SlideShare a Scribd company logo
7701 York Avenue South | Suite 250, Edina Minnesota 55435




                  Using Self-Service Mortgage Sites to Attract Generation X Home Buyers
                   A White Paper from Dexma, Inc.

                   The housing market may be in the                Given the fact that mortgage lending
                   doldrums, but the long-term outlook for         can increase deposits and lead to better
                   the industry is looking good as Generation      customer relationships, you might expect all
                   X – those born between 1965 and 1979            community banks to offer mortgage loans
                   – enter their peak home-buying years.           to their customers. But running an effective
                                                                   mortgage operation today requires the
                   This demographic group, made up of about        community bank to meet Gen Xers where
                   62 million people, is a lucrative market well   they’re at: online; and most community
                   worth pursuing by community banks and           banks don’t offer the kind of sophisticated
                   other financial institutions. According to a    online presence required to effectively reach
                   recent National Association of Realtors®        and serve these Web-savvy borrowers.
                   (NAR) Profile of Buyers and Sellers, the
                   average homebuyer is now around 41 years        Generation X: First on
                   old; among first-time buyers, the median
                   age is 32. In just the next two years, 37
                                                                   the Internet
                   percent of Gen Xers and 27 percent of           Of all buyers who used the Internet to search
                   “Echo-Boomers” (those born after 1979) say      for a home, 42 percent were 34 years or
                   they plan to buy a home, compared to just       younger. The Internet is the fastest growing
                   13 percent of Baby Boomers and 6 percent        channel for mortgages, with 70 percent of
                   of seniors.                                     loan seekers going online to shop for rates.
                                                                   According to the National Association
                   Studies show that banks that hold the           of Realtors®, the Internet is used by 80
                   mortgage will sell, on average, twice as        percent of homebuyers to find information
                   many additional bank products to that           on properties or communities; 61 percent
                   customer as banks that don’t have the           of first-time buyers used the Internet
                   mortgage relationship. Moreover, the            “frequently.”
                   mortgage application process captures more
                   customer information than any other bank        Gen Xers were the first to adopt the
                   product, providing a pool of data for cross-    commercial Internet and trust online
                   selling other products and services.            information sources over traditional ones.


www.dexma.com | 1.888.831.0955
and mid-sized banks that are hoping to attract Gen
                                                             Xers’ business. Despite all of the money and effort
                                                             that larger banks spend on branding, very few have
                                                             attracted loyal Gen Xers.

                                                             In fact, sheer size and slick advertising (usually an
                                                             advantage) could very well work against these larger
                                                             institutions. Gen Xers are savvy to the point of being
                                                             cynical – they just want to know what’s in it for
                                                             them. They understand there’s always an angle, and
                                                             there’s no such thing as a free lunch. If you offer a
                                                             competitive rate and make it easy for them to work
                                                             with you, you’ll attract their business. Make it a fast
                                                             transaction and a quick close, and you could well have
                                                             their next transaction as well as their friends’ business.

                                                             Tech Tools for Gen Xers
                                                             A consumer-facing mortgage website that incorporates
  They’re also used to having a wealth of information        a lender’s loan program information, products
  at their fingertips. While online, they’re not only        and prices is the perfect tool to engage the Gen X
  searching for properties, they’re also shopping for        homebuyer. Lenders can use this presence to reach out
  mortgage rates. The original “latch-key” generation,       to anyone who’s online and seriously shopping for a
  Gen Xers are self-reliant and used to handling things      mortgage.
  themselves. It’s not a surprise that many are filling
  out applications without assistance and seeking online     A simple, yet sophisticated point-of-sale technology is
  approvals. As a group they like and respect companies      essential for lenders that are developing new channels
  that allow them to act independently, with minimal         of business with banks, brokers, builders, realtors,
  human interference.                                        and other business partners targeting homebuyers of
                                                             any age. Technology is the glue that binds lenders
  Speed is also important, as Gen Xers are used to           with business partners who can help grow mortgage
  getting quick answers to their questions. Today’s          business in whatever communities or markets they
  “snack” mentality means your sites must provide rich       choose.
  content in miniscule, bite-size pieces. Tell them what
  they’re going to get by clicking and show it to them
  visually, with images that engage them. The more you              Gen Xers Dominate 1st Mortgage Market
  enable them to customize their content, the better. So
                                                                           11%
  your mortgage website must give serious homebuyers
                                                                                                         Gen X (22-42)
  the answers they’re looking for quickly, and enable
  repeat visitors to log in for future reference. Move the                                               Gen Y (13-21)

