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7 Deadly Sins of Mortgage Marketing
Monday, November 10, 2014 6:50 AM

How does your credit union's mortgage production look? You forgot about how competitive the purchase market is didn't you? It's time to escape the rut you're in and start fresh. Review these seven "sinful mistakes" that credit unions are still making and refresh your marketing plan to ensure a strong finish this year. 

  1. Mortgage products are not on the first page of your website. The more clicks it takes to get to the mortgage application, the less likely the member will apply. If it's front and center and the member gets to the tools, information, calculators, and the application, they will actually submit some form of application. Even if it's not complete, it's at least a solid lead to call on.
     
  2. You assume your members know you offer home loans. Yep, that's right. Your credit union in fact has members that don't have a clue you offer home loans. It's just another product on the long list of items that gets pushed around and less focused on. Really though, it should be a primary focus. It's income potential for your credit union. More important, it offers enhanced loyalty and longevity for your member relationship—if you have their mortgage, most likely you have their other products. Most important, though, it prevents the big banks from soliciting them for other financial products. If they don't know you offer mortgages because you haven't focused on them, then you are losing members to the lender who markets well and gets their mortgage.
     
  3. You don't tell them you offer retained servicing. This retained servicing thing is a big deal. Members may not understand the technical name for it, but they will understand that they won't have their loan sold again and again, that they will know who to call and where to send payments, and they most certainly will understand that keeping their loan in one place means less confusion. Your advertising should explain this great feature of mortgage lending. Offering something this special differentiates your credit union from the rest of the lender pack.
     
  4. You don't prospect your current member list. Now, we have to be a bit careful here. You can't just slice and dice your member list and solicit whomever you want. Remember, we've got a little thing called "equal housing" to consider. However, not soliciting your current member list would be a huge loss for sure. They are going to marry and divorce, have children and retire, and they are going to need another mortgage at some point in their life. Your member list is a wealth of prospecting to be had. Use it and use it well.
     
  5. You don't use home loans as a way to bring in new members. Mortgages are one of those golden products; the more special and unique the offer, the more the general public wants it. Mortgages are not all black and white. There are various products to offer, special programs with incentives, and don't forget the genuine member service you offer. If you've got the golden ticket, let it shine to everyone in your charter and watch your membership grow.
     
  6. You haven't educated your staff. No one knows your members better than your frontline staff. They see and talk to various members regularly. They know about their daughter's divorce. They know about their member's neighbor who is retiring and looking for a smaller place. And they know who is going to be putting their house up for sale. So, don't forget to train your staff to "sell" the product, too. A simple mention to a member increases the possibility to bring in your next lead.
      
  7. You limit your marketing schedule—or worse yet, you don't have a schedule. It is important to cover all the products you have to offer and it is essential to your team that you support all facets. However, marketing your product once every 12 months on a rotation isn't going to cut it. Each member needs to know the moment they think of buying or refinancing a home—think credit union. How do you do that? You make sure they hear, read, or see it again and again. Consistent messages to all of your audience mediums will remind them you've got it all. It's key if you want them to remember and take action. Set your goal, prepare, implement, and watch the growth.

In a purchase money market, nothing is more important than marketing and marketing well. Get the message out and be one of the few lenders your members can count on.

What is your credit union doing to avoid these seven sinful mistakes?

_______________________

This article was written by Wallace Jones, vice president of training at CU Members Mortgage in Addison, Texas. Contact: (800) 607-3474 or wallacej@cumembers.com. CU Members Mortgage an endorsed business partner of Credit Union Resources has served the mortgage lending needs of credit unions for more than 30 years. CU Members Mortgage originates FHA, VA, and conventional loans. To learn more visit CU Members Mortgage.