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Tackling Industry Change

We are gradually morphing to a more next-generation mortgage process and some say it’s about time. Lenders are notoriously slow to embrace change. So, why are things different this time? There are so many new outside factors that are forcing lenders to evolve. To discuss how change is impacting the mortgage industry we gathered a panel of experts that includes: (left to right) Neil Fraser, Director of US Operations at Paradatec, a mortgage OCR technology; Brandon Perry, President at TTP Enterprises, a leading CRM firm; Michael L. Riddle, the Managing Director at Mortgage Resources Group, LLC.; and Paul Wetzel, EVP, Product at Mortgage Cadence. Here’s how they see the future of mortgage lending:

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Q: How have recent mortgage technology vendor M&As changed the mortgage industry?

NEIL FRASER: It is common, and often a natural progression in many industries that they start out fragmented and consolidate as they mature. The purported advantages to consolidation can include: economies of scale, more resources for research and development, and better marketing and market reach.

Paradatec monitors the M&A activity of companies that we know well. The reality of consolidation, in many cases is very different from expectations. Just like in other verticals.

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The consolidations we see appear to be aimed at allowing the larger mortgage technology providers to become one-stop shops for all things tech and to move that technology further down the food chain to smaller banks and credit unions.

But M&A is a risky approach. Some recent consolidations have led to organizational confusion, and a general loss of focus.

Ultimately they find that the organizations’ cultures have little in common, and the perceived synergies between the two companies are illusive. In fact, in some cases we have seen this mistake repeated multiple times over several short years. Generally, a great deal of marketing hype follows such consolidations. So, the goal of increased marketing reach is often realized, but is only short term. However, the reality is that the loss of focus can be devastating to both their clients and employees.

We believe these risks are common in the case where unique and significant differentiators make a particular technology company’s products and services clearly superior. For a technology vendor in this position, there are many potential disadvantages to consolidation. In the recent past we believe we have been witnessing the negative results of some of these mergers, especially in our niche of advanced OCR technology for the mortgage industry.

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Paradatec has historically made its living by licensing our sophisticated mortgage OCR solutions to some of the largest banks and lenders in the country through OEM relationships with larger partners. Our solutions traditionally were only used in very large lenders. The net effect of the consolidation of the last few years is that our current and future re-sellers are able to leverage very sophisticated OCR technology to smaller organizations that never could support such platforms themselves.

PAUL WETZEL: Leading vendors are looking to add to their product offerings and/or customer base with acquisitions. Where the reason for the acquisition is augmenting the product offering, this can frequently be a faster time to market versus building the functionality natively. Having said this, acquisitions are not always guaranteed to be successful. Considerations like cultural fit of new teams vs. the acquirer, and compatibility of technology stacks are two key considerations among many others.

MICHAEL L. RIDDLE: I think it depends on whom you talk to and which specific companies that you are referring to. In some instances, larger technology providers have acquired smaller providers for a specific technology, market niche or just to gain market share. Traditionally, these types of M&A don’t always work out because there isn’t synergy between the technology platforms, corporate cultures don’t mesh, and customer bases don’t align.

However, when the right companies merge, ones that have a shared vision for the future, corporate cultures that align, technology platforms that easily integrate, and where the sum is greater than its individual parts, there can be significant advantages for industry participants. This type of merger or acquisition has the power to disrupt an industry.

Speaking from experience, the second example is what has transpired with our new merger. MRG has formed a partnership with Asurity Technologies (Asurity) that brings together Treliant Solutions, LLC, Risk Management Solutions, Inc. (RMS) and Mortgage Resources Group, LLC (MRG) into an integrated best-in-class compliance platform.

In addition to delivering legally defensible compliance expertise, in-depth compliance insights with state-of-the-art technology to document mortgage transactions, we can now also provide HMDA, CRA, Fair Lending, and Redlining solutions. This provides our clients with a significantly more comprehensive compliance solution.

