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seamless borrower journey

Educate and Engage: Create a Seamless Borrower Journey

Dec 04, 2023

When teaching someone how to become a loan officer, marketers will often focus on the need for content like mortgage lead generation forms, mortgage calculators or social media ads. Mortgage brokers and lenders, on the other hand, will likely focus on having the right LOS and CRM technology. In truth, an effective loan officer needs to combine all of these elements to create a seamless and cyclical borrower journey that will power a loan officer or mortgage broker’s business for years to come. 

The mortgage borrower journey begins when consumers first take interest in buying a home, extends through the homebuying process and continues post-close for the duration of homeownership. Understanding this journey is make-or-break for mortgage professionals today, and, done right, could position you for future success. Here’s why: Compared with other consumer industries, “mortgage origination” ranks nearly last in customer satisfaction. One 2018 survey from Mortgage Cadence found that only 39% of borrowers felt satisfied with their mortgage lender – that leaves a lot of room for improvement. There are many starting points for the mortgage borrower’s journey. Borrowers may begin looking for home financing as home shoppers armed with a strong income, a high credit score and plenty of cash on hand. Or they may start from the opposite position, needing help with their credit and raising their credit score, in need of down payment assistance, and knowing very little about the mortgage process in general. 

Borrowers may also come into the journey as homeowners looking to refinance to lower their monthly payments or shorten their term. Or perhaps they are looking to consolidate debt, fund home improvements, underwrite college tuition, purchase a second property or pursue another investment opportunity. 

Although they may initially have different goals and aspirations, once borrowers apply for home financing, their journeys will become more similar through the loan process and beyond. 

What makes a seamless borrower journey? 

A seamless borrower journey is one with relevant, timely communications that are delivered via channels of preference, such as mobile device or laptop, and that help the customer understand and move through their current stage in the borrower journey. 

If a lender blasts the same types of content to all contacts, they’re not creating a targeted, seamless journey for borrowers. Instead, they are sending their contacts information that may be irrelevant and is unlikely to be remembered. 

To create a seamless borrower journey, lenders can rely on two primary tools – strong mortgage content and strong mortgage technology. Fortunately, lenders can find both these tools in an integrated mortgage CRM like Surefire℠ CRM and Mortgage Marketing Engine. 

Targeted mortgage content is needed for a seamless borrower journey 

Industry leaders need to understand that an exceptional and tailored borrower experience is necessary at every step and expected when it comes to today’s borrowers. 

To help in-process and closed borrowers reach their full potential, loan officers and mortgage brokers need mortgage content that is tailored to many types of prospects – from the most qualified to least qualified, from first-time homeowners to existing owners, and from new contacts and in-process borrowers to long-time clients. 

A suite of mortgage calculators helps all types of prospective borrowers determine their eligibility, spending limits, potential house payments and more. When built well and delivered at the right time, these calculators will facilitate a borrower’s journey by providing self-service answers to common questions. Educational mortgage flyers and online interactive content will serve the same purpose. 

Single-property sites offer a self-service educational option for prospective borrowers who are shopping for a home. To be most effective, cobranded single property sites should come not only with loan program and rate options but also with mortgage calculators and interactive neighborhood information. 

Loan milestone marketing content can keep in-process borrowers engaged and informed during the sometimes-tedious weeks between application and closing. Much like the self-service options for calculators, timely and informative in-process communications can save time for a loan officer or mortgage broker by reducing the need for direct back-and-forth communication with a client. 

Like prospect marketing, effective post-close marketing will employ an omnichannel marketing approach. In this case, the goals are to collect feedback, to show appreciation and to remain top of mind for years to come through personal and relevant communications. Extending the borrower’s journey long past closing increases the chance they will return to their original lender when they start their next borrower journey for a refi or new purchase. 

Mortgage technology facilitates a seamless borrower journey 

Many loan originators can feel like they’re behind the eight ball before they even get started. They simply don’t have the staff to create a large volume of mortgage content, and they certainly don’t have the time or energy to stay on top of deploying it at the right times. It feels like the “billboard guys” are destined to win all of the business. 

The answer to this dilemma is using the right mortgage technology, including a strong mortgage CRM and marketing automation tool like Surefire, which is integrated with a variety of mortgage point-of-sale (POS) and loan origination system (LOS) technology, and even the broker LOS LoanCatcher®. 

Along with a full library of marketing content, a strong mortgage CRM will provide targeted workflows. Each workflow is a series of curated communications tailored to various types of borrowers, whether they’re credit-challenged buyers, first-time buyers, trade-up buyers or refi prospects. The most effective workflows employ omnichannel marketing strategies – email, text messaging and postal mail to name a few – to educate prospects on the facets of home financing they need most – and when and where they need it. 

Best of all, the mortgage CRM can automate workflows. If a new prospect completes a form to say they’re interested in a refinance, the CRM can automatically create a contact record, set the prospect on a workflow and notify the LO. The first event for the workflow, typically a text message, can be deployed within the crucial first minutes after the form is received. The LO doesn’t need a call center or marketing manager for backup, and the process is responsive and seamless for the prospect. 

When an LOS is integrated with the CRM, the two platforms can work together to share contact records and update loan information. For example, when the LO enters a loan update in the LOS, it can trigger on-time loan milestone marketing communication from the CRM. The borrower is kept up to date on their loan’s progression for a seamless borrower journey with no extra work on the part of the LO. 

The right mortgage tech creates a seamless LO journey, too. By using the right integrated mortgage CRM, lenders can create a seamless journey for themselves, too. The set-it-and-forget-it rules and workflows of a marketing automation system keep borrowers informed throughout their customer journey while creating minimal work for the LO.  

To see how Surefire can make this happen for you, schedule a demo today. 

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