Consumer Wins

BEHIND THE SCENES: Creating Customer Service through TEAMWORK

By | AMC Communication, Consumer Wins, Customer Service, Nanners | No Comments

In your professional life, what inspires you to do better and reach further?  For me, there is nothing more gratifying than working with a team of people who share the same goals and who understand the meaning of customer service through teamwork and collaboration.  Since the first day that I started at Nationwide Appraisal Network I could see that this was the career that would inspire me professionally.  The team…

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The End of the Refi Boom. Is this a good thing?

By | Appraisal Compliance, Consumer Wins | No Comments

EXCERPT – Ok so maybe not a good thing but it’s not the end of the world. Of course there is the slowdown in production, the phone not ringing, the increased pressure to hit your numbers; these are not usually considered good things but hold off on the Kool-Aid for now. First off refi’s are not gone forever, as we all know the housing market is cyclical. When interest rates rise and the refi’s go away we enter into a purchase phase. This is necessary for the next refi boom, without this period of rising interest rates and a mostly purchase market, refi booms would be impossible. We usually see this every few years, after a period of low rates when everyone is refinancing like crazy and the phones are ringing off the hook with new applications (although, as of late, not as many actually qualifying) until the refi market is tapped out. As the uptick in rates begins to slow down the refi market, it is imperative to understand what is coming and how best to not only survive it, but to thrive.

The companies and loan originators that have prepared for this change may actually see their pipeline increase. This will be partly due to a thinning of the industry; we have already seen most of the major lenders lay off people in mass. As this downsizing continues, we see a survival of the fittest take over where the strong (most prepared) thrive and the weak (relied on incoming refi phone calls) wither and die on the vine. Those lenders and loan officers that have spent the time and hours developing their referral system, their builder and realtor business and have a focus on relationships will come out on top and even more important will be in place for the next refi boom.

The consumer also wins during this switch over to purchases. How, you ask? Well as production decreases, the importance of every transaction goes up exponentially. This means more time spent working with the borrowers to ensure each transaction has the greatest chance of approval and closing, more time available to review each file to ensure compliance and completeness thus again increasing the chances for approval and funding. This increased competition forces the industry to focus on customer service instead of speed and rates. Purchases are much more time consuming with a great deal more moving parts than a simple refi. The successful loan originator will have to possess extraordinary relationship building and management skills to handle all the parties involved (buyer, seller, realtors, builders, home inspectors, appraisers, title, and more) and of course on a purchase it is common to have this group of people on three different transactions. You will have to maneuver through this minefield of people on your purchase but many times also on the buyer’s current property and your seller’s next property.

As the refinance market slows down to make the turn into a purchase market it is a great time for companies to re-examine not only their structure, their marketing and their personnel but it is also an ideal time to make sure you have the correct compliance procedures in place. The CFPB compliance changes take effect in a few short months. Are you ready? Do you know how the new rules on maximum points and fees will affect you, especially if your company has affiliate relationships? The appraisal component is a big compliance point but you can reduce your exposure by working with a compliant focused AMC such as Nationwide Appraisal Network and be able to spend more time building those relationships that are going to help you survive and thrive in the near future.

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What does customer service really mean from an AMC’s standpoint?

By | AMC Communication, Appraisal Compliance, Consumer Wins, Nationwide Coverage | No Comments

Should AMC’s be concerned with the borrower’s satisfaction if the borrower is not the client? Appraisal Management Company’s such as Nationwide Appraisal Network are known for providing the service of executing and managing the appraisal process with the appraiser on behalf of the lender/client.  Most companies, especially those that have succeeded through the ups and downs of their respective industries and the economy understand the importance of customer service. 

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5 Customer Service Rules to live by in Appraisal Management

By | AMC Communication, Appraisal Compliance, Consumer Wins, Nationwide Coverage | No Comments

My first experience in customer service was in high school. I worked at the dining hall in a retirement home as a hostess then as a waitress. I later became the store manager of a local cheese steak sub shop where I handled even bigger customer service experiences. Now, many years later, I’m with Nationwide Appraisal Network where there are thousands of customers to work with. I’ve had the opportunity…

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Top 5 reasons it’s best to use an approved vendor

By | AMC Communication, AMC Technology, Appraisal Compliance, Consumer Wins, Nationwide Coverage | No Comments

As a national Appraisal Management Company we are constantly working with new and  existing clients to ensure everyone is getting the most out of their experience in working with Nationwide Appraisal Network. The first part of creating a successful start of a new relationship is to have a good understanding of our client’s goals and objectives in entering into this partnership. Understanding values and direction allows us to create a profile…

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