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Mar 15, 2021


Getting a home loan or refinance is a high-stakes process. At Caliber Home Loans, Inc., we create an outstanding lending experience from beginning to end.

Are you dreaming of landing the loan of your dreams in 2021? We’re with you! Open the door to the industry’s best mortgage tools and opportunities with Caliber.

What makes the best home loan experience?

A successful home loan has no major mishaps from the borrower’s perspective. According to one MortgageSAT report, there are seven things you need to do to foster the best outcome for your borrowers.

  1. Start with a checklist of what your borrower will need to provide. By giving your borrower the information they’ll need to collect and hand over, you’re making their lives much easier. The statistics speak for themselves. The Net Promotor Score (NPS): Measure of a borrower’s likelihood of recommending you to others) increases to 84 when you do this – as opposed to a -26 score when they have a negative experience.
  2. Contact your borrower before closing to discuss numbers. Never blindside a borrower with different closing costs. By staying in touch with your borrower and providing the numbers before closing, you’re building a relationship of trust. It will pay off.
  3. Keep track of your borrower’s documents. Nothing is more annoying than having to send and resend… and resend… and resend… your required paperwork. Don’t put your borrowers through that! Make sure you’re organized and don’t ask for the same document twice.
  4. Be your borrower’s loan status whisperer. Keep your borrower updated about their own loan status by email, phone, or text. Knowing you’re tracking their situation will put them at ease.
  5. Close in the right timeframe. Buying a home is stressful enough already. You don’t want to drag it out by missing the closing process deadline without any notice or explanation. Closing a loan late may be unavoidable in some situations, but when it happens, inform your borrower ASAP, provide as much information as you can as to how and why, and lay out the next steps.
  6. Be prepared to resolve problems as they happen. There are plenty of things that can set your loan back during the origination period. Be ready to call your borrower, address the problem, and agree on a solution as soon as you sense a potential setback.
  7. Make closing day special by being on time. On closing day, borrowers will be excited and ready to start on the scheduled date and time. Don’t keep them waiting.

How does this impact your success?

According to this study, 41% of borrowers (37,000 surveyed) felt they had a perfect loan experience. This can mean one of two things:

  1. A healthy percentage of lenders are creating a positive borrower experience. You’ll need to do the same to remain competitive in today’s mortgage market.
  2. Many lenders are finding ways to create a positive customer experience – so you can, too!

Borrowers who have experienced a perfect loan process had a NPS (likelihood to recommend you to others) at 20 points higher than borrowers who experienced mishaps.

Since most business for brokers comes from existing relationships and referrals, the NPS from your borrowers is a direct indicator of your chances at future success.

The “secret” to perfection

If you have a team that is dedicated to closing on time and every time, you’re off to a great start. Layer that with a system that manages loan documents and allows you to track the entire process from end to end, and you’re nearly there.

With the proper system and the proper team, you already have most of it covered. Your team can help you resolve any problems as they arise and start the closing at the designated time (on or before the promised date). If everything is working as designed, you can show up at the closing and be the home loan hero.

Ready to get started? Partner with us today.


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