The new age of Internet-generated leads has become saturated. Mortgage professionals are being told they are buying one type of lead and then received something completely different. Since its inception in 2011, the Consumer Financial Protection Bureau (CFPB) has been cleaning house in the financial sector with a keen eye on the mortgage industry. The Internet is the only place they have not conquered. With predatory lending gone, along with those who practiced it, there has been major growth in new marketing methods.
The term “marketing” has become almost synonymous with compliance. This doesn’t mean you have to stay away from it. In fact, it’s been one of the main reasons marketing efforts are working so well today. With so many hoops to jump through, a lot of people are simply staying away from marketing all together. New mortgage marketing campaigns are combining traditional marketing methods like direct mail and telemarketing and integrating online additions to them. These new hybrid campaigns allow recipients to respond by phone, mail, e-mail or online. Combining the old with the new, these methods are producing response rates that are higher than we’ve seen since 2010!
Mortgage direct mail response rates are back over one percent (VA excluded). The TCPA amendments that took effect in late 2013 have brought increased results due to less market saturation. The new rules don’t allow the use of robo-dialers. If you’ve ever used outbound dialing as your source for new leads (without robo-dialers) now is the time to get back to it. For the first time since 2010, we’ve seen acquisition costs (per closed loan) under $500 with these forms of direct marketing.
The first quarter of 2015 is predicted to be the biggest quarter in the mortgage industry since 2012! With the New Year comes new opportunity. January is the time to get back into the mortgage business. If this is your plan, get educated on these new hybrid mortgage marketing campaigns now, and bring yourself unsurpassed growth in 2015
This article originally appeared in the December 2014 print edition of National Mortgage Professional Magazine.