Podcast Summary: Mortgage Marketing Radio

Episode: How to Stop Losing Past Client Deals Before It’s Too Late

Host: Geoff Zimpfer
Guest: Andrew Penner (Co-founder, Milo AI)
Date: September 18, 2025

Episode Overview

In this episode, host Geoff Zimpfer interviews Andrew Penner, co-founder of Milo AI, on the pressing challenge mortgage professionals face: losing deals from past clients. They discuss why a staggering 82% of clients don’t return to their original lender, how to proactively spot opportunities in your closed-loan portfolio, and how to leverage technology—especially AI—without sacrificing personal connection. The episode offers actionable strategies to help loan officers compete with major lenders and retain more of their database.

Key Discussion Points and Insights

1. Why Do Most Clients Fail to Return? The “Churn” Problem

• Acquisition Costs vs. Retention:

  • Andrew laments that after spending heavily to acquire clients, lenders frequently lose repeat business despite providing good service.
  • “82% of customers use a different mortgage lender on their next transaction. There’s clearly a systemic problem.” (Andrew Penner, 03:47)

• Causes:

  • Clients are not being reached at key moments (e.g., when considering a purchase, refi, or investment).
  • Lenders commonly react too late—after the client is already with another provider like Rocket Mortgage.

2. The Failing Status Quo and Gaps in Current Tools

• Most Loan Officers’ Approach:

  • Heavy reliance on mass emails or CRMs, but without sufficient personalization or timely alerts.
  • Even disciplined lenders slip, losing clients to more aggressive or better-informed competitors.

• Limitations of Popular Tools:

  • Tools like HomeBot and HomeIQ are effective for engagement but don’t fully close the “opportunity loop.”
  • Andrew emphasizes the need for the lender and LO brand—not third-party platforms—to be front and center.

3. The Power of Behavioral Intent Data (06:42, 09:54)

• Milo AI’s Differentiator:

  • Tracks over 40 behavioral signals within their platform (e.g., home value report interactions, web activity, and more).
  • Engages loan officers with actionable alerts 6–8 weeks before the client’s credit is pulled, enabling proactive outreach.

• Analogy:

  • “You don’t want to be the Reese’s rep chasing after the Snickers bar at the checkout line—you want to be present when the customer first has the need.” (Andrew Penner, 05:54)

4. Competing with Giant, Full-Funnel Institutions (07:02)

• Rocket Mortgage Example:

  • Owns more of the funnel and leverages labor-intensive outreach, but also employs data and tech to keep clients in their ecosystem.
  • “They are one of the few lenders who buck the trend of poor customer retention.” (Andrew Penner, 07:21)

• Takeaway:

  • Even smaller or mid-sized lenders must invest in their database and tech stack to stay competitive.

5. The AI Balance: Automation vs. Authenticity (08:59–11:01)

• AI as an Enabler—But with Limits:
  • Andrew warns that completely automating client contact can erode authenticity.
  • Instead, he suggests:
    • Automate the repetitive, value-add aspects (market updates, home value reports).
    • Reserve direct conversation and relationship-building for humans.

“Our past client database is sacred.” (Andrew Penner, 09:35)
“The most human company will win.” (Jeff Zimpfer, 11:01)

• Role of Data:
  • Success hinges on using AI to “skim the cream off the top”—identify who’s active or “high intent,” then prompt a personalized, timely human follow-up.

6. Practical Next Steps for LOs (17:52–20:00)

• Immediate Actions:

  • Ensure your database is organized (even a Google Sheet is a valid starting point).
  • “You can't manage what you can't measure.” (Andrew Penner, 18:08)
  • Consider platforms for credit monitoring and client alerts.

• Milo AI Process:

  • Upload your database and nearly 70% of clients will engage monthly through value-driven content.
  • Expect 1.5–3.5% of your database to show “high intent” each month—filtered for you, not predicted.

• Market Opportunity:

  • With a projected boom in 2026 and many homeowners planning to tap into equity, now is the time to invest in a client re-engagement system.
  • “If you have a database of a thousand loans, that’s 250 loans potentially up for grabs. Platforms like Milo help you maximize the loyalty from those customers.” (Andrew Penner, 20:05)

7. Overwhelm and Modern Marketing Realities (21:15–22:18)

• Challenge:
  • Mortgage professionals feel pressure to “be everywhere”—online, social, Google Business, etc.
  • Andrew advises leveraging company resources or starting small; discipline matters more than size.

Memorable Quotes & Notable Moments

• On The Importance of Being Proactive:

  • “We give the loan officer the information they need to turn it truly into a relationship and not just a transactional occurrence.” (Andrew Penner, 05:54)

• On AI & Automation:

  • “I focus less on the conversational piece and more on what value can we provide...That’s where we hang best.” (Andrew Penner, 09:54)

• On Database Management:

  • “Even just having a spreadsheet of your past clients... as long as you have it in an organized format, you can manage it.” (Andrew Penner, 18:08)

• On Upcoming Market Opportunity:

  • “Now is the time to make those investments because you want to give yourself some time to warm up your past client database and get to the relationship part of that lifecycle.” (Andrew Penner, 23:12)

• On Platform Selection:

  • “Every person's business is different. They have to figure out where the gaps in their personal strategy are and what works best for them.” (Andrew Penner, 23:38)

Recommended Actions for Listeners

• Assess and Clean Up Your Database (18:07–18:30)
• Implement Behavioral Monitoring (e.g., Milo AI, Stick Em, Home IQ)
• Focus on Value-Add Messaging, Not Just Automation
• Prepare for Upcoming Market Opportunities by Engaging Past Clients Now
• Explore New Platforms—But Fit Them to Your Unique Business Needs

Important Timestamps

• Problem Overview & Industry Statistics: 00:00–04:00
• What Milo AI Does Differently: 04:21–05:54
• Behavioral Signals & Proactive Alerts: 05:54–07:02
• Why Rocket Mortgage & Big Lenders Retain Clients: 07:02–08:22
• AI: Automation vs. Human Touch: 08:59–11:01
• Getting Started with Milo & Database Organization: 17:52–19:21
• Market Trends & Retention Opportunity: 20:05–21:15
• Digital Overwhelm & Practical Solutions: 21:15–22:18
• Final Recommendations: 22:41–24:41

Closing Thoughts

This episode is a must-listen for mortgage professionals who want actionable strategies to win back more business from their closed-loan portfolio, future-proof themselves against rapidly evolving tech, and deliver a customer experience that keeps clients coming back.

Links: Milo AI: my Milo AI | Andrew Penner on LinkedIn