Mortgage lenders are ramping up marketing and point-of-sale processes, in order to prepare for an environment in which home sales are expected to cool down, according to a new report by Stratmor Group.
More than half of bank and nonbank mortgage lenders who responded to a survey said they expect industry volume to decline this year, Stratmor said in its Outlook and Go-Forward Strategies report.
To deal with the downturn, many lenders are using advanced database and social media market tools, to drum up more sales leads, Stratmor said.
"Lenders are making the investments necessary to help drive growth," Matt Lind, partner for enterprise strategy and business development at Stratmor, said in a news release.
"A focus on developing and expanding front-end capabilities is seen as a prerequisite to thriving in a slow-growth environment," said Garth Graham, Stratmor's partner for its sales and marketing strategy consulting practice.
Stratmor, in Greenwood Village, Colo., is a mortgage-industry consulting firm.