Don’t Risk Losing Your Quality Loan Officers

As the summer months hit, along with midyear bonuses, it is not uncommon for loan officers to consider a move to the competition.  Even if they are not actively looking, recruiters are looking for them.  Mortgage executives that participated in the Mortgage Collaborative’s recently released biannual survey, The Pulse of the Mortgage Industry, listed staff retention at the top of the list of most critical issues for mortgage lenders.  As you can imagine, if staff retention is that urgent, then your competition is looking to hire as well. It becomes extremely important that your overall business strategy include a perspective that proactively supports the needs and expectations of your loan officers.  This is not a consideration to be put off until yearend, when it may actually be too late to keep your winning team intact. 

Do not let any lull in your application volume or business planning compel qualified loan officers to look elsewhere for employment. The mortgage industry has been running on overdrive, hitting a 15-year high in 2020 with $4.3 trillion in mortgage originations.  The Mortgage Bankers Association predicts a 14 percent drop in this year’s total origination volume, bringing us down around $3.28 trillion.  Although refinance activity is expected to drop, purchase volume is projected to break a new record at $1.67 trillion!  With purchase originations on the rise, your team of loan officers becomes even more valuable as their ability to cultivate and retain relationships is what will lead many of these purchase borrowers to your institution.  

Whether focused on relationships, referrals, and/or technology, winning loan officers leverage success tactics that draw from these areas because this is how they excel for the long term. With half of the year behind us, many mortgage operations are busy tweaking processes and systems to accommodate forthcoming third and fourth quarter production.  However, the CRM, which is certainly a mainstay in this effort, is rarely developed or evolved with the loan officer as a primary consideration.  This can create misalignment in ensuring consistency in utilization and more importantly lead to a gap in relationship and referral data. Loan officers are persistent and astute so will find ways to tap the CRM, but even with automated emails and communication, many rely on individually sent emails, text messaging and phone calls, which although more personalized, are not nearly as traceable. So how can management ensure alignment and transparency in terms of relationships, referrals and technology?

Envision an innovative technology platform that can be branded to your valued loan officers, and simultaneously offer a meaningful approach that fosters relationships and expands referral business…. without spending additional time in pursuit of this effort.  Complimentary to CRM platforms, which market a database by producing a myriad of semi-generic automated communications, is HomeBinder.  Delivering a unique centralized home management platform, HomeBinder provides property-specific communication, actionable maintenance, and document storage that is readily accessible through a private-label, mobile-friendly portal.

How does this promote loan officer retention?  HomeBinder uses sophisticated automation to systematize and assimilate valued relationships with the professionals that regularly interact with homebuyers.  This methodology builds an ever-expanding referral network that supports the homeowner throughout the life of the property, creating a genuine “Client for Life”.  Gifted to the homeowner by the loan officer, for as little as $7 per loan, the branded loan officer forever remains top of mind. No more ongoing communication, follow-ups or tickler systems, the homeowner is regularly reminded of the relationship with their valued loan officer as they are prompted to complete maintenance, presented with educational information, or access key household documents, all through the HomeBinder platform.   

This is a genuine business differentiator that allows loan officers to focus on developing new relationships and supporting applicants through closing, while existing homebuyers flourish into repeat business and inherently produce more referrals.  To find out more about the HomeBinder revolutionary approach to homeowner engagement and the “Client for Life” opportunity, visit us at www.homebinder.com, or contact us directly at 800.377.6915.  HomeBinder Expected by Homeowners Driven by Lenders

Do You Have a Plan to Engage Borrowers Post Forbearance?

As we all watch mortgage forbearance numbers tumble, are we missing an opportunity?  The forbearance peak in May of 2020 represented well over four million mortgages, so approximately the same number of homeowners.  Here we are a full year later and we are at half of the forbearance volume, with BlackKnight reporting 2.2 million in forbearance, representing 4.2 percent of homeowners.  Approximately 2.5 percent of these homeowners have mortgages with Fannie Mae or Freddie Mac, 7.4 percent have Federal Housing Administration (FHA) or Veterans Administration (VA) mortgages, and 4.8 percent represent portfolio or private-label securities (PLS). 

