Mortgage Industry Trends

Are You Where The Deals Are?

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where-the-boys-are-ocean-social-mediaIt was a ground-breaking movie – Where the Boys Are.  In 1984, they remade the 1960 Connie Francis’ movie, about four college girls who decided they wanted some fun, adventure, and romance. To find it, they had to go where the boys were – spring break in Ft. Lauderdale, Florida.

This remake was shown as something new for the day. Girls stepping out to chase boys; taking the lead. Here’s an excerpt from the movie summary…

Four college coeds, virginal Jennie, outgoing Carole, wealthy and spoiled Southern belle Sandra and horny Laurie, travel to Fort Lauderdale for their Easter week of Spring Break…enough said.

Today, the mortgage business is also changing. Things being done a little differently. Traditionally LOs obtained business from Realtor referrals. A new player has entered the game.

Consumers want to get into the act. They want to find their own adventure in their home shopping and search for the financing. They’ll take the lead rather than wait.

It is said there are more than 3 million searches done monthly for ‘mortgage’.  Most want to determine what sized loan they would qualify. Armed with that information, they set out to find their home.

  • Are you out there to be found?
  • Do you utilize the best search engines?
  • What about other social media channels?
  • Does your website provide consumers what they want and what they need to know?

 

Today, you need more than a billboard as your website. It must be interactive, providing consumers with education and information, along with rates and products. You need to provide a complete company profile; who you are, what you do, how you do it, and why.

The more complete the picture the better chance you have to capture their business. If you’re going to go there, you need to go all the way.

Don’t provide general info, get into the detail of your company background, the goods and services offered and why and how you help consumers realize their American Dream.

People will do business with those they know and trust. You need to be such a company. Now all you need do is drive people to your complete, interactive, start of the art website.

That’s where social media marketing comes in. If you’re not using it, you’re only playing half the game. Kind of like going all the way to Ft. Lauderdale but staying in your hotel room. You’d need to wait for someone to come knocking on your door.

Get out there among the shoppers so they get to know you, your company, and your services. Have them come to you, rather than you depend on the search engines to find you.  Everyone else is also fighting for a spot on that same engine.

Use social media sites, like Facebook and YouTube, along with other outlets, to tell your story. Let consumers know you’re in the game ready, willing and, most of all, able to service their needs.

We had a great session about playing in the social media arena to stay ahead of your competitors, at the Regional Conference of Mortgage Bankers last week in Atlantic City that was remarkably well attended. Your competition knows how important this is!

Michael Vitali

About the Author

Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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Michael Vitali

About Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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