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Leveraging More Compliant Technology to Drive Sales

Todd Ballenger
Apr 12, 2013

What if your organization had the technology to produce informative, more compliant, point-of-sale marketing pieces that could be custom tailored in minutes for every client? Read on… In today’s era of compliance, it is challenging for MLOs to personally market themselves, as well as for banks and mortgage companies to provide the marketing flexibility MLOs need to drive sales. In a New York Times article titled “A Chance to Make Mortgage Shopping Easier,” author Richard Thaler writes about the CFPB’s inability (thus far) to create policy that would facilitate user-friendly shopping for mortgages by consumers. A University of Chicago professor of economics, Mr. Thaler states: “If the bureau can’t modify the rule1 in this way now, here’s a challenge to lenders who want to compete by offering transparency and low rates: Why not unilaterally give all prospective borrowers complete information about your loans in a machine-readable (electronic) format as soon as you provide the initial quote? If enough lenders do this — listen up, credit unions, community banks and online lenders — the cottage industry of online mortgage advisers could get a jump-start, and mortgage shopping could finally enter the 21st century.” The professor’s solution is a simple one in theory, but most companies lack the technology to produce accurate loan comparisons in an easy-to-read format. Hence, MLOs are left with the typical flyer: “here’s why we’re the best company...” “here’s our rate...” and based on recent survey’s conducted by our company, note pads, handmade excel spreadsheets, and LOS good faith estimates are the top 3 cited tools for delivery of a client sales presentation. The federal government is aware of the positive impact technology can have on consumers’ purchasing decisions. This past March, the White House hosted a summit on Smart Disclosure, an initiative to provide consumers with greater access to the information they need to make informed choices. Cass Sunstein, the Administrator of the Office of Information and Regulatory Affairs, stated that “Modern technologies are giving rise to a series of new possibilities for promoting informed decisions.” One such program that stands out as enabling companies to drive sales with compliant marketing, is the Borrow Smart Analysis technology by Mortgage Success Source LLC. This is a game-changer. Whether you’re a bank executive, an owner of a mortgage company, or an individual MLO, the Borrow Smart Analysis software will help you to quickly produce more compliant loan comparisons that double as marketing pieces, and can be integrated with your LOS system. As a manager or owner, you can gain control over MLO sales processes with Borrow Smart Analysis, without curtailing MLO efforts to market themselves. This is big, as MLOs continue to send out non-compliant communications - creating liability for the organization, and suppressing potentially higher conversion rates that stem from a clear client presentation. In addition, archiving the Borrow Smart Analysis reports helps protect your organization from Fair Lending violations as you can easily reflect on what a consumer has seen. As an MLO, you have the ability to easily produce reports that can help you gain more clients, by providing information that other MLOs can’t. A key feature of the Borrow Smart Analysis is that it’s easy for the MLO to produce and easy for consumer to understand. Only about five pieces of information are needed to produce an easy to understand and informative report. In addition, REALTORS® can also use the integrated Borrow Smart Mobile App, allowing agents to refer buyers directly to the MLO, after they use the unique two-question calculator tools to identify borrower buying power. Another important component is the free video feature which allows an MLO to record a video explaining the report and then send a video link to their client. Footnote 1—Referring to the confusing way A.P.R. is currently disclosed. Todd K. Ballenger is president, sales solutions for Mortgage Success Source. He may be reached by phone at (800) 963-1900 or e-mail
Apr 12, 2013
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