Marketing in the Shadow of Rising Interest Rates While interest rates may be on the rise, we all wait peacefully to see if HARP 3.0 is actually going to come to fruition. If rates do continue to rise, the mortgage market will shift to a purchase and cash out refinance market as it always does. While this may scare some people from marketing, others continue to market successfully. How do they do it? Stick with what works. Direct mail marketing has been on the rise because it is a mainstay in the mortgage marketing community. Also, as the market shifts to a purchase market, you may find yourself trying out new lead sources. Internet leads work well for purchases, but you have to be open to competing with others for the business. If you don’t want to compete, you will need to generate your own leads or pay a premium for exclusive leads like live transfers or pre-screened purchase leads. Costs vary on these types of leads, but they are the only way to truly know when someone is in the market to purchase a home and looking for financing. Mail needs to be dropped consistently in order for it to work properly. People who drop mail three to four times per year usually get varied results, while people who drop mail weekly or bi-weekly seem to have much more consistent results. If you choose to go with “leads,” then make sure the company you work with has a backup lead type in case the first type you try does not work. Good luck this year! The mortgage market is holding strong and looks like it will grow steadily throughout 2014. TagQuest Customer Spotlight Each month, we like to talk with our clients and find out how their campaigns are going. Here’s what we heard from one of our mortgage professionals in Kentucky on the results of their direct mail marketing campaign:
JANUARY 2014 n Iowa Mortgage Professional Magazine n
NationalMortgageProfessional.com
38
• Five thousand mail pieces sent out in December • Mailing type: HARP/FRM refinance • Response rate: 1.28 percent • 64 totals calls (and still coming in as this article went to press) • Eight applications so far Highlights of campaign that work well for you: “Our volume last year increased 18 percent from the previous year.” Highlights of growth that could appeal to other loan officers or offices: “We were able to increase our staff from the direct mail marketing by 50 percent due to the success of the direct mail campaign at its peak.” —Donnie B., Mortgage Broker, Louisville, Ky. Medford, Ore.-based TagQuest is a full-service marketing firm created specifically for the ever-changing business world. TagQuest assists companies with their direct marketing, advertising and branding needs, and knows what it takes to generate quality customers and, most importantly, how to retain those customers for years to come. TagQuest brings forth a unique opportunity to utilize our experience and expertise in varying consumer sales and marketing environments. For more information, call (866) 376-5540 or visit Tagquest.com.
VIEW OUR MOST RECENT WEBINAR ON YOUTUBE Online readers please click on the link below, readers of the print edition, please copy the link and paste it into your browser. http://www.youtube.com/watch?v=coBEsmEVOgo
SPONSORED EDITORIAL
heard on the street
continued from page 36
a team of expert associates well equipped to help Orange County residents and housing industry professionals with their mortgage needs. In addition to these Carlsbad and Irvine offices, REMN has existing branches in Riverside, Pleasanton and Fresno, Calif., as well as wholesale and correspondent operations based in Irvine. Earlier this year, Tim Owens, a noted industry veteran, joined REMN in the role of regional vice president explicitly to help lead the company’s growth in Arizona and along the entire West Coast. “REMN’s growth across Southern California is a testament to the company’s dedication to becoming a major presence on the West Coast,” said Tim Bartosh, executive vice president for REMN. “In the next year, we’ll continue to open up new branches and bring on the best associates as we help housing industry professionals, home owners and future homebuyers, with their mortgage needs.”
GSF Mortgage Announces New Indiana Branch and Expansion Into California GSF Mortgage has announced the addition of a second branch in the state of Indiana. The branch will be overseen by industry veteran John B. “Jack” Westfield. Westfield comes to GSF with more than 27 years of experience. He started out as an office coordinator for a mortgage industry and his dedication grew from there. Two years in a row, Westfield was the number one producer for a local bank where he earned the promotion to become sales manager. Later on, he worked his way up the ladder with another mortgage company, where he became regional vice president. Westfield is an active financial advisor and also held his Realtor license. While handling financial services, he added mortgage lending to his list. “I introduced additional services in order to fit customer’s needs,” said Westfield. Along with owning his own GSF branch, Westfield also is the director of Managed Capitol Advisors in Indianapolis. Westfield has been priming the pump when it comes to real estate agent partners. He finds often times he has developed relationships with customers looking for a real estate agent. He hopes by referring them to select agents, he will be able to form lasting partnerships. “Jack’s passion will support his growth within the industry. His deep roots, along with his motivation to gain partnerships, will ensure his branch’s success. Jack is a welcomed addition to our family,” said GSF National Sales Director Mike Maida. GSF has also announced that they have expanded operations into
California. Overseeing the addition will be Branch Manager Jonathan Greene. Greene joins the GSF family with over 30 years of experience. Originally from Michigan, Greene attended Spring Harbor College and studied Business Administration. After moving to California, Greene entered the mortgage industry at the age of 21. He utilized his business management training and entrepreneurship spirit to run his own business for numerous years. His experience also comes from working for large national lenders. “Jonathan’s genuine dedication and transparency will garner his success in helping borrowers at any level. We look forward to helping him grow his business in California,” said Maida.
Mortech Partners With AllRegs to Increase Compliance Mortech has announced a new workflow within Mortech’s Marksman pricing engine. Loan officers now can access and automatically incorporate investor underwriting guidelines via an exclusive partnership with AllRegs. The new option now is available on both the product and rate screens within Marksman. Results are automatically color coded to let loan officers know at a glance if a borrower will qualify for a loan program based on the loan criteria entered. This will reduce errors and lender risk by ensuring the loan meets investor eligibility guidelines. Administrators also can choose to configure Marksman to hide ineligible results from loan officers. “In today’s lending environment, investor compliance checks cannot be left to chance. The costs of non-compliance are too high,” said Don Kracl, vice president of mortgage tools for Zillow, Inc. “Since these checks are so important, it makes sense to run them automatically.”
Easy Mortgage Apps Unveils Partnership With Lending Manager
Easy Mortgage Apps LLC (EMALLC) has announced the formation of an all-new and strategic business relationship with Lending Manager. EMALLC will utilize Lending Manager’s comprehensive understanding of the loan origination and CRM software implemented by nearly 90 percent of the industry to offer clients a seamless integration experience. “Easy Mortgage Apps believes this new partnership with Lending Manager will continue to differentiate our two continued on page 42