Newsletter - August 2015
With a host of HELOCs beginning to reset, it’s a volatile time for the mortgage industry. There will be more defaults coming due to reset hikes, but we hear from some experts that they think the number of defaults that come from mortgage companies not communicating customers’ options effectively could be a huge part of that.
We recently heard a successful communications professional say something that got us thinking. “I am pursuing my doctorate in communication, and I have 20 years of field experience with disaster communications, “he said. “But put a broken transmission in front of me and I would have no idea where to start.”
His point was: for all the education and experience he has accrued over the years, there are plenty of things he knows nothing about. Auto repair is not his world. It’s not his specialty.
The same thing goes for homeowners and mortgage companies. Often, mortgage brokers and servicers assume their clients know FAR more than they actually do about the mortgage process and even their own mortgage. They’re not uneducated, but mortgage servicing is NOT their specialty.
COMMUNICATING HELOC OPTIONS TO CLIENTS
So how can you help clients understand their options, so they can put themselves in a position to succeed even when their rate resets?
Here are 3 tips for successfully communicating with clients:
- Speak their language – Don’t talk over your clients’ heads. They don’t study this stuff every day like you do, and they are busy. Be clear. Be concise. And speak in plain language.
- Format your message – Use bullet points. Use bolding to highlight key messages. Cut out any words that don’t serve a purpose. These days, next to no one reads blocks of text. Skimming is the order of the day, and the tips above make your copy skim-able.
- Mix up your delivery platforms – Don’t rely on just direct mail letters, or just emails, or just calls, etc. Mix it up and use a variety of outlets to get your message through to clients. This ensures you reach the widest possible segment of your audience.
Blue Streak Docs can manage your document retrieval so you can spend that extra time getting your communication methods in order. And if you haven’t worked with us yet, you can try us out and get your 5th order FREE! Not too shabby!
Employee Of The Month
Congrats to Mike on winning Employee of the Month again!! This is his third time this year after tying for Employee of the Year in 2014. Amazing! Mike had 5 commendations. He’s really a stellar team member, continuously going the extra mile to help out whenever asked while maintaining high production numbers.