You have to ask yourself where are those two plus million homeowners and how are they doing now?  According to the Mortgage Bankers Association’s Mike Fratantoni, senior vice president and chief economist, those making payments, approximately 25.3 percent, are performing at near pre-COVID rates.  As a mortgage servicer do you know who these homeowners are? This population called and queried their servicers non-stop starting in March of 2020.  They were struggling to determine “what next” when they didn’t have confidence in their capacity to make mortgage payments and keep their home safe.  For many homeowners, this was the beginning of a meaningful relationship with their servicer, and more than five hundred thousand are now performing with more to follow.  This is an opportunity ripe with potential!  

There are of course many more homeowners in forbearance, who will not be in a performing status for quite some time.  “More than 47 percent of borrowers in forbearance extensions are past the 12-month (delinquency) mark as of the end of April,” according to Fratantoni. Forbearance and payment deferral options, as well as foreclosure moratoriums will dissipate, leaving these homebuyers in your default servicing queue.  Servicers have however become extremely proficient in managing distressed borrowers, whether due to pandemic impact, natural disaster, or economic influence.  As these homeowners modify and come current, they will join the performing loan group.

These are opportunities ripe with potential!  Running a query on which homeowners have recovered from a nonpayment or delinquent status for three or more months, and then connecting with them in a meaningful way is how you build a “Client for Life”. It is also a method for instilling consistent payment habits going forward, minimizing complaint scenarios, and building rapport and referrals.  HomeBinder represents a simple process for executing meaningful engagement with these homeowners, and:

  • Is easily implemented and offered to homeowners. 
  • Provides a tech-savvy, forward-thinking benefit.
  • Legitimately helps your clients become better homeowners.
  • Exemplifies their importance to you as a client…. for life.

HomeBinder is a value-add for the servicer.  It creates a constant self-serve touch point for your portfolio of homeowners, while it educates and encourages the homeowner to maintain the collateral.  A digital platform that replaces old school file folders, notebook binders and even shoe boxes that homeowners have historically used to store the essential documents tied to their home. Homebinder replaces this antiquated approach to home management and much more – It is a gift that says “thank you” for your business and forges a sophisticated relationship between the servicer and homeowner.  Bringing together a collaboration of home service professionals, HomeBinder builds valued relationships amongst the parties that interact with homebuyers, from servicers to insurance providers.  This partnership is leveraged to promote personalized customer engagement at minimal cost to the servicer.  At the same time the servicer is able to offer homeowners a valuable automated support platform that extends throughout the homeownership lifecycle, not solely the life of the loan. 

As forbearance numbers continue to drop, make sure you have not overlooked a key segment of your portfolio.  Connect with us today to find out more about this revolutionary approach to homeowner engagement and retention. Visit us at www.homebinder.com, or contact us directly at 800.377.6915. 

HomeBinder ● Expected by Homeowners ● Driven by Lenders

HomeBinder and The Mortgage Firm Have Partnered To Accelerate Borrower Retention

Forging a unique partnership, The Mortgage Firm borrowers now have access to the revolutionary HomeBinder platform, during and beyond the life of a mortgage loan.

BURLINGTON, MA, May 18, 2021 – HomeBinder is a leading home management platform provider that centralizes documents, projects, maintenance, home valuation, access to home professionals, and more.  These capabilities are uniquely designed to provide homeowners peace of mind, maximize home value, optimize the ownership experience, as well as enable businesses servicing the homeowner to create a true “Client for Life” experience.  

Coupled with the quality and expertise of The Mortgage Firm, borrowers will have the exclusive opportunity to access the HomeBinder cloud platform to centrally store all closing documents and holistically manage all aspects of home ownership.  The Mortgage Firm is collaborating with HomeBinder to deliver a sophisticated, interactive homeownership process that is beneficial for the borrower and the lender.  The Mortgage Firm and HomeBinder partnership will instill confidence throughout the loan lifecycle, beginning with the loan officer and extending throughout servicing. 

