HousingWire All-Star: Providing Excellent Customer Service and Solutions
CMG Financial’s experience as an independent mortgage bank forged the company’s commitment to providing excellent service and sophisticated solutions for its customers. The company, founded in 1993 as a retail lender, expanded into wholesale lending in 1995 and correspondent lending in 2012.
“You won’t find a more understanding investor,” Terri Davis, SVP of correspondent lending, said. “Having been in the same shoes as our sellers at one time or another, we understand the challenges of running an independent mortgage banker — be that from managing warehouse line capacity to pursuing the liquidation of defective loans, we want to help our sellers through the least difficult path to resolution.”
In fact, CMG’s understanding of their customer’s pain points led them to embrace a “Platinum Rule” philosophy for customer service.
“We go beyond the Golden Rule of doing unto others as we would have done to us by trying to do what they would do for themselves. It might sound convoluted, but the distinction is in delivering an exceptional experience,” AJ George, VP of correspondent lending operations, said.
To that end, CMG developed dedicated operations teams to ensure its customers have everything they need. These teams are made up of credit, legal and compliance professionals that are experts in the regions they serve, and are quarterbacked by a dedicated client liaison.
The liaison provides oversight over each customer’s pipeline and provides useful and timely information to accelerate loans to purchase. The liaison collaborates directly with the regional sales manager assigned to their account base to ensure communication and the escalation of issues when necessary.
CMG connects with its client’s post-closing team about loan status, average cycle time, common steps and best practices to accelerate their loans through the purchase process.
“Customer satisfaction is very high because we proactively communicate and encourage direct dialogue between auditors and the client to expedite the resolution of any question or issue that might slow down the purchase process. The dedicated team concept results in our seller’s post-closing team building a rapport and having open dialogue with a number of different types of dedicated resources to support their legal, credit or status needs,” George said.
CMG recognizes that each customer has a unique set of challenges, and it doesn’t try to provide a “one-size-fits-all” solution. It offers a complete range of conventional and non-agency products, and looks to assist its customers in offering risk-appropriate products and solutions for underserved consumers. The company has recently expanded its non-agency product offerings, including:
• Non-warrantable condos
• Asset depletion qualifying
• Non perm resident aliens, foreign nationals
• Adverse credit expanded — shorter waiting period of four years for bankruptcy, f/c, short sale, deed-in-lieu
• DTI up to 50% in some cases
In addition, CMG has expanded its support infrastructure to provide a Condo Desk for Fannie Mae condo project approval, and a dedicated Scenario Desk for its client’s underwriters and underwriting management to engage for loan-specific questions.
“We truly take time to understand and adapt to our customer’s needs to suit their operation, their communication style, and their execution preferences,” Davis said.
CMG offers a robust platform of execution options, including direct trade, loan specific bulk, and best efforts execution options.
“Our delivery process is very straightforward and our systems are extremely easy to navigate. While our clients vary by size and sophistication, they all value our approachable people and easy process,” George said.
CMG’s attitude toward its clients reflects CMG’s internal corporate culture, which prizes personal involvement in the midst of innovation and growth.
“We’re approachable, genuine and committed to delivering an extraordinary experience,” Davis said. “We like to have fun. We like to give back and have participated in community outreach opportunities. We are the kind of investor with whom lenders want to develop long-term partnerships.
“We look forward to continuing to expand our client base and to deepen our partnerships with our current clients. This business is rich in relationships and we revel at the opportunity to build lasting partnerships,” Davis said.