  Gen X homebuyer quickly through the homebuying                                                45%
                                                                                                         Boomers (43-60)
  process, rewarding them with instant approvals and
                                                                                                         Silent (61-78)
  detailed customized rates and information.
                                                                   43%

  In the ‘80s and ‘90s, Gen Xers saw their parents
  laid off by companies they had worked for their                                     1%
  whole lives. For this reason, this generation tends                      Source: Data from 1,200 Dexma lender customers
  to distrust institutions and brands and is unwilling
  to give loyalty easily. This is good news for small-




www.dexma.com | 1.888.831.0955                                                                                             2
Consumers who go online to a rich, transactional
  mortgage website are rewarded with a wealth of
  information. If they’re new and inexperienced, they
  can read all about the homebuying experience on
  the site; most sites enable lenders to easily configure
  and customize Web content to fit their process and
  products. Mortgage calculators enable homebuyers to
  make informed decisions on product options and rate
  trackers allow them to set a desired interest rate or
  monthly payment, automatically sending an e-mail
  when it’s available.

  Product and rate quotes are customizable for
  borrowers based on their specific loan information as
  well as product eligibility rules. Consumers should be
  able to see the interest rate, discount points, estimated
  closing costs, monthly mortgage payment (P&I) and
  APRs for a variety of products before making their
  selection.

  Effective websites also feature a mortgage application
  that takes just minutes to complete, as well as online
  disclosures. Qualified applicants are rewarded with a
  “genuine” pre-approval decision and lender-branded
  approval letter for suitable first mortgages and
  equity loans. If they haven’t already found a home,
  homebuyers can use this approval letter to shop for a
  home with confidence.




         Loan App's Submitted in One Session                   Loan App's Submitted After Hours

        15.8%                                                 18.3%
                                   One Session                                        8 a.m. - 5 p.m.

                                   Multiple Sessions
                                                                                      After Business Hours



                       84.2%                                                 81.7%




                                                                      Source: Data from 1,200 Dexma customers




www.dexma.com | 1.888.831.0955                                                                                  3
Boosting Customer Service with Technology
   Some lenders haven’t developed a robust website            and loan documents such as approval letters and
   presence because they think it doesn’t support their       disclosures. Today, online disclosures can be delivered
   focus on personal service.                                 and accepted online, eliminating the time delay as
                                                              well as the hassle and costs of printing and mailing.
   In fact, a successful website can help loan officers and
                                                              In some platforms, users can upload documents into
   other lender employees provide better, faster service
                                                              an electronic file cabinet where they can be updated,
   to consumers. Loan officers can take the consumer’s
                                                              viewed and printed, thus reducing time, paper and the
   application over the phone or in person, filling out the
                                                              hassle of tracking down documents.
   online application. Then, while the potential borrower
   is waiting, the loan officer can e-mail or hand them       Elegant website design is not as important as speedy
   an approval letter and explain specific underwriting       performance; if the site is too slow, many visitors
   guidelines and the information that’s required to          will just click away to look for a site that responds
   complete their loan.                                       more quickly. Therefore, it’s essential to look for a
                                                              technology partner that can optimize your website’s
                                                              performance. The rewards of a fast, self-service website
       Mortgage Website “Must-Haves”                          can actually be measured in dollars and cents: a web
                                                              transaction costs the lender an average of 25 cents,
       • Current Interest Rates
                                                              while Gartner Group estimates a phone call will cost
       • Calculators                                          the lender closer to $5 or $10.
       • Quick Qualifier
                                                              Banks that effectively deploy today’s mortgage
       • Online Application for 1sts & 2nds                   technology will be able to attract and retain more
       • Log-in for Returning Visitors                        mortgage business from Gen Xers—as well as any
                                                              borrower who’s comfortable with the Internet. Lenders
       • Info. for First-Time Homebuyers                      with transactional websites have much higher pull-
       • “Instant” Online Approvals                           through rates, because they enable consumers and
                                                              loan officers to complete the loan origination process
                                                              anytime and anywhere they have Internet access.

