Brokers need every edge in marketing today
March 28st, 2007 by Richard Weathington
In our classes we explore many new and innovative ways to market yourself as a mortgage broker, but with sub-prime fallout and property values falling like a rock, we all need something to give us that edge.
As mortgage space becomes more competitive, Brokers are increasingly looking for differentiators. Realizing this trend, Mortgage Coach has added functionality to help the originator better assist the borrower and act more as a financial planner and less as a broker.
Mortgage Coach offers the mortgage industry its own brand of planning software. Recently the company launched the Mortgage Coach Marketing Machine, a new suite of online tools, sales proposals, and marketing brochures that empower loan officers to reduce rate shopping and differentiate themselves from the competition by educating borrowers on the benefits of mortgage planning.
Accessed over the Internet, the Marketing Machine provides the loan officer with the tools to offer a suite of services: the Personalized Mortgage Plan, the Annual Equity Review and the Periodic Mortgage Review. Each of these applications is supported by advice-delivery tools and printable marketing pieces that include easy-to-understand explanations of Mortgage Coach's patented reports, which have been used by over 25,000 mortgage originators, according to the company. "The Marketing Machine serves two main purposes," said Dave Savage, founder and CEO of Mortgage Coach. "First, it puts valuable, pertinent information directly into the hands of the borrower, not just the originator.
"Second, it makes the originator a referral magnet. Mortgage Coach users state that clients are five times more likely to conduct their next mortgage transaction with them as a result of using our Periodic Mortgage Reviews, and loan originators who present their borrowers with a mortgage plan using the Mortgage Coach Total Cost Analysis close an average of two extra loans per month."
The Marketing Machine helps increase business for loan originators by providing their clients with the clarity of information they need to accomplish their financial goals. For example, using the Proposal Creation Assistant, the loan officer can create customized and printable proposals that make it easier for mortgage planners to demonstrate the value of mortgage planning to potential clients.
Specifically, these proposals provide simple yet concrete information on how different variables, such as interest rates, points, fees and additional payments, affect that specific borrower's short-, mid- and long-term financial standing.
All of the Marketing Machine's documents can be customized for the loan officer and the borrower. Mortgage planners input the client's name and financial findings from the customer's Mortgage Coach analysis, and the system automatically can produce reports to compare loan options, lifetime savings from one loan vs. another, etc. "The Marketing Machine was designed to remove the friction and reduce time from the process of becoming a mortgage planner," said Mr. Savage. "With a few keystrokes and clicks of a mouse, the loan officer can provide a borrower with the valuable financial information needed to make a sound decision, and the originator stands apart from those who simply compete based on rates."