Ellie Mae published a comprehensive study this year on the growing number of borrowers who are open to text messaging as a means of communication during the loan process but saw lenders falling behind when it came to adoption of the technology. Eighty-eight percent of borrowers feel it’s appropriate for a lender to text them! It’s time for mortgage brokers to start embracing text messaging.
Here are five ways easy ways your brokerage can start utilizing SMS to improve the loan process. Happy texting, lenders!
1. Follow Up with a New Lead
Get the ball rolling with your first text exchange! If a contact has opted-in to receive text messages, they’ve already indicated interest, and texting is a great first touchpoint. They most likely already text with their friends and family, so it’ll be a familiar and comfortable way to start talking with you.
Hello [First Name]! This is the [My Name] at COMPANY. Thanks for requesting a pre-approval consult for your home. You can apply online at WEBSITE or give us a call to get started. We’re happy to answer any questions you have. Thank you!
2. Reach Out to a Referral
Cross-departmental handoffs are a breeze when you can quickly and easily communicate with a referral via text. Connecting your texting software to your CRM so you can track message history makes this a seamless process.
Hi [First Name], [Agent/Custom Field] asked us to help you get pre-approved to buy a home. When is a good time to talk?
Submit your info online here: URL
See our reviews here: URL
3. Thank for Submitting an Application
“Please” and “thank-you” go a long way when your borrowers are going through something as stressful as looking for a new home. Send them a confirmation after they submit their pre-approval application to give them peace of mind and let them know you appreciate them.
Thank you so much for submitting your application! We are working on your file and will be in contact soon. Please watch your email for important updates.
4. Request Missing Documents
We all know pre-approval applications require many, many documents. Track which documents you’ve received within your CRM and then remind borrowers of outstanding documents easily via text. Your message won’t get lost in their email inbox and you won’t waste hours playing phone tag. Sending these friendly reminders through text expedites the whole process.
Hello [First Name]! This is [My Name] at COMPANY. We hope the house hunt is going great! We are still missing some documents to issue you a pre-approval letter. You can fax, email, picture message or drop them by the office. Let us know if you have any questions. We’re here to help. Thank you!
5. Follow Up on an Application
Alone, email has a dismal open rate. But if you remind your borrowers via text that you’ve sent them something important on email, that open rate skyrockets.
Hi [First Name], I just emailed you the documents requiring your signature. Please confirm that you received them. We need those signed to proceed. Thanks!
6. Collect Reviews
Convert borrowers into advocates by encouraging reviews through text. Start scheduling these messages today and watch the reviews roll in.
It was such a pleasure working with you and your family to get you into the new home! If you have a few minutes in your day, please follow this link to write a quick review for us.
Ready to take your borrower communication to the next level? Download our free e-book: The Ultimate Guide to Texting Your Customers.