Not long ago, a Super Bowl ad heralded the era of the “Push Button, Get Mortgage” revolution.
Fintech advancements since then have indeed transformed the industry, offering remarkable benefits. However, amidst the convenience, we’ve witnessed a shift from trusted advisors to transactional interactions. As the tech got better and rates dipped the industry may have put too much focus on automating a single transaction and forgot all about optimizing for a positive homeownership experience.
The industry’s evolution from multiple programs and personalized advice to a one-click process has its drawbacks. While technologies like automated verification and instant data access streamline operations, they risk sacrificing the depth of client relationships.
Many mortgage professionals are no longer the trusted advisors they once were. We’ve created a legion of loan officers who can provide clients with rates and fees, send you a link to complete your e-consent, but who likely won’t remember name.
However, there are loan advisors who recognize the value of personalized service and reverting to traditional methods and seeing success. By engaging clients directly and asking pertinent questions, they cultivate meaningful connections. Unlike mere transaction facilitators, they become partners invested in clients’ long-term financial well-being.
Although Point-of-Sale (POS) links provide efficiency, they should serve as the starting point for conversations, not the endpoint for quotes. Viewing clients as commodities undermines trust and rapport.
Here are some questions to dig deeper that are not part of any point of sale:
- Do you have any significant life changes upcoming, such as weddings or retirement?
- Are you on track for retirement, and what concerns you most about your financial future? Do you have a 401k and/or match?
- What are your primary financial goals, and how can we tailor solutions to meet them?
- What do you view as a comfortable monthly payment? What we can qualify for might vary greatly from this.
- Have you considered all the costs associated with homeownership, including property taxes, insurance, and maintenance?
- Do you have a financial planner that you trust? As your debt planner, this person is critical to your team.
- Do you have a side hustle or any other income that we should know about? More and more people are adding side hustles to make ends meet.
Uncovering your client’s concerns, both known and unknown, and providing tailored solutions fosters lasting relationships. Ultimately, this approach transforms clients into advocates, referral partners, and friends.
Too many individuals and companies get frustrated that they are viewed as a transactional commodity, but should they be viewed as something different? They evaluate their business with metrics like cost per click, number of impressions, applications started at a point of sale, the number of automated SMS sent, and the rates your competitors are charging.
While technology offers efficiency, it should not replace personalized service and meaningful client relationships. By prioritizing trust, communication, and understanding, mortgage professionals can navigate the evolving landscape while maintaining their role as trusted advisors in clients’ financial journeys.
The mortgage pros that I see growing in this market have moved away from all that and are discussing both short and long-term goals, explaining and educating across multiple mediums, and are obsessed with providing 5-star service and winning. The Loan Advisor of the Future is going to be doing even more of that with a portable personal brand while maintaining their data. They will be leveraging tools like FinLocker and a variety of others to set themselves apart and dominate in any market.
2024 is the Year the loan advisor becomes the brand.