If you’ve had loan officers go rogue on the mortgage marketing side of things, you’re not alone. It happens all too often. While working with clients, the eagerness to meet a customer’s demand intensifies as deadlines approach and the willingness to keep a speedy process going increases.
With looming deadlines, the loan officer is torn between staying in line with compliance and superb customer service. It’s hard to blame them for taking matters into their own hands.
But, nonetheless, whipping up that one-sheet marketing asset within an hour behind the marketing department’s back comes with consequences, sometimes big consequences.
How To Prevent Rogue Marketing Projects
It’s hard to imagine a whole lot of trouble would come from a single marketing asset. But, in the eyes of regulators, there is more than enough room on an 8-by-11 flyer to fail today’s compliance standards.
What’s damaging about rogue marketing is that it sets mortgage businesses up for potential investigations, confuses customers, and severs the established policies and procedures. It’s just bad news.
The best way to stop rogue marketing altogether is prevention, because when effective systems and workflows are in place to ensure that sales, marketing and compliance are on the same page, it’s easier for them to collaborate and deliver a unique and trusted service.
No two companies will have the same process to achieve this, but there will likely be similarities. What counts is that you’re compliant and that your departments are happily working together to better business-client relationships.
Here are a few suggestions to start:
- Keep an on-demand media library
- Automate the request process
- Think one, two, three steps ahead
An On-Demand Media Library
Imagine for a second, a vast library containing endless rows and data of marketing assets already made and available to loan officers. And, just like a library, they can check out any material on demand.
That sounds nice, doesn’t it? But, how does it work?
Marketing builds and designs various assets, like flyers or postcards, according to brand standards. Once they’ve finished, the assets are sent off to compliance, where each asset is reviewed to ensure that all proper disclosures are displayed and that shares are divided on a pro rata basis.
After that, every flyer, sales sheet, postcard, and social media image is available to loan officers whenever they’re needed. This could greatly increase much needed efficiency between departments, and this process ascertains that every assets leaving the office for the greater World Wide Web is compliant and designed to excellence.
The trickling effects from implementing a process like this would allow more time with their client and the closing process, instead of spending so much time with marketing or checking in with compliance.
An Automated, Top-Down Request Process
Much like the on-demand asset library, an automated request process could go a long way to increase communication and efficiency between departments.
What you want would be a fast way for loan officers to make a request online, from their phone, or tablet, from anywhere to put in a ticket to marketing asking for an asset of any kind.
In real time, marketing and compliance should be able to, one, approve the request, and two, approve the material before it’s handed to clients.
As simple as this notion is, it really can work wonders to have a process in which loan officers can simply and easily make a request in between meetings or on their lunch breaks. It gives peace of mind to only fill out a request form and receive timely response soon after.
To complement a process like this, it would be ideal to give the entire process tangibility. Think about it as if it were a loan origination system (LOS), where you could see the progress at each stage of the process.
This would give the loan officer, marketing and compliance a specific update and timeline for every stage of the process.
After the request is made, loan officer relay the information to the client, giving them a specific timeline. Marketing and compliance can see, too, at which stage the request is.
And then, after it’s all said in done -- which could be done in as little as 10 minutes -- loan officers can pass off the asset to their customers or post it on social media, while marketing, compliance and the rest of the office continues at its normal, relaxed pace.
Taking this route would help you track material and requests coming and going, for starters, but even more importantly, one of the biggest benefits coming from implementing this process is the cohesion that departments crave, while maintaining control on every asset.
Stay Ahead Of The Marketing Requests
This solution is the easiest, most inexpensive one yet. All you have to do is think ahead of time.
Easier said than done, we know, but by predicting what your loan officers will need at any given time can help you down the road when things get flooded.
To do this, the best place to start is to ask what your loan officers’ needs are. Then, what do they think they’ll need around the holidays? What about birthdays? Anniversaries? Or at different stages in the loan/home buying process?
Try to cover every base you can think of, and then have something ready so when busy loan officers come in demanding an asset, you can kindly grant them access to a premade flyer or postcard template, and continue at your preferred pace.
If nothing else, this could be the solution that gives your hard-working marketing department some deserved peace of mind when things kick into gear around peak times of the year.
But, unlike the first two options, this one is harder to judge, because, it’s not foolproof. This won’t work every time something comes up. However, if enough due diligence is performed, this could still save your designers unnecessary headaches.
The most important part about establishing a way to align your origination team, marketing and compliance departments is that you start somewhere.
What’s key is to find that solution so that you can prevent rogue marketing mistakes from happening, saving you, your teams, and your company from unwanted attention from regulators.
Keeping an on-demand media library full of readily available material is one way, but when you start pieces together the various ways -- predicted marketing assets and automated approval process -- your entire company aligns.
No two companies will have the same process ingrained into their businesses, but there are solutions out there that can be molded to fit each one, no matter if it’s a nationwide, enterprise business or a local lender.
When those solutions are found and implemented, you’ll see every department hard at work, pushing the company forward and able to do so, because they’re not being bogged down by rogue mortgage marketing.