home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Stories For Salespeople
Loan originator and broker news and stories. Advice about improving mortgage loan originations. Insights to and profiles of mega-producers.
sales stories | sales books | originator newsletter




Traditional Advertising Not Always Best Way to Reach Many Groups

Economist discusses study about how some minority groups get mortgage information

February 20, 2004

By SAM GARCIA


Reaching some ethnic groups is a potential gold mine for originators. However, one of the top U.S. mortgage economists says traditional forms of communication must be replaced with more unconventional media.

During an interview about the mortgage market with Doug Duncan, the chief economist for the Mortgage Bankers Association of America, he pointed to a 1998 study that revealed roughly a third of prospective borrowers do not compare competitive quotes when shopping for a mortgage. "Thirty-one percent of people never talk to more than one" contact during the home buying process, he said.

That is a pretty powerful position for a loan originator to play from. So how does one become so prominently placed?

Communication.

But not the traditional channels of communication.

Duncan, who was attending the group's annual servicing conference in San Diego, Calif., noted that the study was conducted to determine what communication channels are used by different ethnic groups. "You need to understand how people communicate."

The survey of 1000 borrowers showed that "Hispanics were more than twice as likely as any other racial or ethnic subgroup to get their primary information from family," the Washington D.C.-based economist said. "The family institution is very important in the transmission of information about where to get your mortgage."

Mortgage banker Wells Fargo Home Mortgage is capitalizing on the Hispanic market -- recently announcing its plans to add 100 loan consultants in Los Angeles. The company said the area is the fastest growing market in which it operates, and Hispanics make up around half of it. Wells noted that this growth has been fueled by its decision to accept the Mexican matricula card as valid identification two years ago.

The study by the Mortgage Bankers indicated that African Americans were not using the newspaper to find mortgage information, Duncan said. "They were likely to get it from housing fairs and from television."

In addition to ethnic groups, communication with different types of family structures should also be analyzed, according to Duncan. He said U.S. census data indicate that single female heads of household with children make up a big share of the population but a small share of homeowners.

Duncan noted how one rental property builder capitalized on this segment by addressing their needs specifically (i.e., attached garages with locking doors; gated community).

The builder reportedly said, "the fastest growing demographic for us is women 35-45 with kids. We can't build them fast enough."

Duncan said the study will be repeated soon.


Sam Garcia has been in mortgage lending since 1980, and is publisher of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

email: [email protected]


Mortgage Conference News | Conference Calendar | Webinars
News about mortgage-related conferences and schedule of mortgage conferences,
mortgage Webinars and other mortgage events.
upcoming events: October | November | December | full calendar



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders