Artificial intelligence (AI) is delivering real solutions for the mortgage industry. Lenders can leverage these tools to streamline their operations and nurture customer relationships. Here are some of the ways that lenders are using artificial intelligence in the mortgage industry.

The future is already here!

What Is Artificial Intelligence?

The thought of artificial intelligence might conjure images from a science fiction film. But in real life, artificial intelligence (AI) refers to a computer program designed to perform tasks often associated with human beings.

That’s why AI is linked with automation. AI-powered software can perform many operations with little to no human input. This makes it ideal for managing many back-office business tasks.

It’s no wonder that AI is revolutionizing many industries, including:

• Finance
• Mortgage Industry
• Healthcare
• Aviation
• Telecommunications
• Real estate

AI can improve business efficiency by streamlining core processes. It can also cut down on errors made from manual data entry. In short, AI is changing the landscape of American business. 

Even small business owners can use AI to scale their operations without hiring more staff. These benefits make AI great for business owners, including busy mortgage lenders.

How Lenders are Using Artificial Intelligence in the Mortgage Industry

How is artificial intelligence shaping the mortgage industry?

AI now powers many types of software. Lenders using a customer relationship management (CRM) platform can experience the benefits of AI in managing the customer pipeline.

Here are just some of the ways that AI is changing the mortgage industry.

Evaluating Borrower Eligibility

AI streamlines the underwriting process from beginning to end. Artificial intelligence can analyze an applicant’s credit history and financial background. As a result, both lenders and borrowers can expect fast, accurate results.

An AI-powered platform may also help analyze applicants with an alternative credit history. Self-employed individuals or recent immigrants may lack the financial documents of traditional borrowers. Artificial intelligence can examine these individuals, building models that accurately predict their creditworthiness.

At the same time, AI can weed out applicants with credit risk. Doing so prevents lenders from extending loans to those who fail to make payments. That’s good news for all borrowers since it lets lenders keep their interest rates competitively low.

Borrowers Can Connect to the Right Offers

Borrowers will also experience the benefits of artificial intelligence in the mortgage industry.

Advanced software can make it easier for borrowers to learn about loan options. Borrowers can even receive real-time feedback from AI-assisted chatbots. The chat feature on a lender’s website can direct visitors to the loan program that fits their goals.

Now that AI powers the prequalification process, borrowers can discover their options in record time.

They also have the capacity to compare rates and terms that have been created just for them. These AI-powered estimates can give applicants a better idea of what to expect. Borrowers may be more willing to use your business rather than turn to your competitors.

Managing Your Lead Pipeline

Artificial intelligence allows you to create and manage a lead pipeline.

What is a lead pipeline? It’s a system that tracks and guides every step of the customer journey. A well-managed pipeline allows you to nurture relationships and guide customer decisions.

How does AI help? Most lenders are overrun by customer leads. AI can help you filter out “cold” leads, or those who aren’t prepared to make a buying decision. Lenders can focus their attention on leads that are actively looking to buy.

When coupled with mortgage CRM, AI can also provide customer service. AI will send out reminder emails and promotional offers at specific intervals. These automated contacts often nudge applicants to commit to your services.

Guidance in Paperless Processes

“Initial here.”

That’s what you’d say if you were assisting your customers in person. But most mortgage companies now rely on paperless forms and e-signatures. These tools enable borrowers to complete applications and upload documents remotely. This speeds up the process since there are fewer visits to your office.

But new borrowers often find themselves in unfamiliar territory. Completing web-based forms can seem a daunting task. How can you help? Artificial intelligence offers prompts to guide borrowers as they complete these documents. It can also provide real-time feedback to reduce errors or missing information.

For lenders, AI also helps manage compliance as you go paperless. You and your team will receive alerts on documents that require a “wet” signature.

Ensure Data Accuracy

Borrowers expect a speedy response to their mortgage applications. But few things slow the process like errors or missing pieces of data.

Using artificial intelligence in the mortgage industry minimizes this risk. AI can pull the information you need directly from the borrower’s financial institutions. Say goodbye to manual data entry.

Both you and the borrower can enjoy a frictionless process. And with less need to go back and make corrections, borrowers can receive a fast response.

Cybersecurity and Fraud Prevention

Nowadays, more and more of the mortgage  process is happening electronically. Data security is more important than ever. AI-powered tools can protect valuable customer data.

Computer-driven processes can analyze data at lightning speed. An AI-driven system can detect anomalies that could pose a cybersecurity threat. You and your team can then take steps to neutralize this threat. Artificial intelligence can provide round-the-clock protection from malware and phishing scams.

