Ringless Voicemail For The Mortgage Lending Industry

Ringless voicemail technology presents a whole menu of timely and highly valuable potential opportunities for the mortgage lending industry. As this may still be a new concept for many, the key questions center around what real advantages does ringless voicemail offer? Is it legal and compliant? How simple is it to setup and implement?

How Ringless Voicemail Works

Put simply, ringless voicemail uses technology to drop messages into voicemail boxes without causing phones to ring.

These ringless drops avoid old common challenges to phone marketing and use by avoiding the ring. Messages can’t be bounced as with a manual or automated dialer call. This results in connection, delivery and engagement rates which far exceed most other mediums. These are tangible, measurable metrics which are not available on say billboards, direct mail, signage or radio advertising or cable television ads.

Depending on the receiving device and campaign setup recipients can have the option of reading or listening to the message, one click call backs for generating inbound calls, or navigating to a chosen website or other URL or automated or AI driven phone system.

Why Go Ringless Now

While the mortgage industry may be enjoying prosperous times, these are also challenging times. Well established institutions and independent professionals have seen dramatic changes in technology, trends, rules and competition levels recently. Many newer players are throwing their gauntlets into the ring, but need hyper efficient, affordable and effective tools for streamlining communications and achieving reach quickly.

Overall mortgage volume is projected to compress as interest rates rise and housing inventory remains tight. While both individual mortgage professionals and large companies are feeling increasing challenges to their ability to generate new leads and communicate with those in their databases. This is particularly true of email, social media, opt-in funnels and traditional phone marketing and communications.

To survive and thrive now and ahead mortgage experts and companies must find new methods of communicating, marketing, following up and providing service. These must be flexible, affordable, easily scalable, trackable and measurable and efficient. Ringless voicemail checks all of these boxes.

Who Should be Using Ringless Voicemail

Entities in the mortgage lending industry who can benefit from these services and tech tools include…

  • Banks
  • Mortgage lenders
  • Insurers
  • Credit unions
  • Asset managers
  • Loan servicing companies
  • Mortgage brokers
  • Conduits, correspondent channels and crowdfunding platforms
  • Individual loan officers, branches and teams
  • Note investors
  • REO managers
  • Private lenders
  • Third party lead generation platforms and agencies

10 Use Cases for Ringless Voicemail in the Mortgage Lending Space

Among the many applications for this technology and service are the following.

1. Product Announcements

Use ringless voicemail drops to notify wholesale channels, conduits, potential home buyers, and past customers of new product and feature rollouts.

2. Interest Rate Change Alerts

Notify brokers, current clients in process, and borrowers of interest rate changes to ensure accurate loan pricing, speed up rate locks and new loan applications and keep borrowers on track as their adjustable rate loans approach new adjustments.

3. Automating Payment Requests & Debt Collection

Use drops to remind borrowers of late payments and to automate contact during delinquency or for collecting on accounts receivable.

4. Annual Reminders & Engagement

Keep in regular communication with clients and B2B partners throughout the year. Make them aware of refinance opportunities and loan status.

5. Disaster & Business Interruption Alters and Status Messages

Ringless voicemail can be used to alert customers and business partners to pending interruptions due to natural disasters and provide status updates and guidance to service during the wake of major storms, volcanic eruptions and hurricanes.

6. Offering Upsell Opportunities

Use drops to warmly upsell. This could be to credit card offers, home equity lines of credit, insurance products, or biweekly payment and repayment acceleration options.

7. Lead Nurturing & Follow Up

Use regular drops to nurture leads in your database and follow up until they convert. All without burning manual hours, utilities and labor budgets.

8. Customer Deficiency Notifications

Drop messages to notify borrowers of deficiencies which may negatively impact their loans and property assets. Such as Insurance renewals, property tax payments, changes in asset values, due on sale clauses, judgements won, liens levied and pending mortgage maturity dates.

9. Closing Instructions

Voice messages can be used to provide enhanced security measures for providing escrow and closing instructions for real estate transactions.

10. Conducting Surveys

Use them to conduct customer and prospect surveys, collect more data and keep them engage while you develop new products and features.

The Benefits of Ringless Voicemail for Mortgage Professionals & Bankers

There are many advantages to bringing in this technology or outsourcing it, including:

  • Compliant marketing to replace out of date and risky mediums
  • Reduced manual labor requirements and costs
  • Eliminating unnecessary office space and burdensome overhead
  • Consistency in messaging over the phone
  • Enhanced profit margins and employee productivity levels
  • Higher marketing returns
  • Lower cost per lead and CPAs
  • Higher brand engagement rates

Staying Compliant

Mortgage lending is one of the most highly regulated industries in existence. All professionals and organizations who are serious about lasting need to take compliance seriously. Marketing and communications can be one of the biggest areas of liability. A few slip ups with traditional cold calls or emails can cost you your entire life’s work and a lot of jobs. Currently ringless voicemail stands out as a technology which remains legal and compliant for contacting prospects and clients via their devices. It does so by being technology driven, not phone line driven.

However, in order to maintain brand love, good reviews and to ensure this medium remains sustainable mortgage businesses should be careful to protect it.
This means:

  • Not using it as a replacement channel to spam or harass
  • Sticking to traditional phone etiquette and within courtesy laws
  • Maintaining a clean database of contacts
  • Finding the right match of in-house technology or third party service provider