What’s New at HomeBinder – October 2021

What’s New

New HomeBinder Homeowner Experience Has Launched!

We are excited to announce that our enhanced homeowner UI/UX is now live! This new HomeBinder platform includes the following exciting features:

– Improved navigation and workflows with an optimized user interface for desktop and mobile devices
– A brand new, curated “To-Do” section that better organizes tasks, and alerts homeowners about essential maintenance items and best practices to maintain a healthy home
– An updated home valuation tool that incorporates the homeowner’s loan information as well as appreciation for investments made, such as home improvements, maintenance items and appliances 
– Business card branding that highlights all the partners supporting the homeowner

If you would like to learn more and see a demo, please contact sales@homebinder.com
Amazing Mortgage Co. (1)
Homeowner Survey 

We’re always looking to ensure homeowners and partners receive maximum value from HomeBinder. Recently, we surveyed our homeowner users to gain feedback on their most valued HomeBinder features, and to help validate/prioritize our new/planned features. Take a look at the results and what they had to say! 
Click the link below to see the results!
View the Results
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#TMCReunited2021 

As a new Preferred Partner within The Mortgage Collaborative, we had a great time meeting a some of you in person at #TMCReunited2021!  It was a week filled with building deeper relationships with our mortgage lender partners, meeting with industry thought leaders, and taking deeper dives into the mortgage industry. We’re so glad to bring collaboration and innovation to the TMC network.

If you are a TMC member, click here to learn more.   
Tips & Tricks/Training:

Marketing Kit


Effective marketing and homeowner engagement is about using multiple touchpoints to reach your key audience. Here are three key points where you can enhance the messaging to your clients, and which have proven to drive very high acceptance rates. 

PRIOR TO THE CLOSING OF THE TRANSACTION

Post an explanation on your website and Facebook/social page of the differentiated value you’re delivering that includes HomeBinder. That will also help you market your mortgage services to potential clients and real estate agents. 

AT THE CLOSING OF THE TRANSACTION

Verbally explain to the client that “HomeBinder allows you to organize and save all related home information in one convenient online app. From centrally storing documents, receiving actionable maintenance reminders, and tracking projects, appliance recalls, and home value, HomeBinder will support you in all aspects of homeownership. HomeBinder is always private to the homeowner, is only available through an Authorized Partner, and is complimentary for the lifetime of your homeownership, as a thank you for your business.” 

AFTER THE CLOSING OF THE TRANSACTION

Email the client, thanking them and reiterating the value of their HomeBinder subscription.   

We have a variety of different marketing resources for you to use including videos, flyers, email scripts, and social media posts. You can locate your Marketing Kit, which includes branded flyers in your account, under the resources tab. We recommend taking advantage of all the materials in your Marketing Kit in order to educate and engage your homeowners to best support them in their homeownership journey. 

If you need assistance, contact support@homebinder.com.
HomeBinder for Homeowners
In the News: 

Announcing NJ Lenders

Here we grow again! NJ Lenders Corp has partnered with HomeBinder as our newest #lender provider. With the majority of its #loans derived from previous customer referrals, NJ Lenders Corp is a prime example of the “client for life” culture that HomeBinder offers. Learn more about this latest partnership here.  

Meet Us at MBA Annual

The HomeBinder team will be participating in the Mortgage Bankers Association’s MBA Annual event, Oct 17-20!  We are eager to connect with industry peers and attend these thoughtfully curated educational sessions. Click here to learn more about HomeBinder or email meg@homebinder.com to schedule a time to meet in person. See you there! 
Copy of MBA Annual (Instagram Post)

Battling for the Borrower in a Changing Market

Coming off of a historic surge in origination volume, current changes in market activity may prove difficult to traverse for many mortgage originators.  The industry has seen record levels of volume, record net profits, and record low-interest rates, all during a devastating pandemic crisis.  These trends, however, are shifting direction and the next question becomes how quickly and how severely these changes will occur.  

