It’s no secret that the mortgage lending industry lags behind others in the adoption of new technologies.
First, you grappled with the subprime mortgage crisis. Money was tight, and your organization wasn’tinvesting in new technologies. Then – thank goodness – business picked up again. Your mortgage loan officers (MLOs) could barely keep up with all the consumers hoping to capitalize on low interest rates and refinance their homes. You didn’t have spare time to implement a new technology, and honestly, did you really need it?
The refinancing boom is gone… for now, but it might not be the only reason you’re struggling to get new or repeat business through the door. Here are five trends that are upending the industry.
- Multi-Apping
Today’s consumers can apply for a mortgage with the click of a button. And according to the 2017 Zillow Group Consumer Housing Trends Report, 48 percent of buyers contact more than one lender when shopping for a mortgage. Sue Woodard, Total Expert Chief Customer Officer, says most top producers estimate that figure to be even higher. In the race to land new business, the more responsive you are, the more likely you are to get the lead. - Housing Shortage
With increasing demand and limited supply, it’s not taking weeks to buy a home, but months. If you and your referral partners can’t find a way to maintain your leads, tech-savvy MLOs are waiting to win over your prospects with innovative systems that allow them to automate mundane, repetitive tasks so they can focus on scaling their business. - Purchase Market
Networking is everything, but during the last refi boom you let a few of your agent relationships gather dust. It’s a purchase market out there. And if that weren’t reason enough to woo your partners, consider this: agent referrals from past homebuyers are also declining even among those who say they would use their agent again. The pressure is on for MLOs to step in with co-marketing initiatives that guide the buyer from start to finish. - Demographics
Age is just a number – unless you’re struggling to resonate with millennials as they look for their first homes. Working with millennials, your ultimate goal is creating a brand they can identify with, and you can’t do that unless you build an authentic online presence and empower them with a modern user experience. - Consumer Expectations
The average consumer owns between three and four different devices and they expect their experience to be seamless across channels and platforms. You’ve got to ensure that the person they contact via phone or text is the same one they connect with on social or in emails and that your messaging is consistent.
Building Agent Relationships and Leveraging Tech
Amidst a sea of change, one thing remains true.
Your customers want to establish a human connection with you as they make one of the biggest purchases of their lives.
Leveraging technology is the only way to nurture those relationships at scale so you can continue to grow. In a recent webinar, Sue said, “Technology won’t replace the mortgage loan officer, but a mortgage loan officer who is leveraging technology to add real value will replace the one who is not.”
Now that you know why you should be leveraging technology to grow business, watch the full webinar and gain actionable tips from Total Expert and MortgageCoach that will help you learn how you can leverage technology to build and strengthen your co-marketing relationships for massive growth.
