Recently my wife and I made the decision to consolidate our landline telephone service with our cable television and Internet service; the former came from a provider who does not offer the other two services in my market.
This combination has become a highly competitive field and we all have seen the teaser rate ads on television advertising the "triple play." While not expecting to get that teaser rate, I still believed that the company would act in concert with the truism that it is cheaper to keep your current customers than go out and find new ones.
Boy, we're we wrong. We were practically dared to go and switch to the competitor by the first customer service rep that picked up the phone. Fortunately for us, after we hung up and discussed our options, we called the company back and got a different rep, who while still having to juggle things, was able to enable us to stay as customers of his company.
Unfortunately, the mortgage industry has the same problems. And yes, while not as prevalent as in the past, the industry does have a teaser rate ad issue.
Originators are so gung-ho on getting new customers, they don't pay attention to the ones already in their database, the ones that are familiar with their work and, if just dealt with fairly and properly, willing to work with them again.
Keep that current customer base happy and informed, the next time they need a mortgage loan, they will think of you first.