AI can also detect fraud. By analyzing application data, AI can flag anomalies that may signal risk. But doesn’t that pose the risk of false positives?

Not with AI. These sophisticated systems can make better decisions about each applicant. Legitimate applicants will be safe, while you experience less stress from fraud.

Increase Scalability

Many mortgage businesses are small in size. But AI can provide the powerful tools of a major corporation. As a result, you can do more without the cost of hiring more staff.

For example, AI enables higher customer volume. You’ll process more applications by using artificial intelligence in the mortgage industry. Automated communication tools keep clients up-to-date. Mortgage brokers can handle more clients without getting bogged down by administrative tasks.

AI also reduces costs. An AI-powered mortgage CRM, for example, is much more affordable than hiring a new employee. Many lenders discover that the right software can do the work of an entire team.

The savings allow you to grow and expand your business effortlessly. That translates into more revenue. It also allows your community to enjoy affordable real estate services.

Increase Cultural Equity

Unfortunately, bias persists in the mortgage industry. Even today, mortgage professionals can be vulnerable to unconscious bias. Borrowers may be denied loans based on race, class, or sexual orientation.

Using artificial intelligence in the mortgage industry can sidestep these biases. How? The screening process will focus on borrower data — nothing more, nothing less. An algorithm will drive the final decision. This prevents unconscious or institutional biases from entering the equation.

AI levels the playing field for underserved communities. It also protects real estate companies against accusations of discrimination. Most importantly, it allows you to contribute to a climate of equity and inclusion.

Integration with Existing Software

Mortgage brokers and loan officers rely on various digital tools to run their business. Making use of artificial intelligence in the mortgage industry can augment existing processes.

For example, AI-powered software can integrate with a variety of third-party software. This lets you connect your marketing, financial, and other functions to your CRM. You can then manage your entire operation through an easy-to-use portal.

Integrations make life easier. Your team will have a simpler time managing things through a centralized dashboard. And training new hires will be easier than ever.

Create Better Content

For many mortgage professionals, content is king. Blog posts, promotional emails, and social media campaigns also demand time and attention. AI makes things faster.

Blog posts will become a snap with AI-powered writing programs. Many AI-powered apps check your work for spelling, grammar, and reading ease. You’ll sound like a professional while creating content that readers can comfortably navigate.

Many mortgage CRMs also contain pre-built marketing templates. You can generate relevant content, then use AI-powered tools to automate your social media calendar. This presents the ultimate “set it and forget it” approach to online marketing.

Any leads you generate will enter your automated pipeline (see above). These features make your business all but self-sustaining.

Artificial Intelligence, Real Results

Put simply, AI lets you do more. To recap, using artificial intelligence can help you:

• Boost your speed
• Improve your accuracy
• Cut your costs
• Deliver superior customer service

Lenders who use this technology can also impress other real estate professionals. This allows you to build a referral network that keeps your business thriving.

Want to learn more about the AI-powered tools contained in a mortgage CRM? The BNTouch platform offers features that help with marketing, administration, and more. 

Contact our experienced team today. We can offer a demo of our products so you can discover how artificial intelligence can provide real results!

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Not long ago, artificial intelligence (AI) was a distant fantasy. Today, it’s an industry-shifting reality. You may be wondering how AI is changing the mortgage industry. Here’s what to expect from mortgage industry AI advances in 2023.

Streamline Your Underwriting Process

AI can streamline the intense underwriting process by completing the following tasks:

• Autocomplete any essential forms
• Verify customer data
• Analyze data from external databases

AI makes the loan origination process faster than ever and causes fewer errors. Your clients will appreciate faster turnaround times and near-instant feedback.

Maintain Customer Communication

Many customers are looking for guidance. That’s especially true for first-time buyers. AI can enhance how you interact with your clients from the moment they land on your website.

For instance, AI can power chatbots. When customers have questions, they can interact with an AI-powered chat feature. They can ask questions to learn more about mortgage options. The chatbot will pull the customer’s data so you can follow up with them later.

AI can also send automated updates to your clients. When borrowers complete a crucial step in the lending process, they’ll receive a message. The process helps you maintain a personal connection every step of the way.

Improve Practice Efficiency

Mortgage industry AI advances in 2023 will improve the efficiency of your practice. With more automation in place, you’ll get more done. Your clients will even notice the difference. That’s because you’ll have more time to devote to their needs.

