It’s no secret—this alien LOVES your Earth television and the entertainment it delivers. There is such a wide variety of shows, movies and documentaries that I’m never at a loss for something to watch (those documentaries on Area 51 are a little out there, but so is a resident alien writing a mortgage blog… am I right?!).
There is one genre for which I don’t care very much—reality TV. I think the question on all our minds is, “Just how REAL is it?” There is one reality show that makes me gurgle every time I see it. The host literally pops up out of nowhere to state what is obvious at that moment in the show: “This is the final rose tonight—when you are ready.” And then poof, he disappears faster than a pumpkin spice latte from my Nutrimatic drink dispenser.
It does remind me of the hide and seek games I used to play as a young Amicitian where we incorporated teleportation platforms. Pretty standard issue back at home and, fortunately, no Jeff Goldblum “fly” instances. Those are pure science fiction—teleportation is very safe.
Recently a colleague reminded me about one particular reality TV show that I truly enjoy: The Amazing Race. It’s coming back this fall and I’m shimmering with excitement. I’ve actually referenced The Amazing Race in a previous post that detailed our upcoming 2021 Partner Conference: The Amazing Mortgage Race. You can read the post HERE and, by the way, there’s still time to register—Click Here to learn more.
One of the reasons I believe I enjoy the TV show so much is that it reminds me a lot of the credit union mortgage process. Your members are the competitors, starting their race when they put in a mortgage application at your credit union or on your website. You are the host and coordinator of the race, providing insights, commentary and direction along the way, all of which will help your members win their race to home ownership.
Throughout the race, you direct your members to different Clue Boxes and Pit Stops. These represent vital destinations in the mortgage process, such as providing documentation, clearing up stipulations set by the underwriter and receiving the closing disclosure, or CD. All these destinations and stops are leading up to the finish line, a.k.a., the closing table and the receipt of the keys to the home of their dreams.
But does the race end there? Not exactly. The race continues with the servicing of the mortgage through the life of the loan and working with the member throughout whatever happens in their life. I think of this continuation of the race as re-runs, special all-star editions and syndication.
As you move together with your members through the mortgage process and beyond, there needs to be solid communication. In The Amazing Race, the host constantly provides updates on the teams, destinations and tasks at hand. Much in the same way, you need to provide regular, consistent communications to your members. Fortunately, there are tools available to help credit unions do just that—myCUmortgage’s TBD Campaigns and Realtor Status Updates are a couple that come to mind.
And when communicating, it’s very important to remember that this mortgage process for most of your members is like visiting a foreign country, just as they do on The Amazing Race. While you know the local language in the mortgage world, most members do not, as they only purchase or refinance a home a few times in their lives. Talk with them in a language they understand—a great tool to assist with this is the Shopping for a Mortgage series on myCUmortgage’s Marketing Portal. It was developed with millennials in mind and is worth checking out.
In the end, we’re all winners when your members purchase a home. Yes, oftentimes it may seem like a long race with multiple steps, but the hard work, persistence and solid communication are always rewarded at the finish line… and beyond.
As always, thank you for reading and subscribing to my blog. If there are any specific topics you’d like me to discuss, please let me know in the “Comments” section below. My eyestalks always get quivering when I get to post a new blog, and knowing it is well-received makes it an easy choice for me to award my final rose to…
YOU!