May 8, 2023 | Cornerstone Servicing President Toby Wells was recently featured in a Q&A in MBA Newslink in which he discussed the importance of customer retention for mortgage servicers.
Toby emphasized the need for a great customer experience and end-to-end servicing technology to retain borrowers, and identified culture, getting the basics right, listening to customer feedback, and continuous improvement as key factors for successful retention. He highlighted the use of AI-driven technologies, such as proactive recapture campaigns and conversational IVR and chatbots, to improve customer engagement.
Toby also addressed common homeowner pain points with their servicers, such as long hold times and lack of follow-up. He emphasized the significance of a dedicated team, customer-focused processes, effective communication, and advanced technology, as ways great servicers set themselves apart.
“Having a modern, integrated servicing technology platform can help servicers minimize these types of issues with features like skill-based routing to quickly connect a caller to the customer service agent best equipped to help with their specific inquiry,” he said. “Then, giving the agent a complete 360-degree view of the loan in real time—all in one place—enables them to resolve the inquiry on the spot.”
To read the entire interview, click here.