Additionally, automated features will help you process more applications in less time. The improved efficiency can help you scale your practice. A good customer relationship management (CRM) platform helps take on more clients. It does so without the need for more staff.

Enhance Compliance

Regulatory issues do nothing but create delays in the mortgage approval process. An AI-based system can check federal and state requirements in real-time.

AI can flag errors and regulatory concerns and offer insight into how to adapt to mortgage industry AI advances in 2023. It can also streamline the origination process. Lenders can adhere to established standards without compromising on speed or efficiency.

Help Those with Limited Credit History

Borrowers come to non-bank lenders for a variety of reasons. Many look for lenders who will approve them despite their limited credit history.

An AI-based system can assess a customer’s data to determine their creditworthiness. That is a different process from the traditional FICO score. These programs allow lenders to approve loans based on an AI-generated forecast. They may help you tap into a new market, offering loan programs to younger borrowers.

How to Stay Current with Mortgage Industry AI Advances in 2023

Technology is changing at breakneck speeds with no sign of slowing down. Mortgage lenders can stay current by implementing a CRM platform in their business. The BNTouch platform helps boost efficiency, market your business, and collaborate with others.

To see all of these features in action, contact BNTouch for a demo.

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Technology continues to disrupt and reshape every aspect of the American economy, and the mortgage industry is no exception. Here are some of the most recent digital mortgage tech advances and how they’re changing the lending world.   

Customer Portals

Borrowers can save time by entering their information into a lender’s customer portal. It speeds up the underwriting process since the data is already present in the system, and it minimizes the chances of data entry errors that can slow the lending process down.  

Online portals also empower borrowers to complete digital applications from home. An integrated e-signature feature makes it easier for borrowers to complete forms. Together, these tools make it easier to walk people through the lending process.   

Artificial Intelligence (AI) and Machine Learning (ML)

AI and ML technologies are helping lenders with administrative tasks. For example, AI streamlines the document-intensive mortgage process by auto-filling elemental forms. Likewise, digital mortgage tech advances can pull customer data from external sources, thereby increasing the speed of the application process. Lenders will also find it easier to assess the creditworthiness of potential clients.   

Blockchain Increases Transparency

Currently, cryptocurrency can’t be used to buy a home, but blockchain technology can increase transparency and give lenders access to reliable data. A blockchain is a distributed public ledger that centralizes the bank accounts, data, title deeds, and government records that other blockchain technologies can pull together, in turn making it easier for lenders to screen potential clients. 

The Rise of Non-Bank Lenders

More home buyers are looking for financing options through non-bank lenders than ever before, and financial technology (fintech) has made it easier to compare rates and apply online. 

That also creates an opportunity for non-bank lenders and increases competition, which is why your lending practice needs a quality customer relationship management (CRM) platform. Such technology will help borrowers explore your offered services and apply for them online.  

APIs Streamline Core Processes

Application programming interfaces (APIs) improve your efficiency by helping mortgage lenders do the following:

• Automate workflows
• Protect data accuracy
• Maintain regulatory compliance
• Communicate consistently with clients

API technology streamlines back-office processes, helping you stay focused on each client, and it also helps you grow your core business.  

Data-Driven Decision-Making

Mortgage lenders rely heavily on data to evaluate their customers, as they can use customer data to predict buying behavior and the probability of repayment.

Data also helps lenders identify broad industry trends as well. Lenders can use that information to connect borrowers with the right programs. They can also encourage customers to respond to market changes to get the best value.   

Keep Up with Mortgage Tech Advances

With technology always changing and evolving rapidly, lenders need to maintain the proper edge. The right mortgage CRM platform can help you do just that. 

To learn more about how CRM can streamline your lending practice, contact BNTouch today to schedule a demo and see how your business can step into the future.     

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Buyers, owners, and realtors are all wondering what’s in store for the real estate market of 2023. With mortgage rates set to fall, lenders can expect to encounter an increase in buyers. But they may wonder how to stand out from the competition. Here are some of the biggest mortgage marketing tech advances in 2023. Adapting to these trends can help you connect with clients and enhance your business.

AI-Based Communication

It’s no secret that artificial intelligence (AI) can simplify your administrative processes. But you may not know that AI can also help you connect with your customers.

AI currently powers chatbots, meaning borrowers can ask questions through the chat feature of a website. They’ll then receive real-time replies from the AI program.

Recent applicants can also receive automated updates from an AI-powered system. A customer relationship management (CRM) platform sends messages to clients. It does so as each phase of the application process gets done.

