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Bank of America Alliance Focuses on Excellence in Customer Service-from Purchase to Loan

By David Bradley

Helen Adams Realty in Charlotte, North Carolina, has long staked its reputation on second-to-none customer service. In fact, the company was recently named the number-one real estate company in the nation for customer service, among over 500 companies and 30,000 real estate agents across the U.S. Not surprisingly, Helen Adams Realty holds its vendors to the same yardstick.

So when the firm decided to add in-house mortgage services to serve its agents and clients, the bar was set high. The decision boiled down to this essence: can mortgage service be elevated with better products, timely closings and impeccable, accountable service? The company’s wish list included one other caveat: to have its mortgage provider work in its offices alongside its agents.

As the company explored a lender relationship, they interviewed Russell & Jeffcoat, the largest independent real estate firm in Columbia, South Carolina. Russell & Jeffcoat formed an alliance with Bank of America six years ago to offer in-house mortgage services. The company claims that Bank of America brought “more mortgage expertise in the blink of an eye” than they had developed in several years.

“Russell & Jeffcoat’s testimonial left a big impression on us,” says Laurie Knudsen, general sales manager for Helen Adams Realty. “That was huge.”

Helen Adams Realty’s decision to team up with Bank of America was based on service and reputation, above all else. Helen Adams Realty requires its agents to become Quality Service Certified, a nationally recognized designation based on accountability for exceptional service. Bank of America agreed to have its in-house lenders Quality Service Certified, which holds the same standards for service on the mortgage end of the transaction.

And from what Knudsen and her agents have seen in the 18-month alliance, the payoff has been consistent: smooth and on-time loan processes; dollar savings for customers; and loan officers based in Helen Adams’ offices, essentially serving as part of the Helen Adams team.

What’s In It for Real Estate Brokers and Their Customers?

For real estate brokerages such as Helen Adams, there is an upside to providing in-house loans.

For consumers, there is the perception of a one-stop-shopping experience. As consumers are pressed for time-not to mention their potential uncertainty about the mortgage market-the idea that competitive rates and faster answers are close at hand can be a plus.

With the mortgage market in turmoil, there may be some security in knowing that your mortgage is dealt with locally rather than strictly online. Having onsite mortgage assistance keeps the accountability local as well. The value for brokers is the extension of the unspoken service pact where the company can be viewed as a credible source of answers and products, even if the loan products come from another source.

For agents, it strengthens the one-on-one relationship with the consumer. If the consumer is left to his/her own devices to secure a loan, and that transaction turns sour, it reflects on the agent. It can dash months of work by the agent to deliver bedrock service to not only find the home, but to work with the customer all the way through to close. The on-site loan officer offers a measure of accountability, too; agents simply have to walk a few steps to another part of the office to get their answers. It’s also a good opportunity to qualify buyers on the spot, rather than allowing them to find a mortgage on their own. Agents like the idea of working through all aspects of the process-it can even help garner all-important referrals.

The promotion of the dual services-home buying and mortgage loans-can take several tangents. One is co-op advertising and dual-signage at the office location. Certainly, the inclusion of mortgage materials in listing and purchase presentations drives home the point of a one-stop-shopping experience. Even a quick jaunt into the mortgage office with a customer for nothing more than a meet-and-greet has value in solidifying the entire A-to-Z service package. Every company wants to be all things to all customers.

Certainly, brokers would do well to sell the idea of convenience and quick answers to their agents. With more than 20 of the top 50 mortgage companies out of business, in-house mortgage capability provides a measure of security to agents and their customers alike. Weekly sales meetings are that ideal environment for the broker to ask the onsite mortgage person to give updates on current mortgage conditions, new products and service timetables. That sort of information can be very helpful and assuring to agents who know the mortgage market has undergone changes.

Connecting with Agents

For the three Helen Adams offices, the relationship meets several needs. Agents receive onsite help to qualify buyers as well as educational seminars on the latest loan products and market trends. In-house loan officers continue to deliver products at good rates and most importantly, with impeccable customer service.

“We also see a lot of value in being affiliated with the top bank in the country, which also was recently awarded the J.D. Power Award in the retail banking sector,” says Knudsen. “Bank of America has an impressive reputation.”

Bank of America has managed to make life easier for Helen Adams agents during trying conditions for housing markets. Industry-first loans, such as No Fee Mortgage PLUS, wiped the slate clean of closing fees for buyers to the tune of $3,000 or more-money that agents can suggest buyers plow into larger down payments or other household purchases. Plus, it relieves agents from talking clients through fees normally tied to a sometimes-confusing closing process. Their simple answer: “you’ll pay no closing fees.” There are other no-fee benefits, too: loans are guaranteed to close within 25 days.

