Business today is just as much about who you know as what you know. To succeed, you must be willing to share your knowledge and ask for business, and nourishing those relationships to reach a common goal is what it’s all about.
How do you do it? For credit unions, it’s a simple task of completing what you do everyday – People Helping People. With some common steps that are a part of growing everyday business, credit unions can expand their mission to include developing relationships with those who can impact their growth.
Here are those 6 common steps that foster relationships to grow your mortgage lending operations and membership.
Your members and other referral sources want to know what’s going on. In mortgage lending, communication is even more important than other transactions in your credit union because of the complexity of the processes, the sensitivity of the information, and daily industry changes that occur. Keep members, realtors, and any others involved in the process informed and help them understand what’s going on. Your members and business partners will respect this attribute.
Honesty is an integral part of lending today. The media impresses a constant message of fear to consumers that someone is out to get them and no one is out there to fight for them. The best way to earn trust is to be honest. Be transparent. Be open. Set proper expectations up front. Show those you work with that you are willing to go the extra mile to make things right.
The financial industry is flooded by companies that have taken advantage of consumers. Even credit unions have felt the impact of those who are just out there to win at any cost. Unfortunately, members know it too.
Set yourself apart and do the right thing by your member, the real estate agent and any others that you do business with. Once again, if you are in the wrong and make a mistake, make sure you are the one telling those involved instead of them finding out on their own. Then make it right. The main thing though, is to do the right thing by your member every time. It doesn’t mean you are perfect, but that you strive to be.
Peers and clients notice your desire to help and understand. There are a lot of selfish people in business today – especially when there’s money involved. Selfless people who care, certainly stand out. It’s part of what makes credit unions so special. Take the time to care consistently.
Mortgage lending requires a lot of paperwork and steps that take time. Even if you budget your time perfectly, lending requirements can certainly eat away at your closing with even a day late on some paperwork by your member. The only way to make sure that you are efficient, is to communicate clearly and set proper expectations. If all the parties understand the expectations, then even when the goal isn’t met, you can honestly say you did everything you could.
Your knowledge of products, processes and procedures defines whether you are an expert in your field or not. Lending staff must know what options are available, how to price the loan properly, how to make adjustments, what conditions to look for and so much more. But, have you ever considered how this knowledge impacts your relationships? Experience and expertise are the main reasons you are chosen to do business with. Take the time to attend training sessions, webinars, be abreast of the industry, and most important network with your peers and learn from each other.
Doing the right thing and sustaining these attributes will build trust between you and the community you serve and naturally builds business.