Build Your Network to Generate Leads

Generating new leads requires the work of both man and machine. Lenders can start by building their mortgage pipeline. They can later connect this pipeline to their professional network.

Developing relationships with other industry professionals also empowers you to generate new leads. For example, real estate agents can use an online portal to submit potential leads. That allows you to extend your reach and develop meaningful, local leads.

Customizable Marketing Content

Content marketing remains important in 2023. Sharing content on your social media channels allows you to expand your reach. A mortgage CRM platform can provide curated content for your marketing campaigns. But you can further customize this content to increase brand recognition.

The right CRM can also help you develop personalized video content. Millennials, in particular, prefer video over text. Using more video content can help you reach a younger demographic.

Integrative Advertising

Many businesses already rely on digital advertising on Google and Facebook. With the mortgage marketing tech advances in 2023, lenders can work well with CRM platforms.

Leads you generate from things like Facebook ads add to your mortgage pipeline. You can gain more recognition and leads with a single ad campaign.

Centralized Platform

This year’s advances need simple user interfaces to help you manage your processes and analyze data. Again, this is where mortgage CRM offers a reliable solution.

With CRM, loan officers can manage their pipeline and develop a social media calendar in a few clicks. The centralized dashboard helps track your marketing goals and customer behavior. Best of all, you can access a cloud-based system from anywhere in the world.

Getting Ready for Mortgage Marketing Tech Advances in 2023

With so many changes coming to the mortgage industry, it’s essential to be prepared. BNTouch offers a high-quality CRM platform. It helps you market your business and manage your core processes. To see these features in action, contact BNTouch for a demo.

Boost your efficiency and grow your business this year with new technology!

The post How Technology Is Shaping the Future of Mortgage Marketing in 2023 appeared first on .

Home buyers can expect mortgage rates to drop in the coming year. However, high demand and a lack of availability may result in some residual friction. 

As a mortgage lender, you have an opportunity to reduce that friction. Your digital tools can generate more leads, streamline the process, and boost buyers’ confidence. Here are the top mortgage marketing tech advances in 2023.

Mortgage Marketing Tech Advances in 2023

Yes, interest rates will likely drop in 2023. Buyers who held out for lower rates may start the shopping process. Some of the best mortgage marketing tech advances in 2023 will help you find these buyers.

Video Content Creation Tools

With social media channels already jammed with content, it’s important to stand out. Video can help you do that. Most social platforms allow you to create video advertisements. And video has been shown to connect well with millennial buyers who prefer the format over reading text.

That’s where it helps to have a reliable customer relationship management (CRM) platform. A solid CRM system offers curated video content to jumpstart your marketing efforts and connect with younger buyers.

You can also view analytical data to assess the effectiveness of your campaigns. Make adjustments to your strategy and learn what works for your target market.

Integrative Marketing Content

Social media will continue to be the place to connect with buyers. But managing your social accounts across multiple platforms can be challenging.

Most mortgage CRMs allow you to manage your social channels through a centralized dashboard. This enables you to create a social calendar, manage content, and schedule posts. 

But the most important feature is the ability to integrate with your mortgage pipeline. The leads you generate will automatically populate your pipeline. That means that you can seamlessly connect with buyers with only a few clicks.

AI Chatbots

Visitors come to your website for information. And if they have questions, they want them answered right away. A chat feature allows you to immediately connect with them.

Some platforms use artificial intelligence (AI) to transform their chat feature. Visitors interact with a computer program that uses algorithms to answer user questions.

But while the technology is being perfected, other lenders can still connect with an interactive chat feature. A quality CRM can even alert you to an income query, allowing you to address your customers in real-time. 

Collaborative Tools

Some of your best leads will come from other industry professionals. Real estate agents, for example, can be excellent partners to help you generate meaningful, local leads.

Impress other professionals with a well-built mortgage pipeline. They can then use collaborative tools to drop new leads into this pipeline. And because the system is cloud-based, they can provide new leads from anywhere, including local events or open houses.

This is often one of the best mortgage marketing tech advances in 2023. Collaborating with other professionals expands your network. It also gives you access to a wider range of potential buyers. 

Advances that Streamline the Lending Process

Besides these mortgage marketing tech advances in 2023, other tools streamline the process itself. 

Digital Application Process

Today’s buyers are used to doing just about everything online. Make it convenient for them by offering a digital application process.

For example, a mortgage CRM allows you to create and customize a digital 1003 mortgage application. You can park the form on your website, send it through email, and more.

Additionally, the “save” feature means borrowers don’t have to complete the form in one sitting. This helps you maintain a relationship with new borrowers. It also allows you to address questions that come up along the way.

