Ah, spring is in the air! The changing of the seasons is all so exciting to me, as I truly am alien to patterned climate changes over the course of any given timeframe. You see, unlike Earth which follows an elliptical orbit around its sun, Amicitia follows a round orbit, keeping us the same distance from our sun and providing a stable and consistent climate. (On a sidenote, my residence in Ohio has allowed me to experience all four Earth seasons in a single day, which is cosmically exciting for me!)
One spring occurrence which I’ve grown quite fond of is the return of the hummingbirds to our area. Granted, my first hummingbird encounter was quite unnerving: I heard the buzzing wings and caught sight of this tiny creature with the maneuverability of a tricked-out space cruiser and immediately froze, thinking it was a Dream Shimmer from the planet Jagomir. I vacationed there as a youngling and got stung by one, scarring me for life.
Once I relaxed from this encounter, I quickly took notice of the beauty, grace and fluidity exhibited by the small creature, so much so that later in the day, I attained several small feeding devices that I have stationed strategically along the solar shield of my ship. Each year, I attract many hummingbirds – I attribute most of the success to my DIY nectar formula. If you’re interested, let me know and I’ll happily share the recipe.
So far this year, things have been different. While I’ve seen a couple of hummingbirds, they are much later to arrive than normal and the numbers have been way down. At one point, I began wondering if I’d see ANY hummingbirds this year, questioning things like the types of feeders I’m using, the placement of said feeders and the effectiveness of my special nectar. They came in droves the last couple of years, but they’ve been scantly seen so far this year.
Does this setup and scenario sound familiar? It should if you are a credit union mortgage lender. You see, members appear to be following the same migration patterns as the hummingbirds. The last few years, they were seeking home loans and refinances in historical numbers; currently, while they haven’t disappeared completely, their numbers are near all-time lows. While much of this is market-driven and out of our control, it is still quite frustrating. So, you ask, what can we do about it?
My recommendation is to first put your focus on those members who are currently in your pipeline looking for mortgages. Second, you must sweeten your home loan “nectar” so that it better satisfies the needs that the current purchase market dictates. Let’s focus on the second part of my recommendation for the remainder of this post.
How can we – credit union mortgage lenders – provide what members need in a challenging market? Many potential solutions are things we’ve discussed previously but certainly bear repeating.
For starters, ensure you have a solid variety of “feeders” – these are the locations and channels where members can find you, get information on your home loan opportunities and apply. Online, mobile, in person… wherever it is, be where your diverse mix of members with different interaction preferences can find you. (We also used telepathy on Amicitia, but that option is not yet viable on Earth, although I’m sure some psychics would disagree.)
Within those feeders, you need to offer various “nectars” or loan products. Conventional is good, but in a competitive purchase market, adjustable rate mortgages (ARMs) and government products are even better. For example, ARMs offer lower initial interest rates while FHA, VA and USDA loans focus on keeping down payments reasonable and credit flexibility at the forefront.
On a more proactive front, we can’t just wait for members to show up at your feeders and partake in your nectar. While again, much as hummingbirds sense and seek out what they’re looking for, some members will approach you and your credit union on their own; however, in today’s market, that’s not nearly enough.
Credit union mortgage lenders need to be marketing and communicating to members and prospective borrowers about the advantages of purchasing a home and how you’re anxious to try and make that a reality for them. I’ve often stressed the importance of using a variety of channels to reach your maximum audience, but the key is consistency.
Dropping a flyer into the lobby, sending out an email blast and making a social media post are only the beginning. Lay out a communications plan, develop an editorial calendar and rev up some drip campaigns. If you have CRM (Customer Relationship Management) tools available, use them or consider investing in them if you don’t. Plus, as part of your marketing, clearly identify your audiences and develop communications specifically to them and their needs. Members and prospects in the market, TBDs (addresses “To Be Determined”) who have applications but haven’t found a property yet, renters, first-time homebuyers, up-sizers, down-sizers… the list goes on and on because, after all, we all need a place to live!
To help identify these audiences, take advantage of and build industry relationships. Reach out to local Realtors and other real estate professionals. Do the same with developers and builders in your area. Join industry groups and associations and take part in the activities and events they offer. Be visible.
Take any (or all) these steps as is appropriate to you, your credit union and your members and you’re sure to see an uptick in activity around your feeders. No matter the market conditions, members will always need homes, and the best partner they can have to help them find those homes is YOU!
And on that note, I must go. I just spotted a hummingbird zipping around the feeder hanging from my antennae array. In closing, keep your feeders full and fresh, and happy hummingbirding!