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Servicers Urged to Focus on Retention.(mortgage servicers told how to retain customers)(Brief Article)
Why can't mortgage servicers do a better job retaining their customers, asked Chuck Klein, managing director of the advisory firm of Charbonneau-Klein.
Speaking at the Mortgage Bankers Association of America's National Secondary Market Conference here, he said the best retention rate he has found is 38%. That means they are losing 62%.
Even 50% is a poor performance. Servicing purchasers cannot pay multiples of eight times (as they were in 2000) and have the loan payoff quickly.
Therefore, Mr. Klein said, servicers need a proactive campaign to retain customers.
But, he then asked can a servicer afford to have a full-time retention staff in place. In reality, a servicer can only defend pieces of its portfolio.
So he came up with a suggestion: the servicer should enlist its mortgage brokers and pay them a higher premium to reorganize the loan for the servicer. "Make (the broker) a partner," Mr. Klein said.
It is difficult for the servicer to recapture the customer on ...
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- Quality Control for Mortgage Servicers.
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