BRANDON PERRY: The mortgage technology vendor space seems to be mirroring the mortgage industry in regards to M&A activity. With the mortgage lender M&A activity, the competitive landscape with technology vendors is extremely high. Smaller boutique vendors are strategically acquired by larger well-funded looking to expand or enhance their product offerings.
The current trend is for the larger vendors to serve as one-stop shops for mortgage lenders. This is good news for the mortgage industry as it nicely sets the table for further innovation by start ups or boutique technology vendors looking to plug the holes left by the larger players.

Q: How has new regulation changed the mortgage industry?

NEIL FRASER: Regulation equates to reporting in order to attain measurement and control. As regulation has increased in this market, the need for originators and services to quickly extract meaningful content from their loan files to support such regulatory demands has increased as well.

The Paradatec solution can assist with data gathering for many regulatory events, but one that’s especially burdensome in terms of executive liability is the Fed’s Comprehensive Capital Analysis and Review (CCAR). The CCAR is an assessment of the capital adequacy of thirty-four large U.S. bank holding companies and was introduced as part of the Dodd-Frank Act. The effects of the Dodd-Frank Act in general are widespread and relatively well known. CCAR is focused on, evaluating capital adequacy even under stressful conditions. Reporting for CCAR came through the FR Y-14M forms in June 2012 which support a dictionary of around 250 data fields to be collected and presented to the Fed.

One of the early effects of CCAR 14-M reporting has been that large lenders have taken extra responsibility for the accuracy of data presented to the Fed for their loans. That includes loans originated via the correspondent channel or acquired otherwise. For Paradatec, as a specialist in automatically reading mortgage documents via Optical Character Recognition (OCR), this presented an opportunity to provide automated audit of LOS data vs actual scanned images of original paperwork in order for entities to comply.

For 2017 CFOs of CCAR entities are obliged to attest that, not only is their CCAR 14-M data is “materially correct to the best of their knowledge” but also to “the effectiveness of internal controls and include those practices necessary to provide reasonable assurance as to the accuracy of these data”. In other words “I’ve checked all my data”. This is a big task especially for banks that acquire loans they did not originate. CCAR entities are effectively now required to check all their loan paperwork vs LOS data and attest that they match. That’s a huge undertaking without sophisticated OCR technology.

MICHAEL L. RIDDLE: The regulatory environment for today’s mortgage lender has become exceedingly complex. Compliance becomes more difficult each day, as a cascade of new disclosure and lending requirements are imposed by federal, state and local regulators.

With this avalanche of regulation, it is becoming very difficult for mortgage lenders to gauge whether their internal compliance systems are functioning properly and whether the continuing cost, in both human and financial terms, of adopting and maintaining adequate regulatory controls, can be sustained in a volatile origination market.

Lenders, in order to cope with these added regulatory compliance risks, are faced with an immediate and compelling need to re-evaluate and upgrade the capacity of their internal systems to recognize and incorporate mandated regulatory changes. Static document systems and templates simply will not suffice to keep you compliant. To en- sure compliance, mortgage disclosure and documents systems need to be dynamically constructed.

At the same time, the absolute risk of non-compliance has become intolerable. Audits by regulators and investors alike are now commonplace and fines, penalties, and loan repurchase demands are escalating. As tough new regulatory standards increase the scope and absolute number of loans that must be evaluated carefully for compliance, investors have become acutely aware that several regulatory changes impose liability on the purchase of a mortgage loan for compliance errors made by its originator. It is no surprise that investors are increasingly demanding, prior to funding a loan purchase, that originators provide loan specific data in an electronic format complete enough to permit comprehensive automated compliance reviews on each loan to be purchased.