AI and Machine Learning

Speed is king when it comes to the mortgage application process. AI and machine learning can autocomplete certain form fields. This decreases the time it takes to receive mortgage approval, giving your clients immediate feedback.

You can use these same tools to evaluate a borrower’s creditworthiness. This likewise speeds up the process and predicts the borrower’s ability to buy a home.

In fact, the most advanced systems examine external databases to evaluate customer data. This gives lenders complete access to important financial information. Additionally, it streamlines the screening process. AI eliminates the need for a lot of manual research.

E-Signatures

The lending process can be long and inconvenient. Borrowers often have to physically come to the lender’s office to complete and sign forms. That can be time-consuming, especially since borrowers typically have to sign multiple documents.

But a quality mortgage CRM makes things much easier. Mortgage loan officers can create digital loan documents, then incorporate an e-signature feature.

Borrowers can access these documents through the CRM customer portal. When they’re ready, they can sign and re-upload these documents. This saves time and avoids the hassle of physically visiting your office.

Online Appraisals

One of the challenges of the 2023 housing market will be the lack of available homes. This is partly due to a lack of professional home appraisers. Historically, appraisers had to evaluate a property in person. That creates snags in the process, resulting in fewer eligible homes.

But as of 2022, Fannie Mae and Freddie Mac announced that they’ll accept more “desktop appraisals.” Similarly, the Federal Housing Finance Agency now permits remote valuations.

The bottom line is lenders can expect remote appraisals to become the norm. That’s good news for you and your clients. You’ll have a larger inventory of available homes. And the fast turnaround of online appraisals will give you access to new inventory all the time.

Customer Service Tech Trends for Mortgage Lenders

Some of the most important mortgage marketing tech advances in 2023 relate to communication. Remember, first-time borrowers are entering unfamiliar territory. They’ll be looking to you for information and guidance. The right tools deliver a frictionless customer experience.

Automated Communication

Stay in touch with each of your borrowers. Automated communication tools provide instant feedback and status updates. This ensures that your clients understand the process and how far they’re advancing.

A mortgage CRM can send automated updates once a borrower has completed a crucial step in their journey. For instance, once they pass a credit check, your system will send them a confirmation message.

Since the process is automated, you don’t have to lift a finger to stay in touch with your clients. This allows you to manage a larger client portfolio without losing your personal touch.

Educational Resources

Many borrowers come to your website for information. This is especially true if you occupy an industry niche. Borrowers looking for data on first-time lending options or commercial mortgages may find you through a Google search.

That’s why it helps to build a library of educational content. Blog posts and instructional videos offer a deeper look into the lending process. By creating just one or two blog posts per week, you’ll soon build a resource library on your website.

This is another area where a mortgage CRM can be helpful. The right platform will provide templates to help you develop solid content. It will also help you curate this content and measure engagement.

Customer Follow-Up Tools

Do you have a plan for following up with your former clients? You should. Your satisfied clients can be your greatest source of future leads. If they receive quality services from you, they’ll be more likely to recommend you to others.

There are two main ways in which you can follow up with your clients. First, you can send them emails to celebrate their mortgage anniversary. This ke

eps your name in front of them and may remind them of your quality services. The personal touch may also make them more likely to mention you to friends or family.

Second, you can ask for reviews. Customer reviews and testimonials make great material for your marketing efforts. A good mortgage CRM allows you to collect reviews and post them on your website or social channels. 

And if you receive negative feedback, you’ll have the chance to contact the client. You can address problems and concerns to deliver a superior customer experience.

Blockchain Payment Options

By now, it’s no secret that blockchain technology is here to stay. Some companies are already allowing customers to pay using Bitcoin or Ethereum tokens. 

Will customers soon be able to buy a home using cryptocurrency? Surprisingly, yes. Freddie Mac has said that bitcoin can be used under some circumstances to determine mortgage eligibility. You can’t use crypto to buy a home directly, but you can convert your holdings into cash.

These trends will likely continue now that cryptocurrency has gone mainstream. Lenders can expect to see more buyers with crypto portfolios, which may have an impact on their mortgage options.

The Importance of the Right Mortgage CRM

Most of these mortgage marketing tech advances in 2023 can be implemented with the right CRM. If you don’t currently use a CRM system, now’s your chance to make a new year’s resolution. The BNTouch platform can streamline your business and improve customer relationships.

To request a demo, contact BNTouch today!

