Compliance Just Doesn’t Matter

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Brandon-PerryThat may sound like a bold and foolish statement. There is an intense regulatory burden that is stretching staff resources and driving up the cost to originate. While all of the new rules and regulations are certainly an important priority for all lenders, and one that must be properly addressed, at the end of the day, compliance doesn’t matter if you don’t have any borrowers.

Even with the flood of rules and regulations and the enormous pressure to comply, lenders must continue to attract new borrowers if they want to remain viable. In the face of these challenges, lenders cannot afford to loose sight of the importance of bringing in new business and constantly looking for ways to drive new business in the most efficient manner possible.

How will your company continue to thrive in such a demanding and compliance focused environment? Identifying and acting on high-quality business opportunities is a big part of the answer. You need to generate leads quickly and efficiently, and then drive them to the point-of-sale. You need to convert them into customers with compliant in-process marketing. You also need to retain them and maximize their lifetime value through repeat business and referrals. It’s critically important to create and nourish strong relationships with referral partners in a purchase market.

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In order to survive and thrive in this mortgage environment of constantly changing rules and regulations, heightened competition for borrowers and extreme pressure to produce results, you must realize the need to identify high quality business opportunities. It is critical to identify leads quickly and efficiently and then drive them to the point-of-sale with compliant communications for converting them into clients. It’s equally important to retain these clients and to maximize their on-going value through repeat business and referrals.

Engaging these prospective clients in real time across a multitude of channels such as the Internet, email, social media, print, video, and mobile devices highlights the importance of working with a proven marketing automation solution that can illuminate or emphasize the best in your marketing while easing your compliance burden.

That’s where marketing automation comes into play. Lenders focused on driving new business and attracting more borrowers are turning to advanced marketing technology to attract more borrowers in today’s highly competitive and regulated mortgage market.

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So what is marketing automation, and why should lenders take notice? Marketing automation for lenders can be described as software and strategies that allow companies to consistently attract new borrowers–that is, to nurture prospective borrowers with highly personalized, relevant content that helps convert borrowers into customers and turns customers into raving fans.

Marketing automation typically generates significant new revenue for lenders and provides an excellent return on the investment, in addition to attracting top loan officer (LO) talent to the organization.

Leading LO’s demand advanced marketing solutions. These solutions automate engagement with prospective clients and provide relevant updates for in-process milestones while developing and enhancing partner relationships. Marketing automation employs leading technology to maximize marketing relevance and automation of communication that capitalizes on opportunities to increase pipelines and profitability.

LO’s experience :

>> Increased pipelines and commission potential

>> Maximize market opportunities

>> Experience a surge in response rates

>> Develop loyalty throughout customer base

>> Gain a clear competitive advantage

>> Automate communications with prospective borrowers and clients

>> Develop and enhance partner relationships

One such example of programs that mortgage marketing automation systems include are automated loyalty programs . Automated Loyalty programs deliver consistent and highly personalized marketing communication. These type of marketing programs automatically deliver powerful messages to a lender’s new borrower in the form of “Thank You” cards after closing, satisfaction surveys, one year Anniversary cards, and Mortgage Reviews (terms, rate, new credit review, etc.) after year two to name a few.

These programs are automatically generated within the marketing automation solution which provides “Set-It and Forget-It” functionality. Once set-up in the system, LOs and staff do not have to worry if their borrowers are receiving on-going communication.

This results in significant increases in client retention, referral business, and overall borrower satisfaction and on-going loyalty for future lending needs.

Another powerful tool that is part of a dynamic marketing automation solution is ON-DEMAND CAMPAIGNS.

Custom Campaigns can be run quickly and easily on demand to any mix of contact databases: prospects, applicants, borrowers and partners.

You’ll want to run a campaign whenever you spot a tactical sales opportunity – for example, a change in interest rates or other market conditions. On-demand campaigns are also an effective way of just staying in touch with your database – for example, making announcements about significant changes at your company.

Fulfillment is handled quickly and securely at the providers integrated state-of-the-art Production Center, whether you choose conventional mail or e-mail as your delivery medium. Campaign output is always fully personalized to each participating loan officer as well as the recipient – and you can rest assured it meets all regulatory compliance requirements.

At the end of the day, compliance does matter, but it only matters if you have borrowers. That’s where marketing automation comes into play. Isn’t it time to focus as much attention on driving new business as you do in meeting your compliance obligations?

The Turning Point’s MACH3 is a proven enterprise-wide marketing automation solution that supports you and your specific initiatives to address these market conditions. Each person in your organization that is involved with driving growth is empowered to focus on what they do best. For example, Loan Officers are free to close more loans, instead of trying to create marketing materials. C-level executives are presented with sophisticated, yet easy to use tools for more effective oversight and management, while marketing managers can demonstrate their marketing genius and compliantly maintain brand consistency across the organization.

About The Author

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Brandon Perry
Brandon Perry is President at The Turning Point. Brandon oversees all operational and administrative activities of TTP. Brandon brings over 16 years of experience in various financial services industries to TTP which enhances the Company’s ability to maintain it’s position as industry leader in providing customers with an advanced marketing solution.