Of all the elements that make a great mortgage-lending credit union, the role of communications might be the least understood. Or maybe least respected is a better way to describe it.

Yet it is among the most important elements of any home loan. If you do a great job communicating with the home buyer, you will have a more satisfied home owner and a much better return on your overall mortgage department investment.

I am talking about making sure your member who is seeking a home loan knows the status of that loan throughout the process. You must manage expectations, be honest in your explanation of the timeline, and make the member aware of their own impact on how quickly – or slowly – the loan will move through the pipeline.

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