Over my recent holiday break, when I wasn’t upgrading the solar shield on my spaceship or updating launch algorithms, I was able to catch up on some wholesome Earth entertainment over the airwaves. That is where I discovered a program called Happy Days. What fun!
My favorite character was The Fonz. I am fascinated by his powerful, can-do attitude, how he remained “cool” under any circumstances and, of course, his hair. My alien species is what you’d call “follicle-ly challenged.” And without an opposable thumb, I’m having great difficulty replicating his trademark thumbs up and saying, “Ayyy!”
Happy Days is, without a doubt, quite entertaining, but it is also very educational, so much so that one particular episode presented a great analogy to something we frequently deal with in credit union mortgage lending: efficient and effective communications with members. More specifically, how can we, as mortgage lenders, effectively and efficiently communicate the ins-and-outs of getting a home loan with members who may have never previously applied for a mortgage?
Without going into too many specifics around the episode, The Fonz and his pal, Richie, went on a campout with some of the gang. Well, they decided to be adventurous and went off on a hike that led them to a very large dairy farm. During their time at the farm, they had a verbal confrontation with some of the individuals at the farm.
Richie was making light of the point that the farmers weren’t very knowledgeable about “suburbanite” or “city” ways of life and everything they entail. The farmers didn’t take too kindly to this subtle insinuation that they weren’t very intelligent. Enter The Fonz…
Upon witnessing this confrontation, The Fonz turns to Richie and asks him how many cubic feet of corn the silo on the farm holds. Richie looks at him in bewilderment and has no idea. The Fonz turns to the farmer and asks the same question. Without any hesitation, the farmer belts out the answer.
What I took away from this is that everyone is an expert in their own field (and no, I’m not necessarily referring to a corn field). For example, in no way could I perform a complete shoulder replacement surgery on a human being (or anyone of my own species, for that matter—if we had shoulders); however, could that surgeon operate and maintain a highly technical and complex spaceship like mine? Very doubtful.
So, I ask you: Do you expect your members to know and understand the complete mortgage process, from application to closing to servicing over the life of the loan? Of course not. You need to communicate to them efficiently and effectively the details of the entire process and what they can expect along the way. In doing so, you need to keep the following in mind:
- Your member may only go through this process a few times in their life versus you dealing with mortgages every day. You know how much the silo can hold—you need to explain that in a way easily understood by your member.
- This is, most likely, the largest purchase your member will ever make, meaning they are probably going to be nervous or even a little frightened of the unknown. Put them at ease using (again) solid communications.
- There are tools and resources available to help you and your member through the process… together. For example, myCUmortgage provides its partners access to their Marketing Portal which houses collateral designed specifically to communicate with members in a language they understand. I summarize the content of several of these resources in previous blog posts covering the member’s decision to buy a home; insights on what exactly a mortgage is; selecting the right home loan partner; and putting the loan process into action. And, the portal’s homepage was recently redesigned to make it easier to find what you need. I know my eye stems were twitching with excitement to see the new look, especially the recently added and very useful Marketing Calendar.
- You need to be there for your member. You are cognizant this is a lengthy process that is certain to raise many questions from the member. Let them know you are working for and with them. You’re the mortgage expert—don’t be afraid to show it!
- Remember that your member has invested their trust in you. There’s a reason they are working with you to help them attain their dream of home ownership. That’s one of the many attributes that a credit union has to offer—a personal touch.
I was surprised to see that in just an Earthly half-hour, The Fonz and Richie made it off the farm and back to Milwaukee, albeit a little wiser. How do you typically communicate with your members and become their trusted partner in their quest for home ownership? Please share your thoughts and ideas here so that we can all learn from each other.
And, as always, feel free to reach out to me or any of my myCUmortgage colleagues for insights on member communications. We may not have cool leather jackets or a magic touch that will send a jukebox into audial action. But, we DO have the mortgage knowledge that will have you and your members giving the thumbs up and uttering a reverberating…
AYYYYYYY!