The Role of Lender Communication During Difficult Times

Lender communication is imperative for mortgage providers in 2021. Mortgage providers should focus communications on educating and informing customers about their options during these difficult financial times. Feedback from customers highlight the challenges they are facing during these difficult times.

“So many of your customers struggle to pay their mortgage. Educate them on the kind of options that are available to them.”

“Communicate better with the customer. Give more information on payments and what options are available for late payments.”

“Be more friendly and sympathetic to customers.”

What are Critical Steps Mortgage Providers can take?

• Understand that distressed customers have different information needs/wants.
  
  
• Effective communication on relevant topics can relieve consumer angst (especially as it pertains to available options/programs during crises like the global pandemic). 
  
  
• Consistently thank customers for their business at as many touchpoints as possible.
  
  
• Customers want an empathetic responses, even in the worst of situations - ensure that your staff and messaging reflect a sense of compassion. 

Recommended Reading

• HousingWire: 2020 ends with 3.4 million loans in delinquency