In today’s market, great real estate copywriting can outsell your competition. Discover how to turn your listings and landing pages into conversion machines with this advice.
Real Estate Copywriting Rules to Outsell the Competition is just one of many great real estate strategies on The Spark
Digital trends have helped countless industries become more agile and efficient. As a mortgage lender, it’s important to learn how a digital mortgage process can benefit both you and your borrowers. This guide will introduce you to the world of digital lending so that you can discover how it can enhance your business.
A digital mortgage relies on electronic processes to help clients buy a house. Technology allows lenders to interact with borrowers through every step of the mortgage process. As a result, the process is smoother and more efficient, with fewer errors.
An entirely digital mortgage process would take place with no human interaction and zero paperwork. Instead, the best digital lending options would offer a hybrid approach. This means that borrowers can still rely on the convenience of electronic options, while also benefiting from personal touch points along the way.
What does this mean for lenders? Relationships will always be the cornerstone of any business. Digital lending can help you nurture those relationships. The right tools provide convenience and efficiency but can also help to support your customer service.
According to Forbes magazine, 99% of lending institutions believe that technology improves the mortgage process. Three out of four lenders cite the simplicity that technology brings. Others note the faster process and minimal data entry.
Digital lending offers benefits for both the borrower and mortgage lender. Here are just a few of the ways that technology enhances the mortgage process.
Digital lending options allow borrowers to compare rates while they are still in their pajamas. This is especially important to first-time homebuyers.
Real estate “rookies” feel more at ease when they can proceed through the process at their own pace. Digital platforms also allow borrowers to compare rates, loan terms, and other customizable options.
A convenient process allows lenders to submit applications at a faster rate. This means that lenders can expect higher customer volume by offering digital applications.
Thankfully, digital tools can also help you to manage this increased volume. The best tools can assist in creating a customer pipeline and help you to network with real estate partners.
Unfortunately, the historic mortgage industry has not always been favorable to underrepresented populations. Homebuyers can experience discrimination based on race, sexual orientation, or a disability. A digital lending process can help to stem this problem.
Digital applications give underserved populations greater access to mortgage options. The New York Times reports that lenders have noticed an increase in applications from minority groups once they implement digital options.
Digital tools also eliminate unconscious bias. The screening process relies on financial data and credit history alone. When bias is removed from the approval process, borrowers enjoy a more equitable lending solution.
Online mortgage tools make it easy for customers to shop around. In one Freddie Mac study, customers who compared rates between five different lenders saved an average of $3,000.
That’s good news for you as well as your customers. When borrowers find great mortgage rates with your company, it helps your reputation. It builds trust. It also means that borrowers may be more likely to recommend you to their friends down the line.
In any relationship, communication is key. Digital mortgage solutions can become a valuable part of a broader customer relationship management (CRM) system. These systems allow you to track your clients through every phase of the lending process. You can even send automated messages to your clients. For example, if a borrower completes a vital phase of the process, they can quickly receive a confirmation email.
Going digital means your borrowers will have greater access to you. It also means that you never have to worry about missing a message or question. Stay in touch throughout the process with a customized CRM platform.
Customer communication is only the beginning. A CRM platform can also assist you with marketing efforts. This means that you can use the centralized dashboard to manage such things as:
Some CRM providers even offer templates that you can use when creating content. You can also track the performance of your campaigns and see how they stack up against your competition.
The actual mechanics of a digital mortgage depend on the software provider you use. Still, most lending processes will be nearly identical to a traditional mortgage. The main difference is that the digital process takes place via an online system.
A digital lending process will allow you to perform your usual due diligence, such as:
But here’s where the digital system really shines. The built-in algorithm will determine the kind of mortgage a borrower qualifies for. It can also determine the rate that the borrower can expect. It can even let borrowers know early on if they fail to qualify for a loan.
Of course, eligibility is only the first hurdle in the mortgage process. As a mortgage lender, you can use your digital system to walk borrowers through every phase of the process. You can also use your system to network with other real estate professionals.
Virtually every part of the lending process can now be completed electronically. E-signature options allow you to complete important documents quickly. This eliminates delays caused by in-person visits or sending forms through the mail. The result? Greater speed, more convenience, and fewer errors!
Digital tools can help you nurture your mortgage leads. You can use your platform to generate new leads, or you can manually enter leads that you gain through other networking opportunities. You can follow up with these leads, working to convert them into satisfied homeowners.
It’s no surprise that the 2020 pandemic only accelerated the digital mortgage revolution. But even with normal life resuming, these digital options are here to stay.
As a mortgage lender, it’s important to stay on top of current industry trends. Here are a few key developments in the world of digital lending.
Consumers are already accustomed to using their phones to manage their finances. One study by Bankrate revealed that 44% of banking customers used an app to manage their accounts.
