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Strategies for success with mortgage internet derived businesss.
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Getting Loan Officers On-Board with Online Lead Generation
Paul Knag
Former SVP, American Home Mortgage
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Loan Officers…
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Paul Knag
www.paulknag.com
www.linkedin.com/in/paulknag
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How about getting marketing on board with reality?
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Or maybe it is the system/LMS?
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No Product ! Pricing! Other Excuses…
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Do salespeople love working for your company?
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Time Machine back to 1998
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2001-2004
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2005-2007
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2008 – True or False: Great time to be a Loan Officer?
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Where do customers start ?
9 out of 10 of consumers use the internet when searching for a home. (NAR)
More than 75% of consumers use the internet when looking for mortgage financing information, and (Forrester/Compete)
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Where do customers finish?
37 percent of online shoppers apply online or submit a lead form via the Internet.
"While online mortgage seekers use the Internet to educate themselves about processes and products, most want some kind of offline guidance before pulling the trigger on a decision. Some 52 percent of online researchers who chose an offline channel to apply for a mortgage told the Forrester-Compete researchers that they wanted human assistance to validate their decision."
(Forrester/Compete)
75% x 35% x 52 % = 86.3% of all consumers obtain financing offline.
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The Old System is Broken
High volume, low cost, low quality display ads
High volume, low cost, low quality leads
Call Center/Dialer
Churn and Burn
Low Conversion Rates = Awkward, Imperfect System
Unsatisfied LO, Borrower, Lead Generator
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Imagine this!
There are millions of mortgage loan consumers out there who need help, and who will be grateful for it.
The days of “Lenders Compete, You Win” are over
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But Expectations are Greater
Hyper Local Sale
Longer Sales Cycle
Higher Per Lead Cost
Difficult, Complicated Transactions
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Automation/LMS/Analytics Yes!
You get what you inspect
Driving ownership for analytics down to the LO.
Via the LMS, Arm the salesperson with the tools needed to manage his business
Lead Segmentation and Priortization Tools
Lead Filtering
Lead Vendor Selection
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In Person Service, Yes!
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Lead or Bleed
Profit Leader Profit Bleeder
Location Branch Office Call Center
Ld Distribution Pull Push
Ld Buying Loan Officer Marketing
Ld Costs Loan Officer Company
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Call Center LO/Retail LO
Purchase is the new refi
Incubation
CRM/Customer for Life
Online and Offline world are not separate
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Realtors wants Leads not Donuts
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Los must build reputation and relationships
Offline-Realtors-Builders-Accountants-Financial Planners-Attorneys
Online-Websites-Communities (eg.ActiveRain)-Blogs
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Lead or Bleed (Reprise)
LO Leader LO Bleeder
Long Term Short Term
Purchase Refinance
Relationship Builder Transaction Converter
Drives Marketing Driven by Marketing
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Legal Issues
Overtime/Exception
Sharing Lead Costs
State Licensing
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Just let me sell!
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Join the conversation
paulknag@gmail.com
Tel. 845.590.0908
www.paulknag.com
www.linkedin.com/in/paulknag
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