How can loan officers be successful in this competitive environment?
At New American Funding, the success of its loan officers is a top priority and the company has developed a comprehensive infrastructure to support them, including technology to facilitate their work, co-branded marketing to extend their reach and a process for back office. which provides quick decisions and financing for loans. The final goal? Give OLs a competitive advantage that ensures their success.
Support begins as soon as a new creator joins New American Funding, providing LO with microsites, social awareness, marketing support and NAF for YOU, a program that allows them to build their personal brand.
NAF for YOU includes:
Social for YOU
- A library of personalized content, compliance monitoring, localized content, blogs and training so that LOs can establish and strengthen their social presence.
Technology for YOU
- A suite of mobile apps, on-demand pipeline access, personalized CRM dashboard, automated marketing request portal, and user-friendly eConsent.
Digital for YOU
- A personalized website, branch website, email marketing support, and personalized digital marketing solution after closing.
Video for YOU
- Video library available to email or share on social media, including mortgage education, realtor benefits, recruiting, Spanish videos, and on-demand videos with personal contact information. Videos can be automatically tagged or co-branded.
Print for YOU
- 2,000 easy-to-use marketing materials for consumers and real estate agents, co-branded marketing materials, business cards, automated post-close direct mail campaign and automated co-branded close cards sent to borrower on behalf of LO.
Notice for YOU
- Automatically solicits reviews from satisfied customers, manages reviews through a portal and integrates reviews across all channels.
- Tech posts notices on the personal website and Facebook page of the creators of New American Funding; it even pulls Zillow reviews and posts them on social media, making it easy for clients to find New American Funding initiators wherever they look. So far, this feature has garnered over 26,000 positive reviews for loan officers.
Coaching for YOU
- Provides valuable advice direct from top growers across the country. Every two weeks, LOs receive engaging videos on a range of applicable topics straight to their mobile device, and Coaches are ready to provide additional feedback.
Premium content for YOU
- Top performing digital content compiled into a single newsletter that LOs can share via social media and email, plus infographics and new blogs on a weekly basis.
The impact of providing these technology and marketing assets to OL is difficult to overestimate. Instead of building websites, creating marketing materials from scratch, devising a social strategy, or trying to generate positive reviews, loan officers can focus on their most important job: the granting of loans.
For example, New American Funding has developed its GoGo LO mobile app so that creators can accomplish their daily tasks. anytime anywhere, with the type of mobility that doesn’t require being strapped to a desk. This means that when they are at an open house with their real estate partners, they can still make a soft credit appeal and provide potential borrowers with a prequalification letter on the spot using GoGo LO.
And a recent enhancement to the app allows agents to sign the final 1003 mortgage application with their finger on their mobile device, instead of printing, signing and scanning the application. This way, initiators can sign it quickly using GoGo LO, and the information is instantly transferred to New American Funding’s CRM database, where it automatically proceeds to the next step in the loan process.
By gaining immediate access to this arsenal of proven, easy-to-use tools, New American Funding loan officers are incredibly productive, enabling the company to fund approximately $ 900 million in loans each month.
But technology and marketing support are only part of the strategy New American Funding uses to drive LO’s success. The company has also streamlined its operations so that LOs have a direct line of communication with decision makers to get answers quickly.
“When you work in an industry like mortgage banking, it makes all the difference when you have access to people who can make it happen,” said Patty Arvielo, president of New American Funding. “It could be the difference between getting a same-day loan decision and delaying your client’s case; or it could mean going through layers of leadership before finding a resolution to a challenge at work.
New American Funding has created the role of Area Production Managers to facilitate this communication. These managers are not only leaders in their market, but a link between operations and sales.
“Zone production managers have become one of the most important roles in our business, as they keep the pulse of their specific market and keep a direct line of communication with the credit policy managers and the credit team. direction, ”said Arvielo. “If a loan needs to be increased, they don’t have to wait for a committee to meet; instead, they can get same day decisions to continue advancing your loan.
New American Funding also employs production assistants to ensure quality control before processing the loan file. Production assistants clean the file to make sure all necessary paperwork is present and properly organized, so the loan doesn’t get stuck in the pipeline.
In addition, regional production managers oversee the pipeline for their region.
This back-end help, along with New American Funding’s rapidly evolving automated platform, helps keep the process running smoothly, resulting in an average turnaround time of 23 days for loans.
“If you want to grow your business, work with a lender who allows you to take an application and then pass the file on to a team who will pass it on on your behalf. You have to create the loan and then close it, while your support team does everything else, ”said Arvielo.