Are You Motivating Your Audience With A Strong Call To Action?

Calls to Action (CTA’s) are often the difference between prospects just eyeballing your content versus prospects that are converting into leads.   In today’s highly competitive mortgage market it is critical to convert potential borrowers into leads, which convert into actual borrowers.

You can create great content, new websites and professional marketing materials but if all a potential borrower does is read your materials you still have nothing to show for it. Your CTA’s must motivate the potential borrower to take action.   To get pre-qualified, to start the application process, to speak with a loan officer, because once that happens most borrowers stop shopping around.

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So, what is the difference between a CTA that drives leads and action compared to the typical CTA that people just read and do nothing with? There are a number of factors that impact the effectiveness of your CTA. They include:

Wording is critical- Use words that demonstrate an understanding of your prospects pain and of what motivates them.

Proper design and placement- If you what your CTA’s to pop you need to take advantage of whitespace, colors, shape and visual elements that will make the CTA stand out.

Deliver value to your prospect- provide them with insights, trends, offers that the prospect can’t live without. Put yourself in the prospects shoes. What will motivate them to take action?

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There are a number of articles that provide key insights into the power of CTA’s and how to get the most out of them in your marketing materials. In an article by Wendy Marx entitled Calls to Action: “How to Motivate Your Audience she lists 10 Guides to Creating Calls to Action that Convert from leading industry experts. Check out the story for some additional tips on creating the perfect CTA https://goo.gl/Zd18pz.

To succeed in today’s mortgage market your marketing materials must include a clear and concise call to action.

Action:

Ask for their business

Offer a discount

Visit a website to apply

Join Group/list

Click to Apply Now

Get Pre-Qualified

Considerations

Do not hide your call to action

Provide multiple opportunities in your marketing materials for your prospect to take action.

Finding the right call to action takes time and plenty of trial and error. Put yourself in your prospects shoes. What would you be looking for throughout the home buying process? Ask yourself “What’s in it for me?”

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The prospect will eventually ask themselves this same question.

Here are some examples:

Should I be working with someone who simply wants to do a loan or a trusted advisor?

Should my lender guide me through the loan process from start to finish or do I have to figure it out myself?

As your prospect asked themselves these questions, you should make a conscious effort to portray yourself as a valued asset in their home buying journey. Adding value for your prospect creates a higher need and increases of moving your audience to action.

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Women Execs: A Key To Longevity And Profits

Hiring and promoting women isn’t the nice thing to do. It’s the smart thing to do. That is, if you’re interested in higher profits, greater longevity and a leg up on your competition.

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Women Executives Mean Higher Returns

Hiring female executives leads to a proven pay off. According to index and analytics provider MSCI, companies with a critical mass of women in leadership report up to 36% higher returns than firms without as many women in these positions. Investors want to partner with these businesses, and corporate boards, wanting the higher rate of return on investment, are mandating spends with them as well.

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Venture capital firm First Round Capital evaluated more than 300 companies and 600 founders and found that their higher performing investments tend to have at least one female founder, and companies with a female founder performed 63% better than those with all-male founding teams.

Women Friendly Workforces Grow Market Share

If lenders want to reach Millennials and Gen Y borrowers, they need a female-friendly workplace. Women are more likely to hold college degrees than men, so unless lenders create an environment that supports women, they’re essentially ignoring over 50 percent of the Millennial labor pool–which their competition could very well be courting.

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Think the correlation between production and women employees sounds like a stretch? Consider Quicken Loans, which was voted one of the 100 Best Workplaces for Women by Fortune magazine for the past two years. Quicken skyrocketed to become the second largest retail lender in the U.S. and–probably not coincidentally–has a workforce that is 45% female, with 42% of executive/manager positions filled by women.

Being a forward thinking, woman-friendly organization seems to result in better, fresher ideas that resonate with today’s borrower.

An Easy Way to Build a More Woman-Friendly Office  

Lenders don’t need to look far to find talented, accomplished women who have already proven their impact on their companies’ bottom lines. They network with each other, participate as members of associations and attend women’s events. By availing these resources to female employees–or using them as recruiting pools–lenders can build a much more forward thinking, woman-friendly office.

Here are some resources for finding women executives in mortgage lending.

Events

January 2018: Hundreds of seasoned mortgage executives will gather in Dallas for the NEXT conference, the first technology conference for women in mortgage lending. Visit www.Nextmortgageconference.com for details.

March 2018 and October 2018: MBA will host a women’s event at the MBA Technology Conference in Miami, and another large gathering for women MBA members at the MBA Annual Conference in 2019.

September 2018: The Five Star hosts the Women in Housing Leadership Forum alongside their largest annual conference, usually held in September. Find out more at https://fivestarconference.com/women-in-housing.

Networking Groups

The National Association of Professional Mortgage Women (napmw.org) is an active community of professionals that’s been around for more than 50 years.

