Lending Tree announced a 20% cut of its workers nationwide...
I found myself amazed this Monday morning as I read thru a dozen mortgage related headlines. The media frenzy continues to focus in on the Sub-Prime melt down, as new news develops. Not only are Lenders continuing to announce cut backs and closings, but also the advertising sector for mortgages is also feeling the effects:
- Ameriquest cut back 92% of their advertising according to Nielsen Monitor-Plus.
- Ditech dropped their advertising by 20% from this time last year.
- E-Loan and Lending Tree both cut spending by nearly 40% according to Neilson.
I think it's apparent that when things get tight, seemingly loan officers stop spending money on advertising, which can become a tragic mistake. The correct focus needs to be investing money in the BEST TYPE of advertising.
Bank of England (NMLS#418481) - Raleigh, NC
Bob Mitchell (NMLS#1046286)
I'm soooooo glad that this is happening! When I first got into the business and told people that I was a mortgage banker they would go, "Huh? What's That?" Now they go, "Oh yeah, my cousin who just got out of prison does that!"
For the last few years you couldn't turn on the radio without hearing a mortgage company ad! I was wondering how they could be effective at all with there being so many...wouldn't they cancel one another out?
Bob Mitchell
ValueList Real Estate Services, Inc.
Jun 15, 2007 06:50 AM
NMLS# 335055 - Baton Rouge, LA
Texas/Louisiana Mortgage Pro - 13 YRS Experience
most of this advertising has been misleading bait & switch type stuff... this is good news
Jun 16, 2007 02:18 AM
Rainmaker
42,571
42,571
Jeff Schraeder
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