Nine Strategies to Build New Mortgage Business

wooden house on key ring held by a hand
Alison Barksdale Photo
AVP/Marketing/Marketing Director
CU Members Mortgage

4 minutes

To build your future pipeline, recommit to business development throughout the year.

Successful loan officers regularly commit to business development throughout the year to build their future pipeline. Here are nine best practices for cultivating your mortgage business. 

1. Focus on Purchase Mortgages

If you have not started going after purchase mortgage business, now is the time to flip the switch. Don’t ignore refinance opportunities but make home purchases a larger share of what drives your overall origination strategy. Great loan officers have a larger share of their pipeline focused on purchase money loans.

2. Become a Content Leader 

Make sure your presence through email, social media, online and other educational-content avenues stays active with thought provoking, educational and helpful content. It can be quick and short; just be relevant, useful and interesting. Include information about the mortgage process and how it works. Link to your online application to ensure members know how to get started. Provide such resources as guides and tutorials on how to prepare, how to improve credit, what steps to take to be successful and, of course, the ever-popular do’s and don’ts. 

3. Amplify Your Voice  

It’s not just about what you say; it’s also about where and how you say it. Each of your members receives messages differently. Some prefer texts, others phone calls and many are very active on social media. The most effective way to be heard is to consistently be where your members are. The more mediums you use, the more impactful you will be. Then, it is critical to evaluate what is working and adjust as 

4. Attract First-Time Buyers Who Sat Out of the Shopper’s Game

In this low-inventory market, many first-time buyers have either sat out of the shopper’s game or decided not to start the process until the seasonal buying spree cools off. Attracting them requires a two-fold approach. Help them take a step forward by engaging them with knowledge and expertise, explaining why it is a good time to buy and how to get started. In addition, widen your product offering to give buyers that added incentive. Become an expert on down-payment assistance or bond programs in the areas you serve. Have your credit union offer special niche products for your community and consider what products your credit union can portfolio. What type of products can attract underserved parts of your community? Bring them in and give them what no one else can.

5. Encourage the General Public to Purchase 

Knowledge is power. Share your expertise. Explain to potential homebuyers the benefit of homeownership, answer any questions related to homeownership and build trust through constant communication. This is especially important to millennials and members of Gen Z as they move forward to purchase and seek out understanding of the home loan process. As a home loan expert, you have the opportunity to share knowledge with them. Take the time to educate across your website and social media and be readily available to respond to questions.

6. Enhance Your Network of Real Estate Agents and Other Industry Relationships

Be proactive and open a line of communication with the real estate agent community. Attend, sponsor or co-host an event with a realtor, whether it be in-person or virtual. Create connections via social media and establish your value. Reach out to the seller’s agent and see how you can assist them. Educate your real estate agent contacts on what specialty products your CU can offer to get members into the homes they want. Reach out to members who are real estate agents to see how you can partner. 

7. Update Your Existing and Potential Contacts

Which names, emails, associations, and relationships should be made a priority in your contact database? Which ones should be put aside? Get a jumpstart on expanding and targeting future networking contacts, whether members or industry colleagues.

8. Get More Automated or Semi-Automated 

Utilize marketing automation tools to funnel content via social media or email. Use management automation tools to schedule time to follow up with current or potential homebuyers. Many vendors offer ways to help you become more digital without making a huge commitment of time and money. Ask them what solutions they provide for your automation needs.

9. Fill Your Time With Deeper Loan Officer Education and Goal-Setting

Regroup, take stock of your accomplishments over this year, and launch some new ideas. Train on new products and determine how they can serve potential borrowers. Learn about down-payment assistance programs and bond programs borrowers can use.  

Take action now! Successful loan officers always find innovative ways to generate new business. Commit to business development by designating time and effort to do the work and watch your pipeline grow. 

Alison Barksdale is AVP/marketing for CUESolutions Bronze provider CU Members Mortgage, a nationwide mortgage solutions provider making homeownership dreams happen for thousands of credit union members since 1982. Visit our website to learn more about our custom home loan solutions for your credit union.

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