PAUL WETZEL: New regulations and GSE requirements have pushed technology providers to look for creative ways to address both the ongoing release of requirements themselves but also what kind of technology upgrades might be necessary to better accommodate the strong likelihood that this level of change will continue for years to come. While new regulations must always be accommodated as a priority, customers will not tolerate regulation support being the focal point of a technology vendor’s roadmap. Leading vendors always need to be upgrading their technology platforms and better accommodating the ongoing drumbeat of regulation is one key driver for this. The pressure of regulation is also a key driver for ongoing consolidation of mortgage technology vendors as some vendors will look to exit the market by selling their business vs. investing to upgrade their technology per the above.

BRANDON PERRY: With the heightened awareness of compliance with new regulation in the mortgage industry, many lenders have paused delivery and implementation of solutions, which drive new business. I’ve mentioned “compliance doesn’t matter” quite often in the past couple of years and it still holds true today. While compliance can’t be ignored, lenders must not fall into the trap of hypersensitivity to rules and regulations and then completely ignore the basic need to grow your business. The most successful lenders have been able to find a nice balance between regulation and business growth.

Q: How has talk of and interest in the digital mortgage changed the mortgage industry?

NEIL FRASER: In this era where smartphone and tablet usage permeates nearly all of life, it only seems logical that the purchase of a home would eventually move in that direction as well. This certainly creates a situation where the loan package can be moved electronically at no cost, rather than printed (multiple times, most likely) and physically moved between geographies. Therefore, in-transit time and cost can be reduced, which is great for the market.

At the same time, we don’t believe the digital mortgage negates the need for certain underlying technologies, including OCR. While a borrower may be able to upload PDF copies of their paystubs and bank statements, as an example, the data must still be gleaned from those documents as part of the underwriting process. Without the aid of sophisticated OCR such as that provided by Paradatec, that gleaning process remains a manual process, even though the mortgage is “digital”.

Organizations looking to embrace the ‘digital mortgage’ concept should look to not only eliminate the paper that exists in their process today, but also lean-out their business processes with the aid of technology so the per-loan processing costs can be reduced.

BRANDON PERRY: I believe much of the interest and talk of digital mortgage rose from the ashes of the constantly fluctuation regulatory environment. With the birth of compliance as a new cost center in most lenders, the pressure to absorb these new expenses must be released. I previously mentioned the importance of new business growth, but pressure can be released internally by finding ways to more efficiently process loans. Mortgage executives challenging their current processes helped pave the way to embrace technology allowing for digital mortgage.
One of the biggest challenges with digital mortgage is information security. With the ever-growing list of data breaches, cyber security will never be more important to the mortgage industry as we enter the digital mortgage world. The nature of the extremely sensitive information held by mortgage lenders makes them prime targets for cyber attacks.

PAUL WETZEL: Core concepts related to digital mortgages of course are not new but there is certainly growing interest in these topics over the past couple years and that is a very good thing for the mortgage industry. Fintech has been an underinvested segment and lenders’ interest in spending to improve digital outcomes is driving investment into mortgage technology. When executed correctly by a vendor, digital mortgage becomes a menu of options open to each lender that improve borrower experience, speed time to close and staff efficiency, and increase the transparency and security of the transaction. This will help both the lenders top line and bottom line as well as improving their standing in the industry.

MICHAEL L. RIDDLE: The first thing that comes to mind is the user experience. All the talk of the digital mortgage has changed borrower expectations. Since that now famous Super Bowl Ad that launched Rocket Mortgage and borrowers expectations, consumers demand technology that delivers a quick and simple user experience that matches the type of every day experience that they have on the Internet with the likes of Google, Apple and Amazon.

This has forced the industry to focus attention on delivering a dynamic and mobile digital experience. Many companies have invested heavily in technology and on being able to provide the types of tools consumers are look for on the front end. But what lenders must realize is the fact that to truly deliver on the digital experience the entire mortgage process needs to be streamlined not just the point of sale.

This includes compliantly documenting each and every financial transaction digitally. To be able to maintain a competitive edge in the digital age requires an understanding of data-security, technical capability, industry experience, compliance insights, legal expertise, matched with seamlessly integrated systems and robust data interfaces to actually streamline the lending process while delivering on the digital mortgage experience.

