Consumers don’t get new mortgages too often, usually only about every five to seven years, according to several estimates, yet customer loyalty is just as important in the mortgage industry as in other businesses, according to Jim Blatt, CEO of Mortgage Returns, St. Louis, Mo., a company that provides a relationship management solution for mortgage lenders.
If a loan officer has a customer base of 300 refinancing every five years, he or she will get 60 new loans each year just from previous clients, as long as they are loyal....