MLN Enters Sub-Prime Market – NMP Skip to main content

MLN Enters Sub-Prime Market

National Mortgage Professional
Nov 14, 2002

Selling Mortgages Is Not Rocket Science Is It Time To Integrate E-Mail?Dave Hershman e-mail, spamming, communications, In the current computer age, there is no avoiding the fact that we must use e-mail to achieve our business objectives. E-mail is a communication tool that can serve several different functions within the area of business development, including direct solicitation of potential clients (a substitution of direct mail or faxing), arranging appointments with potential clients (elimination of voice mail tag), and delivery of proposals or customer service information. The use of e-mail carries advantages over traditional methods of communication, such as telephones and direct mail. For example, e-mails are less expensive to send in bulk than direct mail. E-mails also represent a quick and effective method of communication that enables an individual to keep others informed (copying function). E-mails also have some negative drawbacks, most importantly, they are easy to ignore--especially if the e-mail is unsolicited. With e-mail "spamming" and headlines of deadly viruses rampant, it is quite possible that an individual may hit the delete button before opening an e-mail if it does not originate clearly from their close contacts or pertain to their personal interest. Direct mail may be delivered in elaborate packaging designed to entice the target to open the solicitation. With e-mail, an individual must open the communication to view the packaging. The format of e-mails must be simpler than other forms of written communication. It is not possible to standardize the format in a way that the e-mail will appear on the receiver's computer exactly as it appeared on your computer. What is the key to great advertising? The answer is--a simple message. Now, the package must be simple as well. One method of expanding the format of e-mails is to attach more elaborate documents, such as "Word" or "PDF" documents. However, adding this step will lessen the probability that the message will be fully viewed because of caution (viruses) and expediency (the time necessary to download such files), assuming the entity in receipt possesses the software program needed to open the attachment. Despite these disadvantages, anyone can attest to the fact that e-mail solicitations are proliferating exponentially via the Internet. Forrester Research predicts that money invested in e-mail marketing will reach $4.8 billion by 2004. As the use of this tool increases, so will the sophistication of marketing, formatting techniques and techniques to block spam. Aside from mass marketing, there is no doubt that e-mails can be an effective marketing tool on an individual level. Sending an e-mail to introduce yourself to a potential target may be an effective way of softening the call. This may become an important part of the sales process, known as "warming-up the cold call." E-mails will add another point of contact to letters, faxes and phone calls when attempting to establish recognition in preparation for a first face-to-face meeting. E-mails are tremendously helpful within the customer service function. Delivering great customer service is often determined by how well you communicate. E-mail provides you with an easy and convenient way to communicate within the sales and operational processes. Nothing substitutes for great communication, and e-mail is another tool within our communication arsenal. We must decide how to use this tool effectively. An important aspect of marketing in the future will be the development of "opt-in" lists that accept value from us on a regular basis. The inexpensive nature of e-mail can easily seduce us with the temptation of "overdoing it" with unsolicited bulk e-mails. The damage caused can quickly override the value we are delivering to our customers and prospects. We possess the power of e-mail...now use it wisely. Dave Hershman is the vice president of sales and training for Ellie Mae. He is also a top industry speaker and best selling author. To obtain free samples of his highly-acclaimed newsletter, visit www.OriginationPro.com or call the Hershman Group at (800) 581-5678.
Published
Nov 14, 2002
Lenders Complain FGMC Is 'Radio Silent' On Loans

Company said it would stop purchasing new loans in the wake of its mass layoff last week; seeking court-approved financing.

Industry News
Jun 30, 2022
AnnieMac Home Mortgage Acquires OVM Financial

Wants to expand its outreach into the Mid-Atlantic region.

Industry News
Jun 30, 2022
Ready Life Launches Black-Owned Fintech To Help Underserved Borrowers

Ready Life, led by two Black entrepreneurs, is taking aim at the racial wealth gap by starting a mortgage fintech.

Industry News
Jun 30, 2022
FGMC Files For Chapter 11 Bankruptcy Protection

FGMC notified laid-off 471 employees late Tuesday night that it would pay severance.

Industry News
Jun 30, 2022
FGMC Paying Severance To Ex-Employees

Late-night email tells laid-off workers they'll receive one week of pay for each year of service.

Industry News
Jun 29, 2022
Texas, N.Y. Law Firms File Class-Action Suit vs. FGMC Over Layoffs

Both firms represent a former employee suing over lack of 60-day notice before mass layoff on June 24.

Industry News
Jun 29, 2022