Q: Lastly, how do you see the mortgage industry and the mortgage process of the future evolving as a result of these and other big changes?

PAUL WETZEL: It’s an exciting time to be in the mortgage industry with respect to how technology can be used to dramatically improve outcomes. Lenders should be pressing their mortgage technology vendor partners for their view and strategies related to the above. Healthy vendors who plan to not just survive but thrive need to be active in the M&A space, have new a creative ways to accommodate ongoing regulation, and established but growing digital mortgage capabilities. Seismic shifts like the end of paper won’t happen overnight for the industry but they won’t happen at all leading lenders being willing to be front runners and we’re starting to see more lenders being willing to be just that.

MICHAEL L. RIDDLE: As mentioned earlier, the regulatory environment has become exceedingly complex, and I don’t see that changing anytime soon. That will continue to put pressure on lenders to comply, which will highlight the need for an advance compliance ecosystem— One that is comprehensive, can track, monitor and provide real time insights for all of a lenders compliance needs.

In addition, borrower expectations will continue to push the envelope on delivering the digital mortgage experience that today’s borrower demands. That requires the right balance of advanced technology, deep mortgage expertise, legal insights, industry integrations, with the ability to constantly evolve.

BRANDON PERRY: We’ve become a culture accustomed to instant gratification with nearly everything in our daily routine. Rather than heading to the store, how about same day delivery? We’re upset when a website has a two second delay loading. I’ve heard countless radio commercials from car dealers touting how fast they get you in and out when buying a car.   We are kidding ourselves if we believe obtaining a mortgage is the only exception. The next big competitive environment is time. I believe the time to pre-approval, approval and closing in the next few years will be fractional to the current process timeline of today.

NEIL FRASER: This industry is experiencing an evolution through the aid of technology like many others before. While the regulatory requirements will certainly control what the experience looks like for the consumer, automation within the process will continue to expand…the increasing per-loan processing costs dictate as much. Industry leaders such as Amazon and Orbitz have made the self-service model albeit in other segments, much less daunting, and the speed at which transactions can be completed has decreased significantly through this evolution. While the magnitude of the buying decision for a home is obviously much greater than that of buying an airplane ticket or a box of diapers, the consumer has become comfortable with online transactions to the point that a paper-bound process is viewed as slow and stodgy.

The process will continue to evolve, both due to competitive pressures as well as consumer-driven expectations. But, like a lot of the other ‘digital transformations’ that have occurred, we believe the mortgage market will be “both…and” situation, as in both paper and digital, rather than an exclusively digital model, at least for the foreseeable future. Until the entire consumer community is ready to embrace a digital-only approach, paper will continue to be a part of the process, and therefore vendors that automate paper reading will continue to add value.

Progress In Lending
The Place For Thought Leaders And Visionaries

Borrowers’ Short Attention Span

As a lender you are battling with rates fluctuations, compliance scrutiny, intense competition and inventory shortages. In addition, you are often dealing with potential borrowers who have a short attention span for any of your efforts to effectively market to them.

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Would you be surprised to hear that email may still be the answer? In an article entitled “The Short Attention Span Solution for Marketers” from Amanda Zantal-Wiener, a Senior Staff Writer at HubSpot.

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In her article she states, “Email marketing might be entering a mid-life crisis. According to Entrepreneur, 2017 marks its 40th birthday, with 1978 cited as the year when the first marketing email was delivered. The sender, the story goes, was Gary Thuerk, an employee of Digital Equipment Corporation — an infamous legend, of sorts, who’s referred to by some as the “father of spam.”