   In addition, your loan officers will get their own
   “workbench” where they can see all of the loans in                Get more information about
   their pipeline and where each application is in the
                                                                     mortgage origination technology
   process. The beauty of a fully integrated system is
   that once the data is in the system – whether the                 outsourcing with Dexma
   consumer or the loan officer entered it – it’s there and          Dexma can help you close the generation gap and
   doesn’t require re-keying, which saves a lot of time              appeal to Gen X and Y homebuyers. Our solution,
   and maintains data integrity. Ideally, services such as           the Dexma Lending Suite, will help you build a
   appraisal, flood, title and mortgage insurance are also           strong mortgage presence that appeals to online
   integrated into the system, so ordering these services            borrowers while enabling you to provide better,
   is just a few clicks away. Later, community banks can             faster service. We have helped our customers
   use this “single view of the customer” to drive deep              increase their loan volume, decrease their
   relationships with borrowers.                                     origination costs and improve productivity.

   Furthermore, originators and homebuyers should                    Visit Dexma today at www.dexma.com,
   be able to communicate with each other in real-                   or call 1-800-831-0955.
   time and view the loan file, underwriting conditions




www.dexma.com | 1.888.831.0955                                                                                       4

More Related Content

What's hot

Luiz moutinho social media 1
Luiz moutinho social media 1Luiz moutinho social media 1
Luiz moutinho social media 1
RevistaBiz
 
Mad Men or Math Men - @timsuther presentation, #cxp11
Mad Men or Math Men - @timsuther presentation, #cxp11Mad Men or Math Men - @timsuther presentation, #cxp11
Mad Men or Math Men - @timsuther presentation, #cxp11
Acxiom Corporation
 
The Paradigm Shift
The Paradigm ShiftThe Paradigm Shift
The Paradigm Shift
NIC Inc | EGOV
 
Top 10 Payment Trends to Watch in 2012 (Whitepaper) | Vantiv
Top 10 Payment Trends to Watch in 2012 (Whitepaper) | VantivTop 10 Payment Trends to Watch in 2012 (Whitepaper) | Vantiv
Top 10 Payment Trends to Watch in 2012 (Whitepaper) | Vantiv
NAFCU Services Corporation
 
Ask the Expert: Credit Woes (Dance Retailer News)
Ask the Expert: Credit Woes (Dance Retailer News)Ask the Expert: Credit Woes (Dance Retailer News)
Ask the Expert: Credit Woes (Dance Retailer News)
Jacqueline Durett
 
The power of_mobile_and_social_data_webinar_slides_21_may2012
The power of_mobile_and_social_data_webinar_slides_21_may2012The power of_mobile_and_social_data_webinar_slides_21_may2012
The power of_mobile_and_social_data_webinar_slides_21_may2012
Accenture
 
Be a Big Data Voodoo Daddy or Mama)
Be a Big Data Voodoo Daddy or Mama)Be a Big Data Voodoo Daddy or Mama)
Be a Big Data Voodoo Daddy or Mama)
Fan Foundry
 
Dreamforce 2012 - Social Bank Panel
Dreamforce 2012 - Social Bank PanelDreamforce 2012 - Social Bank Panel
Dreamforce 2012 - Social Bank Panel
Derek Laney
 
Moxie Software Webinar - The Knowledge Movement: Trends and Opportunities
Moxie Software Webinar - The Knowledge Movement: Trends and OpportunitiesMoxie Software Webinar - The Knowledge Movement: Trends and Opportunities
Moxie Software Webinar - The Knowledge Movement: Trends and Opportunities
Moxie
 
Relevance X Social Fact Sheet
Relevance X Social Fact SheetRelevance X Social Fact Sheet
Relevance X Social Fact Sheet
Louis Fernandes
 
Financial Advisor Integrated Sales Experience
Financial Advisor Integrated Sales ExperienceFinancial Advisor Integrated Sales Experience
Financial Advisor Integrated Sales Experience
Penn Mutual
 
Uniqueness of mobile - Nokia mLife
Uniqueness of mobile - Nokia mLifeUniqueness of mobile - Nokia mLife
Uniqueness of mobile - Nokia mLife
Tony Fish
 
Tl Inside The Customer Dealer Relationship
Tl Inside The Customer Dealer RelationshipTl Inside The Customer Dealer Relationship
Tl Inside The Customer Dealer Relationship
Automotive Social Media Marketing Reputation Management
 
