Every fall here on Earth, I get to enjoy everything pumpkin spice. It’s honestly a delicacy to me. On my home planet of Amicitia, the only seasonal treats we get are Kyucy tree extracts, which are comparable to pulverized and liquidated kale. In my research of this planet prior to my arrival, the only mention of kale that I found was its use as a decoration or garnish on a salad bar, not something that is edible. I guess I was dealing with some overripened data.
It’s also at this time of year that “spooky season” is wrapping up. I generally enjoy some spooky stuff—the black-and-white science-fiction movies from the 1950s are of particular interest to me. I believe a distant relative of mine was an extra in Invaders from Mars.
Generally speaking, we are all scared of something to a certain degree, and spooky season is (for lack of a better word) a celebration of those fears. Be it monsters under your bed, creepy-crawly spiders or low credit scores, something is bound to keep you up at night.
For all of us credit union mortgage lenders, that last fear is all too real—and not just during spooky season. In our industry, we face fears like this more often than we would like. But take a moment and look across the theoretical table in front of you. There sits your member, looking to you for your support and expertise in helping them fulfill their dream of homeownership. However, for some members, that dream may seem more like a nightmare.
There are many logical reasons for this, and I’ve called out three in particular that seem most prevalent to this mortgage mentoring alien. And the good news is that as mortgage experts yourself, you can help answer member questions on these and many other topics as their trusted credit union mortgage lender.
Fear of the Unknown. Chances are, the majority of your members only go through the mortgage process a few times in their lives, and when they do, there’s probably a fair amount of time in between those events. News about higher interest rates, slowing home sales and less inventory could be frightening members on both sides of the homeownership fence. Not dealing in mortgages regularly can really make a member feel like an outsider looking in. You DO work in mortgages nearly every day and you ARE well-versed in industry lingo, processes and changes. Make sure you let your members know that you’re there to answer any questions or concerns they may have and serve as their guide along the path to homeownership.
Mythological Beings. Building on the above fear of the unknown, members may have concerns about very real things of importance in the mortgage process. For example, a member may believe in order to get a mortgage loan:
- Their credit must be nearly perfect.
- They must have a down payment of at least 20% of the purchase price.
- Their income determines their loan amount.
As their mortgage guides, you can help dispel these and many other myths your members may have. I made a post on this very subject previously, so if you haven’t checked out Mortgage Myths & Crop Circles, I highly recommend doing so.
The Very Scary Real Estate Market. Okay, this is also a common fear that we, as mortgage lenders, experience, especially when the market is making significant changes like it is today. As the landscape levels out to a nearly pure purchase loan market, you must stay on top of industry news and events. Make yourself aware of the tools and processes available that will assist you in adapting and succeeding in a purchase market and helping more members get into homes. Attend professional development webinars, industry updates and conferences. For myCUmortgage partners, take advantage of the excellent resources right at your fingertips: Your Partner Success Managers and the myCUmortgage Training Team. Conquer fear with knowledge and be confident that you are still the best mortgage professional to assist your members. Even in a challenging market like this one, there are opportunities—and members still need homes.
There’s a fourth fear by members that I’m not going to elaborate on: Purchasing a home only to realize it’s haunted. Of course, this may be a selling point for many, but I will leave it at that.
The bottom line is that the mortgage process can potentially be very scary to members seeking homeownership. As their reliable credit union mortgage lender, it’s your job to put them at ease and assist them in every way you can. Keep building that valuable relationship with your members to decrease their anxiety and increase their trust.
And for a final scary season mortgage celebration, I highly recommend watching the following thrillers:
- Creature from the Credit Lagoon
- Children of the Loan
- Godzilla vs. Stipulations
Have a thrilling and exciting scary season!