How to Retain Customers who Refinance their Mortgage

Two key tactics can help you retain more of your mortgage customers as they refinance. First, be proactive and approach the customer before the customer begins searching for a new mortgage. Using business intelligence to provide daily, weekly or monthly reports to loan officers that show which customers have above-market interest rates is an easy way to identify customers that may be thinking of refinancing. Calling the customer with a refinance offer before they even begin looking greatly increases your chances of retaining that customer.

Second - and this applies to retention of any major product - make it as appealing as possible to stay at your financial institution by becoming the customer's primary source of financial products. If your customer has a mortgage and a credit card and a checking account and a 2nd mortgage and a savings account, etc with your institution, then they are less likely to go get a new mortgage someplace else. They will prefer to stay with you. Of course, #1 still applies. You need to reach out to the customer proactively and give them a deal before someone else does!