Unless you've been under a rock the past few days, you know our industry is getting it's share of media attention. And it isn't complimentary...we now face the challenge of rising above the negative press surrounding subprime lending and the increase in delinquencies and foreclosures.
This is just the beginning. Consumers are going to be hearing horror stories about lenders that placed clients in loans they didn't understand and couldn't afford. It doesn't matter if the originator is completely at fault or not. Loan officers are the closest connection to the public (most consumers didn't even know what sub-prime meant before this week) and will receive the majority of the negative press and blame.
I would like to present this problem to you in a new light. Look at this as an opportunity to separate yourself from much of the competition. In order to do this, you must have a solid reputation as a strong, ethical lender that is in this business to serve others. All of your marketing, letters, emails and conversations need to display you as knowledgeable and as an expert in mortgage lending. Knowledge is power and you will be well served to read as much as possible about this situation so you can talk about it intelligently. (NAR's David Lereah's thoughts)
There is still a great need for mortgage lenders. Houses will be built, purchased and refinanced. Take the time to address consumers fears with your knowledge and a competent explanation of their options. Borrowers want to feel secure that their lender is looking out for their best interest, so make sure you consistently give information on products that will put them in the best possible financial place. You want them to feel good at closing, a year later as well as five years later.
Consider sending a letter to your database addressing this issue. Keep it fairly short, positive and offer reassurance of your dedication to them and the mortgage industry. This turn of events is going to make consumers rely on recommendations even more....make sure you have testimonials on your website that confirm you as honest, trustworthy and knowledgeable. Put a testimonial under your signature on emails.
I'm a believer that there is always a silver lining. Take a look at the opportunity you have to provide consumers with a strong, ethical lender. Give it a try...it's better than the unemployment line.
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