Text messaging has taken on new importance in mortgage customer prospecting- Lead Generation
Some lenders even using it as a method for distributing videos that aim to educate and entice consumers. – Lead Generation
But whether more traditional contact methods, such as direct mail, are effective in the post-pandemic environment remains a question heavily debated among lenders as they face the prospect of having to put more effort and dollars into lead generation in 2022.
Originations are expected to significantly decline in 2022 and as refinances dry up, lenders are likely to return to tactics they largely haven’t had to deploy since the spring of 2020.
“With less business falling in the door comes the need to hunt for business and that’s not something that the industry has seen now for at least a year and a half,” said Grant Moon, a mortgage industry lead generation expert and the former CEO of Home Captain.
But originators are also all going after the same customers, looking to keep volume up. A long incubation cycle exists for the leads that do exist and the risk of fallout is high. That is only exacerbated by gain on sale margin compression cutting profitability.
Still, consumers are now more willing to fill out online contact forms, albeit with some hesitation because of the resulting robo calls, Moon said. “That being said, people will still need to be speaking to lenders, people will still be getting quotes for mortgages,” Moon said. “And because of that, there will be a lot of consumers that are looking for the convenience of filling out forms online, doing comparisons online for mortgages.”
Engagement with intent
Lenders need to focus their marketing efforts online, including on social media sites like Facebook, Instagram and TikTok, to reach consumers, said Josh Friend CEO of customer relationship management software provider Insellerate.
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