The Benefits of Tracking Renewals, Rates and Maturity Dates

What do your clients need? In short, they need your expertise on how to find the best mortgage product for their situation. Or they may be looking for ways to make changes to their current mortgage. When you maintain lasting relationships with your clients, it is more likely they will become a repeat client or refer others to you. This mortgage broker advice article details tracking systems that can help you stay on top of every client’s mortgage status.

Why track renewal and maturity dates?

Many brokers grow their client lists through referrals and repeat business. A great way to build relationships is to show that you care about their financial well-being. You can do that by reaching out to them at important mortgage milestones.

Reach out to a client with a renewal coming up and start the discussion about their next steps for an early mortgage renewal. Congratulate a client when they have paid off their mortgage, and maybe also send them a small gift and card. These simple acts can leave a lasting impression (especially if it will save them money on their mortgage payments).

When you want to reach out to clients, there are online tools and apps to make that easier while still providing a personal touch:

• Handwrytten is an online handwritten notes service.
• Guusto lets you send gift cards anywhere and lets your client redeem them at a merchant they love.

Keep an eye on current mortgage rates

A change in interest rates is a great reason to reach out to your client list—it’s a natural touchpoint that demonstrates you are on top of the latest industry trends and special offers. This is even more important if your clients have a shorter-term mortgage with an alternative lender. The mortgage terms are usually one to three years, and you’ll naturally have more opportunities to interact with these clients.

As a mortgage professional, you know that rate changes can often be anticipated. Mortgage rate comparison sites like Ratehub and WOWA help you see, at a glance, what current mortgage rates are doing across multiple financial institutions. This is your opportunity to compare mortgage rates and help your current clients take advantage of a lower rate or get ahead of a rate increase.

And if you are keeping track of client renewal and maturity dates, you have a ready-made list to determine which clients you should contact first for mortgage refinance options. Reach out, let them know what you believe is about to happen, and start them thinking about their next steps, such as an early renewal to lock down a lower rate.

You might also want to consider creating a list of clients who hold a variable rate or interested in staying informed on current mortgage rates in Canada. Perhaps you can provide information on current trends in the housing market. Maybe you have clients that should be taking advantage of low rates to refinance.

This is a value-add service you can provide that has the benefit of helping you keep in regular contact and help to keep clients long-term. What better way you ensure your name is the first one they think of when they, or someone they know, need a mortgage broker.

Tools for tracking mortgage renewals and mortgage maturity dates

Your options to track information range from simple calendar entries to sophisticated customer relationship management (CRM) Tools.

Calendar: The simplest tool to use is your calendar. Set reminders and task lists that prompt you to review a past client’s file considering current rates. On the downside, there is not as much flexibility to filter information other than dates.

Spreadsheet: If you’re savvy with Microsoft Excel, you can build a spreadsheet. It’s commonly available software that will allow you to customize the information you want to track.

It also allows you to sort and add filters so you can look at specific types of information. Need to find all upcoming renewals in a specific market? This information is easy to refine.

CRM: There are several CRM tools that can help you track client data and dates as well as manage documents and other processes in the lifecycle of a mortgage. One handy list describes CRMs that work well for mortgage brokers.

Building relationships is more than mortgage rates and renewals

As much as your clients will appreciate you reaching out to them about their mortgage, don’t limit yourself. A simple hello or a helpful article goes a long way to building a relationship. In a world where we’re more connected online than ever before, it’s easy to connect with them through social media. Let them see you as a valued member of their financial team.

Here are some great articles to get your started to share with your clients.

• Unlocking equity through refinancing
• Mortgage amortization explained: what is it & how does it work?
• Purchasing an investment or vacation property: What you need to know

Our entire resource library provides articles to support you with many situations your clients face and offers you plenty of ideas for opportunities to touch base with them at any stage. We think you will agree, these relationships are worth the effort.