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She went on to say, “Yet — somehow — it seems that email marketing is doing a better job than a lot of other digital communication at prolonging a viewer’s attention span. The stereotypical “mid-life crisis” often involves change that comes after years of overall evolution and improvement. And in a way, email marketing isn’t so different. It’s gone through a number of modifications to make it better, more user-friendly, and less spammy since 1978. And now, Litmus reports, the average time spent reading an email has increased by nearly 7% since 2011.”

Further, “But how is that possible, given our oft-cited dwindling attention spans? As it turns out, email marketing might be an exception to that rule for a number of reasons, ranging from improved sending platforms to more mobile-friendly consumption experiences to generally better content.

Want the details? You’re in luck. Litmus breaks it down in this the handy infographic below.”

How to Cure a Short Attention Span With Email

About The Author

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.

Email Marketing Isn’t Dead

As a lender you are constantly looking for ways to attract new borrowers, engage with them so that they stop shopping around and ultimately get their new loan from your organization.

I just read a wonderful article from Josh Brown of Infusionsoft, titled “6 Email Formats that Attract and Engage Customers and Reduce Churn”.  In the article he states” I can hear you now: I thought email marketing was dead… I don’t blame you for thinking that way; I definitely ignore 99 percent of the emails that come through my inbox on a daily basis. But I don’t ignore them because I hate getting email. I ignore them because, quite frankly, they don’t really offer much value at all. But the 1 percent I do open almost always gets me to engage further with the sender, whether it be an individual or a company.”

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He makes a great point that “email marketing isn’t dead. But it’s not 1997 anymore, either. The novelty of receiving email has worn off.” Therefore, if you want to attract and engage new borrowers, your email marketing approach needs to change with the time.

“In 2017, you can’t just slap together an email blast and assume everyone on your mailing list is going to immediately stop what they’re doing to read what you have to say—unless you give them something worth checking out.

Before we get into discussing the email formats that are most successful in engaging customers, here are some of the hard facts:

>>The conversion rate of emails is higher than that of direct mail, social media, and most other forms of marketing

>>81 percent of online shoppers are more likely to make a purchase after receiving a targeted offer through email

>>Email open rates increased to 34.1 percent in 2016 (click-thru rates, however, decreased)

That last statistic tells you one thing: Consumers are still willing and eager to receive correspondence through email, but you need to follow through with value when sending them.

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So, now that we know email marketing is still alive and well, how do we effectively implement it to build and grow a business?

Let’s take a look at the six types of emails that work best to get your customers on the hook and ready to engage further with your brand. I’ll also provide best practices for creating these emails, and give prime examples of companies that have mastered the art of email marketing.

  1. The welcome email

Perhaps the most obvious email to add to your arsenal is the welcome email, to be used immediately once a prospect or customer has interacted with your brand for the very first time.

Your welcome email should simultaneously represent your brand while also treating your customer as an individual. If your brand is fun loving and quirky, your welcome email should have some whimsy. If your company is more serious, tone your welcome email down a bit. But, above all else, remember to write the email as if you’re writing to a friend—that’s what your customers will notice.

A welcome email is also a great way to “set the stage” for what’s to come for your new customer as well as help with the onboarding process.

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Use it as an opportunity to explain exactly what your company is all about, how to get started with your product or service, and to gather insight and feedback from your customers. Then, follow up with an offer and a call-to-action that lets your new customer dive right in and see for themselves what you can do for them.

Len Markidan, head of marketing at Groove had the following to say about their welcome email: ??“Like most welcome messages, this email thanks the user for signing up and lets them know how to get started with Groove. But most importantly, it asks a critical question: Why did you sign up?

With this question, we’ve been able to transform our messaging based on what we learned is most important to new customers, and we’ve been able to build deeper relationships with those customers by helping them with whatever unique goals or challenges drove them to sign up.”

  1. The post-purchase email

Once a prospect has officially become a paying customer (or a return customer has made a new purchase), you have a ton of options for how to reach out to them and spur further engagement with your brand.

First and foremost, take the time to thank them for their business. After all, if it weren’t for your paying customers, you wouldn’t have a successful business in the first place.

