A Picture is Worth a Thousand Words: Technology Breakthru for Loan Originators - Part I

Written By: Jim Enright - Request a Free White Paper entitled, "The New Rule for Client Communications! Jim is an active originator, past company owner of a two INC 500 mortgage company; previous two time President of NCAMP, NC Broker of the Year, and previous NAMB Secretary and board member. (Jim@LendersInsight.com)

You may remember mortgage life before Automated Underwriting, emailed closing documents, or credit reports that auto-populated into your 1003.

Then again, maybe you don't. What you might remember however are the early MP3 players and how it's evolved into the iPod; or slow video downloads over the Internet and how it's evolved to video on your telephone.

These were leaps in technology not initially embraced by the general public. As lenders were forced to use automated systems (either by competitors or by the wholesale lenders) they have now become the norm. Now, imagine mortgage life without them. It would be difficult, if not impossible, to process loans without it.

This very moment there is a similar evolution going on.

It's about how the initial contact is made with a prospect or current client who calls you on the phone. It dramatically affects how fast you build trust and rapport with your client, a better understanding of the mortgage process, and ultimately, how quickly you convert that prospect to a closed loan.

This is not new technology by any means. It is old technology that was prohibitive to use because of cost and the technical experience required. Within the last year however, substantial improvements have been made and rolled out to the front line sales teams.

The technology is web conferencing.

Perhaps you have already participated in one. You are familiar with WebEx or LiveMeeting. If you have called into a central phone number and logged onto a website where you join a "online" meeting, just think about how you could use the concept yourself when "talking" to clients, Realtors® or your affinity partners.

Now, Production Managers and Loan Consultants can easily connect with prospects or clients using phone and email. It's like they are sitting across your desk, seeing you and your advice, when in actuality you are both viewing the information on your PC, from anywhere in the country.

Imagine! Rather than just telling or describing a loan program or benefits over the phone, and hoping they understand, you "show and tell," almost like grade school. Prospects and clients see the numbers. And of course you remember that "seeing is....." and that "a picture is worth a......"

You may be asking yourself if this is important or should you wait a year until everyone else is doing Virtual Mortgage Meetings. When you read this quote, consider how the big mortgage servicing companies plan to enhance the "customer experience" and take repeat business away from you.