When it comes to mortgage services, effective communication can often be the difference between a satisfied customer and one who feels lost in the shuffle. At OSG, we recognize that mortgage communications are more than just transactional touchpoints – they’re opportunities to build trust, and foster loyalty.
When we prioritize clarity, personalization, and accessibility in regulated communications, we not only meet compliance standards but we also have the opportunity to exceed customer expectations.
Complexity Meets Clarity
The mortgage process is inherently complex. Between the initial application, underwriting, escrow, and closing, there’s an overwhelming amount of information for customers to digest. While we in the industry may be familiar with terms like “amortization schedule” or “escrow analysis,” these phrases can be confusing to the average borrower.
Clarity in communication begins with understanding your audience. In fact, there are hundreds of resources if you do a google search, just trying to explain how to read an escrow statement. At OSG, we encourage lenders to adopt plain language principles, breaking down technical jargon into digestible, easy-to-understand terms. For example, instead of saying, “Your escrow account adjustment reflects an overage based on projected disbursements,” we can say, “Your escrow account has more money than needed, so we’re lowering your monthly payment.”
Beyond plain language, clear formatting plays a critical role. Mortgage statements packed with a lot of text or unclear tables can overwhelm customers. By using well-designed templates with defined sections for payment details, due dates, and important updates, we ensure key information is not buried or confusing. A visually appealing, logically structured document makes it easier for customers to stay informed and take action.
Personalization and the Human Touch
In a world dominated by automation, adding a personal touch to communications goes a long way in building stronger customer connections. Borrowers don’t want to feel like a number—they want to feel heard and understood, especially when they’re paying monthly.
By using data on hand, lenders can create personalized messages that mean something to customers. For instance, instead of sending a generic mortgage reminder, address the customer by name and include specific details about their loan. If a customer is approaching a milestone, such as paying off a significant portion of their mortgage, acknowledge it with a congratulatory message. These small gestures show that you value the individual behind the loan account.
Furthermore, personalizing communication channels is just as important. While some customers may prefer email updates, others might favor text messages or mailed statements. Personalized video messages provide an engaging and human touch, walking borrowers through important details like escrow adjustments or interest rate changes. Videos make complex topics easier to understand and build a stronger sense of connection.
Offering multichannel communication options empowers customers to engage in the way that suits them best.
Proactive Communication Is Needed
Proactive communication also enhances the customer experience. For example, sending reminders about upcoming rate changes, payment adjustments, or escrow analyses can help customers plan ahead. These anticipatory touches show customers that you’re looking out for them, not just reacting to issues as they arise.
This is a huge reason why customer journeys are important in helping lenders deliver these timely and impactful communications with ease. Whether it’s a reminder about an escrow adjustment, a personalized message about an upcoming rate change, or a notification of a payment deadline, these journeys ensure that customers receive the right message at the right time. It is with this in mind that we’ve built predefined journeys at OSG and have touchpoints to anticipate customer needs and automate communication at critical moments in the mortgage lifecycle.
A proactive approach builds trust and strengthens the overall customer relationships – one timely message at a time.
Strengthening the Relationship Beyond the Mortgage
Post-closing communications offer some of the best opportunities to deepen the customer relationship. Updates on tax benefits, tips for home maintenance, and even personalized offers for refinancing can keep customers engaged long after their loan closes.
According to JD Power, only 15% of borrowers consider their lender when refinancing. There is a massive missed opportunity on the part of lenders and those who maintain regular, meaningful interactions are more likely to earn repeat business and referrals. A borrower who feels valued during and after their mortgage experience is far more likely to recommend your services to friends and family.
A Win-Win for Customers and Lenders
Clearer mortgage communications don’t just benefit the borrower—they’re a win for lenders, too. By reducing confusion and frustration, you minimize the likelihood of missed payments, compliance issues, and negative feedback and reduce all center volumes. At the same time, you build a reputation as a customer-centric organization that prioritizes transparency and trust.
At OSG, we believe that the foundation of every great customer relationship is effective communication. By embracing clarity, personalization, and proactivity, lenders can turn mortgage interactions into meaningful connections. And in an industry where trust is paramount, these connections are what set you apart.
A Final Thought
By putting clear, customer-focused communication at the heart of your strategy, you can transform complex processes into simple, supportive customer touch-points. At OSG, we’re proud to partner with lenders to bring this vision to life, helping them not just deliver documents but build enduring customer relationships.
Stronger connections start with clearer conversations. Let’s make them count.