Selling Power Magazine Heartland Article
Selling Power Magazine   Heartland ArticleSelling Power Magazine   Heartland Article
Selling Power Magazine Heartland Article
jhetrick
 
84 Millionaires
84 Millionaires84 Millionaires
84 Millionaires
alexgrant
 
Strategic American Four Data vs Privacy
Strategic American Four Data vs PrivacyStrategic American Four Data vs Privacy
Strategic American Four Data vs Privacy
Joel Drotts
 
working smarter - implementing dynamic, collaborative or connected working pr...
working smarter - implementing dynamic, collaborative or connected working pr...working smarter - implementing dynamic, collaborative or connected working pr...
working smarter - implementing dynamic, collaborative or connected working pr...
ibmvietnam
 
Future of news
Future of newsFuture of news
Future of news
David Novák
 

What's hot (18)

Luiz moutinho social media 1
Luiz moutinho social media 1Luiz moutinho social media 1
Luiz moutinho social media 1
 
Mad Men or Math Men - @timsuther presentation, #cxp11
Mad Men or Math Men - @timsuther presentation, #cxp11Mad Men or Math Men - @timsuther presentation, #cxp11
Mad Men or Math Men - @timsuther presentation, #cxp11
 
The Paradigm Shift
The Paradigm ShiftThe Paradigm Shift
The Paradigm Shift
 
Top 10 Payment Trends to Watch in 2012 (Whitepaper) | Vantiv
Top 10 Payment Trends to Watch in 2012 (Whitepaper) | VantivTop 10 Payment Trends to Watch in 2012 (Whitepaper) | Vantiv
Top 10 Payment Trends to Watch in 2012 (Whitepaper) | Vantiv
 
Ask the Expert: Credit Woes (Dance Retailer News)
Ask the Expert: Credit Woes (Dance Retailer News)Ask the Expert: Credit Woes (Dance Retailer News)
Ask the Expert: Credit Woes (Dance Retailer News)
 
The power of_mobile_and_social_data_webinar_slides_21_may2012
The power of_mobile_and_social_data_webinar_slides_21_may2012The power of_mobile_and_social_data_webinar_slides_21_may2012
The power of_mobile_and_social_data_webinar_slides_21_may2012
 
Be a Big Data Voodoo Daddy or Mama)
Be a Big Data Voodoo Daddy or Mama)Be a Big Data Voodoo Daddy or Mama)
Be a Big Data Voodoo Daddy or Mama)
 
Dreamforce 2012 - Social Bank Panel
Dreamforce 2012 - Social Bank PanelDreamforce 2012 - Social Bank Panel
Dreamforce 2012 - Social Bank Panel
 
Moxie Software Webinar - The Knowledge Movement: Trends and Opportunities
Moxie Software Webinar - The Knowledge Movement: Trends and OpportunitiesMoxie Software Webinar - The Knowledge Movement: Trends and Opportunities
Moxie Software Webinar - The Knowledge Movement: Trends and Opportunities
 
Relevance X Social Fact Sheet
Relevance X Social Fact SheetRelevance X Social Fact Sheet
Relevance X Social Fact Sheet
 
Financial Advisor Integrated Sales Experience
Financial Advisor Integrated Sales ExperienceFinancial Advisor Integrated Sales Experience
Financial Advisor Integrated Sales Experience
 
Uniqueness of mobile - Nokia mLife
Uniqueness of mobile - Nokia mLifeUniqueness of mobile - Nokia mLife
Uniqueness of mobile - Nokia mLife
 
Tl Inside The Customer Dealer Relationship
Tl Inside The Customer Dealer RelationshipTl Inside The Customer Dealer Relationship
Tl Inside The Customer Dealer Relationship
 
Selling Power Magazine Heartland Article
Selling Power Magazine   Heartland ArticleSelling Power Magazine   Heartland Article
Selling Power Magazine Heartland Article
 
84 Millionaires
84 Millionaires84 Millionaires
84 Millionaires
 
Strategic American Four Data vs Privacy
Strategic American Four Data vs PrivacyStrategic American Four Data vs Privacy
Strategic American Four Data vs Privacy
 
working smarter - implementing dynamic, collaborative or connected working pr...
working smarter - implementing dynamic, collaborative or connected working pr...working smarter - implementing dynamic, collaborative or connected working pr...
working smarter - implementing dynamic, collaborative or connected working pr...
 