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Millennials are now a significant percentage of home buyers. But they have a different approach to mortgage shopping than previous generations. Mortgage businesses can adapt to these changes to connect with younger borrowers.

Here are four ways millennials have changed the process of mortgage shopping. 

1. They Crave a Seamless Digital Experience

Younger mortgage shoppers are looking for a digital-first mortgage shopping experience. Millennials are looking at your website for resources and answers to their questions. 

The most successful mortgage practices offer seamless digital tools. A customer portal can make it easy to complete the steps from home. Users can upload documents, receive feedback, and more. E-signature options can likewise reduce the need for in-person appointments.  

Millennials also look to these digital platforms for better visibility. A digital platform can provide feedback so borrowers can track their progress.   

2. They’re Comparison Shoppers

Millennials worry that homeownership is beyond their financial reach. As a result, they’re looking for any advantage they can find. Millennials can use the internet to compare rates from different lenders. They may even know your rates before you ever meet them.

For that matter, many online publications put together snapshots of different mortgage companies. This allows users to compare rates and terms from major lenders. 

To better connect with millennials, it’s important to offer transparent pricing. It also helps to highlight the unique value of your lending practice. Doing so can entice millennials to make a commitment.

3. They’re Looking for Guidance

For most millennials, this is the first time they’ve purchased a house. The mortgage process can seem like unfamiliar territory. In the past, these young adults have looked to their parents for guidance and support. But many millennials live at a considerable distance from their families.

This may leave them looking elsewhere for direct guidance. How can your mortgage practice fill this gap? By offering educational tools and other resources. These resources should aim to educate millennials on how the process works. That way, they’ll know what to expect and how to meet the lending requirements. 

Additionally, you can establish regular communication with your clients. The right mortgage CRM can send automated messages at regular intervals. This gives millennial borrowers clear, consistent feedback at every step of their journey.

4. They Want You to Share Their Values

Today’s borrowers want to partner with companies that share their values. Does your mortgage company pursue sustainable initiatives? Do you emphasize diversity and inclusion among your team members? Do you give back to the community?

Millennials are more inclined to commit to companies with values that mirror their own. Highlighting your commitment to social responsibility can help you connect with millennial customers.

Many Challenges, One Solution

Are you ready to address these concerns? If so, a mortgage CRM system can help you market your business. It can also provide a digital experience to meet the needs of millennial borrowers.

Discover how the BNTouch platform can transform your business.

Contact us today to schedule a demo!

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Homeownership has long been the apex of the American dream. Even so, many millennials worry about the cost.

Mortgage brokers and lenders have to work hard to showcase their value to younger buyers. Here are five ways to stand out among millennial borrowers.

Build a Strong Web Presence

If you already have a website, make sure it’s clean, modern, and up-to-date. Most millennials browse the web using their phones. As such, it’s particularly important for your web content to look great across all devices.

Update your social media page updated as often as you can. This is where a customer relationship management (CRM) system can be helpful.

A good mortgage CRM can provide curated content. This, in turn, makes it easier to upload a steady stream of quality content.

Offer Education and Guidance

Most young millennials (age 18-31) are first-time buyers. This information comes from survey data from the National Association of Realtors (NAR). These borrowers may be unfamiliar with the mortgage process.

This is an opportunity for you to offer educational content and guidance. It also shows the importance of fostering regular communication. Bridge-building solidifies the borrower relationship.

Seek to build relationships with millennials. Offer support before you offer a sales pitch. Your clients will notice and appreciate your outreach efforts.

Provide Self-Serve Options

Millennial borrowers value convenience and efficiency above all else. One way to provide that is through a customer portal. These helpful online tools allow borrowers to submit important documents. They can also sign forms and send messages without coming to your office.

Self-serve technology also provides greater visibility of the lending process. With a customized portal, younger borrowers can experience faster results and full transparency.

Connect Through Video Marketing

Younger shoppers are more willing to watch a video than read a blog post. Create video content that informs millennials about the borrowing process.

A solid mortgage CRM can help you create this video content. Most social media platforms allow you to pull these videos into your marketing content. This can help you drive engagement among millennial borrowers.

Highlight Customer Stories

Your mortgage marketing strategy should include reviews and testimonies from former clients. No content could be more authentic than the real stories of satisfied customers. Focus on the stories of millennial borrowers. This can help future customers understand how you can help them achieve their dreams.

Again, you can use a mortgage CRM to gather and curate these reviews. Post customer stories on your webpage or social media channels. The best CRM systems even let you screen and respond to negative reviews before they go public.

