THE ADVANTAGE

Your monthly recap of the most important 

mortgage-related news, perspective, and advice

 

August 2024

How to Lead with Heart On Your

Members’ Homeownership Journeys

4 minute read

Today I want to share a few quick thoughts on my mind lately, inspired by conversations with member-partners and credit union leaders.

Our industry tends to focus heavily on the market – rates, home values, what the Federal Reserve is doing or saying this week. We tend to strategize and execute in reaction or response to these indicators.

However, your members aren’t as focused on these things. Their goals are more personal and emotional.

Beyond making ends meet and enjoying any precious spare time they have, your members are always aspiring. That first home or next dream home is often one of those high-priority goals.

Many of your members implicitly understand the financial benefits of owning a home (especially versus rising rent prices), but our job is connecting those financial upsides with great emotional rewards. 

How do we best unite the financial and the emotional? Here are some ways you can think about leading with heart in your mortgage marketing, sales and service:

Aspirational marketing is only a stepping stone - but a critical one.

Raising awareness of your mortgage offerings is great, but why should members or your market care? Our marketing should help people identify their own aspirations, which by association will make them aware of a potential partner in helping them get there.

An example of a summer campaign ad with one of our member partners


Our messaging can be some form of “achieving your homeownership goals makes this part of your life better:” you’ll need less “getaways,” no landlords to pester, it can be “forever” (if you like).

Connecting with these general, commonly held aspirations for homeownership is key, but everyone’s aspirations are unique, which is why this marketing is only a stepping stone to your one-on-one conversations with members.

Now, listen.

When you first consult with a member looking to buy a home, it’s tempting to get right to helping them with their financials and offerings. I encourage you to listen first, then ask questions. Then, you can begin to help with solutions. Finding solutions is about thoroughly understanding needs.

Plus, if you’re working with an aspiring homeowner with unique needs, chances are there are others like them in your market. This could help you develop one-of-a-kind offerings tailored to your community.

Make the process easy

From educating members on financing terminology and how the process works, to staying in close contact until close (and beyond), we need to make it as easy as possible for them.

One caveat – easy does not necessarily mean fast. Don’t get me wrong – fast is great. The majority of our loans go from clear to close in less than 30 days. But speed alone will never set us apart from the competition.

Giving our members the feeling that they are being guided by a human hand through what feels like a very technical process – that’s what makes credit unions different. It’s the relationship building that matters, which leads me to my final thought for the day.

Be a good neighbor

After closing, don’t let the relationship building go to waste. You want to be there for them when they have questions about refinancing, building an addition, or buying their next home.


This is one reason why we never sell your members’ loans to other lenders. When you sell a loan to another bank, the message you send is that the relationship wasn’t that important anyway.

We maintain trust and retain business by keeping the relationship the same on paper and in person for the life of the loan.

I firmly believe that solid relationships like these can weather any market. When our members are ready to act on their next aspiration, even despite prevailing economic factors, we’ll be there.

And once again, we’ll lead with our hearts.

Member Advantage Mortgage helps make credit unions the hero of their members’ homeownership journey, regardless of their size. We think the best place to start is by listening.

Let’s start with a confidential conversation; just hit reply to this email and we’ll be in touch shortly. 

If you’d like to hear more about how MAM is helping credit unions meet their members’ mortgage needs, contact Jim Mitchell at (616) 466-7793 or [email protected].

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Who Is MAM?

Member Advantage Mortgage (MAM) is a Credit Union Service Organization (CUSO) that helps credit unions increase revenue by offering mortgage solutions to their members.

We achieve this by finding the mortgage solution that is in each individual member’s best financial interest.

What We Do

Since 2006, MAM has offered first and second mortgage origination and fulfillment services to credit unions. We also provide marketing tools (like our Mortgage Payment Calculator) to increase lead generation.

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How We Can Help You

We’ll help you improve member satisfaction and deepen member relationships by offering or streamlining your mortgage delivery process. You’ll be able to serve current members so they don’t need to turn to the competition, all while increasing your mortgage revenue and generating non-interest income.

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How You Can Learn More

This page goes into greater detail on exactly how we provide support and partner with credit unions.

 

You can also call Jim Mitchell, our Senior Vice President of Strategic Partnerships, to get answers to any questions about partnering with MAM.

 

616-466-7793
[email protected]

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Disclaimer:

This information is solely for credit union and mortgage professionals and should not be distributed or provided to consumers or the general public.

This is not an offer for extension of credit nor a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Certain restrictions may apply. All approvals subject to underwriting guidelines. Not all applicants will qualify. Member Advantage Mortgage, LLC is an Equal Housing Lender. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

Member Advantage Mortgage, LLC NMLS #1557. Alabama Consumer Credit License # 22717. Arkansas Combination Mortgage Banker-Broker-Servicer License # 104160. Colorado, Regulated by the Division of Real Estate, Mortgage Company Registration NMLS ID # 1557; check the license status of your mortgage loan originator at http://www.dora.state.co.us/real-estate/index.htm. Connecticut Mortgage Lender License # ML-1557. District of Columbia Mortgage Lender License # MLB1557. Delaware Lender License # 011515. Florida Mortgage Lender License # MLD781. Georgia Residential Mortgage Licensee, License # 36659. Louisiana Residential Mortgage Lending License NMLS ID # 1557. Massachusetts Mortgage Lender License # ML1557.  Maryland Mortgage Lender License # 06-19371. Michigan 1st Mortgage Broker/Lender/Servicer Registrant # FR020440. Licensed by the North Carolina Commissioner of Banks, Mortgage Lender License #167098.  Licensed by the New Hampshire Banking Department. New Hampshire Mortgage Banker License # 14242-MB. Licensed by the New Jersey Department of Banking and Insurance. New Jersey Residential Mortgage Lender License NMLS ID # 1557. Licensed by Pennsylvania Department of Banking. Pennsylvania Mortgage Lender License # 33868.  Rhode Island Licensed Lender, License # 20112778LL. South Carolina Mortgage Lender License #1557. Texas Mortgage Banker Registration NMLS ID # 1557.  Licensed by the Virginia State Corporation Commission, Virginia Lender License # MC-5045, Virginia Broker License #MC-5045. NMLS ID # 1557.

Visit www.nmlsconsumeraccess.org for complete licensing information.