This may be the business slogan here at LoanLogics, but it’s never been truer than today. The business of making mortgage loans has gone through some pretty drastic changes over the past few years and lenders need to make changes in how they do business to keep up.
New rules and regulations put much more emphasis on loan quality, compliance, and consumer protections. New technology helps lenders meet these new demands while continuing to find ways to improve efficiency and reduce costs.
However, technology alone is not the answer. It’s how technology is used that can make the difference. It still takes vision and people to make the process work.
It takes individuals who can see the benefits of the new technology, not just the perceived costs, and trained staff to implement and utilize the new systems.
Technology and trained staff aren’t worth anything without customers. The best company, with the best products, pricing and service won’t survive without customers. If you haven’t noticed how lenders attract new customers has changed as well.
Lenders need to supplement their traditional Realtor referral business with new business generated from direct consumer contact.
This can be done via TV, radio, and print advertising. But, that can get pretty expensive.
The internet and social media outlets are the way to go. Lenders need both an interactive website and ways to drive consumers to that site.
The website must provide consumers with information and education about the company, its products, and services, with capability for online applications, and ongoing real-time communication.
Consumers want instant access to information on their terms. If you can’t give it, they’ll quickly go someplace else.
Shopping has also changed. Consumers shop for just about everything online, including a home. When they find one they want financing STAT. They don’t want to wait to be contacted by a lender recommended by the Realtor.
Can consumers locate your company and related information quickly on:
- Online search engines
- YouTube
- Snapchat and others?
You need to have information where they’re searching. Not only with some product and rate information, but with a complete company profile; soup to nuts. The more info the better.
- Are you prepared to compete in the new changing mortgage lending environment?
- Are you online in all the places you need to be?
- Do you have a social media marketing strategy?
If not, you need to consider a change. We’ll be discussing the use of Social Media Marketing at the upcoming Conference of MBA’s at Harrah’s Hotel & Conference center in Atlantic City the week of March 25th. Don’t miss it.
The game has changed. Play Different!