You can also use a post-purchase email to provide further instructions for how to use the product or service in question. Or, at the very least, let your customers know your support staff is only an email, phone call, or tweet away.

For further engagement, you might choose to include any of the following:

>>Cross-sells and supplemental offers

>>Options for customers to share the purchase with friends via social media

>>Options for customers to provide feedback to your company

By providing all of this after your customer has already given you their money, you prove that you’re goal is to make them happy—not just to make a quick buck.

  1. The newsletter/announcement

Your customers are busy people who have a lot going on in their lives. So it’s entirely forgivable that your brand isn’t always the first thing on their mind.

But, by sending them an occasional newsletter, you can remind them not only that your company exists, but also that you’ve provided value for them in the past—and that you continue to value them as a customer.

Newsletters can be used to provide the following:

>>New product releases or service offerings

>>Improvements and other changes made to current products or services

>>Special offers and discounts

A quick caveat regarding newsletters:

Sending out recurring newsletters for the sake of sending an email doesn’t work. Simply put: Your customers don’t care about the goings-on at your company unless it affects them. There’s no point in wasting time and energy putting together a newsletter unless you have something important to tell your customer base. This approach will most likely be ignored, and it might end up getting future emails sent straight to your customers’ spam folders.

  1. The educational email

It’s no secret that producing educational content can help you position your brand as an expert in your industry. But simply producing such content is useless unless your customers actually see it.

By sending out email blasts that either include or link to such content, you increase the chances that your customers will not only see your content but that they’ll take the time to engage with it.

Such educational emails could include blog posts or videos that you’ve created in-house, or they could include curated roundups of valuable pieces of content others have created.

The main goals of educational emails are to deepen your customers’ understanding of your industry, and also to make them even more aware of how your company could be of service to them. Or, as mentioned above, you might just provide further instructions for how to get the best use out of the products you offer.

  1. The celebratory email

Want your customers to be happy? Give them something to celebrate!

Celebratory emails can be sent on occasions in which the customer didn’t really have to do anything (such as birthdays and brand-related anniversaries). Or they can be sent after a milestone has been reached (either on your customer’s end or your company’s).

You might also choose to share the success of other customers with the rest of your customer base, as well. Such success stories can keep customers motivated, and also provide real-world proof that your services are, in fact, incredibly valuable.

  1. The re-engaging email

Email marketing allows you to re-engage with potentially lapsed customers in a non-intrusive, but still attention-getting, manner.

Re-engaging emails need to be ultra-personalized in order to be effective. The typical “We miss you!” email doesn’t work, as it offers little to no context to remind customers of what your brand has to offer, or why they engaged with you in the first place.

Instead, such emails need to refer back to previous interactions and purchases a customer has made from your company—and then provide incentives for them to re-engage. Perhaps you’ve made improvements to (or completely revamped) a product they purchased in the past, or maybe you’ve developed a new product that goes hand-in-hand with a past purchase. As long as you can provide more value to your ready-to-churn customers, the re-engaging email could be a lifesaver.

A quick note on saying goodbye

Sometimes, there literally isn’t anything you can do to get a churning customer to change their mind. But you can squeeze one last drop of value from them by giving them the chance to fill out an exit survey once they’ve “officially” decided to sever ties with your brand.”

Josh ends with, “going back to what I said at the beginning: Email marketing isn’t dead.

What is long gone is the assumption that your customers will check out your email just because you send it to them.

But, implemented correctly, a proper email marketing strategy can do wonders in terms of moving customers along the buyer’s journey and keeping them within the customer lifecycle loop.”

Email marketing can be a very effective tool when looking to attract new borrowers; the key is implementing the right email strategy that engages today’s borrower.

About The Author

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.

Print Is Not Dead

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As I talk to lenders across the country there is a deep desire to discuss all things digital. With the success of lenders like Rocket Mortgage, more and more lenders are looking to how they can move into the digital mortgage. This includes many lenders looking to digitally attracting new borrowers through marketing automation, email blasts and social media.

