Mortgage Competition Is Stiff, So Play To Your Strengths

You don’t need TV commercials or a big, fancy website. Just remember that it all boils down to people helping people, and who does this better than credit unions?

 

By myCUmortgage

 

Although first-time homebuyers should be your primary target audience when considering the future and growth of your credit union, you might also want to consider attacking another market — realtors.

Realtors are influential in a buyer’s choice of lender, and realtors are loyal to lenders who can close loans on time. Competitors like Quicken Mortgage are gaining ground on this front, and credit unions need to get in the game to position themselves for the win.

You live in the same neighborhoods as realtors, your kids go to the same schools, and you go to the same churches. You can know them personally.

 

In order to win, you need to know your competitor’s strategy. Quicken has a dedicated section for realtors that promotes its products, top-ranking customer service, and ability to pre-approve borrowers. Real estate agents can sign up for the company’s Zing blog or a monthly newsletter for clients and agents to get information.

SC_2 In addition, top-line competitors are also providing easily accessible insights into your client’s loans, loan agents, and more. They are clearly making a push into purchase money lending.

So how does your credit union’s strategy match up? Let’s first acknowledge a natural gap here: Credit unions have smaller marketing budgets than companies like Quicken.

With that shared, where can you pull ahead? You have something more powerful; you have roots in the community. You live in the same neighborhoods as realtors, your kids go to the same schools, and you go to the same churches. You can know them personally.

Need more? Here are five additional opportunities:

  1. Email useful information to realtors about changes in the mortgage landscape that will impact their buyers.
  2. Call a realtor working with one of your members to give them an update. As long as you ask the member’s permission to keep the realtor up to date on the transaction, it offers another level of convenience.
  3. Make an inquiry to your membership to find out how many realtors there are. You might be surprised.
  4. Develop a local user group of realtors to comment on how your credit union does business or why those agents pick a certain lender.
  5. Attend a local Board of Realtors function. Provide a nice door prize to get people talking and possibly join as an associate member.

These don’t require a big budget, just effort. You don’t need TV commercials or a big, fancy website. Just remember that it all boils down to people helping people, and who does this better than credit unions?

For more information, visit mycooportunity.com or sign up to follow Tim Mislansky’s blog at www.mortgagesarememberlicious.com

myCUmortgage believes that credit unions are the best source to help Americans with home ownership. And for more than 10 years, our processes and programs have been built around helping Credit Unions accomplish this. With nearly 190 credit union partners across the country, myCUmortgage keeps your Credit Union in front of the members and we operate in the background. We’re re-designing the mortgage experience with COOPORTUNITY — the combination of transparency and true collaboration.

Tim Mislansky is president of myCUmortgage and senior vice president/chief lending officer for Wright-Patt Credit Union. He sits on the ACUMA board of directors, is a member of the Accenture Mortgage Cadence Advisory Council, and serves on the Dayton Ohio Habitat for Humanity board. Tim has 20 years of credit union experience. He can be reached at 877.630.3399.

 

This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.

If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at ads@creditunions.com or 1-800-446-7453.

 

Sept. 29, 2014


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