“Never write when you can call; never call when you can go in person,” was part of a philosophy of serving voters that helped Lyndon Johnson win elections and become a political force.
For successful mortgage originators, going in person to meet clients, instead of hiding behind email and social media, can make the difference between closing a sale or going back to the office frustrated, and without the order.
Sending an originator in person, however, is not an option for many online lenders.
Their challenge is to develop technology that delivers the personal touch through the Internet, creating a digital bedside manner designed to remind borrowers they are being taken care of. It reminds them that their lender is benevolent, and will always act in their best interest.
To provide clients with the personal touch, or at least to ensure a meaningful online experience, Quicken Loans Inc. developed MYQL that features straight talk about the mortgage experience.
The recently updated MYQL makes expert use of a blog that’s intelligent and distilled of jargon or marketing claims. But that does not mean free of facts, much less of superlatives. It does include a link, for instance, to “Relax We’ve Got You Covered: Highest in Customer Satisfaction for Primary Mortgage Origination in the U.S. for Three Years in a Row” by J.D. Power and Associates. But it’s presented in a way that feels natural, almost like a one-on-one presentation.
And the blog is sprinkled with enough humor to give it some personality. “Here at Quicken Loans, we take extreme pride in having industry-leading online tools,” wrote Eric Malloy, on the company’s Zing Blog. “So when we had the opportunity to take an already awesome MYQL and make it even better, we rolled up our sleeves, got a few cases of Red Bull and got to work.”
Think of MYQL as a dashboard to which the borrower can navigate when he wants an update on his loan, find a number for the right person to call with a question or problem, or read and print a list of documents he needs to send to Quicken Loans. While there, he’ll have access to everything he will need to close his loan—dull stuff for many and it would be here too—except for the musings of the blog team.
To be sure, Zing combines a tasteful pinch of irreverence with a teaspoon of zest for mortgage originations. That’s a combination that makes reading about the mortgage process fun for borrowers, never bureaucratic or tedious. The tone is attained in a way that feels natural, as though independent forces of serendipity plotted to create it.
But, there is no doubt the company invested significant time and money to create a buyer experience that few other companies can match, and continues to do so.
According to the Quicken website, the Zing Blog team is charged with writing amazing insights on home, money, life, and Detroit. A picture of around 15 mostly smiling bloggers at Christmas time, accompanies the explanation of what they do, though it fails to mention sets a tone—a corporate persona--for the company’s online presence.
The blog posts feel authentic, and I suspect, the comments resonate with many homebuyers.
For instance, “I’m usually not a fan of rushing into big decisions,” wrote Dawn Jamison in her May 3 post on Zing. “But under the circumstances, I’d say hurry up! The Federal Housing Administration’s fast-approaching changes on mortgage insurance will surely result in a heftier price tag for new homebuyers and
From most vantage points, Quicken Loans is a company that has always set high standards, both financial and technological, and met them. But many companies in the mortgage business do that.
Quicken Loans’ ability to deploy the Internet in ways that are innovative— separate the experience of doing business with it from mortgage competitors--and that makes its digital bedside manner a valuable, tough to duplicate, competitive advantage.
Matt Strickberger is the managing partner of OnPoint PR and Consulting LLC, a public relations firm that represents lenders, servicers, technology companies and others. He was editor of Mortgage Technology magazine from 1997-2000. If you have comments or suggestions for future columns, email him at mstrickberger@onpoint-pr.com.
