider these three practices:
Have you heard the phrase money talks? If money talks, the people who are in charge of the money need to be talking, too! Any time an action will be taken with your borrower’s money, talk to them. This can be in the form of payment reminders via text or email. Borrowers don’t like to lose money in the form of late fees, so consider always sending a text or email if their payment due date is approaching. Other times you should prioritize communication include:
- When a late fee was applied
- When a payment was received
- When their interest is changing
- When a company policy/procedure is changing
At the end of the day, it’s better to over-communicate than under-communicate. And, have your customer service number easily accessible on your website in case they have questions.
You don’t need manpower to check in regularly with your borrowers. You simply need to set up an email system that will send weekly or monthly emails. This way, your name is at the top of their inbox (and mind) at least once per week/month. These emails can take a more resourceful approach like sharing articles that teach them to stay on top of their bills, how to get out of debt, and other relatable topics.
Confirm Contact Information with Every Interaction
Outdated information can be a headache for both the borrower and lender. This can cause payment reminders to be undeliverable or failure to reach the borrower on the phone. By confirming contact information with every interaction, your employees can keep the system updated with the right email, phone number, and address, so there isn’t miscommunication due to wrong information.
Allied Business Systems has premier loan origination and management software!
We want to help you increase your borrower-lender communication with premier loan origination and management software! Our team works tirelessly to be available for our customers, so we can help you any time you have a question. Talk to one of our team members today about how our software can improve your business: 800-727-7534