Regularly-released data from major industry sources is a veritable gold mine for mortgage loan officers (MLOs) and their Realtor partners. Solid research helps salespeople overcome a known objection like the following stats from Genworth Mortgage Insurance and the National Association of Realtors (NAR):
- Consumer Concern: Nearly a third of potential buyers believe that it takes 20% down to buy a home.
- Market Reality: The average amounts financed by recent home buyers: first-time buyers - 90%, repeat buyers - 86%
The ability to counteract a misconception that could sideline a potential buyer creates a great deal of temptation for MLOs to do an email blast or Every Door Direct Mail (EDDM) postcard to get the word out about the availability and prevalence of low down payment financing. However, producers who act independently present challenges for mortgage marketing departments charged with preserving the company brand, maintaining quality of messaging and ensuring compliance.
The stakes get even higher when MLOs engage in co-marketing: Marketing and compliance departments need to prepare themselves for an increase in this activity if the Mortgage Bankers Association's prediction for a major acceleration in purchase business materializes in 2018. Marketing assets need to change as quickly as market conditions and consumer mindsets change. How can mortgage marketing professionals mobilize and "get the message" to their loan officers quickly to help them capture and convert leads? The answer lies in structure and support.
Marketing and compliance departments can coax or even mandate MLOs to use an approved library of assets, but getting entrepreneurial-minded salespeople to adhere to this requirement is difficult. Marketing departments have no problem creating relevant, effective marketing collateral, but the remaining steps required to get it into the hands of MLOs to deploy individually or on a co-marketing basis slows the process tremendously.
Technology can ease this burden on both the marketing and compliance departments while helping companies provide an abundance of fresh, compelling material that's properly branded and compliant. Choosing and committing to the best solution for your company will provide attractive, tangible benefits for all aspects of the company: marketing, compliance and producers. These are the three main components to look for in a technology solution:
Ideally, the solution you choose will manage leads from the first spark of interest through the closing of a transaction. An LOS-integrated CRM can provide a framework to allow brand and compliance control, but it must also be able to house and deploy multiple assets. It's easier for marketing departments to act quickly and get current, compelling messages to their MLOs if there's a structure in place to deposit the assets and easily import branding and compliance components. Your system should also have the capability to pull data directly from Multiple Listing Services (MLS) for print and web assets that use property data.
MLOs and their Realtor partners will appreciate the ability to increase their outreach and consistency without additional effort. Utilize technology that allows producers to manage all of their marketing in one place. Deploy email campaigns and create assets that can be used for print or direct mail under permissions set by the company to ensure cost-splitting is accurate and legal.
Your solution should act as a single system of record for all marketing materials and communications between your company, MLOs and consumers. Choose technology that can generate documentation required in the event of an audit quickly and easily.
Market conditions and industry developments present challenges and opportunities, and producers in the field want the latest and greatest of everything. Marketing departments like nothing more than creating compelling materials that help MLOs capture and convert leads, but they're often stalled by everything else required to put their big ideas into use. Take a journey of due diligence – evaluate and commit to technology that will eliminate friction in the process of creating and utilizing timely, relevant marketing.
When marketing messages and materials are stale or slow to materialize, entrepreneurial-minded MLOs are likely to stray to outside sources unconcerned with things such as your brand or the Consumer Finance Protection Bureau (CFPB). Possibly worse, loan officers left to their own devices may choose to use their own "custom" materials created without review by your marketing and compliance departments. The only message your company should want the public to get is the one you provide.