TheMReport — News and strategies for the evolving mortgage marketplace.
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28 | M R EP O RT FEATURE pany, that could be a real estate brokerage (in purchase markets) or a lender (in refinance markets). And while the lender is usu- ally fairly clear on the fact that if there's no borrower, there's no loan, a wholesale lender might tell you that the mortgage broker is his primary ad target. And no mortgage lender will turn down a referral from a real estate agent. The point is that, as an industry with inherently thin margins to begin with, our marketing budgets aren't always robust. While a borrower may come in contact with several different people over the course of a single transaction, not all of them are focused on keeping that consumer happy. A mortgage lending company might spend just as much on marketing and communications for real estate agents as it does for borrow- ers—perhaps more. Many lenders have convinced themselves that the consumer doesn't care to hear from banks and lending compa- nies; instead, they are seeking the lowest rate or lowest monthly pay- ment without the slightest interest in which institution is providing it. It's time for all of us in the industry to put more attention toward communicating with our consumer clients. After all, the consumer, in the end, is the client for all of us. Perhaps that's creating more proactive materials that explain in clear terms what's going to happen once the sales agreement is signed. Maybe that's adopting technology that's not only easier for a consumer to access when they have a question, but which allows lenders, title agents, or real estate agents to spend more time bringing the mortgage to closing and less time on the phone answering the same questions over and over again ("When is my clos- ing, again?"). We're not an industry that can afford, for the most part, to budget for large customer ser- vice staffing or call centers, so our professionals often do double duty. However, there are many differ- ent technologies that can get those professionals off the phone a little more often, and on to removing clouds from title or preparing loan estimates. Finally, a lot of this is about attitude and purpose. For an industry that can and has moved mountains during the biggest pan- demic in over 100 years, we tend to give up quickly on some things when it comes to effecting change. We all too often resist new technology, or don't think strategi- cally when we do invest. We put most of our efforts into sales with far less priority on referral or retention percentages. That's also reflected in the technology we choose to implement. We lament poor fall-out rates yet drag our feet on making the process a little more seamless. We can make a difference, and it would benefit our bottom line as well as being the right thing to do. It all starts with each business' commitment to do a little more when it comes to clarity. Think a bit harder about how the latest addition to your stack might affect the communications pipeline with title agents. Demand solutions that, if they won't integrate, at least don't have a negative impact on the other components in that stack. (A visual comes to mind of a loan officer with two monitors on her desk; six tabs in each browser and a landline phone tucked under one ear, furiously tapping away on an app on smartphone just to move the file along.) If we all do a little bit more in the name of clarity, we will be well on our way. JIM PAOLINO is CEO of LodeStar Software Solutions. Paolino manages the day-to-day operations and oversees the business development and the long-term strategic direction of LodeStar, which develops a range of compliance- driven products for the mortgage lending and title insurance industry. He has over a decade of experience developing software solutions specifically for the mortgage and title insurance space. Paolino speaks frequently on technology trends as they relate to compliance, operational efficiency, and sales growth. He can be reached at JPaolino@ LSSoftwareSolutions.com. Anywhere. Anytime. MReport Digital Experts you trust. People you know. News you want. MReport is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MReport Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MReport believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Subscribe to MReport and MReport Digital now! Call 800.856.8060 or connect with us online at themreport.com to take advantage of our special introductory offer! digital.themreport.com powered by THEFIVESTARINSTITUTE Bringing Today's Lending Headlines into Focus, MReport Digital Puts Mortgage Banking News at Your Fingertips Anywhere. Anytime. MReport Digital Experts you trust. People you know. News you want. MReport is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MReport Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MReport believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Subscribe to MReport and MReport Digital now! Call 800.856.8060 or connect with us online at themreport.com to take advantage of our special introductory offer! digital.themreport.com powered by THEFIVESTARINSTITUTE Bringing Today's Lending Headlines into Focus, MReport Digital Puts Mortgage Banking News at Your Fingertips Anywhere. Anytime. MReport Digital Experts you trust. People you know. News you want. MReport is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MReport Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MReport believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Subscribe to MReport and MReport Digital now! Call 800.856.8060 or connect with us online at themreport.com to powered by THEFIVESTARINSTITUTE Bringing Today's Lending Headlines into Focus, MReport Digital Puts Mortgage Banking News at Your Fingertips