Mortgage Marketing and More

With the right mortgage CRM system, you’ll be able to connect with a variety of customers.

Millennials will appreciate the easy communication and online customer portal. But the BNTouch platform offers advanced marketing tools. You can use these tools to drive engagement and grow your business.

To see these features in action, contact BNTouch to schedule a demo.

The post How to Become the Top Choice Lender for Millennial Borrowers appeared first on .

Millennials now makeup 43% of homebuyers. Data from the National Association of Realtors (NAR) reveals that these young shoppers are often buying their first home. Is your mortgage marketing strategy optimized to reach millennials? If you’re not sure where to start, then keep reading. The following strategies can help you tap into this growing market.

Know Your Audience

Understanding your target audience can help you adapt your mortgage marketing strategy. So what should you know about millennials?

Millennials consist of those born between 1981 and 1996, though the exact years can be a bit fluid. The 2019 census identified 72.1 million millennials living in the United States. The 2022 NAR survey found that millennials represent 43% of homebuyers, and a quarter of this group are older millennials (ages 32 to 41).

Younger millennials are more likely to be first-time buyers. But millennials are concerned about the affordability of home ownership. As such, your mortgage marketing efforts should focus on education and guidance.

Create a Compelling Story

Why should millennials choose your mortgage company? What makes you stand out from the competition? Your mortgage marketing content should create a story that answers these questions and helps millennials see the value of your brokerage services.

Many millennials assume home ownership is out of reach due to limited inventory and rising interest rates. Your unique branding can help them see things differently.

Emphasize the possibilities that you provide to millennial home buyers. This will encourage them to make home ownership a greater priority and may prompt them to turn to your company for assistance.

Use SEO to Get Noticed

For millennials, the home shopping journey starts with a Google search. And with so many competitors, you’ll need to find ways to increase the visibility of your website.

Search engine optimization (SEO) refers to a set of practices that help your web content rise to the top of search engine results pages.

The easiest way to do this is to sprinkle relevant keywords throughout your website. For example, you might include things like: “first-time buyer programs” or “mortgage brokers near me.” When a web user searches for these terms, your website will be more likely to appear in the search results.

Make Sure Your Website is Mobile-Friendly

Millennials are natives of the digital universe, but that doesn’t guarantee they’re shopping from a desktop computer. More than half of millennials surf the web by scrolling and swiping on their cell phones and tablets.

Make sure that your website uses responsive design. This means that your website looks great on any device. Mobile users should be able to navigate your content with ease. Otherwise, they will quickly abandon your site to search for a competitor.

A good mortgage CRM (customer relationship management) platform can streamline your web development. This also ensures that your website is clean and responsive, helping younger visitors access the content they need.

Stay Active on Social Media

According to data from PR Newswire, young adults discover new brands while scrolling through social media. If you want to reach millennials, it’s important to cultivate your social media presence.

Unfortunately, it’s easy to create a business page and then neglect it for weeks (or months) at a time. A mortgage CRM platform can provide you with templates and curated content that give you material to post on your social media feeds.

It also helps to find the right channel. Facebook offers a broad approach, but Instagram is especially popular among millennials. Staying active on sites preferred by young adults can help you increase your visibility.

Grab Their Attention

With so many companies competing for attention on social media, you’ll need content that stands out.

For example, posts with images generate more engagements than those without. But most millennials would prefer a video over a blog post. Creating video content can be an easy, direct way to convey information about your brokerage services. Most social media platforms allow you to create video ads that users can click on without leaving the platform.

Posting survey questions can also encourage interaction on your social media page. Just make sure to respond quickly to comments, which can help you engage your target market more directly.

Seek to Educate, Not Promote

Many millennials are first-time buyers. As such, they may lack familiarity with the lending process. Your mortgage marketing content should educate them on their available options and give them an idea of what to expect.

Nowadays, millennials are wary of the traditional sales pitch. As much as possible, focus on providing valuable content that offers objective data. Avoid trying to sell your services too early, which can apply unwanted pressure and drive customers away.

Similarly, avoid using a lot of slang or trendy jargon when talking to millennials. It gives your content a short shelf life, and it can come across as unnatural from a company in such a serious industry.

Rely on Testimonials

The most authentic mortgage marketing content comes from your other customers. Incorporate customer reviews and testimonials into your website or social media pages. This will highlight the value of your company, as well as give prospective customers an idea of what to expect.

For best results, gather testimonials from millennial home buyers. Customers may connect more readily to their own generation. Reviews or even videos of satisfied clients can give your business greater credibility in the eyes of millennial shoppers.

