For lenders, the new year is an opportunity to assess your goals and implement changes to help you attract and retain more borrowers. If you’re looking to improve your business in 2022, consider these tips on how you can attract more borrowers.
Use digital tools
Modern consumers like to do everything online, from shopping to banking. As a result, they want easy, digital interfaces for payment and loan management.
These loan servicing systems can make a loan officer’s job easier while also providing borrowers with the modern tools they crave. These tools could include an online loan application, online payments, and e-statements.
Get involved in the community
Lenders involved in their communities can attract more borrowers by becoming trusted resources. Attend local events, support small businesses, and get to know the people in your area.
When borrowers see that you’re invested in making your community a better place, they’ll be more likely to work with you. They’ll also be more likely to refer you to their friends and family.
Borrowers want to work with upfront and honest lenders about their rates, fees, and terms. They’re also more likely to take out a loan from a lender they feel they can trust. So be transparent with your borrowers and let them know what to expect from working with you.
Offer competitive rates and terms
Borrowers always look for the best deal, so lenders need to offer competitive rates and terms. Take a close look at your rates and terms and make sure they’re in line with what other lenders offer.
You may also consider offering discounts or incentives to borrowers who work with you. Additionally, keep your rates and terms up to date so that borrowers know they’re getting the best possible deal.
Offer more loan options
Borrowers are looking for lenders who can offer them more loan options. If you can only provide one or two loan products, you may be missing out on potential borrowers.
Consider expanding your loan offerings to include more niche products, such as loans for home improvements, foreclosures, or small business loans, which will show potential borrowers that you can meet their needs and that you’re a well-rounded lender.
Focus on customer service
Finally, customer service is vital for attracting and retaining borrowers. Borrowers want to work with responsive, helpful, and understanding lenders. If you’re not providing excellent customer service, borrowers will take their business elsewhere.
Therefore, make sure your loan officers offer top-notch service and that your processes are efficient and streamlined. You should also consider implementing a customer feedback system to improve your customer service continuously.
By following these tips, you can attract more borrowers in 2022 and improve your business. Use digital tools, get involved in the community, be transparent, offer competitive rates and terms, focus on customer service, and offer more loan options. If you do all of this, you’ll have a successful year.