Sample – Customer Retention Specialist Job Description for Proactive Mortgage Servicers

Seeking Customer Retention Specialists (CRS) to uncover the best mortgage solution for our existing customers who are seeking mortgage advice. CRSs provide information about customers’ existing mortgage and other real estate financing options. CRSs assist our customers to determine: 1) if it is best to refinance, 2) if it is better to keep their existing loan or 3) to take advantage of better alternatives to refinancing for their particular situation such as: a home equity loan/line, purchase loans, mortgage modification and/or other products that we offer. Must be NMLS licensed or registered prior to starting this position. Candidates skills should include several of the following:

  • Excellent customer service, listening skills to understand the customer’s needs
  • Proven ability to communicate succinctly and sell effectively over the phone or internet
  • Effectively work across the organization either in or with servicing department to access to customer’s existing loan information, payment history, tenure, LTV, DTIs at underwriting, credit scores (initial and any updates), escrow and other elements of loan history
  • Ability to discuss and draw information from multiple sources. This includes analyzing the customer’s current information to decide if the customer should qualify for a loan, property valuation estimates, loan information, credit, assets and income information
  • Have strong knowledge of underwriting, processing and compliance requirements
  • Be knowledgeable on various types of residential loans, rates, amortization and rate adjustment calculations, property values, etc.
  • Responsiveness, if additional loan level research is required, let the customer know “when” you will return their call, restate the issue, and return the call as promised
  • Ability to explain different types of loans in language customers can understand
  • Experience working with disgruntled customers and resolving issues
  • Ability to provide detailed written reports of communications with customers

Why Customer Retention Specialists (CRSs) are necessary

The Problem:

The problem for servicers is that when a homeowner pays off a typical $250,000 mortgage after four years the expected servicing cash loss over the estimated life exceeds $5,000, reducing assets and increasing P&L expenses. Nearly 80% of homeowners leave their servicer when they refinance, yet according to the 2015 J.D. Power Mortgage Servicer Satisfaction Study that 72% of all borrowers are satisfied with their mortgage servicer.

The problem for homeowners is that the day of the salaried loan officer is long past. Today’s loan originators are not compensated to give customers advice; they are compensated only if borrowers use them to refinance. Refinancing a mortgage is likely to be one of the largest and most complex financial transactions a person will undertake in their lifetime, which is why it is so very important for homeowners to have a solid, fundamental understanding of their current loan to determine if refinancing is truly in their best interest. Many homeowners last year refinanced into new 30 year mortgages, with no cash out, reducing their interest rate by just one half of a percent or less and increasing the term of their mortgage by several years. Additionally, many homeowners paid large fees to lenders to refinance their mortgage with practically no rate reduction, to get a relatively small amount of cash out and increasing the term of their mortgage by several years. This situation for homeowners and servicers is only likely to increase as interest rates rise.

The Opportunity:

The opportunity for servicers to retain existing customers through education is not being used to its fullest and can have an enormous impact on the company’s bottom line. There are hundreds of millions of dollars in additional revenue to be made for servicers who proactively educate borrowers that they may be better off with the loan they have. This competitive advantage not only helps you retain existing customers it will also protect servicers’ reputations and will not be viewed as a threat by investors.

Over 66 million homeowners in America have mortgage debt and access to the Internet and millions of them search the Internet for refinance information every year. Having a retention strategy in place to capture these individuals needs to be an imperative business practice. Additionally, a servicer originating a new loan for an existing customer is a relatively low-cost endeavor. Most of the paperwork is already in place and the time needed to process the application is minimal. As a result, the origination fees that an existing customer will pay can be lower than those paid by a new customer.

The Solution: Customer Retention Specialists – CRSs

The solution is for mortgage servicers to provide easily accessible Customer Retention Specialists (CRSs) to help their existing customers make educated decisions customers directly and/or through’s preferred servicer portal.