Archive for August, 2008
Mortgage Industry Shock and Awe
August 24th, 2008 Categories: Mortgage Advice, social media
I was on CNBC a few nights ago, slated to do a spot re: dubious mortgage professional practices. The spot was titled: Confessions of a Mortgage Industry Insider.
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The Pitch:
Part A. Talk about the nefarious ways mortgage professionals can, have and will dupe consumers.
Part B. Enlighten consumers on how to avoid such practices and give advice on how to find and align with honest, ethical and transparent mortgage professionals.
The Reality:
Throw yourself under the bus and come across as a former deceptive con artist (decepticon?)…Shock and Awe, Bombs over Baghdad…
I was supposed to have ample time to cover these issues but instead got crammed into 3 minutes of self-vilification.
For example, question 1: Whats the worst thing you’ve ever done?- Ehhhh…
‘Talk about forging documents’- Ummmm…
The Aftermath:
I received more than a few emails from mortgage professionals calling me names I haven’t heard since grammar school…including an uncomfortable call from my mom.
Nice.
Well it is TV, so the sensational story angle should’ve been expected. It just felt like ‘Inside Edition’ more than ‘Help The Consumer’.
Anyone who knows me or has read this blog for even a modicum of time knows I am one the most outspoken advocates for industry reform to restore consumer confidence. I’ve dedicated the last 18 months of my life to developing a product, service and ultimately a community of mortgage professionals who can restore said confidence to a shaken and disjointed industry.
I’m also of the mindset that (almost) any publicity is good publicity if it adds to your Brand. Too many businesses and individuals fail to recognize how important Branding is, which is highly thoughtful and concentrated marketing.
Controversial, compelling and hard hitting has always been, and always will be, part of The XBroker Brand…Dirty ex-mortgage broker looking for forgiveness for past sins?..no so much.
The spot was extra ironic since two days prior I met Dan Green in Chicago, where over a fantabulous Greek dinner we discussed how important it was to rally the messaging back towards the positive in and around the mortgage industry. Those who can differentiate themselves under this context will become this down markets shake-out winners.
There are myriad of outstanding mortgage professionals still in the industry and a ton of opportunity for those willing to adopt, adapt and integrate the ways of New Social Media (aka Web 2.0.) into their businesses. Social media is a potent yet still evolving marketing strategy for the mortgage industry, its early in the game and many traditionalists don’t (can’t) understand it…Do not let that dissuade you!…Create, focus and grow your brand…reinvent, improve yourself and your business continuously. Create the conversation and move the market.
Who else in and around the mortgage industry is executing a stellar New Media and branding startegy?
Dan Green and his Bring The Blog product and service.
Todd Carpenter, proprietor of Lenderama and pioneer of REBlogWorld
Daniel Martin of Mad Mortgage World
Do you know of any others? Let me know!
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Apparently Zillow Wants All The Cake
August 11th, 2008 Categories: zillow
Maybe my thinking is a little selfish, but if I were a participating mortgage professional in the Zillow Mortgage Marketplace I wouldn’t be pleased to see is an ad like this on the home page:
Not saying that there shouldn’t be advertisements, but if I’m taking the time to fill consumer quotes within their community, I don’t want to see this type of generalized, ambiguous, borderline misleading advertising from another lender usurping my time and participation…and it doesn’t coincide with Zillows process of:
Get Custom Mortgage Quotes
1. Create a Loan Request
You are anonymous to lenders — no name, phone, or SSN required
2. Receive Quotes
Get personalized mortgage quotes from confirmed lenders
3. Contact the Lender Review quotes, profiles, and ratings. Then you contact them, they don’t call you.
Click through on ING’s advertisement and they immediately want name, address, SS# etc:
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