Industry NewsMortgage

Customer service makes comeback as rates rise

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SALT LAKE CITY–Business is still brisk, but many mortgage brokers are realizing they must do more to seek out new business now that interest rates are rising and mortgage refinancing has dropped off. That was the generally upbeat feeling that prevailed here Monday at the 2004 annual convention of the National Association of Mortgage Brokers. That feeling was evident in the sessions offered from Monday's instruction on how to help people use individual retirement accounts to invest in real estate to Tuesday's session on how to make sure brokerage employees answer the telephone in such a way that attracts consumers. As Kathy Snyder, VP of branch production for Leader Mortgage Co., put it: "Customer service is coming back." A mortgage sale has been viewed as simply "a paper, a transaction, a commission check," said Nick Athan, sales manager at Leader Mortgage in a Lenexa, Kan. In today's rising rate environment, however, the sale needs to be a personal relationship borrowers can't ...