MBA’s MPower is a network designed to promote opportunities for women to extend their reach. The group has more than 1300 members and it’s free for any MBA member. Visit www.mba.org for more info on MPower.

Five Star’s American Mortgage Diversity Council www.mortgagediversitycouncil.com hosts several events throughout the year and includes an active networking community through the website.

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Digital Baby Steps

People think embracing the digital mortgage means switching core systems and changing core processes, but that’s not always the case. For example, Finicity, a provider of real-time financial data aggregation and insights, and DataVerify, a provider of data verification, risk mitigation and data aggregation services, launched an integration to provide digital, real-time asset verification to the mortgage lending industry.

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Finicity’s Verification of Assets (VoA) solution will be directly integrated into DataVerify’s DRIVE platform, which automates the underwriting process to help lenders avoid loan quality issues. DataVerify operates at the junction of data verification and fraud prevention, quickly identifying the legitimacy of borrowers by comparing data across a variety of databases to identify risks of fraud. Lenders will now be able to access Finicity VoA reports through their DataVerify system as part of their loan review process.

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“DataVerify is a well-known and respected name in data verification, data aggregation and fraud prevention for loan originations, and we’re thrilled to bolster its solution with our VoA product,” said Steve Smith, CEO at Finicity. “The lending and credit decisioning space is moving towards automated, digital solutions built on open APIs and using buyer-permissioned data. Asset verification is just the beginning.”

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Earlier this year, Finicity launched its asset and income verification solutions, bringing the benefits of big data into the digitization of the loan origination market. Among its new products, the VoA solution employs borrower-permissioned financial account data to generate a real-time view of a borrower’s assets. As a data aggregator, Finicity is an asset verification provider and also a Consumer Reporting Agency (CRA) that directly collects, manages and secures the data from financial institutions for an asset verification report. In turn, DataVerify offers a single-source platform for data verification and aggregation, fraud prevention and compliance assistance for clients, including top lenders and government agencies.

Brad Bogel, ?senior vice president at DataVerify, said, “In today’s digital age, consumers expect to get things fast. With real-time asset verification from Finicity, lenders that use our DRIVE platform will be able to get quick insight into a borrower’s financial information and thus make more efficient and smarter lending decisions. The data can be accessed and verified in a matter of clicks, shortening the loan approval process for a greater overall consumer experience.”

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The Evolution Of Mortgage Banking Compliance

The mortgage document preparation was a simple process thirty-plus years ago. Within 48 hours, you prepared a set of documents on an IBM Selectric typewriter, sent them to a title company with a note to close, and then shook the hands of a happy new homeowner.

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In the same span of time that witnessed the typewriter’s evolution into a handheld supercomputer built for efficiency, the regulatory system in equal opposition swelled in complexity. For lenders, maintaining a profitable origination business is often hindered by the ever-changing and ever-growing regulatory landscape. Unable to keep up, lender’s tend to respond with knee-jerk reactive solutions that risk heavy fines for minor oversights.

The emerging financial tech (FinTech) and regulatory tech (RegTech) sector has produced a number of Software as a Solution (SaaS) products and tools to help compliance teams. But they too come with their share of challenges. For one, tools require people to learn, implement, oversee, and manage them, and human error is a natural result. Second, many legacy tools are maintained by companies whose primary expertise is in software, not compliance, which exposes users to potential compliance risks. On the flipside, outdated software exposes lenders to potential security risks. Both can result in millions of dollars of recovery costs.

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Unfortunately, the DIY solution to maintaining compliance would take thousands of hours of research and manpower to implement policies that adhere to federal and state regulations. The need for compliance, data, technology, and management to exist within the same ecosystem is greater than ever. The best-in-class solutions are cross-bred Compliance Management Systems (CMS) built by software engineers and maintained by a team of experts steeped in financial law and regulatory compliance knowledge.

Effective compliance management ecosystems can and have served the financial services industry for the better. They are also supported – and even encouraged – by the federal government. The more comprehensive a CMS, the more the CFPB says it will believe in a bank.

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With an all-inclusive approach, institutions can access a number of compliance solutions including dynamic document preparation, data validation and testing with legal backing and HMDA, CRA, REMA, geocoding, and Fair Lending. The right solution will improve the agility and speed of these diverse compliance solutions across an enterprise in a controlled, transparent, and organic way.

And while the industry thinks of CMS as being proactive and offensive, it is also a good defense. Think of it like a well-protected house: the more prepared you are for a break in, the less likely it is to happen.

For an industry that has been slow to innovate, the emergence of a sustainable, smart, and reliable compliance ecosystem fosters a pioneering environment in which to manage regulatory changes.

These expertise-fueled compliance ecosystems can empower financial institutions to respond agilely to the ever-growing regulatory landscape. And by alleviating the burden of regulation, banks can focus on profitability knowing it is no longer a weight they need to carry alone.

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