If the appeals court does not uphold the law, the company plans to seek an emergency ruling from the Supreme Court, according to Forbes.
In a statement released on Friday, TikTok said, “The Supreme Court has an established record of protecting the right of Americans to free speech, and we expect them to do just that in this important constitutional matter.”
“Unfortunately, the ban on TikTok was initiated and passed based on inaccurate, flawed and speculative information, which led to the scrutiny of the American people.”
‘Siloing a whole generation’
A possible ban on TikTok raises concerns in the mortgage industry. It threatens to disrupt a key platform for communicating with Gen Z and the millennial audience – many of whom are first-time home buyers and real estate agents.
TikTok has an estimated 170 million users in the US and its absence could leave a huge gap in efforts to reach consumers, some industry experts say.
“The downside is that they’re going to have a borrower — and I mean people who are trying to educate themselves,” said Corie Meredith, vice president of marketing at . A Mortgage. “There is not much that is taught especially in schools about finance, saving, buying a house. TikTok provides an opportunity for borrowers to do their due diligence and learn through the process. “
While UMortgage doesn’t expect a major impact on its brand, Meredith has begun encouraging loan officers to move their educational content to other social media platforms. The company, which has 295 LOs, estimates that 90% of its team uses social media for customer engagement.
“Every loan officer has their own way of reaching out to Realtors and potential borrowers. In our organization, we have a small percentage of loan officers who are really willing to reach these people through social media,” said Lindsi Flynn, director of marketing at Financial Verification.
“However, those who do, that is their main source of referrals. And I believe that TikTok is a special place because the algorithm puts you in front of a network of people that you may not have met before. It can help increase brand awareness.”
Guarantee, a mortgage lender with about 100 loan officers, has embraced social media, and about 20 percent of its LOs focus on self-promotion through educational video content – a key strength of TikTok. According to Flynn, the platform has helped “close the gap” between Gen Z and other generations. Blocking it risks “uniting an entire generation,” she said.
“My advice to LOs is to create as many omnichannel marketing opportunities as possible by using all platforms, so you don’t lose anything,” said Flynn.
A wake-up call to the industry
Rebecca Richardson, learning and development coordinator at One Real Mortgage Who is also known on TikTok as @the.mortgage.mentor, said he is not worried about the ban that may affect his business. Richardson has 145,600 followers on the app, but in the past year, he’s put more energy into content elsewhere — especially on Instagram Reels.
“Actually, there’s a lot of domestic money wrapped up in TikTok, in terms of investors and things like that,” Richardson said. “I don’t think so [TikTok] it will go away, or if it does, it will end slowly, which is why I started turning around a year ago.”
March 2024, Richardson said HousingWire that about 12% to 15% of his business came from TikTok. Today, that number has shrunk significantly as it has been transferred to Instagram.
“I think part of my strategy is not to put all my eggs in one basket or in one place, because we don’t have those platforms, we don’t own those fans,” he said. “So, between Instagram and restarting my newsletter, that’s been my focus this year.”
But Richardson also said the court’s decision is a wake-up call to “liberal” industry lobbyists in just one social media platform.
“It’s very tempting to get on the platform, read, and stay there because you’re free,” he said. “You have to go outside your comfort zone, and keep growing and learning different fields and branching out, or you’re going to be overexposed to one area. What happens if that account or platform is banned?
Jordan Nutter, vice president of the influencer division at NFM loanworried about the court’s decision. With 286,300 followers on TikTok, Nutter said his business share tied to social media is between 40% and 50%.
“Most of my clients tend to be millennials from social media,” Nutter said. So, if this goes into full effect, it will affect my business, unfortunately. I have all the other platforms, for the most part, and I reuse content there, but when it comes to what content the fans are engaging with, it’s really TikTok where it thrives. “
Nutter added that he recently celebrated his third anniversary on TikTok in October. Like Richardson, he said he plans to promote some of his social media content and repurpose his TikTok videos and ideas.
