The Modern Mortgage Experience Unpacked

Loan Pipeline Management
Loan Pipeline Management

The Modern Mortgage Experience Unpacked

Modern Mortgage Experience

The modern mortgage experience looks different than it did years ago. This was discussed throughout Sales Mastery Global 2020. Also, changes in technology and customer-service have shifted how these processes look for borrowers. But, at the end of the day, it is the experience that a consumer has that sets the stage for success.

Modern Mortgage Experience

So, a well-executed and modern mortgage experience go hand-in-hand. Mortgage Coach CEO, Dave Savage says, “The modern mortgage experience goes beyond the transaction.” 

The modern mortgage experience goes beyond the transaction. - Dave Savage

Dave Savage

Mortgage Coach

Modernized mortgage process

Also, Dave and Todd Duncan touch on several points that define the modernized mortgage process. 

Todd Duncan

Founder, Speaker, Author
High Trust Selling

1. Extreme authenticity

No matter what business you are in, authentic relationships are critical. So, connect with your borrowers to build trust with them. Also, authenticity and building trust go hand in hand, because they are critical to deepening your relationships.

So, not only will your relationships be more meaningful, your business will be more sustainable. Dave says, “The more you can connect with someone on a human level, and be your unique self…that’s modern.”

2. Leveraging technology

In recent years, technology has accelerated the need for what has to happen at the consumer level. So, technology is here to stay, and everything that can be automated, will be automated. 

Dave says, “People live on technology. Harnessing the power of a mobile phone and social media is necessary.” So, stay connected with your team and customers. Also, make informed business decisions through data updates and analytics.  

3. Advice matters

Dave says, “The foundation of modern mortgage experience is advice that matters.” So, discover what your unique brand and personality is and then deliver that to your borrowers. Also, what are your brand’s goals? Your communication with your clients is an extension of your loan officer name. After all, an aware loan officer is a successful one. 

Modern mortgage success

Also, Denise Donaghue and Josh Mettle joined the discussion to share about their mortgage success in 2020.

CRM power

Denise Donaghue often gets asked what CRM she uses. She has tried many CRMs and believes you have to put in the blood, sweat, and tears to customize it for your business processes. 

Denise says “What works for me might not work for others. I spent two years designing my CRM. When you design a modern experience, there is a whole playbook even for after the loans close.”

Denise Donaghue

Denise Donaghue

The Mortgage Nerd
Thrive Mortgage

Modern mortgage originators

The “one-and-done” mentality is not a part of the modern mortgage experience. Todd says, “The smartest thing we can do is understand why advice and modernization is important. This is because we want a long life cycle with a client. If you do that well, you earn the client’s loyalty for life.” 

Also, the panelists discuss what the modern mortgage originator looks like. So, below is a list of qualities and characteristics that the speakers compiled. 

Josh Mettle

Senior Vice President
Fairway Independent Mortgage Corporation Salt Lake City

1. Consistency 

Be consistent with your clients throughout the entire process. So, keep your promises beyond the transaction and follow-up even after the loan closes. Also, communicate on a regular basis before and after the sale. Consider sending your clients post-close marketing campaigns to stay and touch. These relationships should not end once the transaction ends.

2. Leadership

The modern mortgage originator is a leader. Todd says, “We’re helping people reduce fiscal and financial stress and simultaneously helping them build wealth.” You’re changing someone’s life, so leadership matters! 

3. Transparency

Always show your clients options and comparisons. Should they refinance to save on their monthly payment, or move up and purchase a new home? So, show the value over time that matters to the family. Also, create strategies that ultimately help the family achieve their goals. 

4. Originality

Leverage the power of niches. Dave says, “The modern mortgage originator is a great salesperson and a great marketer.” So, create brands and niches for yourself. Also, this could even be a geographic niche, such as in a certain city or focusing on your online presence. 

Client experience

Josh Mettle then touched on the client’s overall experience within the modern mortgage experience. He says, “Shift your perception of the experience to the client. Look at the transaction through the client’s eyes, not yours.” 

So, be sure to ask open questions and focus on active listening so you are fully in tune with your client. Remember, you’re trying to create a mortgage experience with no surprises. Also, focusing on your borrower will allow you to give incredible advice and ask the right questions.

Use modern technology

Technology can help you connect to your clients better than ever. Josh says, “We can leverage technology so that people feel like they know us. Even though they are not meeting us in person right now.” 

The modern mortgage experience involves adapting to the current state of the world. So, with the global pandemic restricting face-to-face interactions, loan originators must connect in new ways. Also, duplicate what your clients need in the moment through technology. Technology can also help accelerate trust. 

Ultimately, people love connection because connection is the gateway to this trust. 

A modern mortgage originator creates stories, not transactions. Are you changing lives right now? - Dave Savage

Bottom line

Mortgage originators must become advice-centric rather than just trying to tick off boxes. After all, people say “yes” when they feel emotionally connected. Show the family that you listen. So, if you listen well, it accelerates trust between you and the customer. 

So, ready to try our CRM to make your day more efficient and connect with more clients? Sign up for a free, no-pressure demo of Jungo today.