Sink or Swim: Mortgage Automation and Customer Engagement

This article, Part I of III, has been cross-posted from the ICE Mortgage Technology blog. View it here, along with other helpful resources.

This is the most opportunistic marketplace I’ve seen in my entire career, but if you want to stay in the game, you need to come to customers with a solid value proposition. Quoting a rate is not a value proposition. Anyone can do that. There’s not a rate available that’s good enough to put you on top if your sole focus is on mortgage transactions. You can’t be transactional in this marketplace and expect to win. Telling your borrower how you’re going to help them change their life is the way to deliver real value.

How are you adding value beyond a digital experience?

Providing customers with a digital lending experience is no longer an offering that gives you a leg up against the competition, it’s the bare minimum cost of entry into a marketplace that has already moved into a touchless space. The shift in borrower and partner expectations is like nothing we have ever seen before, and the stakes could not be higher.

Historically low interest rates in the previous market cycle got lenders into the bad habit of rate-quoting as a business model. If you think you can continue growing your business by quoting rates, you’re sorely mistaken. If you want to hand all of your business to the competition, go ahead and rely on rate quoting. But if you want to meet the challenges and take advantage of growth opportunities in this present cycle, and in the future, you need the value proposition of strong customer relationships.

Your focus now needs to be on borrower engagement.

Borrowers need you to be responsive, and provide them personalized, supportive guidance through what will probably be the biggest transaction of their lifetime. It’s easy to get lost in the transition to digital lending and forget that a high-touch experience for borrowers is what makes the whole thing work. You need to provide top-tier responsiveness to borrowers, while still increasing efficiency on your end, and automating communication is the key.

Mortgage automation technology is the entry point that frees up your time to focus on your customers. Leveraging that to create outstanding borrower experiences is necessary to cross the finish line and create customers for life.

You need to take my Market Survival Skills Crash Course.

If you’re feeling overwhelmed in this changing market, you’re not alone, but if you don’t use my free advice to get up to speed, you’ll have no one to blame but yourself when you fall behind. I’ve partnered with ICE Mortgage Technology to bring you a complementary 3-part crash course in market survival skills. My courses usually come at a significant cost, and you get what you pay for. This complimentary course is being provided to you by ICE Mortgage Technology, because they appreciate you and care about your success. We’ve already had over 1,000 attendees, and many large corporations have required their entire lending staff to attend. If you aren’t putting my strategies for using the automation developed by ICE Mortgage Technology into action, you will fail.

What’s in it for you?

My crash course is available on-demand now, so you can watch it on your own time. Part 1 is centered around what the new market dynamic is, and how that affects your business. I go into detail about exactly what customers want from you, and how you can meet their demands for:

• Your time, attention, and expertise in real-time
• Immediate access to updates and information
• Assurance that you understand their unique situation, and have a solution tailored for them

I’ll also answer your questions about how leveraging mortgage automation technology is essential to meeting borrower and partner expectations. I’ll lay out why it’s absolutely necessary that you be able to implement business-saving automation strategies into your existing workflow, and to automatically communicate with customers whenever they need you to be available. I’ll show you how you can have a full buffet of products and pricing available at the touch of a button, so you can give your customer the best option for their unique situation. Most importantly, I’m going to tell you what you need to do to survive this market, and how you can do it with ICE Mortgage Technology.

The tides are shifting, will you sink or swim?

Bottom line: If you don’t find a way to meet borrowers’ growing demands for a high-tech, high-touch lending experience, you’ll be left fighting to survive while your competition thrives.

That’s why I’ve partnered with ICE Mortgage Technology to help you chart a path—in just three short sessions—for combining my award-winning sales, customer service, and leadership strategies with ICE Mortgage Technology’s best-in-class tech. By completing Double or Nothing, you will learn to use automation to personalize borrower communications, data to make informed strategic decisions, and logic to prioritize your sales and service efforts for unparalleled growth.

Don’t miss your opportunity to gain a competitive edge at absolutely no cost to you.