Highlights From Visio’s Customer Success Webinar

We recently co-hosted a webinar with STRATMOR Group titled "Use DSCR Loans to Earn $150k Per Client: The Broker Playbook to Grow Your Repeat and Referral Business." If you missed it, here’s a recap of the key insights shared, including why customer experience matters and how you can improve yours.

In the session, we covered the data behind the $150k-per-client opportunity. With brokers typically earning 2.25% per loan, it takes approximately $6.67 million in originated loans to reach this target. Active investors who have a positive experience often bring repeat business and valuable referrals, creating sustained growth. Let's dive deeper into these and other highlights from the webinar.

Why Customer Success Matters to Brokers

Mike Seminari, STRATMOR’s Director of Customer Experience, uses the analogy of an excellent waiter at a restaurant with disappointing food to illustrate why customer success is crucial for brokers. Just as diners wouldn’t return to a restaurant with bad food, even if the service was great, clients won’t return to a broker if their loan process experience falls short—even if the broker themselves provided great service. Quality of experience is essential for earning repeat business.

STRATMOR’s research shows that customer experience drives 90% of new mortgages, with 83% of borrower loyalty and advocacy shaped by the loan process itself. Let’s explore how brokers can streamline this process to boost repeat and referral business.

The Greatest Drivers of Repeat and Referral Business

To get raving fans, here are the key actions STRATMOR Group recommends brokers take. 
In the chart below, you can see how each action either negatively or positively impacts NPS score. NPS score, or Net Promoter Score, is a rating on a scale of negative 100 to positive 100 of how likely customers are to become either promoters, passive, or detractors.

To give you a reference, Mike Seminari says the world’s most liked brands (his example is Starbucks) have NPS scores in the 80s. 

As you can see, in the first recommended action “Proactive Status Updates,” the difference of being proactive loses you more than 100 points on the NPS score.

Let’s take a closer look at each of the actions you can take to go from likable to referrable, along with some pro tips for each. 

Provide Proactive Status Updates

Proactively keeping borrowers updated on their loan status fosters transparency and trust.

>PRO TIP: Create a communication plan with your borrowers. The goal is to never have them call and ask you for an update on their loan. 

Use an Upfront Checklist

Providing borrowers with an initial checklist of required documents sets clear expectations, reduces confusion, and enhances their experience.

>PRO TIP:  A lot of automated checklists can go into spam folders. Do not just send a checklist, but follow up with a phone call to set expectations and make sure the borrower understands.

Call Prior to Closing

Contacting borrowers before closing to review final numbers demonstrates care, prepares them for the process, and increases the likelihood of positive recommendations.

>PRO TIP:  Do not just leave a message or send a text or email. Actually set up a time to review the numbers with the borrower. You will go from 85 to -10 if you do not have the call. 

Ensure Rates and Fees are Expected

When borrowers know the exact funds required at closing, they’re more likely to recommend your services.

>PRO TIP:  The broker should understand the funds and what drives rate and fee changes. In a DSCR loan, for example, LTV (and therefore appraisal), rents, insurance, taxes, and HOA documents all impact rate. 

Ensure Document Requests are Reasonable

Make sure the borrower understands the why of the documents that are being asked of them.

>PRO TIP:   If you are working on a loan that has anticipated document updates or expiration dates of documents, communicate that ahead of time. 

Close in the Expected Timeframe

Setting realistic timelines and managing expectations can help mitigate issues arising from unavoidable delays.

>PRO TIP:  Understand the possible causes of delays and either prevent them or communicate them. In the case of a DSCR loan, some common items that slow down loans include a unique/rural property, properties with incomplete renovations, and a property ownership change during the loan process.

Avoid Repeat Document Requests

Requiring borrowers to resubmit documents they've already provided is a significant source of frustration.

>PRO TIP:  This happens in almost one third of loans and results in a 40 point NPS score drop. To avoid asking for multiple documents, stay in touch with the lender and loan officer and track all requests.

Conclusion

In conclusion, focusing on customer success is key to unlocking the full potential of your business. By prioritizing a positive loan experience, brokers can build trust, foster loyalty, and encourage valuable referrals that lead to sustained growth. The insights shared during the webinar emphasize that a seamless and transparent process—from proactive updates to clear expectations—helps elevate client satisfaction. Implementing these strategies can not only boost repeat business but also position brokers as trusted partners in their clients' financial journeys. By creating a standout customer experience, you can maximize your earning potential and turn clients into long-term advocates.

To watch the full webinar, go here: https://www.visiolending.com/hubfs/Visio-CustomerCX-Webinar-10.22.mp4.