In a recent study conducted by Ellie Mae on communication preferences in the mortgage industry, the number of borrowers who find email intrusive has grown over the last 5-10 years.
The key takeaway? In order to maintain a positive relationship with prospects or customers any email sent must be relevant and important to the receiver.
Our new eBook, “An Email Marketing Guide for Mortgage Lenders: 6 Steps to Effective Email Marketing in an Age of Compliance and Digital Consumer Engagement,” focuses on six steps to create a powerful email marketing strategy.
And while you need to download the free eBook to get the detailed recommendations and supporting data, we wanted to share one helpful strategy as a preview.
Strategy: Know the Rules*
While email is one of the most important tools a loan officer has, not every loan officer is using it safely. Some share too much information via email, while others don’t share enough. It takes just one non-compliant email being forwarded to the Consumer Financial Protection Bureau (CFPB) or the Federal Trade Commission (FTC) for you to have serious questions to answer – and quite possibly, major fines to pay. Lenders can be fined up to $16,000 for a single violation of the CAN-SPAM Act!
Mortgage marketing compliance via email essentially comes down to truth in advertising:
- Don’t use language that could be considered misleading.
- Don’t promise rates and terms the borrower might not qualify for, or that you can’t deliver
- Don’t try bait-and-switch techniques with misleading headlines or offers.
To succeed at email marketing, lenders need to monitor the activities of their sales teams and have policies and procedures in place to act as an insurance policy against loan officers “going rogue” on email.
*You should always consult a suitably qualified attorney regarding any specific legal problem or matter. The comments and opinions expressed here or in the eBook do not constitute legal advice.