05/23/2024
Are you content with merely adequate service?
I recently inquired from someone why they opted for us over their previous, larger servicer and fund administrator. Their response caught me off guard. While I anticipated price as a factor, they cited the absence of reciprocal loyalty. Despite having been with their previous company for over a decade, they left upon hearing that we offer boutique-style service.
As a society, we've grown accustomed to settling for "good enough." Consider Amazon: it's convenient but generally cheap. You might choose airlines like Southwest, , but you're not expecting first-class treatment. While they all fulfill their functions, are they affecting our standards when making business decisions?
When selecting a third-party servicer or fund administrator, you might opt for the most well-known provider. Why? Perhaps because everyone else does, but does it align with your brand and the level of quality you aim to deliver to your investors or borrowers? The primary reason clients choose Servicing Pros is often because they felt neglected or undervalued by their previous servicer, or they struggled to obtain accurate or timely assistance. Need a payoff demand now? It's hard to listen to someone you've never met, tell you to get in line, with no promises. It makes you start to wonder who is charge of your business.
Overall, servicers and fund administrators typically charge similar fees. The distinguishing factor lies in the quality of their service personnel. Do they employ inexperienced customer service representatives? Do they outsource overseas? What is their turnover rate? Have they reduced services in the background, such as late calls, or cut staff, leading to near-impossible or delayed communication? Are you monitoring the time it takes for you, your investors, and your borrowers to receive responses to inquiries? We've grown so accustomed to settling for "just enough" or "good enough" — are we simply tolerating these shortcomings?
Your investors and borrowers may not realize that your servicer or administrator is a separate entity. Many perceive Loan Servicers as an extension of your brand. At Servicing Pros, we take this responsibility seriously. We recruit top talent, ensure loans are boarded within 48 hours, timely payoff demands, personally assist investors and borrowers in setting up their portals, and make live collections calls. Our protocol dictates resolving inquiries within a single call and escalating unresolved matters within 24 hours. Have an emergency- we have management that is going to get on the phone to assist you. We're not necessarily pricier, but we also don't aim to emulate a huge servicer. We seek partners with whom we can engage in responsible scaling and strategize to offer the most seamless and dependable service for your brand.
So, consider this: are you content with "just enough," or do you want your brand to embody efficiency, professionalism, and transparency? If you seek a premium experience, give us a call at 877-313-0095.
