Communicators

In many ways, e-mail remains the standard of communication in the digital age. E-mail marketing solutions can deliver alerts and newsletters to your customers and prospects on a large scale with low overhead.

Many originators use e-mail to send newsletters as part of a drip campaign. They set a frequency of contact and remain in front of clients and prospects with periodic messages.

Some automated e-mail solutions have triggers that can send personalized messages in response to specific events such as birthdays, loan anniversaries, ARM-conversion dates and removal of mortgage insurance.

Although e-mail can be a powerful tool for engaging customers, it can backfire if used improperly. When prospects begin to view your messages as spam, you will have created the opposite effect of what you desired.

Informers and servicers

Recent innovations let originators combine multiple sources of information in one location and personalize it for customer convenience. This includes information about property values, credit scores and mortgage rates.

Websites also can lower servicing costs, and lenders and loan servicers can provide clients with personal online accounts. These accounts typically let consumers track their mortgage and make payments online. They also provide value-added services such as home-valuation reviews. These accounts help lower servicing costs for lenders while increasing customer engagement.

By using all four of these tools, mortgage originators can build lifetime relationships with past, current and future clients. Furthermore, effective use of these tools can dramatically cut your marketing budget.

While many originators remain stuck on past practices, those who have moved forward with new marketing methods already have begun to set themselves apart. The days of purchasing leads are firmly behind us.

Although changing your marketing and prospecting philosophy requires time and effort, the return can be enormous. In addition, new marketing methods offer better ways to measure your return on investment.

As technology-providers continue to innovate, mortgage originators can look forward to more-powerful tools coming to market.

With increased consumer access to huge amounts of information, learning how to tap current and future technology is no longer an option. 

Jeff Chin is CEO of Home Hubbub in Boston. He has a mix of 20 years’ experience in software development, banking and lending. Home Hubbub offers a sales-productivity solution for mortgage originators. Reach Chin at (617) 877-2562 or jchin@homehubbub.com. Visit Home Hubbub online at homehubbub.com/scotsman for more information.

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