Lead conversions make the case for tech investments

The horse is here to stay, but the automobile is only a novelty — a fad

That’s a quote from the president of the Michigan Savings Bank advising Henry Ford’s lawyer not to invest in the Ford Motor Company in 1903.

I don’t need to tell you that cars are still around, that’s self-evident. But it’s worth stating that younger consumers aren’t necessarily using cars to visit branches to ask about mortgages, nor are they using cars to initially search for their first house. Much of that is done using technology first, namely tablets and smart phones.

When it comes to technology, we must stop horsing around, or risk being left in the dust by those who see the future for what it is- pun intended.

In today’s mortgage landscape, two words are defining leading credit unions in 2014: technology investment.

This trend is even more pronounced with the millennial generation that is rapidly aging into the home market. Research indicates millennials prefer to self-explore purchase options before engaging in person. While mortgage professionals certainly strive to educate up front and in-person, savvy providers are investing in new and different ways to offer updates in an engaging way while driving the applicants towards desired actions that result in a win-win.

The trick and key to strategic use of technology is preserving the relationship-driven focus while giving members what they demand from a technological perspective. But technology is expensive, and choosing the right technology and using it correctly takes time and energy. Which is why CUSOs continue to be a smart choice for credit unions.

A great example of this is TruHome Solutions’ recent investment in video software called SoftVu, which takes the home buying experience to a whole new level. SoftVu offers state-of-the-art electronic tracking and communications that engage prospects every step of the way through the mortgage process. For instance, with SoftVu, when an applicant is due for a reminder or the next step in the home buying process is reached (such as a loan approval), the technology sends an email to the member with a customized video link. The video includes live action, easy-to-follow visuals explaining what the member can expect next or what specific action they need to take to move forward. It’s delivered wherever the member is, and doesn’t require a phone call or a branch visit.

And if you haven’t seen the latest popularity of YouTube or studied video consumption patterns, video is quickly becoming the preferred medium for consuming content, even when making purchase decisions. Through the use of video, home buyers can digest information quickly when it’s convenient — and can dedicate their attention to next steps when their busy schedules allow it.

There is a return for credit unions, too. TruHome has observed improvements in lead conversions and internal efficiencies as a result of investments like this one. With more time freed up to assist members and track the progress of open applications, our loan officers can focus on guiding members and offering support at every turn.

There’s also good news for credit unions that don’t currently have the resources to invest in technology like this, or the infrastructure to support a mortgage team. Credit Union Service Organizations like TruHome manage it all so credit union staff can nurture and cultivate those important member relationships.

This isn’t about flipping a switch and simply automating a time-tested process. It’s about investing in solutions, and in this case, using the benefits of today’s industry-leading technology to deliver on the changing demands of members as they work to obtain the home of their dreams.

So buckle up or saddle up, it’s your call. One will help you navigate with technology that is clearly the future; the other may just ultimately put you out to pasture.

Jeff Vossen is Senior Vice President of Origination and Operations at TruHome Solutions, a Credit Union Mortgage Service Organization, providing a full range of private label services to credit unions (including sub-servicing),located in Lenexa, Kan. www.truhomesolutions.com

 

Jeff Vossen

Jeff Vossen

Jeff Vossen is Senior Vice President of Origination and Operations at TruHome Solutions, a Credit Union Mortgage Service Organization, providing a full range of private label services to credit unions (... Web: www.truhomesolutions.com Details