For mortgage lenders that retain the loans they originate in their servicing portfolio, retention is everything. The longer a loan stays in the portfolio, the more profit it generates. Unfortunately, the average payoff life cycle of a loan can be three years.
If the borrower then goes on the market for a new loan, it behooves the lender to keep them as a customer — i.e., try not to lose them to a competitor.
Portfolio retention goes hand-in-hand with a commitment to customer service and seamless loan servicing. That way, customers may be happy with the loan they have or choose to refinance with the same mortgage lender that services their loan.
Portfolio retention software solutions help lenders track their portfolio, assess the risk of payoff for each client, and even ping the user if a borrower applies for a loan with a competitor.
For Mortgage Professionals
Portfolio retention is the key to good loan servicing. The longer a loan stays active, the more profitable it becomes and the more it contributes to the portfolio’s health.
Portfolio retention entails a commitment to customer service and seamless loan servicing, which leads to referrals and repeat business.
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When a borrower completes the mortgage loan process, there is a strong chance that they will have positive feelings about it. Whether it’s relief that
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