Think Borrowers, Not Compliance

In 2015 most lenders were obsessed with constantly changing rules and regulations, especially TRID. That meant they spent a great deal of time, energy and resources trying to address those compliance demands. While all of the new rules and regulations are certainly an important priority for all lenders, and one that must be properly addressed, many lenders spent little to no time attracting new borrowers. The lack of focus on attracting new borrowers is costing them dearly in 2016. That is why I often say that compliance doesn’t matter if you don’t have any borrowers.

In the face of these challenges lenders cannot continue to have tunnel vision and loose sight of the importance of bringing in new business while constantly looking for ways to drive new business in the most efficient and cost effective manner possible.

How will your company attract new borrowers 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.

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

So what is marketing automation and more importantly, 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.

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. With marketing automation LO’s will experience:

>> Increased pipelines and commission potential

>> A surge in response rates

>> Increased loyalty throughout client base

>> Improved communications with prospective borrowers, clients and referral partners.

Having tunnel vision solely on compliance is simply not a sustainable business model. Lenders must attract new borrowers and enhance their lifetime value. At the end of the day, compliance only matters if you have borrowers to serve.

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