Getting Loan Officers On-Board with Lead Generation

Getting Loan Officers On-Board with Online Lead Generation

Paul Knag

Former SVP, American Home Mortgage

2 ONLINE LEAD QUALITY SUMMIT

Loan Officers…


Paul Knag

www.paulknag.com

www.linkedin.com/in/paulknag


How about getting marketing on board with reality?


Or maybe it is the system/LMS?


No Product ! Pricing! Other Excuses…


Do salespeople love working for your company?


Time Machine back to 1998


2001-2004


2005-2007


2008 – True or False: Great time to be a Loan Officer?


Where do customers start ?

9 out of 10 of consumers use the internet when searching for a home. (NAR)

More than 75% of consumers use the internet when looking for mortgage financing information, and (Forrester/Compete)


Where do customers finish?

37 percent of online shoppers apply online or submit a lead form via the Internet.

"While online mortgage seekers use the Internet to educate themselves about processes and products, most want some kind of offline guidance before pulling the trigger on a decision. Some 52 percent of online researchers who chose an offline channel to apply for a mortgage told the Forrester-Compete researchers that they wanted human assistance to validate their decision."

(Forrester/Compete)

75% x 35% x 52 % = 86.3% of all consumers obtain financing offline.


The Old System is Broken

High volume, low cost, low quality display ads

High volume, low cost, low quality leads

Call Center/Dialer

Churn and Burn

Low Conversion Rates = Awkward, Imperfect System

Unsatisfied LO, Borrower, Lead Generator


Imagine this!

There are millions of mortgage loan consumers out there who need help, and who will be grateful for it.

The days of “Lenders Compete, You Win” are over


But Expectations are Greater

Hyper Local Sale

Longer Sales Cycle

Higher Per Lead Cost

Difficult, Complicated Transactions


Automation/LMS/Analytics Yes!

You get what you inspect

Driving ownership for analytics down to the LO.

Via the LMS, Arm the salesperson with the tools needed to manage his business

Lead Segmentation and Priortization Tools

Lead Filtering

Lead Vendor Selection


In Person Service, Yes!


Lead or Bleed

Profit Leader Profit Bleeder

Location Branch Office Call Center

Ld Distribution Pull Push

Ld Buying Loan Officer Marketing

Ld Costs Loan Officer Company


Call Center LO/Retail LO

Purchase is the new refi

Incubation

CRM/Customer for Life

Online and Offline world are not separate


Realtors wants Leads not Donuts


Los must build reputation and relationships

Offline-Realtors-Builders-Accountants-Financial Planners-Attorneys

Online-Websites-Communities (eg.ActiveRain)-Blogs


Lead or Bleed (Reprise)

LO Leader LO Bleeder

Long Term Short Term

Purchase Refinance

Relationship Builder Transaction Converter

Drives Marketing Driven by Marketing


Legal Issues

Overtime/Exception

Sharing Lead Costs

State Licensing


Just let me sell!


Join the conversation

[email protected]

Tel. 845.590.0908

www.paulknag.com

www.linkedin.com/in/paulknag

Getting Loan Officers On-Board with Lead Generation

Business

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