To compete in the digital world, mortgage lenders will need to optimize their platform for the mobile world. This starts with responsive web design that looks good on every device. But it also demands that you use an intuitive, easy-to-use platform that customers can access with the swipe of a thumb.
On the one hand, mortgage customers still expect regular communication with their lender. But customers are also accustomed to automated emails and other kinds of rapid communication.
This means that a digital mortgage platform can enhance your client relationships. Send out automated emails when your clients complete an important step in their mortgage process.
In other words, you’ll need a hybrid approach. Give borrowers the convenience of automation but also offer them the personalized care they deserve.
The “on-demand” world is thriving for a reason. Digital customers expect rapid turnaround. For mortgage customers, this means a faster application process and a streamlined closing process.
The easier you make the process, the better. Customers will remember you more favorably if you provide fast, efficient results. This also makes them more likely to recommend your services to their peers once they purchase their home. It can even encourage other industry professionals to recommend your services or to partner with you.
In the same way that customers expect speed, they also expect personalized experiences. Your digital lending platform should help prospective borrowers to find products or services that match their needs.
This is also where video marketing can be helpful. Videos allow you to connect directly to your clients and illustrate how your services will meet their specific needs.
Another way to stand out is by operating in a specialty area. For instance, you might consider such specialties as:
Having an area of specialty can help you connect directly to a distinct customer base. It can also help to set you apart from your local competition.
Many borrowers may already be searching for specialty options, which can help you to generate leads and connect to new buyers.
These great features can be available at your fingertips with the BNTouch platform. Our incredible, easy-to-use CRM system can help you nurture relationships, improve your marketing efforts, and work together with your whole team.
The post A Mortgage Lender’s Guide to Today’s Digital Mortgage Process appeared first on .
Technology may change many aspects of the mortgage industry, but some things remain the same: reputation is everything.
Whether you’re an independent LO or part of a mortgage team, your online reputation is continuously scrutinized by potential borrowers.
Consider these recent stats on the importance of reviews and revenue:
A study in 2021 by the National Association of Realtors found that 97% of mortgage borrowers started their homebuying journey with an online search (pg 57). Regarding lender reviews, research into consumer behavior by Spiegal Research Center at Northwestern found that displaying online reviews can increase conversion rates by 270%. It also demonstrated that the more expensive the item was, the more critical the review was for influencing purchase decisions.
Yet another study, this one by the Harvard Business School, found that every 1-star increase in Yelp reviews translated to a 5-9% increase in revenue.
Get new Online Reviews using our Platform
Before we get into the strategy of using reviews for mortgage leads, let’s see how you can find out where you currently stand. Here are ways to gauge your online mortgage reputation:
A study conducted by Yext of nearly 6,000 mortgage professionals found that almost half had incorrect or incomplete information on their profiles. Address the details of your profiles, including Facebook, Yelp, and Google My Business (click here to learn how mortgage pros should set up their GMB profile).
This one might sting a bit because no one likes to be told they did poorly. But getting a bad review and responding to it can be very good for your business! Potential borrowers value an empathetic response and appreciate you trying to make things right when a customer felt wronged. Read this previous article for tips on how to respond to bad reviews.
Here’s another benefit of bad reviews, according to the same Speigal study mentioned above, bad reviews signify an “authenticity” about your business that increases the trust factor for consumers!
Sometime during the borrower’s journey, ask your client for feedback about their experience. Use open-ended questions like, “How do you feel about your mortgage experience with us so far?” If it’s anything less than enthusiastic, ask how you can improve it. If it’s all gold stars, it’s a go for asking them to leave a review.
Remember to ask for a referral, too! Referrals are a goldmine for mortgage leads.
Host your Reviews on your Website
Remove the hassle and clear the pathway for more reviews. Do this by giving them multiple review platforms, minimizing the number of clicks it takes to get to the review site, letting them know it only takes a minute and sending the request multiple ways, such as email or SMS.
The influencing power of positive reviews also works to gain more of them! Share your reviews across social media and display them proudly on your mortgage website. Displaying reviews encourages past customers to leave you a review as well.
Continue to manage your online reputation by setting up Google alerts (it’s free) or another review tracker to send you notifications automatically. Remember to schedule in time to respond, too. The faster, the better.
Want to know more about what your competitor is doing right or wrong? Read their reviews! Use that feedback to improve your service quality and gauge what borrowers in your area value in a mortgage experience.
Remember that over 93% of consumers use testimonials in their decision-making process. That goes for choice in mortgage service providers too. Take care of your online reputation, and your reputation will take care of you.
The post Welcome to eClose technologies 101 appeared first on Blend.
Learn how to market real estate on TikTok and generate valuable leads with this comprehensive guide, complete with tips and examples.
The Definitive Real Estate TikTok Guide is just one of many great real estate strategies on The Spark
Mortgage employers face new challenges as headlines about inflation and company downsizing loom in the industry. Providing reassurance and leading a workforce during this trying time isn’t easy. However, the employees of these honored companies voted that they feel abundantly supported by their employer.
