Thank goodness 2007 is behind us and hopefully words like implosion, meltdown, and crisis that have been added to any description of our business! I am excited about the opportunities and those with the same positive frame of mind a destined to make a dramatic ascension.
Of course no New Year would be complete with out New Years Resolution. Here are a few resolutions I see shaping up in the mortgage industry:
- 1. Internet becomes more than a national call center marketing channel
- Mortgage brokers and lenders finally embrace the Internet as a viable means to grow local branches as well as national brands. Local brokers and lenders will seek out the powerful combination of lead providers and lead management that can get hyper-local. Segmenting and distributing leads generated from national campaigns right down to the loan officer that can meet that Internet borrower in their local coffee shop in the next few minutes.
- 2. Lead generation efforts will increasingly focus on tangible consumer mortgage education
- Lead generators and lenders are finding that consumers need specific guidance and education to get qualified. As loan programs continue to tighten the need for this education is going to become increasingly critical to their success. Key areas for this education are FHA guidelines and qualifications, credit repair and monitoring, building assets and cash reserves, home improvement and maintenance tips, bankruptcy and debt recovery.
- 3. More control of the mortgage process put into the hands of borrowers
- Increasingly borrowers are coming to lenders armed with their due diligence done. They know what the best rates are, fees they will and will not pay, their credit scores, appraisals or estimated home value, and other key data points. Smart lead generators, lenders, and brokers will resolve to leverage that borrower knowledge into easy "folder received" clients. Check-out how Bills.com is using lead information to dynamically set reasonable expectations for the borrower at the point of submittal.
- 4. Better segmentation and targeting
- Lead providers are getting more and more creative about finding and targeting niche loan programs and borrower qualifications. The rush to dust off FHA licenses or become newly approved is being driven by government plans to assist troubled borrowers right their financial woes. Regardless of government’s effectiveness in establishing safety valves for borrowers brokers and lenders will need solid lead partners that can source them well screened borrowers that they can actually help.
- 5. Brokers, Lenders, and maybe even Lead Providers learning to nurture leads
- Whether it is a matter of credit repair, income stability, bankruptcy, debt work outs, building reserves, selling an existing home, gaining equity, or waiting on property values to begin climbing the mortgage financing process is lengthening. Savvy mortgage market players are going to learn or re-learn how to market to a database of long-term prospects. Lead nurturing will become a critical skill in 2008.
What do you think are trends or resolutions for the 2008 Mortgage Market?
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