For this week’s episode of Lending Leaders, Alayna Gardner and Dustin McClelland, EVP of Sales at Lender Price, talk about the importance of usable data, integrity and respect, and competing on more than just cost.

How to Compete on Quality of Service

The mortgage industry isn’t exactly looking its best these days. With rates rising and volume declining, standing out from the competition is more important than ever. Many lenders feel pressure to compete on pricing, racing to the bottom in a way that hurts service and the end consumer. But there’s another way.

In a crowded marketplace, service is how you make a lasting impression. Top notch service earns loyalty and referrals, which are invaluable sources of new business. It also directly impacts customer satisfaction and retention. Simply put, service is good for your bottom line.

But providing excellent service in today’s mortgage industry can be easier said than done. Many lenders have scaled back support staff and resources. Overworked teams lead to delays, mistakes, and frustrated borrowers. How do you break this vicious cycle?

Invest in Your Team

Your team members are on the frontlines of service delivery. When you invest in their growth and happiness, it pays dividends in the form of better service. Some ways to invest in your team include:

• Training & Development: Provide ongoing training to sharpen skills and stay updated on industry changes. Empower team members to expand their capabilities.
• Tools & Technology: Equip staff with solutions that streamline processes and allow them to work more efficiently. Modern tech stacks connect systems and data seamlessly.
• Culture: Foster a people-first culture where team members feel valued, supported, and heard. Promote transparency, collaboration, and open communication.
• Wellness: Encourage work-life balance, mental health supports, and healthy habits. Burned out staff deliver poor service.

Measure What Matters

“What gets measured gets improved.” Track service KPIs like customer satisfaction, Net Promoter Score, call wait times, loan processing times, and more. Analyze this data to spotlight areas needing improvement. Then take targeted action, whether that’s additional training, revised processes, or enhanced solutions.

Continuously measuring and optimizing service demonstrates you value the borrower experience. This focus leads to referrals and repeat customers, boosting your competitive position.

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