Transparent mortgage originations backed by rock-solid processing make for smooth sailing for Helen Adams agents and brokers. Such ease-of-use is a major focus for Bank of America. Ken Bernardo, the relationship manager for the bank, says, “agents tell us they love us in their offices because we are always there to answer their questions and keep them up to speed on products. It feels like we are part of their real estate family.”

In the End, It’s All about Service

“How we provide service is how we expect our service providers to treat us,” says Knudsen. “You can offer a lot of loan programs, but if you don’t stay with them, you lose credibility. And as we’ve seen over and over with Bank of America, they are committed to us and they do an outstanding job of communicating. Our in-house mortgage loan officers show up at the office every day and do all the things they say they’re going to do.”

To customers on the search for a quality mortgage, Helen Adams Realty and Bank of America are nearly one and the same. “We’re looked at as an advisor on mortgages, and customers want us to deliver trusted advice on who can do loans best and what their bottom line is on the loan,” says Knudsen.

Every day, in-house Bank of America mortgage loan officer Nicki Williams says the bottom line is, “We get the closing package right and there are no last-minute problems. The agents have grown to trust me and our other mortgage loan officers.”

It’s little wonder that the Bank of America brand is on all of Helen Adams Realty’s three storefronts. It’s that kind of relationship.

The Anatomy and Timeline of an Alliance

The decision by Helen Adams Realty to become an alliance member of Bank of America was no rush to judgment. From start to finish, a final decision was made over a period of roughly 90 days, but only after all of Helen Adams’ questions were answered to the company’s satisfaction.

Bank of America’s Ken Bernardo says the process evolved from an initial meeting where Helen Adams’ senior staff met their counterparts at Bank of America. That first session outlined the firm’s mortgage situation for originations and customer service and the all-important expectations Helen Adams Realty had of a potential mortgage alliance. Another half-dozen meetings ensued whereby the bank answered questions that ranged from agent and customer needs, timing and overview of the closing process from start to finish, and the role, location and function of in-office Bank of America mortgage loan officers.

Helen Adams Realty staff also toured a mortgage servicing center. Bernardo described the thorough process as one where Helen Adams Realty “put everything on the table to make sure we were the right operation for their team.”

Service and a Day-In, Day-Out Presence Count for Something

When Bank of America mortgage loan officer Nicki Williams goes to work, she goes to her desk in a Helen Adams Realty office. She, and other Bank of America mortgage loan officers, are literally members of the in-house Helen Adams Realty team.

“I’m part of the office. I’m sitting here in the trenches with agents every day, working right alongside them,” says Williams. “These people are my friends. The relationship has just grown and grown.”

Williams walks a few feet from her office to sales meetings, where on a weekly basis she shares, “tidbits of information” on Bank of America loans and the loan process. And if agents have questions about a loan, “they know where to find me,” says Williams. So strong and trusted is the Bank of America mortgage presence in Helen Adams Realty offices, Williams says when the time comes for buyers to secure a mortgage, agents literally tell their customers to “Just talk to Nicki, she’ll put you in the right program.”

Williams also praises No Fee Mortgage PLUS for both its customer savings and on-time guarantee. Another added benefit for Helen Adams agents: when loans close on time, agents get paid on time.

Better Mortgage Products

A major attractant for Helen Adams Realty was not only superior mortgage products but a service process that made sure mortgages would be processed on time, every time.

Chief among those products is No Fee Mortgage PLUS, an innovative and highly competitive mortgage loan that eliminates virtually every fee associated with the mortgage, and can save consumers $3,000 or more at the closing table.

But Helen Adams agents stood to gain, too. Every No Fee Mortgage PLUS loan is guaranteed to close on time within 25 days. Plus, agents are also freed from explaining mortgage fees. Their essential answer to buyers: “there are no closing fees.” Helen Adams’ Laurie Knudsen describes No Fee Mortgage PLUS as, “a huge, huge advantage that saves buyers from shopping around. They want us to deliver value, and a No Fee Mortgage PLUS loan does that.”

The bank also offers Neighborhood Champions® protected mortgage, where firefighters, police and law enforcement officers, educators and health care workers-and their co-borrowers-have their mortgage balance protected up to $300,000 in the event of catastrophic injury or death.

For more information, please visit www.bankofamerica.com.

*Credit and collateral are subject to approval. Terms and conditions apply. Program, rates, terms and conditions are subject to change without notice. Other restrictions may apply. THIS INFORMATION IS INTENDED FOR USE BY REAL ESTATE PROFESSIONALS ONLY AND SHOULD NOT BE DISTRIBUTED OR SHOWN TO CUSTOMERS OR ANY OTHER THIRD PARTY. Bank of America is an Equal Housing Lender.

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