When it comes to retaining customers and bringing in new business, it is important that customer service is a top priority. This is especially true for banks and credit unions. For lenders, it is imperative that an emphasis is placed on ensuring the borrower has everything he or she needs to pay their taxes on time, as well as their mortgage. To do this, the lender wants to ensure their customer service is exceptional for all their borrowers. Given the fact that lenders have a lot on their plates, outsourcing certain lender services may enhance customer service. With the help of a knowledgeable and experienced third party vendor, lenders are able to better serve their customers, and in turn their institution.
There are numerous different ways a bank or credit union can improve customer service overall, and in this blog we’ll focus on how outsourcing lender services can do just that. By outsourcing such lender services as real estate tax monitoring and escrow processing, the lender is better prepared to provide personalized service and attention to each and every customer.
What Services Can Be Outsourced?
A big part of a lender’s job is to ensure customer satisfaction while keeping up with all taxes and other payments at the same time. As you are likely aware, this is no easy feat. In order to mitigate risks and improve customer retention and satisfaction, many banks and credit unions outsource services such as:
- Real estate tax monitoring
- Flood determination
- Escrow processing
With this in mind, it should also be noted that not all vendors are created equal, so be sure you are outsourcing lender services to a vendor that will provide customized service and help minimize risks to your institution – while also increasing customer satisfaction.
One of the most beneficial lender services to outsource from the customer’s standpoint is real estate tax monitoring. This is due in large part to the fact that this service aims to prevent tax delinquencies and help the borrower avoid penalties or fees. By working with a trusted vendor, the lender can provide the highest level of service to borrowers in monitoring taxes and avoiding delinquencies. In addition, outsourcing that task frees up staff at the financial institution to spend more time committed to serving customers in other capacities.
This is just the tip of the iceberg, as there are many additional ways in which outsourcing lender services can benefit your customers. To learn more, check out our latest ebook, How Working with a Quality Tax Servicer Improves Your Customer Services and Saves Borrower Money.