Future of news
Future of newsFuture of news
Future of news
 

Viewers also liked

Firsrttimebuyerbrochure
FirsrttimebuyerbrochureFirsrttimebuyerbrochure
Firsrttimebuyerbrochure
jcline
 
10 Insightful Quotes On Designing A Better Customer Experience
10 Insightful Quotes On Designing A Better Customer Experience10 Insightful Quotes On Designing A Better Customer Experience
10 Insightful Quotes On Designing A Better Customer Experience
Yuan Wang
 
Learn BEM: CSS Naming Convention
Learn BEM: CSS Naming ConventionLearn BEM: CSS Naming Convention
Learn BEM: CSS Naming Convention
In a Rocket
 
How to Build a Dynamic Social Media Plan
How to Build a Dynamic Social Media PlanHow to Build a Dynamic Social Media Plan
How to Build a Dynamic Social Media Plan
Post Planner
 
SEO: Getting Personal
SEO: Getting PersonalSEO: Getting Personal
SEO: Getting Personal
Kirsty Hulse
 
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldaba
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika AldabaLightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldaba
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldaba
ux singapore
 
Succession “Losers”: What Happens to Executives Passed Over for the CEO Job?
Succession “Losers”: What Happens to Executives Passed Over for the CEO Job? Succession “Losers”: What Happens to Executives Passed Over for the CEO Job?
Succession “Losers”: What Happens to Executives Passed Over for the CEO Job?
Stanford GSB Corporate Governance Research Initiative
 

Viewers also liked (7)

Firsrttimebuyerbrochure
FirsrttimebuyerbrochureFirsrttimebuyerbrochure
Firsrttimebuyerbrochure
 
10 Insightful Quotes On Designing A Better Customer Experience
10 Insightful Quotes On Designing A Better Customer Experience10 Insightful Quotes On Designing A Better Customer Experience
10 Insightful Quotes On Designing A Better Customer Experience
 
Learn BEM: CSS Naming Convention
Learn BEM: CSS Naming ConventionLearn BEM: CSS Naming Convention
Learn BEM: CSS Naming Convention
 
How to Build a Dynamic Social Media Plan
How to Build a Dynamic Social Media PlanHow to Build a Dynamic Social Media Plan
How to Build a Dynamic Social Media Plan
 
SEO: Getting Personal
SEO: Getting PersonalSEO: Getting Personal
SEO: Getting Personal
 
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldaba
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika AldabaLightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldaba
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldaba
 
Succession “Losers”: What Happens to Executives Passed Over for the CEO Job?
Succession “Losers”: What Happens to Executives Passed Over for the CEO Job? Succession “Losers”: What Happens to Executives Passed Over for the CEO Job?
Succession “Losers”: What Happens to Executives Passed Over for the CEO Job?
 

Similar to Gen Xwhitepaper

How to avoid predatory lending
How to avoid predatory lendingHow to avoid predatory lending
How to avoid predatory lending
Carolinas Green Homes
 
TDWI Inda BI on Cloud Future State Vision
TDWI Inda BI on Cloud Future State VisionTDWI Inda BI on Cloud Future State Vision
TDWI Inda BI on Cloud Future State Vision
tdwiindia
 
Amex forrester gen z research
Amex forrester gen z researchAmex forrester gen z research
Amex forrester gen z research
Duy, Vo Hoang
 
A Commitment to Outstanding Banking - and Community - Service ...
A Commitment to Outstanding Banking - and Community - Service                ...A Commitment to Outstanding Banking - and Community - Service                ...
A Commitment to Outstanding Banking - and Community - Service ...
TriNovus LLC
 
The development of it in economic growth in usa & bangladesh
The development of it in economic growth in usa & bangladeshThe development of it in economic growth in usa & bangladesh
The development of it in economic growth in usa & bangladesh
Rafi Afnan
 
C21 Setting the Record Straight
C21 Setting the Record StraightC21 Setting the Record Straight
C21 Setting the Record Straight
CENTURY 21
 
Centazzo Near Term Consumer Media Trends 2011
Centazzo Near Term Consumer Media Trends 2011Centazzo Near Term Consumer Media Trends 2011
Centazzo Near Term Consumer Media Trends 2011
Troy Centazzo
 
Informe Anual Mindshare - MetaMen
Informe Anual Mindshare -  MetaMenInforme Anual Mindshare -  MetaMen
Informe Anual Mindshare - MetaMen
Rubén López
 
