Should the goal of marketing technology be to make the loan officer never need to sign in? Or, should LOs be encouraged to engage with marketing tools as much as possible to help them build their own brand and communication?
I started in the mortgage industry in 2015, working for large banks that were heavily invested in using technology to simplify the mortgage process for everyone involved. Ordering an appraisal was as easy as clicking a button. The terms of the loan were discussed via live chat and uploaded to an online portal where staff from another location I have never seen were reviewed and made sure the conditions were met.
While this may seem efficient on paper, it led to a hard reality check when I switched to IMB production and realized I had no idea how the loan went from application to closing.
I didn’t understand the difference between an agency guide and an overlay.
I didn’t know what happened when I clicked on “Order Title,” and I didn’t have a relationship with the local companies because of it. This was especially problematic because the company I joined did not have an “Order Title” button.
At the time, you could argue that the entire industry was headed for what those big banks had already done: simplifying the lending process at the expense of full transparency to reduce errors and lower labor costs.
But fast forward to today, and there are still only a few companies that are able to facilitate that level of loan process. Knowledge of how mortgages are originated, fulfilled, sold in the secondary market, and serviced remains important to the originator who appreciates having options on where to hang his license.
Those banks have greatly reduced their role in the real estate industry. Their methods of production and efficiency have not aged well.
Not only did they invest millions in their technology, but they also fostered a culture of shared responsibility, creating a sales force of LOs who didn’t know enough about the loan process to help customers even if they wanted to.
So what can we take away from this in terms of providing innovators with the tools they need to succeed now and in the future? And how can we apply these lessons when deciding what marketing tools to equip LOs with?
First, when it comes to CRM—the lifeblood of a digitally savvy LO business—we shouldn’t be choosing solutions that minimize LO involvement. Many times when I discuss CRMs with mortgage loan officers, I hear something different:
“Well, the loan officers won’t use it no matter how good it is, so whatever we choose we have to automate everything.”
Today, “CRM” encompasses more than just contact management. Platforms like HubSpot or HighLevel combine CRM functions with powerful marketing capabilities, allowing LOs to manage key aspects of their business in one place.
This type of technology, which empowers loan officers as individual product owners, is more affordable and cheaper than ever.
Authenticity and personal connection are more important to consumers today than they have been since the early days of the Internet.
However, companies still depend on the inventor’s tendency to want everything to be done automatically for them.
Instead of assuming that removing LOs from the marketing and communications process is best for manufacturing, we should provide tools that allow manufacturers to market effectively—and support them with the education they need to succeed.
From personal experience, I know that it is more challenging to empower hundreds or thousands of LOs than to simply manage them. And yes, a large proportion of founders, especially those who are advancing in their careers, may prefer to rely on traditional methods until they become obsolete.
There is definitely a case for offering a custom made and custom made experience. But don’t be the company that offers an automated solution that doesn’t support the next generation of top manufacturers who crave more control over their marketing.
The future belongs to those who equip their loan officers with not only the tools but the skills to make the most of them. Empowerment, not isolation, is the way forward.
Michael McAllister is the President of Empower LO.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the editor responsible for this piece: [email protected].
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