Loan servicing thrives on delivering service that exceeds expectations.
What does this mean for customers with the highest expectations?

Mortgage servicing for individuals with high net worth represents a distinct market segment, with very different needs than a typical customer. When building loan servicing processes to serve these customers, we’ve considered the factors shaping their daily experiences, not only with mortgage lenders, but with any type of customer interactions. These define the expectations they bring to their mortgage customer service experience.

At LoanCare, we designed our Private Wealth Servicing Team capabilities from the ground up to exceed these expectations.

The Expectations of High-Net-Worth Individuals

Prompt Service
When calling customer service, no one likes being stuck on hold, or being transferred when trying to resolve a question. Businesses that cater to high-net-worth individuals (HNWIs) distinguish themselves by their promptness. They immediately answer the phone and provide trained staff able to resolve situations quickly.

HNWIs are accustomed to individualized attention. Points of contact should understand who they are, and what issues they’ve experienced in the past.

Relationship Management
Trust is critical to maintaining satisfied HWNIs as customers. Businesses understand this, ensuring that when these customers work with them, they are seamlessly handled by a familiar face. Proactive management is a must: these individuals don’t hunt for information; it is handed to them. Put these factors together, and the customer feels a continuity of service: this representative knows me, already understands my needs and expectations, and I don’t have to explain my situation to them again.

Follow-Through and Client Visibility
HNWIs want to feel assured that they are in good hands, and that their accounts are being carefully managed. In the loan servicing space, this means that in addition to proactive communication and interaction for customers, mortgage servicing clients should have enhanced visibility into HNWI accounts.


The LoanCare Private Wealth Servicing Solution

How do we ensure prompt service for these VIP customers? Dedicated phone lines and email addresses; redundant staffing from other specialized teams; and robust measurement and quality control to ensure we’re hitting our ambitious targets for response time.

Our team has assembled people and processes dedicated to delivering a seamless experience. Our account executives manage a dedicated customer portfolio of no more than 500 customers. We document all communication through the BlackKnight MSP as VIPs. And, we empower account executives with the authority to make proactive adjustments to HNWI accounts, ensuring a smooth, one-call resolution to most issues. Finally, account executives take their roles seriously, personally reviewing every customer communication prior to it being sent. From escrow analysis to late payment notices, these customers receive careful attention to every detail.

LoanCare also offers total visibility into all aspects of HNWI servicing, from loan performance to customer interactions. We notify our clients in real-time during escalation management and resolution. Our systems enable analysis of repeat calls to help flag individual cases for greater attention. For every service level agreement, we benchmark execution to ensure that we’re exceeding client expectations every step of the way.


HNWIs Expect Prompt, Personal Service

In summary: When working with high-net-worth individuals, in loan servicing, as with any other business, expectations matter. Exceeding them requires prompt support, fast resolution, and a continued high-touch experience reinforcing that the servicer has a personal investment in helping the customer.

At LoanCare, we work to exceed customer and client expectations every day, which is why we’ve given our experienced account executives the tools they need to deliver above and beyond.

Want to know more about our robust processes for servicing HNWIs? Get in touch with my team today.