Fragile Origination Margins

Momentous origination volume in a low-interest rate environment has pushed net production profit margins to new highs. The Mortgage Bankers Association (MBA) reported that profits for independent mortgage bankers exceeded 200 basis points in the third quarter of 2020.  According to Marina Walsh, MBA vice president of industry analysis research and economics, this is the first time production profits have surpassed this mark as a part of the MBA reporting effort initiated in 2008. Rebounding from this high will almost certainly crush the bottom line for many originators. Effectively summarized in a recent op-ed on “The Rough Road Ahead for the Mortgage Industry,” managing marketing costs, lead conversion, and loan officer effectiveness needs to be a key component of your origination strategy going forward.   

Pandemic Borrower Accommodations

The mortgage industry is approaching the tail end of pandemic relief, as foreclosure moratoria expires at the end of July.  Intervention remains as the Consumer Financial Protection Bureau’s (CFPB) latest ruling, effective August 31st precludes covered entities from initiating foreclosure filings until 2022. Supported by the Federal Housing Finance Agency (FHFA), the industry will continue to support accommodations that ensure homeowners impacted by the pandemic have foreclosure alternatives, including the sale of their homes.  Coinciding with the expiration of the GSE Patch and changes to the definition of a Qualified Mortgage (QM) for Fannie Mae and Freddie Mac, as well as other eligibility restrictions, product options in the non-agency and non-QM space will almost certainly stir up competition for more traditional origination shops.

Easing/Sliding Home Sales

New home sales continue to trickle down.  The Mortgage Bankers Association recently noted that overall new home sales have fallen by seven percent since last year. MBA assistant vice president of economic and industry forecasting, Joel Kan, commented on how low home sale inventory continues to escalate home prices, as well as buyer competition. There has been a recent slowdown in purchase offers for homes, and the real estate community consensus is that the continuing deficit in available home inventory is bearing down on the market. Redfin highlighted this tapering effect in their recent Homebuyer Demand Index, noting that even though home sales are up from a year ago, sales have declined by five percent since the late May high from earlier this year.

Cost to Cure

Juggling multiple aspects of the next phase in origination activity could be an expensive proposition as the cost to acquire new borrowers is most certainly on the rise.  Mortgage originators will have multiple hurdles to cross to get to the other side.  Production profits may quickly erode as originators feel the pressure of declining volume while paying enormous payroll costs to cover the talent acquired to meet the last 18 months of record volume.  Originators will also have to compete with more aggressive non-agency players that are looking to attract borrowers coming out of post-pandemic duress and amidst possible easing of the credit box.  Last but not least, as interest rates inevitably rise, whether quickly or slowly, the refinance market will dissipate, and purchase volume will slow as well as the housing market strives to rebalance.  

Where does this leave originators?  Looking for borrowers? The best, most logical solution is in your own backyard.  Cultivating the enormous volume of recently added borrowers can be a simple, cost-effective venture if you have a unique and compelling offering for homebuyers in your toolbox.  Today’s homebuyer often lacks the time, experience, and wherewithal to manage the myriad of household documents, maintenance activities, and important home-related project milestones that are crucial to successful homeownership.  Bridging this gap is easier than you think and can be a significant avenue for long-term engagement.…. With HomeBinder, your loan officers can present their borrowers with free, unlimited access to a revolutionary centralized home management platform.  This sophisticated opportunity allows your loan officers to achieve a considerable advantage over the competition, generate more referrals and create relationship longevity without extensive use of their time or cost expenditure. 

The HomeBinder platform delivers modern automation that systematizes and assimilates data derived through valued relationships with home service professionals.  By building an ever-expanding referral network that supports the homeowner throughout the life of the property, your loan officers can create a genuine “Client for Life” experience.  The HomeBinder platform is a genuine business differentiator that allows loan officers to focus on developing new leads and relationships, while existing homebuyers grow into repeat business and inherently produce more referrals.  To find out more about how HomeBinder can elevate your organization into the next phase of origination, visit us at www.homebinder.com, contact us directly at 800.377.6915, or Book a Demo today!

HomeBinder ● Expected by Homeowners ● Driven by Lenders

Leverage Technology to Save Time

For established home inspectors, time is the most limiting factor when looking for ways to influence your bottom line. You can’t work eight days a week, you can’t be in two places at once, and you may not be in a position to contract inspectors to work under you. Carson Dunlop estimates that inspectors can make an additional $8000 per year by employing efficient business practices to reduce their average inspection time by just 15 minutes.

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