The “Age of the Customer” has arrived, and with it has come an enormous amount of positive and negative consumer feedback. To increase retention and build stronger customer relationships, many mortgage lenders may be under-utilizing publicly available data sources like the Consumer Financial Protection Bureau (CFPB) consumer complaint database.

“Recently, the CFPB released its ‘Summer 2013 Supervisory Highlights’ report, which details the main areas that the CFPB is focusing on, including mortgage-servicing transfers, payment processing and loss mitigation.”

Source: Scotsman Guide Residential Edition, November 2013

The CFPB has an increasingly influential role in shaping the future of financial services because of its response to the higher demand for accountability and transparency by today’s consumers.

In a recent Scotsman Guide article titled “Sorting Through a Treasure Trove of Data,” Steven Ramirez, CEO of Beyond the Arc, discussed key issues home lenders face in trying to sift for valuable insights in an overwhelming amount of customer data. He also highlighted best practices for staying ahead of the competition by creating the best customer experience.

“Mortgage bankers and lenders must understand how best to process any complaints and how to respond before complaints result in negative consequences,” said Steve. “There are five key practices that financial institutions can employ to manage customer complaints and improve compliance with the CFPB’s regulations.”

  1. Look at the big picture. Start by journey-mapping to better comprehend your customers’ end-to-end experience in the loan process.
  2. Listen, then act. You can identify and prioritize the leading causes of complaints.
  3. Don’t forget about social media. This is a great way to get your hands on raw, uncensored customer opinions about your product/services.
  4. Remain customer-centric. Go beyond simply meeting your customers’ wants and needs—make them want to come back for more.
  5. Measure and repeat. Define metrics that align with your standing business objectives and goals.