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These are all great channels to use to attract new borrowers but these should not entirely replace print as a tool for attracting new borrowers. The most powerful marketing automation campaigns strike the right balance between digital and print to gain the maximum exposure and results for lenders.

Print Your On-Demand Campaigns with the Right Marketing Automation

The right marketing automation allows lenders to deliver custom campaigns that 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.

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The right marketing automation empowers central marketing to set up campaigns for all or any subset of loan officers, choose the marketing activity and specify the target audience. The system then provides a range of execution options to satisfy all cultural and operational preferences:

>> Run the campaign from the corporate level

>> Run the campaign from the corporate level, but first allow loan officers to opt out

>> Set up individual campaigns for loan officers to run if and when they wish

>> Create an Instant Campaign and make it available for loan officers to run from their Home page

Participating loan officers are notified of the campaign details by system-generated e-mail and a follow-up report is provided containing each recipient’s contact details.

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The right marketing automation solution delivers a comprehensive Collateral Catalogue that allows you to purchase essential promotional materials – quickly and easily – including business cards, letterhead, pads, brochures, card products, flyers, posters, booklets and catalogues. You’ll enjoy all the advantages of “print on-demand”. What’s more, unlike traditional print shops, a fully integrated marketing automation platform and print facility does not specify minimum quantities.

The Collateral Catalogue also provides tools for you to create/upload your very own collateral materials so that you can easily maintain a “look and feel” consistent with your brand strategy.

The right marketing automation solution delivers powerful marketing tools in the form of print and digital. The right combination attracts the greatest number of potential borrowers, highest ROI and consistency needed to prosper in today’s mortgage market.

About The Author

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.

Attracting Borrowers In 2017

Are you looking to attract new borrowers in 2017? As the New Year approaches and many companies complete their goals and objectives for 2017, one item on the top of many lenders’ lists is attracting new borrowers. I am pretty sure that doesn’t surprise any of you. What is surprising is that lenders keep doing the same thing over and over, yet they expect different results. Isn’t that the definition of insanity?

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It’s great to want to attract new borrowers in 2017. The challenge is if your methods didn’t work as well as you hoped for 2016, what is going to be different in 2017? Many lenders struggle with consistently reaching their target audience of potential borrowers with personalized marketing messages that trigger a response. That’s where marketing automation can make a difference.

Why is Marketing Automation so important to lenders’ success in 2017?

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.

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Consistently 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 consistently 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.

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Just having a CRM solution (electronic rolodex) or sporadically 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 in 2017, it is critical to understand what mortgage specific marketing automation can do for your business.

About The Author

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.

Unleash Your Marketing Genius

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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 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 marketing automation solution that can bring out the best in your marketing while easing your compliance burden.

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The right solution delivers a proven enterprise-wide marketing automation 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.

Unleash a marketing solution that brings your creative genius to life, one that provides the power to quickly and consistently execute your marketing objectives while compliantly meeting the ever changing demands of the mortgage industry. Energize your marketing with mortgage specific marketing automation that is both easy for you to use and extremely powerful. Mobilize a partner who delivers years of experience in driving growth in the mortgage industry, a trusted advisor that is a difference maker in your business.

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Your Marketing Team’s Best Friend

The right marketing automation platform provides you with a solution to demonstrate your marketing genius while compliantly maintaining brand consistency across the entire organization. This type of solution enhances the Marketing Genius in you 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.

>> 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

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.

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Going End-To-End

The right marketing automation uniquely models the entire marketing process for converting opportunity into revenue

>> 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

Marketing-Toolbox

Here you’ll find hundreds of ready-to-go marketing materials that have been professionally prepared. 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.

Copy and Edit

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

Creative Tools

Online activity builder gives you creative freedom where you need it.

