NMP - October 2016 - 75

only after an application is received. Technology should be leveraged to actually engage borrowers and increase applications. For some lenders, this will require a shift in thinking away from depending solely on the wits and resources of their sales teams and a reconsideration of the Internet and mobile technology as a lead channel. For others, it will require the harder lesson of watching competitors do what they won't. To get back to our automobile analogy, mortgage professionals should also keep in mind that, while muscle cars like the Pontiac GTO and Dodge Challenger went out of style during the 1970s, they are back with a vengeance today. Technology is a huge reason why. New innovations have made it possible to build cars that are safe, fuel efficient (or relatively so!) and capable of performing on a high level. There's no reason why mortgage lenders cannot do the same. Chris Backe is director of financial services at Velocify, and a sales automation expert with more than 20 years of experience offering technology solutions to multiple industries. Chris has spent the last 10 years in the financial services industry, holding various positions at companies including Ellie Mae and Salesforce. He can be reached by e-mail at CBacke@Velocify.com. 75 TO OVE ! E M I IT'S T UR M E MAK YO JOIN A Loan Officers, Branch Managers and Teams GROWING TEAM Inside & Outside Sales positions available Carrington is expanding nationwide. We are looking for experienced managers and teams to join our organization. Contact us to learn more about Carrington and make the move to expand your business and career. WE OFFER: John Cervantes |  Great compensation and benefits  Operations focused on quality & speed of closing  Marketing support and lead generation  Licensing and compliance support  Agent co-marketing programs VOTED RECRUITER John.Cervantes@CarringtonMH.com 949-517-7127 Carlos Fernandez | RECRUITER Carlos.Fernandez@CarringtonMH.com 949-517-7204 TOP 50 BEST PLACES TO WORK WE ARE THE #6 FHA LENDER IN THE NATION EQUAL OPPORTUNITY EMPLOYER © Copyright 2007-2016 Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites110 & 200A, Anaheim, CA 92806. 800-561-4567. NMLS ID #2600. Nationwide Mortgage Licensing System (NMLS) Consumer Access website: www.nmlsconsumeraccess.org. All rights reserved. n National Mortgage Professional Magazine n OCTOBER 2016 Addressing the gap As part of their front-end investments, many lenders are spending heavily on marketing automation. Yet much of this money is wasted because of inconsistent sales processes and a lack of insight on the effectiveness of the marketing strategies being used. This creates fumbles and missed connections that dampen sales performance. Worse, it can create frustration between sales and marketing teams when the results don't live up to the hype. For example, some automated marketing tools allow lenders to track online ad response rates. This information is tracked by marketing so they can learn what messages grab a borrower's attention. However, in most cases, this information isn't being transferred to sales as there is no single "system." As a result, even with automated marketing tools, most lenders have no idea why certain borrower leads result in applications and others don't. Lenders can solve this problem with a more collaborative approach. By investing in technologies that merge sales and marketing tactics-including automated marketing tools-lenders and mortgage professionals can examine the effectiveness of their different strategies. This sounds complicated, but it really isn't. Solutions are available today that help mortgage professionals and retail loan branches manage all marketing and sales activities on a single platform, so they are able to track individual marketing campaigns and channels and view the quality of borrower leads that come in. These tools can also weigh the readiness and motivation of each potential borrower, so that when sales professionals engage that borrower, they can be much more prepared to help them. Investing in technologies that close the gap between marketing and sales will help lenders excel in an environment in which loans take longer to close. In some cases, the time it takes for a borrower lead to result in a closed loan can be six months or longer. Every day that goes by is another opportunity for that lead to fall through the cracks. By leveraging technology, lenders will have a much easier time nurturing borrowers and keeping them engaged until they are ready to move forward. The bottom line is that technology investments should not be limited to solving business issues that take place NationalMortgageProfessional.com less likely to wait for a lender to call them back. Lenders investing in front-end technology do not intend to miss those opportunities. When a potential borrower raises his or her hand to show interest in a loan-whether through Zillow, Realtor.com or another thirdparty site, or through the lender's own Web site-the lender needs to engage that borrower as quickly as possible. Research has found that lead conversion rates will double if a consumer is contacted within three minutes after submitting a Web site query. During the most recent refi boom, consumerdirect lenders were able to engage borrowers in just seconds, thanks to sales technology. Mortgage sales professionals should also be savvy about how and when to respond to borrowers, and be ready to use a combination of techniques depending on each borrower's needs. That means responding by text, phone or e-mail, whichever is appropriate, and doing so when it is convenient for the borrower. Consistency counts, too. When a borrower lead comes in, many mortgage professionals reach out to the borrower once or twice and then give up if they fail to get through. But some of our other research has found that the ideal number of borrower touches is six. The problem, however, is that few mortgage professionals can be counted on to make six touches when they need to happen. Lead management and sales acceleration platforms can ensure such contact strategies are executed correctly and consistently. http://www.Realtor.com http://www.NationalMortgageProfessional.com http://carringtonhomeloans.com http://www.nmlsconsumeraccess.org

