THE ADVANTAGE
Your monthly recap of the most important
mortgage-related news, perspective, and advice
February 2023
3 minute read
Did you know that customers who apply for a mortgage are two to three times more likely to also seek auto loans or credit cards?
Buying a home represents the largest investment most people ever make. If you gain a member’s trust as they navigate the home buying process, they’ll be more inclined to trust you with their other financial services needs.
This is why it’s critical for your mortgage marketing campaigns to provide valuable information when and where members need it. Here are four tips to help you do that.
- Help Homebuyers Conduct Research
Most people start the mortgage shopping process by doing their own research online. With unlimited access to oftentimes conflicting information it can be difficult to know who to believe.
Make sure you’re giving members information and tools to help them learn about their mortgage product options, with access to live help should they want or need it. Our Mortgage Payment Calculator shows members what their monthly mortgage payment would be with current interest rates for the most popular mortgage products. Contact us and we’ll help you get it added to your website if you haven’t done so already.
- Be Ready To Answer Questions In-Person
Paradoxically, while many people begin the process to find a mortgage online, many consumers still prefer walking into a branch to get the specific details.
In a survey of about 3,000 people, Statista found that people preferred in-person branches over call centers, online banking, and mobile apps when it came time to apply for a loan, open a new checking account, and to get financial advice.
The most interesting aspect of this study is it was conducted in March of 2021—during the height of the pandemic. This demonstrates just how strongly consumers feel about getting accurate information for their most important financial transactions.
- Share Your Insight
In most cases, consumers aren’t experts in the mortgage industry. You have something they desperately need, but may not directly ask for: insight.
Sharing the experiences others have had either through stories in your marketing collateral or member-testimonials will set homebuyers at ease. The insight you offer to members will help them think through and evaluate all their options, so they can choose the best solution for their needs.
- Rely on your Partners!
Just like your members can turn to you for financial advice, you can always turn to us for advice on marketing mortgage products.
We have a robust library of marketing assets, including digital and collateral templates, emails, website articles, video and more. These resources can strengthen your mortgage marketing efforts, helping you attract and retain members.
Reach out anytime if you want help developing a marketing strategy using those assets.
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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.
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.
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 Del Smith, our Senior VP of Business Development, to get answers to any questions about partnering with MAM.
Disclaimer:
This information is solely for credit union and mortgage professionals and should not be distributed or provided to consumers or the general public.
Member Advantage Mortgage LLC (MAM) is a subsidiary of CUSO Development Company (CDC), which is owned and operated by credit unions for the benefit of credit unions and their members. Member Advantage Mortgage, LLC NMLS #1557. Visit www.nmlsconsumeraccess.org for complete licensing information.