The housing market significantly weakened when the bubble burst in 2008, a downturn so dramatic that home values depreciated, foreclosures climbed, and origination volumes slowed.
While a multitude of factors were responsible for the downturn, partial liability fell on the shoulders of the nation’s mortgage lenders.
As a result, the relationship between loan officer and borrower was damaged as the American public credited bad lending practices as a leading contributor to the crash.
Now, 10 years after the recession began, mortgage lenders are still working to regain the trust of America’s homeowners.
This is just one of the many reasons why marketing has become an essential part of the average loan officer's job.
At HousingWire’s engage.marketing conference in Charlotte, North Carolina, experts including Movement Mortgage Senior Loan Officer Lindsey Goins, MVB Mortgage Senior Loan Officer Daniel McCoy, Mount Diablo Lending top loan originator Ramon Walker and Movement Mortgage Vice President of Marketing Jake Fehling, came together for a panel called "The Originator and Marketing Relationship."
The panel discussed the role marketing plays in their personal branding as well as client growth.
Although the marketing strategies of the panelists differ, each agreed that marketing is an essential part of their business.
“Entering the business in 2012, loan officers did not have a good reputation. So, for me, I pride myself a lot on being honest and being a woman of my word. And I really took it seriously on what my brand was going to be,” Goins said. “I knew I had to develop my own personal brand, but in a way that could reach people, and I did that through my daily interactions with clients, Realtors or the business professional sending me the deal.”
Goins, who has been named one of the top loan officers in the nation, has been able to grow her personal brand through Movement Mortgage’s marketing.
“I think now that I am at a place that encourages personal branding, which is so much more involved in our marketplace today thanks to social media, I have been able to grow exponentially by mirroring my company,” she said.
And Goins is right, social media has become a huge part of marketing. More and more mortgage lenders are using it as a means to connect with a broader audience.
“Something that has changed a lot just in the last few years is video marketing; it’s just what we look at every single day on Instagram,” Goins said. “So, for me, with video marketing you can get specific to your process.”
Mount Diablo Lending now leverages videos in the hiring process, which has aided its recruiting efforts tremendously, according to Walker.
In fact, Walker says video is both the present and the future of the industry.
Regardless of what way loan officers choose to market themselves to homeowners, engage.marketing’s panel guests make one thing clear: Marketing is and will always be a part of the job.
“You got to get back to playing offense. When you’re busy you’re playing defense, you’re taking the calls and making the calls,” McCoy said. “Good marketing takes away three to four conservations so you can get that transaction and save time.”