For lenders serving the residential homebuyers’ market, who want to deliver a true “wow” factor that will differentiate their offering, HomeBinder is an automated, tech-forward means to create immediate brand loyalty. “We instantly realized the HomeBinder difference,” said Todd Pierson, President of The Mortgage Firm. “Our partnership will enable The Mortgage Firm to easily deliver HomeBinder’s home management platform without adding any time to our loan officers’ day, and establish a lifetime loyalty campaign for our borrowers,” added Pierson. The Mortgage Firm will automatically provide a HomeBinder to all borrowers as a digital closing gift containing all mortgage closing documentation, helping to enhance the loan experience, improve borrower retention after closing, and increase referrals.

This exciting new affiliation further affirms the growing demand from mortgage lenders to achieve meaningful, long-term client engagement beyond the closing of the loan. “HomeBinder is excited to partner with The Mortgage Firm, as we both understand the value of educating and supporting homeowners throughout their journey of ownership,” said Jack Huntress, CEO of HomeBinder.  “Together we are taking a monumental step towards evolving industry collaboration and innovation.”

HomeBinder ● Expected by Homeowners ● Driven by Lenders

About The Mortgage Firm

Headquartered in Orlando, Florida, The Mortgage Firm has been providing quality real estate financing for over 20 years. With a proven track record, we serve the lending needs of real estate professionals, builders and individual homebuyers.  Our qualified and licensed professionals offer expertise in every area of mortgage lending:  We have access to a full range of mortgage sources and all of our lending specialists are dedicated to finding the right loan with the best rate, terms and cost to meet your unique needs. But that’s just the beginning. Throughout the lending process, our talented staff will provide regular updates and progress reports, so you know exactly where you stand, in person or online.

About HomeBinder

HomeBinder is a home management platform that provides homeowners peace of mind and maximizes home value.  HomeBinder is offered exclusively through business partners serving residential homeowners, enabling them to deliver long term value to clients, remain top of mind, and generate referrals.  Our select business partnerships include home inspectors, mortgage lenders, insurance providers, home service providers, property managers, builders and real estate professionals. Founded in 2012, HomeBinder currently serves all fifty States and Canada, and is based in Burlington, MA. For more information on how to create true clients for life, visit www.Homebinder.com.

Media Contact:

Contact: Peter Paglia

Email: Send Email

Phone (978) 618-0835

MAY 2021 PARTNER NEWSLETTER

WHAT’S NEW

Coming Soon…HomeBinder Platform Makeover Enhances User Experience!

We’re excited to announce a new version of the homeowner platform that will optimize the user experience and increase homeowner engagement with their HomeBinder.  The enhancements we’re releasing provide peace of mind and maximum home value to homeowners for what is likely their largest asset.  

Some highlights of the homeowner dashboard include:

  • Version 2.0 of our innovative home valuation tool that enables homeowners to run “what-if” scenarios to understand the impact investments or home improvements could have on value and equity 
  • A brand new Action Center to better organize and alert homeowners about essential maintenance items
  • New and improved navigation and workflows with an optimized user interface
  • An enhanced Home Professional Network search capability to connect homeowners to trusted professionals added by real estate agents, lenders, insurance providers  and inspectors

The new dashboard is targeted to be available in July.  If you are interested in learning more, getting a sneak preview of the dashboard, or have suggestions that could be a valuable addition for your clients, please contact sales@homebinder.com.

New Integration Enables Automated Upload of Appliance Information 

Announcing a new integration with our partner Source7 (www.source7.io). Source7’s AI is built on a foundation of household product intelligence and developed out of a need to assist numerous industries such as insurance, property management, home warranty, home monitoring, and many others with identifying common weaknesses in household products that increase risk in a home. 

This new integration will enable homeowners to simply take a picture of any appliance data plate and upload it to their HomeBinder. Partners such as inspectors and other home professionals can also auto-populate appliance data on behalf of the homeowner. The homeowner will automatically be alerted to recalls for appliances in their HomeBinder. As well, this data can also feed the home valuation estimate as recent purchases of appliances can increase the valuation inside the home. 