Create Activities

The “create activity” button in your company library enables you to design marketing materials from scratch. Clicking the button takes you into a simple wizard that guides you through the steps that turn your marketing ideas into actionable content – in three minutes or less.

Set Up An Activity Series

With Activity Series Builder (ASB) it’s never been easier to create end-to-end “set it and forget it” marketing for all contact types: prospects, applicants (in-process), borrowers (closed customers) and business partners. The ASB’s setup wizard guides you through the following simple steps:

Make the series available to all or any subset of loan officers

>> Define target audience criteria for the series (e.g. per bucket)

>> Select the marketing materials you want from the content library

>> Specify the trigger event or date for generating each activity

>> Choose pay up-front or pay-as-you-go for each activity

>> Set the series to run for as many years as you want

>> Implement an optional pause following activity fulfillment

“Set it and forget it” technology drives high-quality business to the point-of-sale and accelerates long-term profitability.

In the mortgage industry, where loan officers find themselves operating in an increasingly complex and regulated environment, “set it and forget it” Marketing Automation is more urgently needed than ever. After all, you want your LOs to focus 100% on what they do best: originating and closing loans.

Beyond CRM

Marketing Automation delivers to lenders a reduction in the cost per lead, increases the ROI from marketing campaigns and significantly improves borrower acquisition rates. In today’s highly competitive and highly regulated lending environment, lenders must not only be able to quickly and effectively generate new business, they must also do it in a compliant manner. This is the promise on which enterprise-level mortgage-specific Marketing Automation delivers where traditional CRM couldn’t.

Compliance And Control

These days we’re all operating in a stringently regulated environment. Communications with leads, customers and even referral partners – whether driven from the center or by loan originators – must be controlled, but without inhibiting genuine creativity and individual initiative. One of that establishes a controlled environment in which ingenuity and enterprise are able to flourish. It does this by providing five levels of management control – including outright prohibition, online alerts, real-time oversight and comprehensive reporting. A unique built-in authorization loop ensures that your nominated managers approve all marketing materials – for example: compliance officer, brand supervisor – before being made available for use. When anything is created, copied or changed, these managers are notified by system-generated e-mail. They are free to approve or amend or even delete the item.

Analytics and reporting

Revealing Mission-Critical Metrics.

In the end it’s all about results. That’s why the right marketing automation must deliver a wide-range of analysis of your companies and originators’ production and tracks marketing activity driven through the system. The platform intelligently delivers essential information – including the value of your clients, referral partners and other sources of business – and readily reveals opportunities for incremental sales.

Predefined reports should include:

>> Production Analysis

>> Mailing Activity

>> Source of Business

>> Branch Productivity

>> Loan Officer Productivity

>> Realtor Referrals

Post-Close Marketing Automation

Foundation For Your Long-Term Success

LoyaltyWise Automated Programs maximize the retention of current clients and the revival of past clients. These pre-determined sequences of strategically timed marketing communications typically run for up to three years (or more) and can be extended at any time. Experience over many years has demonstrated that a well-configured LoyaltyWise Automated Program lays the firmest possible foundation for long-term success – not only by generating a steady flow of referrals, repeat sales and cross-sales from a loyal audience, but also by ensuring maximum response to on-demand Custom Campaigns.

Not All Marketing Automation is Created Equal

At TTP, we bring you the mortgage industry’s most advanced marketing automation solutions that compliantly address every aspect of your lending business from prospect, to in-process, applicant, and closed loan marketing programs. Since 1995, TTP has developed an industry leading reputation for setting the pace, and solving the marketing and communication challenges of lenders to consistently deliver results.

Headquartered in Mesa, Arizona, with offices throughout the United States, including a state-of-the-art production facility in Mesa, Arizona, our passionate and engaging team provides key insights, best practices and unmatched expertise so that your marketing programs deliver. We personally take the time to understand your business requirements, communication objectives, and work alongside you to bring out your marketing genius.

About The Author

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.