Wholesale lender has launched Customer for Life program
Home Point Financial has launched a program designed to help independent mortgage brokers to maintain long-term relationships with their customers.
The firm’s Customer for Life program addresses the findings of Home Point’s recent study that showed that brokers are currently only recapturing 14% of their business from past customers.
As an all-encompassing technology ecosystem, the program keeps mortgage brokers, borrowers and the servicer inter-connected for the life of the loan; and uses consumer data touchpoints to inform originating brokers when customers are looking for a new loan.
“The transactional nature of the mortgage business forces mortgage brokers to stay largely focused on the next loan, the next customer, but sustainability of existing business is more important to mortgage brokers’ growth than anything else,” said Phil Shoemaker, Chief Business Officer at Home Point Financial. “The Customer for Life program creates stability and long-term value for mortgage brokers that has never existed before and, with Home Point being the only wholesale lender that retains all of its servicing, and it enables us to take the idea of true partnership to a whole new level.”
As well as alerting brokers to customers seeking new loans, the program will also inform them of customers’ interest in other financial areas, such as personal loans, alternate financing, homeowner’s insurance, and utility services, equipping brokers with resources to provide their customers with product recommendations and a framework to evaluate their options.
“Customer for Life was a chance for us to throw out credit triggers and payoff triggers because they don’t work and create something that actually turns real applications into real loans for brokers, helping them grow a customer base that they can stay connected to for life,” added Shoemaker.