Sample interface:

HOMEBINDER TIPS/BEST PRACTICES 

As we all know, this is a highly competitive real estate market nationwide. To differentiate themselves and build relationships with real estate agents, our partners utilize HomeBinder to help to capture greater mindshare among agents and generate more referrals. 

Now the nearly 190,000 agents that have been added to HomeBinder by our partners have a profile where they can populate important information, such as trusted home professionals, into homeowners’ binders. This helps to create a lasting relationship between the homeowner and agent, and has been proven to generate referrals back to our partners.

HomeBinder provides all the necessary marketing collateral, such as flyers, videos and email templates to make it easy to educate agents and homeowners of the value of HomeBinder. 

Sample of collateral:

For more information or examples of marketing collateral, please contact support@homebinder.com.

IN THE NEWS

Webinar Recording: Home Inspection Pro Office Integration with HomeBinder

Home Inspectors: In case you missed it …. Here is a link to a recent webinar that HomeBinder and Home Inspection Pro (HIP) delivered. Home Inspector Pro’s Marketing Director Kayla Sterner, and Director of Support Dan McConnon talk with HomeBinder about how it can help your business and how it integrates with Home Inspector Pro Office.

 

Recent Blog Post: How Do You Leverage the CFPB to Retain Homebuyers?

First-time buyers currently represent nearly a third of the homeownership market. As the market is evolving, so are borrower expectations, necessitating a fresh look at consumer engagement and the resources that are available to help meet current needs. This post by Pete Paglia is designed to give a better understanding of what the Consumer Financial Protection Bureau (CFPB) communicates to homebuyers, and identifies how using this educational guidance can help improve lender credibility within respective borrower communities.


APRIL 2021 PARTNER NEWSLETTER

WHAT’S NEW

HomeBinder Launching Enhanced Home Valuation Tool

Automated Valuation Models (AVMs) on the market today calculate a property’s value at a specific point in time based upon comparable properties in the neighborhood. These AVM’s do not know or reflect any updates/investments have been made on the property or within the home.  

HomeBinder is enhancing our home valuation tool by enabling homeowners to better predict their home value and equity based upon planned home improvement projects or investments made on the property or within the home. A “What If?” scenario not only helps homeowners understand how best to maximize home value, it also provides opportunities for homeowners to re-engage with businesses that they trust.

Sample “What If” Scenario

This exciting enhancement is launching this quarter.  To learn more, please contact sales@homebinder.com.

Upcoming Webinar: HomeBinder and Home Inspector Pro, “Integrations That Work” 

We are excited to be co-hosting this webinar with Home Inspector Pro, one of our premier integration partners in the home inspection market, on Sunday, April 11, 2021, 7:30 PM EDT / 4:30 PM PDT.  We will be covering the integration between Home Inspector Pro Office and HomeBinder and the numerous opportunities for inspectors to grow their business, create lasting relationships with agents, and continue to market themselves long after the inspection is over.  

The link to add the webinar to your calendar is below.  If you cannot join the webinar live, you can watch the recording at a later date.  

Click Here to Join

Add to Calendar    Add to Google Calendar    Add to Yahoo Calendar

HOMEBINDER TIPS/BEST PRACTICES 

Don’t Miss Out on More Five Star Reviews!

Since launching our Review widget we have helped our partners receive and add thousands of additional five star reviews to their review platform of choice!  

The optimal time for your client to review your service is immediately upon receipt of their HomeBinder. The ratings and reviews from HomeBinder can be linked to your review system of choice (ex. Google, Facebook, Social Survey, etc.), creating an ancillary “net” to catch and publish additional positive reviews. Only four and five star reviews will automatically post to your review platform, any lower ratings will come to you for review. 

For information on how to add your review profile to your account, contact support@homebinder.com.  

IN THE NEWS

HOMEBINDER ANNOUNCES PARTNERSHIP WITH CELEBRITY HOME LOANS!