On this episode of Expert Insights, our host Joe Welu is joined by Traci Huntemann-Piatt, vice president of marketing for Envoy Mortgage, based in Houston, Texas. Both Traci and Envoy are well-known in the industry for their inventive use of technology to drive results.
During the discussion, Traci shares her view and tips for navigating the current market, as well as how leveraging data has been a game-changer for Envoy Mortgage.
State of the Industry
If you were to only look at the news, you would likely be rather disheartened about current market conditions. With interest rates recently hitting seven percent, it can be hard to put a positive spin on the state of the mortgage lending industry. “The mortgage industry has always been cyclical,” says Traci. “There’s always been ups and downs; we just happen to be hitting one of the downs. We’ve certainly seen this before.”
Traci, however, points to this lull in the market as an excellent opportunity to shift priorities and spend more time cultivating relationships, especially with customers and referral bases. Try moving the discussion away from current rates and instead focusing communication on the long-term value of homeownership plus options to refinance down the road, will help customers look past what’s right in front of them in the market.
She also discussed how Envoy Mortgage is building relationships specifically with realtors by leveraging their robust tech stack. They’re able to share the Total Expert platform with realtors so they can take advantage of the same tools loan officers are accessing every day. Coming together to build partnerships with realtors brings value to both parties and helps grow opportunities even in a tight market.
Work Smarter, Not Harder
When a contracting market is the reality, mortgage lenders need to get creative. Building relationships is an excellent place to start, but leveraging data to ensure you’re having the right conversations at the right time will make hard work go the extra mile.
“We know data really drives things,” says Traci, also citing Envoy Mortgage has its very own in-house data team. “We want to work smarter, not harder, and data allows you to work smarter.”
Data is the best way to understand your current customer base or current referral base and go after folks who fit those same parameters. Better yet, use the data to understand where customers are on their financial journey and determine how you can be an asset to them. When the market hits a down period, letting the community know you’re still there is critical. Stick with what you know and use data to be a resource for others.
Looking ahead to the next six to twelve months, there’s a lot of doom and gloom to stress about, but for Traci, it’s simple: “Relax and mortgage on!”
For more of Traci Huntemann-Piatt’s insights, listen to the full Expert Insights episode.