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Real-life marketing.

Mortgage companies are using tailored marketing tools to sell their images, their services and their products.

JACK EASTMAN Vice President Midwest Mortgage Services, Inc. Oakbrook Terrace, Illinois

Midwest Mortgage Services (MMS) is a full-service secondary market intermediary that provides comprehensive mortgage lending assistance to more than 50 community banks in the Chicago area. Last year, MMS's closed loan volume swelled to $1.25 billion--an increase of 97 percent over 1991. The volume done in 1991 represented a 97 percent increase over 1990. We credit our success to many factors, but these are perhaps the most important:

* The efficiency of our operations, which we have been honing since 1980.

* The level of training and support we provide to our banks' mortgage lending staffs.

* And the variety and quality of the marketing materials we make available to these professionals to help generate originations.

In addition to the more than 50 print advertisements and the 20 brochures we have created for our members, we provide two specialized marketing tools that loan officers have found to be particularly effective over the past year.

Realtor newsletters--We give each loan originator the opportunity to create a personalized newsletter for Realtors. They choose up to a half dozen articles from the twelve to fifteen we prepare every two months. Of course, they have the option of writing their own stories if they wish. Our articles contain timely information on national home financing issues, as well as products and services unique to the MMS system. We then produce each newsletter according to the bank's layout and type preferences. The end result can be either mailed to Realtors, or better yet, hand delivered in lieu of a rate sheet. We do whatever we can to discourage the use of rate sheets.

Realtor presentation kits--MMS has developed a unique presentation kit for loan officers to use when speaking to groups of up to a dozen people. In portable, flip-chart format, the kit provides the loan officer with a wide selection of attractive, four-color presentation pages on everything from FHA/VA loan opportunities to the efficiency of the bank's mortgage lending department. We recommend using only seven to nine pages at a time, which the loan officer may organize in whatever manner best suits the situation. This approach provides the loan officer with an automatic outline for a sophisticated presentation, holds the attention of the audience, while highlighting the bank's strengths, and enhances the originator's image as a highly professional lender serious about financing homes for the Realtor's customers.

JOHN COURSON President Central Pacific Mortgage Company Citrus Heights, California

Central Pacific is an established, multi-branch mortgage banking company. Yet, from the perspective of our customers, we want to be viewed as an approachable lender--one that focuses on serving specific communities through the individualized efforts of each of our branches. After reviewing our marketing strategy, we realized we needed a method to tell people we have the power of a larger firm, but the personality of a friendly, small-town lender.

During the past year, our corporate brochure has helped us accomplish this. It's a sophisticated, straightforward piece that reflects our uncomplicated approach to mortgage lending. In it, we stress how Central Pacific encourages each branch to maintain its integrity and its unique style of doing business--for the benefit of the homebuyers, Realtors and builders it serves.

Now in its third printing, the brochure is easily personalized by our branches with the insertion of a business card into die cuts provided for that purpose. Some branches have taken the personalization a step further by reprinting the piece with text modifications to convey their unique messages.

We have found that this handout speaks equally well to Realtors, builders and homebuyers. Right now our branches are distributing it mostly to consumers, who have recently been contacting us directly for both purchase mortgages and refinances.

In addition, we have created four camera-ready print advertisements. All a branch needs to do is insert its logo, address and phone number, and the ad is ready for publication in the local media. Each advertisement relates back to the basic corporate message contained in the identity brochure. These also can be used as handouts at community and industry events.

These materials have helped us gain name recognition in our 60 locations in California, Nevada, Washington, Texas and New England. The ability to deliver a more consistent message about our products, services and philosophy has allowed us to increase our current origination volume and has helped strengthen Central Pacific's image for our future endeavors.

BETSY WELLENSTEIN Marketing Officer Firstar Bank Milwaukee Milwaukee

Firstar Corporation is a multi-billion dollar bank holding company. Over the years, we have become a leading mortgage lender in the Midwest with more than 150 offices and a mortgage banking division.

In the midst of the heavy refinance demand of 1992, we decided to generate a brochure that would help our mortgage representatives capture the attention of homebuyers. We created "A Guide to Your Home Financing"--a comprehensive handout that contains helpful questions to ask when shopping for a loan, a qualifying worksheet, an application checklist, a step-by-step guide through the approval and closing process and handy definitions.

We didn't expect this piece to sell loans for us, but we did want it to confirm that Firstar in a wise choice for who showed an interest in financing a home through us.

During the past year, we have received a tremendous response from our customers. They find the brochure very informative and valuable. We've also given it to Realtors to provide to their clients. Realtors love it because it is so detailed and packed with the information that their buyers want.

Firstar also uses it for training our personal bankers about mortgage loans. We encourage them to use it as a sales tool when explaining the loan process to potential customers.

The brochure has turned out to be truly multipurpose. We've used it with equal success at homebuyer's seminars, home shows, open houses, one-on-one with customers and as a fulfillment tool for promotions.

TIMOTHY J. MEEHAN Senior Vice President Waterfield Mortgage Indianapolis

For the past year, we have been using a comprehensive, cross-sell folder as our chief marketing tool. It provides an overview of our parent, union holding company, plus accommodates individual brochures from the affiliates: Waterfield Mortgage, our 65-year-old mortgage company; Union Federal, Indiana's largest privately held savings bank; and the full-service Waterfield Insurance Agency.

This multifaceted handout designed to cross-sell several financial services makes it possible for us to now compete with institutions 10 to 20 times our size and still offer the necessary ground-level services expected from a small, family-owned mortgage company. Among the many positive responses we've had are: "This professional-looking piece does a great job representing your company." "Until now, I was unaware of the relationship between your companies." "It's nice to know we can get other discounted services from your affiliates." "This one-stop shop of banking, insurance and mortgages makes your company easy to deal with." "I was pleased to learn I can make my mortgage payments at any of your bank locations."

I am extremely happy with the enthusiastic response that our cross-selling effort has generated. In fact, numerous clients have requested that we provide them with an inventory of these brochures--so they can pass them out to their clients.
COPYRIGHT 1993 Mortgage Bankers Association of America
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
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Title Annotation:mortgage banks
Author:Abbott, Jack Henry; Courson, John; Wellenstein, Betsy; Meehan, Timothy J.
Publication:Mortgage Banking
Article Type:Industry Overview
Date:Jun 1, 1993
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