“Helping our clients win is foundational to our business model, but it’s equally important that our LenderHomePage team feel like winners too. Creating a culture that fosters pride, enthusiasm, innovation, and recognizes hardworking people has been pivotal to our success and that of our clients,” comments LenderHomePage CEO Rocky Foroutan.
“We’re known for continuously evolving to meet the ever-changing needs of our clients, the market, consumers, and technology. That can only be accomplished by hiring the best talent to service our clients and fostering opportunities for employees to do their best work. I’m proud of our team, and they know I’m committed to seeing them thrive.”
To be considered for this prestigious award, the organization must have at least an 80% satisfaction rating and meet the required amount of employee responses based on the company’s overall size. The anonymous survey asked employees to rate satisfaction on key factors such as compensation, career development, work environment, and culture.
Overall, 22 companies were awarded 2022 Top Mortgage Employer by Mortgage Professionals of America. See the full list on MPAMagizne.com
The post Economic forces favor growth for home equity lending appeared first on Blend.
What makes bright-eyed, new real estate agents jump ship before the five-year mark? Year after year, new agents battle the same career challenges. These tips will help you prepare so that you can build a career that stands the test of time.
Why New Real Estate Agents Quit Within Five Years (and how to not be one of them) is just one of many great real estate strategies on The Spark
Mortgage websites are unlike traditional business websites. As a highly regulated industry, lenders have a slew of compliance requirements in addition to state and federal regulations like the CCPA in California and WCAG 2.0 across the nation.
But having a mortgage-compliant website isn’t the only thing you have to worry about.
A mortgage professional’s website must also incorporate crucial structural, design, marketing, branding, and functional elements –all while delivering a borrower experience that delights and converts!
Check out this list of the most critical and essential elements your site should have right now.
Several avenues may lead a user to your site. Google My Business could have directed them to your homepage, or maybe a search query landed them on one of your mortgage blog articles.
Or perhaps a real estate partner or former client forwarded them an email resulting in the user clicking over to your site. Where ever the user came from, it’s important that they can easily find what they are looking for.
Navigation should be located both at the top and bottom of the site. Nest categories in the menu to minimize clutter and include a link to a site map at the footer.
Also, make sure the navigation is intuitive to the visitor’s device.
Again, depending on the page the user landed on and their intent, you’ll want to provide clear direction as to what to do next, and there are several key spots where you want to include a CTA.
Your homepage should include a lead capture form, and it’s good practice to have an apply now at the top of your navigation –visible on every page they visit on your site. Including a CTA at the end of every article and a lead capture form on key evergreen content is also an excellent idea.
The CTA can vary in wording, but essentially you want to encourage the user to continue through the sales funnel and get closer to completing an application. This can be accomplished by:
Telling them to contact you for more details on a particular program
There’s some confusion about what constitutes a “mobile-free” website. Mobile-friendly isn’t just about its site resizing to fit on a smaller screen. According to Google, a website must have these features to be classified “mobile-friendly” by their Google bots:
Your brand is what makes you memorable and unique. From a mortgage consumer’s perspective, a well-defined brand makes them feel at ease and familiar.
It can also give them a sense of happiness and satisfaction -both rooted in the emotional connection that digital consumers build with brands they find trustworthy.
When it comes to your website, make sure that you communicate your brand throughout your site –from your logo and tagline to mission statement and “about us” pages.
Even font and color scheme elements communicate your brand to the digital consumer, so be mindful of that when customizing your mortgage website.
Many loan applications begin with questions like, “how do I…?” or “the truth about…” or something similar. In other words, it’s unlikely that a digital consumer landed on your site because looking to apply for a loan at that time.
A consumer typically lands on a mortgage site researching loan or real estate services and topics, making it essential to have a library of well-written informational articles on your site. Note that relevant content goes hand-in-hand with your SEO efforts and search engine ranking.
Positive reviews from past clients underscore a phenomenon called social proof. Social proof is the idea that others place a higher value on something simply because someone else has placed a high value on it.
Social proof also encourages people to follow suit. In other words, if a prospect is unsure if using your services is the correct course of action, seeing that someone else had used your services and was happy with the result will reinforce the idea using your services is the best action to take.
So while positive reviews raise the trust factor, reviews also make your services more valuable and desirable. This is why this element is necessary for your site.
A well-built mortgage website that connects to a digital consumer takes more than just looks.
It must also be compliant, well-branded, and positioned as a reliable, professional resource for all mortgage needs –all of that in addition to easy to navigate and designed to capture leads!
Our flagship product, mortgage websites, is still one of our most highly-praised digital mortgage assets. We’ve maintained this reputation by consistently improving and evolving with the needs of our clients, their digital borrowers, and search engine trends.
Explore our gallery of templated mortgage sites –including designs tailored for personal branding –and try it free for 14 days.
