Based on the study’s findings, this certainly appears to be a memberlicious behavior that originators should seriously consider. How so? Read on….
If I had a big ego, I might be thinking I was some sort of mortgage breaking news reporter (but I don’t and I’m not). Anyway, just a few days after writing about Freedom Mortgage’s First Flyer program, Fannie Mae published an article in their Home Story online newsletter called “How Radius Financial Group is Building a Millenial Workforce.”
This article chronicles Radius, an independent mortgage banker and how created it’s Nex Gen IMB (Next Generation Independent Mortgage Bankers) boot camp.
Read on for this memberlicious idea…..
There’s been lots of news about high profile / producer loan originators being recruited away as lenders try to grow their purchase money mortgages. It’s kinda like that sports team signing a high price free agent. Sometimes it works out great. Sometimes it doesn’t. Maybe their talent isn’t what the hiring manager thought it was. Maybe it’s not a culture fit. Maybe it’s another reason.
Another approach is the one that Freedom Mortgage is taking in through their “First Flyer” program. You can read about it here.
A couple weeks my son started bugging me about Amazon Prime Now. It had come to the Cincinnati market and he wanted to try it.
What is Amazon Prime Now? Well, as the name suggests its for Amazon Prime members. They sell just about everything that a typical grocery store would sell (with limited brands) and deliver it to your door within two hours. 2 HOURS! and at typical low Amazon prices.
So he convinced me. After scouring the web site, we ordered a bunch of junk food – ice cream, cookies and candy. $40 worth. Yes, $40 dollars worth.
We got a confirmation email and a web link to track our order. We followed via GPS as the Amazon Now car came closer to our house. About 1 hour and 45 minutes later, an older model cadillac or some other large car pulled into my drive way. An Amazon employee or maybe contractor got out, opened his trunk and delivered my haul. Now the service isn’t nationwide yet, but I’m sure it’s headed that way.
It was impressive and certainly built upon the amazing reputation Amazon has for being innovative, customer-focused and cost effective (even with the $5 fee charged that goes to the driver).
There’s a lesson here for Credit Unions wanting to be memberlicious. I’m not exactly sure what it is, but it has something to do with trying something different. Trying to be innovative. Thinking about what do your members want NOW. We deliver disclosures electronically. What if we hand delivered them and went over them with the borrower? Too expensive? Maybe, but Amazon figured it out.
I’m sure there are other things in the mortgage process members want NOW and we are unwilling or unable with our current restraints to do so. That’s not very memberlicious. So if your market has Amazon NOW, order some treats and get your smart and creative folks around and starting thinking about it.
According to a recent post on Inside Mortgage Finance it was a “Mortgage Originations Spurt to 3 Year High” by John Bancroft.
So how are Credit Unions going to fare in the quarter. Will with feel like getting soaked with a fire hose or a slow stream from a garden hose.