Not How Dad Bought a Home: How New Home-Buying Habits Have Changed Mortgage Lead Generation for MLOs

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Not How Dad Bought a Home: How New Home-Buying Habits Have Changed Mortgage Lead Generation for MLOs

Father’s Day is just around the corner, but don’t worry—you still have time to buy him a gift (and no, he probably doesn’t want another tie). As you sit and ponder what you’re going to get your dad this year, we think it’s important to recognize how much things have changed since he was a young man.


One of the things that has changed drastically, especially in the last 15 years, is how people buy houses. As an MLO, you’ve got to stay on top of trends, so it is useful to think about how people are looking for new homes and how they are getting the loans to fund their purchases.


If you’re looking to improve your mortgage lead generation numbers, here’s what you need to understand.


Searching for a New Home to Buy Has Gone Digital: Does Your Mortgage Lead Generation Strategy Tap into the Online Space and Your Network?

When dad was looking for a house to buy, he probably had to rely on flyers and newspapers. When he wanted to find out more about a listing or schedule a viewing, he had to call the real estate agent. Not so, today.


Most people these days are looking for new homes on the internet. Sites like Zillow, Trulia, and make finding that forever home easy, with pictures, property details, and pricing all laid out in easy-to-digest formatting. Homebuyers can even fix the settings of their accounts on these sites to alert them when a new house that fits their budget and includes their ideal features.


Your mortgage lead generation strategy needs to include the digital space. Many realty sites offer MLOs and other real estate and lending professionals advertising services. At the very least, you need to be working and growing your network with digital home searching in mind.


Tech Makes It Easy as 1-2-3 for Home Buyers to Compare Mortgages

In 2015, the Consumer Financial Protection Bureau adopted the “Know Before You Owe” mortgage disclosure rule, and since then, online mortgage comparison tools have sprouted exponentially. These tools let the consumer compare their mortgage options so that they can ensure they are getting the best deal.


Before you say anything, we know—that’s your job!


As an MLO, you have to be able to adapt to the ever-increasing automation of the industry, which means you need to make working with you more attractive than using one of these tools. How do you do that? Well, first, your service needs to be impeccable. Despite much of the automation that we see today, people still like to work with people. If you focus on what you do best and close mortgages as quickly as possible, you’ll be okay.


Mortgage Lead Generation and Tracking Made Simple with Wemlo

Your prospects are using technology to make the home buying process easier, so why aren’t you using the digital platform with the world’s largest contract processing network?

Our platform’s CRM feature makes lead generation and tracking easy. Learn more about Wemlo’s other features here.

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