Going Beyond Compliance

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The mortgage industry has been in a state of constant change. Ever since the crash there has been an onslaught of new rules and regulations. And this is not likely to change. The problem is that lenders are so afraid of being found to be out of compliance that other pressing business needs are not getting the attention that they deserve. Compliance isn’t everything. Brandon Perry, President of TTP Enterprises, sat down with our editor to talk about what else lenders should be doing to ensure that their business are both fully compliant and thriving, as well.

Q: You have often made the statement that compliance doesn’t matter. What do you mean by that?

BRANDON PERRY: That 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.

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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.

Q: What can lenders do to drive new business to the point-of-sale?

BRANDON PERRY: 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.

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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.

Q: There seems to be a great deal of confusion about what marketing automation is. Why do you think that is?

BRANDON PERRY: In speaking with lenders across the country what struck me were lenders’ understanding, or should I say, misunderstanding of marketing automation. When asked if they used marketing automation to drive new business to the point of sale most responded by saying “yes, we already have a CRM solution, or we do some email marketing and social media.” Isn’t that what marketing automation is? The answer is a resounding NO.

Q: At it’s highest level, what is marketing automation?

BRANDON PERRY: Marketing automation refers to software platforms and technologies designed for marketing departments and organizations to more effectively market on multiple channels online (such as email, social media, websites, etc.) and automate repetitive tasks.

“At its best, marketing automation is software and tactics that allow companies to buy and sell like Amazon – that is, to nurture prospects with highly personalized, useful content that helps convert prospects to customers and turn customers into delighted customers. This type of marketing automation typically generates significant new revenue for companies, and provides an excellent return on the investment required.” Hupspot.

Q: Why is Marketing Automation important to lenders?

BRANDON PERRY: 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 borrowers. It’s equally important to retain these borrowers and to maximize their on-going value through repeat business and referrals.

Engaging these prospective borrowers 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 mortgage specific marketing automation solution that can bring out the best in your marketing while easing your compliance burden.

This requires 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.

Just having a CRM solution (electronic rolodex) or emailing some general marketing messages, and posting on social media every once in a while is not marketing automation. More importantly, it will not consistently and compliantly drive new business to the point of sale. So if you are serious about growing your lending business, it is critical to understand what mortgage specific marketing automation can do for you.

Q: How would you explain what marketing automation is to a lender?

BRANDON PERRY: 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

Q: Can you provide some examples of how lenders are utilizing marketing automation?

BRANDON PERRY: One type of program that mortgage marketing automation systems include is automated loyalty programs. Automated Loyalty programs deliver consistent and highly personalized marketing communication. These types 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.

Another example would be: 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.

Q: With so many marketing departments moving to digital mediums is print dead?

BRANDON PERRY: No print is not dead. Yes, the mortgage landscape looks significantly different today than it did 5 years ago. The way that today’s borrower makes purchasing decisions has dramatically changed. Potential borrowers are spending more time with digital, using their Smartphones for loan product reviews and rate comparisons and immediately sending out their lending experience on social media. This requires lenders to carefully balance proven print strategies with evolving digital opportunities. Engaging your prospective customers in real time across a multitude of channels highlights the importance of working with a proven marketing automation platform that is directly connected to a state-of-the-art print facility.

At TTP, we bring lenders the mortgage industries most advanced print and digital media marketing solutions that deliver the best possible marketing results while increasing your brand awareness and driving potential borrowers to the point-of-sale.

Q: Often times when you discuss marketing automation with a lender the department or group of people that feels most threatened is the marketing department. Why should they embrace marketing automation?

BRANDON PERRY: We have found that marketing departments that embrace marketing automation quickly realize that we are a marketing teams best friend.

TTP’s revolutionary MACH3 provides marketing departments with a solution to demonstrate their marketing genius while compliantly maintaining brand consistency across the entire organization. Marketing automation enhances the Marketing Genius in their marketing department to drive business through increased efficiency with a custom company-marketing library.

Consistent, relevant communication can easily be sent to all contacts companywide through each milestone in the loan process including the lead and post-close stages. It allows you to:

  • Unleash your marketing genius
  • Automate your marketing activities
  • Experience a surge in your response rates
  • Provide consistent and relevant marketing content
  • Produce high quality content more quickly
  • Easily strengthen your marketing compliance
  • Drive brand consistency throughout organization

Marketing departments experience a surge in response rates by communicating through all possible channels; email, mail and phone. Client retention increases by communicating more effectively than your competitions’ standard email marketing. Strengthen compliance with easy tracking and approval processes for those loan originators who want to easily create custom marketing.

MACH3 uniquely models the entire marketing process for converting opportunity into revenue. It also does:

  • Lead capture and qualification
  • Database management and mining
  • Audience segmentation and targeting
  • Content creation, storage and management
  • Multi-media delivery (including print mail)
  • Fast and secure execution and fulfillment
  • Real-time response tracking and reporting

This is the easiest solution for collaboration and distribution available anywhere. Here marketing teams find hundreds of ready-to-go marketing materials that have been professionally prepared by TTP Enterprises. Choose from postcards, letters, greeting cards, newsletters, emails, and much more. The materials are categorized by format, purpose and audience for easy access to exactly what you need. Content is constantly refreshed to target current business opportunities. In addition there are holiday greetings, home maintenance tips, recipe cards … something for every occasion.

Marketing teams are welcome to take TTP’s materials and adapt them to meet their specific needs and brand standards. That’s why they’ll find a “copy” button against each item in the Marketing-Toolbox library. Clicking the button allows them to make a copy of the piece in their company’s private library, where they can edit it as necessary. They can even limit access to a specific branch or branches: for example, allowing only reverse mortgage specialists to view reverse mortgage content.

Also, our online activity builder gives them creative freedom where they need it. Lastly, the “create activity” button in their company library enables them to design marketing materials from scratch. Clicking the button takes them into a simple wizard that guides them through the steps that turn their marketing ideas into actionable content – in three minutes or less.

INSIDER PROFILE

Brandon Perry is President at TTP Enterprises. 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.

INDUSTRY PREDICTIONS

Brandon Perry thinks:

  1. Compliance will continue to place huge burdens on lenders and their resources.
  2. Lenders that want to not only survive but also thrive must look to solutions that drive borrowers to the point-of-sale.
  3. Mortgage specific marketing automation will be a game changer for lenders in 2016.
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