We are well into summer, there’s no doubt about that. It’s so hot, you could cook a Mynok egg on the pavement! I would know, as my spaceship is docked on some blacktop at an undisclosed location. I do enjoy, however, looking out my port-side windows and seeing all the bright green grass and blooming flowers.
Speaking of which, I was communicating with one of my colleagues whose free time is being monopolized by his yard and landscaping projects. Apparently, he had new sod placed at his home. I think he said it’s Kentucky bluegrass. Why they call it bluegrass puzzles this alien—it looks pretty green to me! We actually do have blue ground growth on my home planet of Amicitia called Amedda Mas.
The entire concept of sod is quite interesting if you think about it. You start with a plain dirt canvas with no grass to be found, and after laying down these large squares of sod, you have an instant lawn! But it’s not that simple, as I’m sure anyone who’s sodded their lawn can attest.
For the lawn to grow and expand, you need to nurture it. For example, there’s a lot of watering involved; you need to cut it when it starts growing; fertilization and aeration are often involved; treatment for weeds and bugs; and so on and so forth. In other words, it takes a lot of time and dedication (and sometimes love) to attain the lawn of your dreams.
Right about now, I can hear all of you—why aren’t you talking about mortgages or credit unions? Have you become Mort, The Lawn Liaison? Not to worry, my loyal readers—I’m still all about credit union mortgages, for sure. In fact, if you saw my “lawn” back on Amicitia, landscaping and lawn care advice from me is the last thing you’d want!
But what does sod have to do with mortgages? As I learned more and more from my friend about the work and nurturing that goes into a great lawn, I immediately recognized that nurturing sod is a lot like nurturing members who are seeking a mortgage from the credit union that they know and trust. In particular, I thought about member applications that are classified as TBDs.
For those of you who might not recognize the term, a TBD is when a member is pre-qualified or pre-approved (depending on your credit union, these can both mean the same thing—that’s a blog post in itself!) and have yet to select a home to purchase. The property address is To Be Determined.
Unfortunately, it’s not uncommon for these TBDs to sit unworked in a loan originator’s sales pipeline until the member calls to inform them that they’ve found a house. If that member feels unimportant or does not receive frequent follow-up, there’s always the chance that they can be swayed to pursue their home loan through a different financial institution. In essence, they fade away, just like unattended sod.
In order to turn those TBDs into live loans, frequent follow-up and communication is necessary. I say this during one of—if not THE—busiest mortgage and real estate markets in history! Time is at a premium, so it’s difficult to take time away from live loans to pursue these potential mortgages. Something needs to give, and that something is automation!
One wonderful, automated tool that came to mind was myCUmortgage’s TBD Follow-ups. Designed specifically for credit unions, this free service to our partner credit unions gives you the ability to stay in front of members all the time they’re shopping for a home. TBD Follow-ups include expertly crafted email campaigns that keep you top of mind to your members and helps you stay in touch, even during the busiest times.
Once TBD Follow-ups are set up, they kick into action as soon as a TBD loan enters the credit union’s system and delivers emails that provide mortgage loan information at pre-designated intervals. Best of all, the campaign materials are all branded and personalized, incorporating the borrower’s name as well as loan originator and credit union information. Pretty slick if you ask me!
And best of all, they deliver! Statistics consistently show that TBD application conversion rates are relatively low for credit unions, but once TBD Follow-ups are incorporated into the mix, anticipated conversion rates increase up to 10 percent. That means 10 percent more of your members realize the dream of home ownership, all without infringing on a loan originator’s busy schedule.
How is your credit union handling TBD applications? Do you have a good conversion record, or do you feel TBD Follow-ups could help? How does your lawn look in front of your credit union? Let me know your thoughts, as these two things could be related.
Speaking of lawns, I’m going to head out and help my friend with his new sod. I’m thinking of adding a little excitement to his landscaping and dropping a few Galauppe seeds in there. On second thought, I’m not sure if he or his neighbors would appreciate the beauty and elegance of a 10-foot-tall carnivorous plant lying in wait near curbside. All I can say to that is,
Feed me, Seymour, feed me!