January 2016 - Out of the Woods

TheMReport — News and strategies for the evolving mortgage marketplace.

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Page 22 of 67

FEATURE THE INDUSTRY LEADER IN eCLOSE TECHNOLOGY. With our iSignroom TM and eSignPad TM technology, it has never been easier to electronically close your transaction anywhere, anytime! One of 5 national eClose providers selected to be part of the CFPB's eClose Pilot Program BE FULLY COMPLIANT WITH AUGUST, 2015 CHANGES TODAY! When you want the ultimate closing experience, think eClose, and think PeirsonPatterson, LLP JASON L. WRIGHT PEIRSONPATTERSON, LLP JASON.WRIGHT@PEIRSONLAW.COM 972.392.7770 ISIGNROOM.COM this work means online, email, text, and mobile capabilities that lenders are just now truly developing–with the help of outside experts. Sales automation and customer relationship management (CRM) technology are the keys to unlocking the opportunity. Keep in mind that all this technology does not replace the role of the mortgage loan originator (MLO), but actually enhances it. MLOs will largely communicate online and via mobile devices, but they are the ones who will create the borrower experiences in these complicated transactions. Visits will be scheduled, particularly when there is a real estate professional in the equation, and presentations will be made. Most visuals will be done via mobile device screens and less often on paper, but who crafts them? Between the need for compliant messaging and strict disclosure requirements, they are best handled by advanced CRM technology, as are the marketing campaigns. Fortunately, the results are fantastic–colorful, relevant, and powerful, just what MLOs need to gain commitment and improve conversion rates. Never underestimate the importance of connectivity when dealing with millennials. They will not entirely trust organizations that are less connected than themselves, and as we know, mortgages require that level of trust more than any other transaction. Sharing Is Caring M illennials were born into the "sharing economy," highlighted by new phenomena such as eBay, Amazon, Uber, and Facebook. Experiences are shared as never before, with user ratings an integral part of even the most mundane Web presences. Information is shared instantly and globally, resulting in a market dynamic that is as unprecedented as it is challenging for merchants and service providers. If you can't play, you won't stay. Like most idealists, millennials hope to build a better world through shared information and experiences. They share their experiences online, whether good or bad, for the world to see. They are civic- minded, group-oriented, and understand the power of working together to effect positive change, whether in commerce, society, or personal relationships. Even businesses started by millennials reflect this consciousness, like TOMS, the company that donates a pair of shoes for every one it sells. In their recommendations for catering to millennials, marketing giant MarketingProfs notes that it is essential to deliver value (and not always monetarily); you must build trust with quality products and great service; and you should appeal to the millennial sense of idealism by improving the world, if even in a small way, with every transaction. With Optimism, Automation, and Mobility, a Bright Future Awaits I n this sharing environment, there is very little room for error. Precision in process and messaging is essential to improve and preserve your brand to deal with this critical segment. Succeeding without the technology needed to stay smart, stay accurate, and stay mobile is, frankly, a difficult prospect. There is readily accessible technology available that can help lenders of all sizes—not just those with big budgets—directly address the millennial market and all others. We know that this tech-savvy crowd is coming, so how can anyone ignore the mandate to be ready with the automation and mobility they demand? Looking forward to 2016 and beyond, it is not hard to be optimistic for the future of both mortgage lending and the millennial generation, and having a bright, energetic and idealistic millennial daughter helps augment this feeling. The creativity and collaborative spirit of this group is encouraging, determined as they are to make society work better than their parents and grandparents did. They are infused with the conviction that ultimately, by making communication and experiential lessons available globally and transparently, things can't help but improve on a broad scale. That's a future we should look forward to seeing and being a part of. TH E M R EP O RT | 21 SUE WOODARD is President and CEO of Vantage Production, a sales automation and CRM technology provider based in Red Bank, New Jersey. Prior, she was an award-winning mortgage originator, trainer and speaker. She can be reached at

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