Digital Best Practices for Mortgage Brokers

According to the Federal Financial Institutions Examination Council, American banks and credit unions received 15.1 million applications for mortgages and other home loans in 2019. 9.3 million of these applications resulted in successful mortgage deals, some of which took place in person and some of which happened digitally. 

If you're a mortgage broker, you're an integral part of the ever-changing world of online real estate, and it's important to keep track of digital best practices for your industry. After all, using your mortgage broker insurance for negligence or malpractice lawsuits is never fun. Instead, read on for the top digital marketing tips for mortgage brokers.

Follow Your Clients' Timelines

Most digital transactions happen more quickly than ones in offices and stores, but your clients may be hesitant to sign their contracts. Ask your customers about their timelines for securing mortgages and how often they would like to meet. Then, adjust your meetings and deadlines to align with their wishes so they don't feel rushed.

Use Your Experience to Soothe Your Clients

Sometimes, clients think that online banks or mortgage brokers are less reputable than ones that operate in brick-and-mortar buildings. This sentiment isn't true, and you can combat it by emphasizing how much experience you have. Talk to your clients about past cases (without revealing other customers' confidential information), and assure them that you know all the requirements and laws for their mortgages. Also, avoid overwhelming them with all your information; stick to what's necessary and relevant.

Be Honest

When you communicate with your clients primarily through emails, phone calls, videoconferences, and text messages, your customers probably have a harder time gauging your tone of voice and body language. As a result, your honest and transparency is even more important when you're handling a mortgage contract online. Let your customers know about your fees, your profit, and any conflicts of interest. Tell them about your mortgage broker insurance provider so that they know your business is well-established.

Customize Your Services to Their Needs

Digital mortgage brokering allows you to endlessly customize your contracts, meetings, and application reviews. Take advantage of this flexibility to customize the application and brokering process to your customers' needs. If you're working with a family that has six kids and works two jobs, they would probably prefer emails and texts to phone and Zoom calls. On the other hand, if you're working with a client who has bad experiences with loan applications, offer to meet synchronously to provide more support.

Offer Support Outside of Mortgage Brokering

Don't be afraid to use your digital platforms to connect your clients with other professionals. Recommend realtors, home inspectors, and lawyers, and offer to connect them through LinkedIn, Facebook, or another social networking site.

About Axis Insurance 

At Axis Insurance Services, we aim to help our customers identify their exposures and protect themselves. Founded in 1999, we offer insurance programs to a wide variety of professionals and industries including attorneys, real estate, healthcare, architects, and more, and also have a wholesale division. We pride ourselves on offering flexible insurance coverage tailored specifically to each customer’s needs. To learn more about our solutions, contact us at (877) 787-5258 to speak with one of our professionals. 

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