Table of Contents for the Digital Edition of NMP - October 2016

Table of Contents
NMP - October 2016 - Cover1
NMP - October 2016 - Cover2
NMP - October 2016 - 1
NMP - October 2016 - Table of Contents
NMP - October 2016 - 3
NMP - October 2016 - 4
NMP - October 2016 - 5
NMP - October 2016 - 6
NMP - October 2016 - 7
NMP - October 2016 - 8
NMP - October 2016 - 9
NMP - October 2016 - 10
NMP - October 2016 - 11
NMP - October 2016 - 12
NMP - October 2016 - 13
NMP - October 2016 - 14
NMP - October 2016 - 15
NMP - October 2016 - 16
NMP - October 2016 - 17
NMP - October 2016 - 18
NMP - October 2016 - 19
NMP - October 2016 - 20
NMP - October 2016 - 21
NMP - October 2016 - 22
NMP - October 2016 - 23
NMP - October 2016 - 24
NMP - October 2016 - 25
NMP - October 2016 - 26
NMP - October 2016 - 27
NMP - October 2016 - 28
NMP - October 2016 - 29
NMP - October 2016 - 30
NMP - October 2016 - 31
NMP - October 2016 - 32
NMP - October 2016 - 33
NMP - October 2016 - 34
NMP - October 2016 - 35
NMP - October 2016 - 36
NMP - October 2016 - 37
NMP - October 2016 - 38
NMP - October 2016 - 39
NMP - October 2016 - 40
NMP - October 2016 - 41
NMP - October 2016 - 42
NMP - October 2016 - 43
NMP - October 2016 - 44
NMP - October 2016 - 45
NMP - October 2016 - 46
NMP - October 2016 - 47
NMP - October 2016 - 48
NMP - October 2016 - 49
NMP - October 2016 - 50
NMP - October 2016 - 51
NMP - October 2016 - 52
NMP - October 2016 - 53
NMP - October 2016 - 54
NMP - October 2016 - 55
NMP - October 2016 - 56
NMP - October 2016 - 57
NMP - October 2016 - 58
NMP - October 2016 - 59
NMP - October 2016 - 60
NMP - October 2016 - 61
NMP - October 2016 - 62
NMP - October 2016 - 63
NMP - October 2016 - 64
NMP - October 2016 - 65
NMP - October 2016 - 66
NMP - October 2016 - 67
NMP - October 2016 - 68
NMP - October 2016 - 69
NMP - October 2016 - 70
NMP - October 2016 - 71
NMP - October 2016 - 72
NMP - October 2016 - 73
NMP - October 2016 - 74
NMP - October 2016 - 75
NMP - October 2016 - 76
NMP - October 2016 - 77
NMP - October 2016 - 78
NMP - October 2016 - 79
NMP - October 2016 - 80
NMP - October 2016 - 81
NMP - October 2016 - 82
NMP - October 2016 - 83
NMP - October 2016 - 84
NMP - October 2016 - 85
NMP - October 2016 - 86
NMP - October 2016 - 87
NMP - October 2016 - 88
NMP - October 2016 - 89
NMP - October 2016 - 90
NMP - October 2016 - 91
NMP - October 2016 - 92
NMP - October 2016 - 93
NMP - October 2016 - 94
NMP - October 2016 - 95
NMP - October 2016 - 96
NMP - October 2016 - 97
NMP - October 2016 - 98
NMP - October 2016 - 99
NMP - October 2016 - 100
NMP - October 2016 - 101
NMP - October 2016 - 102
NMP - October 2016 - 103
NMP - October 2016 - 104
NMP - October 2016 - Cover3
NMP - October 2016 - Cover4
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201910
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201909
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201908
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201907
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201906
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201905
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201904
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201903
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201902
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201901
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201812
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201811
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201810
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201809
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201808
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201807
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201806
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201805
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201804
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201803
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201802
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201801
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201712
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201711
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201710
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201709
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201708
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201707
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201706
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201705
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201704
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201703
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201702
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201701
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201612
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201611
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201610
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201609
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201608
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201607
http://www.nxtbook.com/nxtbooks/nmpmedia/nmp_201604
http://www.nxtbookMEDIA.com