Texting is the most preferred form of communication today. The demand from potential borrowers to text with their financial institution is growing. Whether it’s initial outreach or communication during the loan approval process, clients appreciate their lender reaching out to them in a convenient way.

Texting for mortgage lenders

By enabling your existing landline, VoIP and toll-free numbers for texting, you can communicate with the next generation of homebuyers faster and on the medium they prefer. For most, the ideal borrower experience would include text messaging. In an Ellie Mae study of more than 500 consumers, 76 percent said they believe texting has the potential to speed up the sales process. The study also indicates that consumers respond faster to text than any form of communication, with 58 percent of consumers saying they respond to a message within 10 minutes.

From prospect to applicant to client, texting can be a benefit across the lending cycle. Leads often come from a variety of places, including consumer direct, purchased leads and referral partners. At the initial prospect stage, it’s crucial to provide a variety of channels for communication. Doing so will enable you to reach out and eventually close prospects in the most efficient way possible, while still maintaining the personal touch that consumers want during the homebuying process.
When coordinators need to get in touch with a borrower to quickly communicate a status or collect missing documents, text conversations cut down on the phone tag and delays. Once the borrower has closed, texting can also be utilized to send thank-you messages and request reviews.

“Zipwhip has become our most successful communication tool. Although we still telephone every single lead at first, being able to send a quick text right after, from our desktop, has helped tremendously. It allows our borrowers to notify us, instantly, of a good time to call. This has resulted in a lot more positive face-to-face interviews and happier agents.”

-Lizette Fernandez, Loan Processor at Guild Mortgage Dtc

Here are some ways your lending office can utilize business texting from prospecting to post-closing.

  1. Convert leads faster by including text messaging as an outreach step in your workflow
  2. Prompt borrowers via Group BCC text to complete applications
  3. Follow up on missing documents and communicate application updates quickly
  4. Keep closed customers engaged by sending birthday messages and finance updates
  5. Build your brand image on sites like Yelp by asking for reviews via text
  6. Drive new leads by adding a Click to Text button on your homepage or Contact Us page to drive leads into a text conversation

Kelly Herman

Kelly Herman is an Account Executive specializing in the Mortgage Industry at Zipwhip. Her experience in Zipwhip implementation ensures that the experience working with Zipwhip is as exceptional as the value it brings to our customers.