One way to streamline your initial application process, and to be proactive with your customers as well as referral partners is by incorporating templates in the process.
I’ve personally used templates as both a Mortgage Loan Officer and a Loan Officer Assistant. I find them to be helpful in collecting loan documentation as well as following up with customers and referral partners throughout the loan process. Your time is valuable! Having to send out repeated emails is time consuming. Here are a few ideas on how to structure your email templates to help streamline the loan process:
Collecting upfront documentation
Depending on your client, sometimes collecting loan documentation can be a bit of a pain. There are some customers who will take their time and give you what you need whenever they get around to it. There are those who piece mail you items and some that are very efficient, quick and organized (we love these type of borrowers!) Create a template with a list of required documents needed for the loan process, and add or subtract from the list as needed.
Give them a deadline
Always include a “deadline” in your emails such as “All items must be delivered within 48 hours to ensure a quick turn-around time from the underwriter. Loan files will be submitted once all of the loan documentation is received”. This instills a sense of urgency in your customers and it gives them a time frame on when to deliver the requested items.
The Hand Off
If your Loan Processor will be the next person in line to contact the borrower once the loan file is underwritten. Introduce the customer to the Loan Processor. “Kate Green will be your Loan Processor. She may reach out to you throughout the loan process”. Include a summary that states what the next step is, who the loan processor is and when they will expect to hear back from someone. A warm introduction properly introduces your customers to team members so that they’re not "blind-sided" by a call from some random person within the organization.
Follow up on the loan process
This template is for when you submit the loan file to the underwriter and you’re waiting to hear back from someone. Or if you put in a request for an appraisal. If I didn’t hear back from underwriting or processing, I’d send an email to customers and referral partners anyway. You want to keep the lines of communication open while going above and beyond in terms of customer service.
Your time is valuable. Incorporating email templates will help you reduce the amount of time spent, re-creating emails during the loan process.