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IDX vs MLS: What Do These Acronyms Mean In Real Estate? is just one of many great real estate strategies on The Spark

These Halloween real estate marketing tips put you ahead of the curve and generate leads through the holiday season – even in a market downturn.

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Digital mortgages are here to stay. Still, the lending industry will always be affected by broad consumer trends. What are the most important market trends affecting today’s digital mortgages?

Here are the top 5:

1. Consumers Already Rely on Digital Tools

American consumers rely on digital platforms for online shopping, banking, and more. It’s only natural that homebuyers would rely on digital tools to shop for digital mortgages. More specifically, borrowers are shopping with their thumbs. Mobile technology increasingly dominates the world of online behavior. 

To stay competitive, lenders will need to optimize their sites to work well on various devices. This setup includes the layout itself, as well as offering intuitive menus and application features. 

2. Borrowers Expect Lenders to Always Be Available

Borrowers expect 24/7 convenience and attention. Sounds impossible, right? But you can nurture client relationships using automated communication tools. 

For instance, if a borrower has completed a vital part of the mortgage process, your digital system can send an automated message. This way, borrowers can feel that they are receiving personalized attention. As a lender, this also helps you keep in touch with more clients.  

3. Customers Expect Speed

This particular market trend is unlikely ever to change. Customers expect a speedy process. They want fast approval in the earliest phases and to move through the mortgage pipeline more efficiently.

Errors can create major snags in the lending process. It takes time to locate the source of these errors. A digital platform can minimize errors that come from data entry. As a result, borrowers enjoy a faster experience.  

4. Consumers Have Concerns About Social Equity

Concerns about social injustice dominate the consumer landscape. Data indicates that some Americans have been denied loans due to their minority status. This reality raises doubts about the fairness of today’s mortgage lenders. 

Digital mortgages can combat this skepticism. The digital lending process emphasizes loan approval based on finances, not identity. The right tools can eliminate unconscious bias and provide your customers with social equity.  

5. Specialization in a Competitive Market

Digital lenders rapidly discover that their services are not unique. If anything, the number of digital lenders will only increase in years to come. What can you do to set yourself apart from the competition? 

Many lenders choose to emphasize a particular area of specialty. This area might include loans for first-time homebuyers, low-income loan programs, or other mortgage products. 

While offering various options, specialization can help you carve out a niche. It might also help other real estate professionals recommend your services to customers seeking a specialized loan.

Stay Ahead of the Curve

Keeping up with consumer trends is easier than you think. The BNTouch platform can help you with anything from marketing to communication. Our innovative customer relationship management platform provides an all-in-one solution for every lending practice. Want to learn more?

Contact BNTouch today to request a demo.

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Starting Oct 12, 2022, Facebook will discontinue its “Special Ad Audiences” feature for ad targeting. This major announcement poses a significant hurdle for all financial institutions –including brokers and loan officers –who use Facebook ads as part of their lead generation.

Register for “New Facebook Ads” Webinar

How does this affect Mortgage Ads?

The ‘special ads audiences” is a tool that allowed advertisers to define their target audience. This category only applied to ad campaigns that dealt with credit, employment, politics, and housing, and it aimed to help advertisers define their audience while minimizing possible discriminatory practices that would violate federal laws. 

Facebook ads in the above-mentioned categories were required to use the “special ads audience” tool, according to Meta ad policies. However, this tool will no longer be available beginning Oct 12.

Any ads currently using the “special ads audience” tool will also pause.

Why is Facebook changing its ad policies?

This major update is part of a settlement agreement with the DOJ where Meta (Facebook) was accused of algorithmic discrimination. It was alleged that Meta’s mortgage and housing advertising algorithm discriminated against users based on race, color, religion, sex, disability, familial status, and national origin.

The complaint also asserted that Meta’s advertising algorithms partially relied on those factors that are protected under the FHA.

Are Mortgage Ads a thing of the past?? 

(spoiler alert: No, they’re not!!)

While this change creates a significant obstacle for Facebook mortgage marketing, it does not mean mortgage ads on Facebook are dead!

Advertisers will still be allowed to run mortgage ads to their page followers and will be able to market their page to grow their following — all of which stress how critical it is to grow your digital presence and real estate partnerships. 

At LenderHomePage, we’ve long understood the power of leveraging these factors for business stability and scalability.

This is what it takes to win in all markets despite policy changes.

Join us for a special webinar this Thurs, Oct 14. Led by our the Voice of Customer champion, Kwe Parker, this not-to-be-missed live webinar will give you the insight and tools you need to leverage Facebook advertising in 2023. 

Register for “New Facebook Ads” Webinar

There are a million ways AI can simplify the property buying and selling process for real estate agents and brokerages. Here’s how and what’s next.

Artificial Intelligence and Real Estate in 2022 is just one of many great real estate strategies on The Spark