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Creating Opportunities: Mortgage Loan Originators Morph into Sales Personnel

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The loan origination phase is a confluence of many opportunities. But bank personnel are found limiting themselves to application checks for compliance. The high number of regulations swamps too many people with paperwork and processing, and leaves few free for marketing operations, which are essential to productive loan origination. Prospecting and referrals entail marketing campaigns, attending industry events, running a social profile, and making sales calls. Post-sales services are also necessary to maintain bank reputation.

Personnel who specialized in marketing have to concentrate on processing applications and checking for compliance in the face of new regulations. Although software can automate loan origination, some banks have virtually no workforce left to deal with marketing. They are feeling the need for specialized marketing teams, especially with the advent of social media. The focus has shifted to centralized digital marketing. Referral-partner phone calls, follow-up meetings, coordination with underwriters, and settlements with real-estate agents also require a special expertise.

Digital specialists and data analysts have been able to mine through huge databases and send targeted messages to customers. It works better than generic email blasts and frees mortgage loan originators to do the necessary mortgage activities.

Compliance with the new TILA-RESPA Integrated Disclosures Act (TRID) is a major necessity. Every message from the lender should be consistent and controlled across multiple channels. Centralized marketing campaigns help to deliver targeted messages to customers, at different stages of buying, while complying with current credit policies of US.

Digital marketing campaigns are of high value for originators, as many are undertaken on behalf of the MLO (mortgage loan originator). The module uses the mortgage loan originators’ sales distribution lists and segments the business completely. Social media helps utilize the expertise of a marketing team and compliant messages with consistent brand information can be posted at regular intervals to reach out to customers. Modern technology has customers finding social interactive pages more trustworthy compared to a website.

Banks cannot depend just on originators to run coordinated digital marketing campaigns. The institutions need to support them with point-of-sale and retail marketing by integrating them with loan origination systems. It gives mortgage lenders better tools to multiply sales.

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