Mortgage Daily Logo
mortgage news from industry experts

2011 Loan Originator Survey – Social Media

2011 Loan Originator Survey

Survey and analysis of the nation’s top-producing mortgage loan officers

Sponsored By
www.ezratequotes.comwww.mtginfo.comwww.mortech-inc.comwww.mortgagevco.comwww.motivitysolutions.com

 

 

Social Media

 

The survey also looked at how social media is changing the originator-customer relationship and generating new forms of company branding opportunities. Advocates of social media predict that it will transform nearly every customer relationship and there’s a belief that it could have an immense impact on how originators reach out to prospects.

The question is whether top producers in the field are feeling that impact now and in what ways.

Overall, top originators are adept users of established and emerging technology products, but the survey revealed some surprising results about what they are doing and the value they perceive from the effort.

Most employers provide Web pages or Web sites for their originators (79 percent), and most originators also operate a personal Web site for business development (63 percent). These are likely to be tied directly to the firm’s branding efforts.

Facebook is used by half of the super-producers in customer-acquisition efforts, while just under 60 percent use LinkedIn. Just over 25 percent utilize Twitter or blogs.

Social Media Usage
social media usage

 

Seen from a positive perspective, those are formidable numbers for technologies that have emerged only in the last few years and for which consumers’ expectations are still evolving. Top producers appear to be early adopters of social media and they are using it to reach their prospects and customers.

But the full picture is more complicated. In fact, it’s fair to say that a big split exists in the industry today. The top producers who have adopted social media are fairly heavy users, but a significant share of their peers have not yet felt the need to reach out online. The paradox can be captured in this piece of data from the survey: one-third of top producers say that they do not use social media to reach out to prospects and customers, but of those producers who do use them, they use at least two types of social media, on average.

There’s even one more layer to the emerging picture on social media. In the survey, even the most consistent users of social media say that they are not yet convinced it’s an effective branding mechanism or a way to build customer loyalty.

More than a third of respondents (37 percent) say that social media “is not very effective” and that they “seem to be wasting time” engaging in the effort. Only half of the respondents consider social media to be even “somewhat effective.”

 

Effectiveness of Social Media for Producing Business Opportunities
social media effectiveness

 

When it comes to emerging forms of communication through social media, so far top producers are staying on the sidelines. For example, only 14 percent of respondents have tried creating and posting videos, and only 6 percent have posted videos created by others. However, 43 percent said they are considering online video technology for the future.

The bottom line is that, overall, top producers still rate traditional business-development activities as yielding better results than social media.

But it’s clear that a transition is taking place, especially as business development through telemarketing and purchasing prospect lists are on their way out.

The message to employers is to support the activities with the greatest returns, but, with an eye to the future, find ways to facilitate use of social media for originators who are committed to its use.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION