In this modern age when over 90% of adults carry a cell phone and 64% prefer texting over emails and calls, the mortgage industry is moving to keep up with the times. Companies that refuse to cater to the new demands of home buyers are certain to be left behind. Understanding today’s communication landscape is vital to remaining relevant in an ever-changing society, and it is clear that mobile communication is the new standard.
While there are different ways to add text messaging to your loan process, the most popular method is scheduling personalized status updates. Many text messaging systems can connect to your LOS and automatically send updates to borrowers and related contacts when milestones are reached throughout the process. Initial outreach is also paramount, as you can even gain new business through text messaging. Since leads come your way from a variety of sources, it’s important to provide multiple channels of communication and allow the borrower to steer the process based on their preferences. Birthday and holiday messages are another great way to stay in front of your clients and show them you care. Touching base on these special days and throughout the year is made easier by including important dates in your database, and it’s a simple way to build relationships and trust.
One consideration when texting your borrowers and business partners is the importance of avoiding systems with short codes. Short codes are the five-digit numbers that appear when using certain services instead of a fully functional phone number. Not only do short codes typically not have the ability to receive response text messages; they make it clear that the text was pre-generated by a system and not sent directly from a person. Text messaging offers a multitude of benefits in the mortgage industry, whether it be avoiding a painful game of phone tag or providing a quick reminder of a missing document before it causes a delay in the purchase or refinance. Customers appreciate easy communication and having vital loan information within quick reach of their pocket!