Mortech Blog


Online Lending for Mortgage Bankers Part 2: Jump in!

Posted by Renee Harvey on Dec 23, 2010 10:22:00 AM
Post By Don Kracl
You’ve finally been convinced to look at Internet Leads. You’ve been stubborn, you aren’t sure if you should, you’re starting to think Online Lending might be more than just a fad...Congratulations!

You should be skeptical. As with any new idea, there are plenty of us around who jumped in without looking first. Maybe we didn’t even think it through even a little bit. We dropped some hard earned, cold hard cash and we are still reeling from the first go around. Maybe we need to plan better. Let’s try.
Perhaps the first thing you should do is look around your office. Analyze your personnel. Do they have the attitude for this kind of work? Maybe you have mortgage originators that work best with referrals or face-to-face. Better yet, maybe you have some people who haven’t been successful working referrals or in person.The key is find people who will embrace the Online lending process and use it to the
ir advantage. Are they going to be willing to respond to the inquiries quickly and consistently? Will they work the leads and help increase the legitimacy and honesty of your company? Can they help paint that picture in the clients mind that will help the client be comfortable with their decision?

We’re all into instant gratification. We see it, we want it. Why should getting a mortgage be any different? Consumers are out shopping everything on the web. Home loans are no different. One key to getting your share of the Online Lending pie is to act fast, be convincing, offer a quality price and superior service. A study often quoted is called ‘The Lead Response Management Study’ conducted by MIT in 2007. The study, while not referring specifically to Mortgage Internet Leads, is a good look at what sale professionals should do, how they should treat consumers and how important that first contact is.  

While reading it, at least one glaring observation should pop out at you: If you make contact with prospects in the first few minutes, you're much more likely to be successful in developing a relationship with them and ultimately closing the deal. One other thing to note, is that if you don’t make contact with the prospect within the first 24 hours, you have virtually no chance to develop a relationship with them.

Notice I said “develop a relationship.” That’s the business, right? Unless we are dealing in a true commodity, the relationship is still what we’re after - both as consumers and lenders. We want to cultivate a long term relationship with this consumer. We want them to think of us as a trusted partner in their home purchases and refinances for years to come. It all starts with the initial phone call, the emails, the rate quote, the Cost Estimate, the Good Faith  Estimate, your willingness and ability to provide great service and guidance through this process.

Topics: Jumping into Online Lending