Here is yet another way a mortgage CRM system can help. The right mortgage CRM can be used to request customer reviews and organize them for later use. The best platforms even allow you to screen and respond to negative reviews, allowing you to resolve the issue before the review goes public.

Prioritize Relationships Over Results

You might remember the ABCs of sales: Always Be Closing. But when you interact with millennials, the key is to build relationships rather than seal the deal.

Sure, your long-term goal is to sell a mortgage product. But in the short term, it’s important to present yourself as a partner who can walk with your clients through the process. For example, you might follow up with millennial leads by asking if they have additional questions. This keeps the dialogue going and anchors you as a resource rather than a salesman.

This can be particularly important for millennials. Many young adults live far away from home and may miss the guidance they once received from their parents. Offering stable, reliable input can foster a stronger connection and provide a foundation for a working relationship.

Emphasize First-Time Buyer Programs

Since so many millennials are first-time buyers, it makes sense to emphasize relevant options. For example, you might produce content such as “tips for first-time buyers.” This sort of content can educate as well as point toward the unique value of your company.

While the web is a great place to publish solid content, do not underestimate the possibilities of in-person events. Offering a seminar on first-time mortgage options can give you an audience of interested millennials in your area. You can gather information from attendees, enter them into your customer pipeline, and follow up later.

Offer a Do-It-Yourself Approach

Millennials do everything online. This includes job hunting, dating, and banking. Why should the mortgage process be any different?

A quality mortgage CRM can provide a customer portal that millennials can use to complete forms, ask questions, and more. This minimizes the need to come to your office to complete each phase of the process.

Advertising the ease of this customer portal may attract millennials who are used to this sort of do-it-yourself approach. Some millennials will be willing to choose your company over others due to the simplicity of your interface.

Invest in Your Community

Millennials are more willing to invest in a company that shares their values. Mortgage brokers can connect to younger generations by remaining active in their local community. Participating in charity drives, service projects, or other community events can demonstrate that your values run deeper than the mortgage industry alone.

If you’re not sure where to start, you might consider collaborating with other industry professionals in your area. Even a simple neighborhood cleanup day can speak volumes about your priorities.

At the very least, a mortgage CRM system allows you to go paperless. This is just a small way to go green, which can help you connect with millennials who have a passion for the environment.

Mortgage Marketing Made Simple

As a mortgage broker, you have a lot on your plate. That’s why you need a customer relationship management platform that works for you. The right mortgage CRM can help you create and implement a marketing plan that speaks to millennials.

The BNTouch platform can do just that. Using our innovative tools and features, you can create customized content, manage your social channels, and do much more.

To learn more about how we can transform your lending practice, contact BNTouch today to request a demo!

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Happy New Year to all Our Subscribers and Everyone Considering Joining the BNTouch Family! 

You might have heard the unemployment stat is down to 7%. Which is great and all, but there is another statistic that isn’t doing so well: mortgage applications. 

Oh sure, rates are down, real estate markets are tidy, and there is still a ton of disposable income in the US. Yet, you have a problem. 

Specifically, reaching your target audience with a plethora of mortgage content and marketing strategies isn’t working like it used to. Why? Because prospects are rejecting your strategies. Let’s look forward to more advances in the technology driving our industry in 2023.

 It comes as no surprise that mortgage technology is dominating the mortgage industry with all its advances. 2023 will bring more leads and clients for professionals who choose to automate in 2023.

 New Features: 

In 2022, BNTouch experienced some significant upgrades which made our task management system better than ever before. 

The new features we have been working on are based on customer feedback – so feel free to let us know what you think of the new tasks and issue tracking tools. 

These will help you manage issues with ease while collaborating with your team on projects.

New Features Include: 

• Purchase Analysis 
• Loans with Multiple Borrowers 
• Checklists 
• Email Constructor 
• Scheduled SMS 
• Credit Pulls 
• Email Validation

We’re constantly working hard behind the scenes to roll out new features, so look for some exciting additions in 2023!

What to look forward to in 2023:

•  New exciting AI features
• New integrations
• Improved email tracking
• More productivity tools and enhancements
• Stay Tuned for More

We are excited about the future of our product, and we hope that you are too. We are in the best position to create a stronger, bolder product that impacts our customer relationship management. There is nothing we love more than being able to give our users the best possible experience.

Thank you for your continued support in making BNTouch the best it can be! 

Are you ready to join the BNTouch Family in 2023? Why not schedule a free no-obligation demo today!

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