The Loan Cycle provides the capability to market to your new borrowers and contacts, such as Realtors, builders, escrow agent/attorneys, and even the seller. Each person in a loan transaction has the potential to reward you with referrals. The purpose of the Loan Cycle is to continuously stay in contact with people you have done business with and ask for referrals. Sending Loan Cycle letters on a periodic basis is a proven way to increase business from past clients and your business contacts.
The Loan Cycle letters are designed specifically for the purpose of the loan (i.e., refinance or purchase) and the type of person receiving the letter (i.e., borrower, listing agent, escrow agent/attorney, builder, etc.). The categories of letters include:
· Open Letters and E-Mail
· Status and Milestone Letters and E-Mail
· Close Letters and E-Mail
· 3- Month Letters and E-Mail
· 6-Month Letters and E-Mail
· 12-Month Letters and E-Mail
· Past Buyer Letters and E-Mail
The Loan Cycle is fully automated and starts as soon as you enter a borrower into the database and open a loan. Mortgage Quest sends an Open letter and a series of Status letters to the Borrower and everyone in the related parties group. When you enter a Close date into the Borrower’s record, a Close letter is sent. The Close date is then used to track when to send the 3, 6, and 12-month letters to the related parties. After the 12-month letter is sent, the borrower is sent Past Buyer letters every quarter for three more years.
The Loan Cycle can be customized so you can choose not to send specific categories of letters. For example, if your loan processing department sends out a different Open letter for you, you can tell Mortgage Quest not to send Open letters. In addition, you can choose not to send letters to certain categories of people. For example, you can choose not to send Status letters to builders. All Loan Cycle Letters can be printed, e-mailed, or faxed.