Posts

A New Way To Get Mortgage Business

According to ReelSEO, as a nation, the U.S. watched, or started to watch, 38.2 billion videos in Q2 2014, that’s an increase of 43% year-on-year, and contributes to the massive growth of online video consumption compared to 2013. Not only are online video views up, online TV viewing increased by 388%. Monthly unique views for online TV are up by 146% year-on-year, and by an incredible 85% in the last six months alone. Here’s why this matters for the mortgage industry:

To its discredit, the mortgage industry is not using video to the fullest. In its biannual look at the state of the U.S. digital video space, Adobe’s “U.S. Digital Video Benchmark Report” indicated that videos viewed via a desktop or laptop were 3x more likely to watch a video at least three-quarters of the way through than those viewed on mobile devices.

Highlights of Adobe’s Digital Video Benchmark Report Q2 2014 include:

>> Video views via OTT devices and gaming consoles have increased by 194% in the last year.

>> Smartphones and tablets account for 26% of all online video viewing.

>> Videos watched to 25% completion on a laptop or desktop are 3x more likely to reach 75%

>> Mobile devices were responsible for 26.6% of videos starts, up from 18.6% in 2013.

Adobe are reporting a new record for the number of total online video starts for Q2 2014. The previous record has been smashed and now stands at 38.2 billion, an increase of 43% compared to the same time-period in 2013.

Drilling down further into the study reveals more impressive metrics for the industry. For instance, the number of total online video starts (which Adobe clarifies as “any browser-based, unauthenticated video start”), saw an increase in growth of 47.3% year-on-year, which Adobe calculates as a 9.4% acceleration in growth over the quarter.

Online video is becoming the norm for accessing news, sport, entertainment, resources, and advice, and any brands that fail to set a strategy for producing authentic and engaging video content will find themselves falling far behind their competitors.

So, videos can be a powerful tool in helping mortgage lenders and technology vendors alike get the word out. I came across a great example of one vendor using video well when I came across the new corporate website of LOS LendingQB. The new website is very simple and spotlights a video. What’s interesting about the video to me is that it’s short, engaging and does a great job of talking about what differentiates LendingQB from its competitors. Check it out HERE.

If more technology vendors and lenders use video this way I think they’ll be more successful in educating the market about what makes their company truly unique.

About The Author

[author_bio]

Head In The Clouds

*Head In The Clouds*
**By James Comtois**

JamesC***When I first started covering the mortgage technology industry, one of the most frequently used buzzwords was “paperless.” Firms were very eager to reduce the paper trail of the mortgage lending and servicing processes. These days, the industry is pretty gosh-darned paperless. Heck, not just the industry, but the world (a number of newspapers I used to write for now no longer have a print edition and are completely paperless products).

****With the industry having more or less succeeded in being a paperless one, the trend has gone much, much further. But the more the industry has gone paperless, a new problem has developed—that of storage within a firm’s computer network. Although there’s no longer the need for those large, metal filing cabinets in the office, the need for more virtual cabinets has arisen, now that hard copies are becoming things of the past.

****Now, the industry relies heavily on wireless technology and cloud computing, also known as “the cloud.” With the cloud, not only do we have to no longer worry about using paper, but also cluttering up storage space on a computer’s memory is now becoming a thing of the past.

****One firm that’s all about maximizing the use of such modern technologies as smart phones, tablets and the cloud is FotoNotes. Originally launched in 2009 as Fotobabble, FotoNotes helps firms make the most out of wireless communications technology. (Considering this is inevitably where all industries are going, it looks to be a pretty smart business model.)

****Recently, the organization has launched a cloud platform for property preservation and other real estate services.

****Launched at the National Association of Mortgage Field Services Annual Conference in Chicago earlier this month, the FotoNotes’ Mobile Property Preservation Solution boasts such services as enabling users to create, assign and manage work orders; access work orders in the field; capture photos and other data from the job site; and automatically stream work orders, photos and data to and from such back-office systems as Property Pres Wizard.

****In the online demo for the product (which can be found here http://www.fotonotes.com/sneak-preview-fotonotes-mobile-property-preservation-solution/ ), FotoNotes founder and CEO Kamal Shah explains that the FotoNotes’ Mobile Property Preservation Solution will ultimately enable udders to streamline operations, reduce manual work, improve vendor scorecards and (this perhaps could be the best part) get paid faster.

****The demo also shows that signatures can be captured, reports can be generated (in PDF format) directly onto one’s mobile phone and then emailed.

****All of this, of course, can be done without eating up any memory on one’s PC, tablet or smart phone.