When Lenders and Originators Cooperate, They FlourishMay 1, 2019
As competition and disruptive technology are changing the lending landscape, the need for cooperation between lenders and originators has grown. Originators who are good producers can elevate their performance when given superior marketing support from lenders.
Marketing to Close Loans
The number of closed loans will always be the most important metric for loan originators. Lenders should be focusing on the best way to close transactions more efficiently through effective products, offerings, and systems.
One of the prominent issues affecting low numbers for closed loans is poor marketing efforts by the lender. By limiting marketing opportunities, companies become their own worst enemy, blocking successful numbers for originators.
Lenders need to understand their role in enabling originators to build on their motivation to close loans. The goal should be to empower originators to generate leads and support them in their efforts to build a business poised to create effective referral sources.
Disruptive Technology & Big Data
The Internet of Things has made it easier than ever for mortgage clients to access all the information they need, from interest rates in real-time to reviews for lenders. They can also request quotes without ever speaking to an originator if they choose.
So, loan originators need effective marketing that will allow them to reach leads as well as easily contact past, current, and referral clients. When lenders provide information gleaned from big data, originators are armed with actionable information allowing them to anticipate borrower activity. From there, they can intercept potential clients before they begin shopping or approach the competition.
Armed with the right data, originators also require custom-targeted marketing pieces to help sell their brand. Cutting through the overwhelming number of ads that borrowers face in their online search is hard work. Today, providing support that helps borrowers see useful ads must include an automated marketing platform to prioritize work and reduce efforts to schedule, target, and deliver effective marketing.
Social Media Support
Lenders can provide social media support to help open the door to this lucrative channel. Social media is crucial to the origination business, yet it can pose some real threats when not managed properly.
Social media compliance is complicated, which makes it one of the most important aspects of marketing support lenders can provide. Compliance support will protect originators from potential legal or regulatory action.
More Time Prospecting
Marketing support overall will not only generate strong leads but also allow originators to focus their efforts on prospecting. Lender support will also provide more borrower touch points to keep pipelines active.
Lenders should also remain focused on providing tools to support the following:
- Closing on schedule
- Providing stakeholders with accurate information throughout the transaction
- Setting up systems that will provide borrowers with regular updates for loan status
When lenders and originators cooperate in their marketing efforts, they are better positioned to concentrate on reaching borrowers before they choose a lender.
Lakeside Title is Here to Serve You!
Lakeside Title specializes in protecting your transactions and funds with title insurance and a wide selection of title-related services. The process is streamlined, making residential and commercial real estate transactions run smoothly for lenders, realtors, buyers, and sellers.
To learn more, call our team at 410-992-1070.