Customer retention in the mortgage industry is more important now than ever. With interest rates trending down again, the mortgage business is ready to pick up. As a loan officer, you want to ensure that your loyal customer base will return to you instead of their loan servicer.

But once a client’s mortgage loan is sold, how do you keep that client engaged with you? And if you have yet to be engaged with your past clients, how can you reengage now?

The answer is that it’s time to get started. In this post, we’ve detailed nine ways to engage current, past, and existing customers to capitalize on the refinance market that lies ahead.

1. Get Your Database Organized.

The first step to retaining customers is getting your database in order. There are several ways to segment your past mortgage customers, and there’s no right or wrong way to do it. An easy way to segment that won’t take much time if you’re using a CRM system is to segment your clients into groups such as 2019–2021 purchases, 2019–2021 refinances, 2022–2024 purchases, and 2022–2024 refinances.

This will give you a pretty good idea of their current interest rate situation and help you develop tailored messaging that will resonate. A customer who locked in at a 2.75% interest rate in 2020 is going to have a different threshold than a customer who purchased a home in 2022 or 2023. So it’s important that they don’t both receive the same message from you.

Once you’ve done your initial outreach, you can continue to segment by rate thresholds and other factors to stay organized when business really accelerates. For more tips on marketing to your database, click here.

2. Proactivity Always Wins.

Don’t wait for your clients to come to you, especially today. Loan servicers, tech companies, and large-box retailers are already reaching out to them, so it’s essential for you to be proactive.

Start by contacting three to five clients from your database each day. Focus on customers with whom you have built long-term relationships and who will likely give you their repeat business. This outreach shouldn’t just be a sales pitch. It should be a conversation about what’s happening in their lives, their financial goals, and if and when they will need your assistance. 

If you’ve been taking notes over the past few years (see item 4 below), you can ask specific questions about their home, family, and so on. If you haven’t been taking notes—start! It’s much easier to start a conversation with, “How did your daughter’s wedding go?” or “Did you end up buying the boat we talked about last spring?”

Showing your customers that you’re engaged and ready to assist keeps you in their thoughts. Right now, your customers are seeing the news and are curious, and it’s important that they hear from you.

3. Be Well-Scripted.

Selling a refinance at a higher interest rate can be challenging. Instead of just focusing on numbers, start with a conversation about what’s going on in your client’s life, their finances, and their goals. This is your opportunity to determine:

1. If they need your assistance for something else. Maybe they’ve been holding off buying a bigger home or moving because of interest rates. Now might be the time for them to explore or start the pre-approval process.
2. If a refinance could be in their future. You can help your clients determine a cost-effective interest rate threshold so you can follow up with them easily if and when a refinance makes sense.

Discuss their goals and how a refinance might fit into their overall financial strategy. This approach ensures that you’re prepared when rates become more favorable.

4. Personalize Your Interactions.

Personalize your communications to make each client feel valued. Use the information you learn from your conversations about their life and financial goals to tailor your messages and offers. Take good notes and refer to them just before picking up the phone…and be sure to add to your notes after each phone call!

For example, if you know a client is planning a major renovation, offer advice or financing options specifically related to home improvements. Personal touches, like remembering important milestones or birthdays, can also strengthen your relationships and make clients feel appreciated.

5. Add in Email and Texting.

Not every client will pick up the phone, so it’s essential to use other communication channels. Supplement your phone calls with frequent—but not pushy—emails and text messages.

If you get them on the phone, ask them what their preferred method of contact is if and when rates hit their threshold. This will allow you to take action quickly if you get a rate window that’s favorable to them.

6. Take Advantage of Multichannel Marketing.

Keep your presence strong across multiple social media platforms. Don’t just use generic content: Mix in videos, personal stories, and interactive posts. Share updates about the market, offer insights, and engage your clients with content that resonates.

Staying visible across multiple marketing channels is just as much a client retention strategy as picking up the phone or sending a text message. This will keep your messaging top of mind for when they are ready to take action.

7. Provide Valuable Content.

Be the go-to source for all things mortgage-related. Share regular updates about interest rates, market trends, and financial tips. Your clients should turn to you for reliable information that helps them make informed decisions.

Create and share blog posts, infographics, or videos that simplify complex topics and keep clients informed and engaged.

8. Be Consistent.

If you’re going to provide a five-star customer experience, one-time interactions aren’t enough. Consistency is important to building lasting relationships.

Develop a regular schedule for follow-ups, whether it’s phone calls, emails, or texts. Regular check-ins, such as quarterly reviews or biannual updates, show that you’re committed to their long-term success and help build long-term relationships.

9. Get Prepared.

Being prepared applies to many aspects of your mortgage business. Whether it’s having a plan in place to bring on additional support quickly when business picks up or having your marketing supported for an upcoming refinance blitz, planning ahead ensures that business doesn’t fall through the cracks.

It’s also important to have the right customer relationship management (CRM) tool to help facilitate long-term relationships with your clients. At APM, our loan officers leverage the powerful features of Total Expert to assist in database management and long-term client nurturing and relationship management.

Now Is the Time

In a crowded mortgage market, having a high customer retention rate is important. However, retaining clients means going beyond offering excellent customer service during a single transaction.

You’ll build solid and lasting relationships by staying organized, being proactive, consistently reaching out, and offering valuable insights into long-term financial and life journeys. You aim to be a trusted advisor for a lifetime, not just on one transaction. By being involved in your customers’ financial and life journey long-term, you will ensure that they think of you first for all their future mortgage needs.

Implement these strategies to strengthen your client connections and secure your place as their preferred mortgage expert, even after their loan is sold to a servicer. 

If you’d like to learn more about how APM can help you grow your business and thrive in today’s market, click here to visit our JoinAPM.com website.