Cultural Immersion: Early Tech Adopters
Cultural Immersion: Early Tech Adopters Cultural Immersion: Early Tech Adopters
Cultural Immersion: Early Tech Adopters
Keely Galgano
 
Real Estate Trends Session 2008
Real Estate Trends Session 2008Real Estate Trends Session 2008
Real Estate Trends Session 2008
Mike Thornburg
 
Loyalty & Millennial Marketing
Loyalty & Millennial MarketingLoyalty & Millennial Marketing
Loyalty & Millennial Marketing
Hanifin Loyalty LLC
 
Kriger
KrigerKriger
Kriger
guest5149b6
 
Tech Talk: Payments gen y and gen z your assumptions are wrong
Tech Talk: Payments gen y and gen z your assumptions are wrongTech Talk: Payments gen y and gen z your assumptions are wrong
Tech Talk: Payments gen y and gen z your assumptions are wrong
National Retail Federation
 
Advisor Now e-Book
Advisor Now e-BookAdvisor Now e-Book
Advisor Now e-Book
Pamela Jacobs
 
CFA Institute Wealth Management Conference 2013
CFA Institute Wealth Management Conference 2013CFA Institute Wealth Management Conference 2013
CFA Institute Wealth Management Conference 2013
April Rudin
 
Grar presentation, 9 8-10
Grar presentation, 9 8-10Grar presentation, 9 8-10
Grar presentation, 9 8-10
Mark Boguszewski
 
Everybody Wins Big!
Everybody Wins Big!Everybody Wins Big!
Everybody Wins Big!
Ljoe121
 
Selling Power Magazine
Selling Power MagazineSelling Power Magazine
Selling Power Magazine
joshmandell
 
Everybody Wins Big!
Everybody Wins Big!Everybody Wins Big!
Everybody Wins Big!
Ljoe121
 
Everybody Wins Big
Everybody Wins BigEverybody Wins Big
Everybody Wins Big
pmyers58
 

Similar to Gen Xwhitepaper (20)

How to avoid predatory lending
How to avoid predatory lendingHow to avoid predatory lending
How to avoid predatory lending
 
TDWI Inda BI on Cloud Future State Vision
TDWI Inda BI on Cloud Future State VisionTDWI Inda BI on Cloud Future State Vision
TDWI Inda BI on Cloud Future State Vision
 
Amex forrester gen z research
Amex forrester gen z researchAmex forrester gen z research
Amex forrester gen z research
 
A Commitment to Outstanding Banking - and Community - Service ...
A Commitment to Outstanding Banking - and Community - Service                ...A Commitment to Outstanding Banking - and Community - Service                ...
A Commitment to Outstanding Banking - and Community - Service ...
 
The development of it in economic growth in usa & bangladesh
The development of it in economic growth in usa & bangladeshThe development of it in economic growth in usa & bangladesh
The development of it in economic growth in usa & bangladesh
 
C21 Setting the Record Straight
C21 Setting the Record StraightC21 Setting the Record Straight
C21 Setting the Record Straight
 
Centazzo Near Term Consumer Media Trends 2011
Centazzo Near Term Consumer Media Trends 2011Centazzo Near Term Consumer Media Trends 2011
Centazzo Near Term Consumer Media Trends 2011
 
Informe Anual Mindshare - MetaMen
Informe Anual Mindshare -  MetaMenInforme Anual Mindshare -  MetaMen
Informe Anual Mindshare - MetaMen
 
Cultural Immersion: Early Tech Adopters
Cultural Immersion: Early Tech Adopters Cultural Immersion: Early Tech Adopters
Cultural Immersion: Early Tech Adopters
 
Real Estate Trends Session 2008
Real Estate Trends Session 2008Real Estate Trends Session 2008
Real Estate Trends Session 2008
 
Loyalty & Millennial Marketing
Loyalty & Millennial MarketingLoyalty & Millennial Marketing
Loyalty & Millennial Marketing
 
Kriger
KrigerKriger
Kriger
 
Tech Talk: Payments gen y and gen z your assumptions are wrong
Tech Talk: Payments gen y and gen z your assumptions are wrongTech Talk: Payments gen y and gen z your assumptions are wrong
Tech Talk: Payments gen y and gen z your assumptions are wrong
 
Advisor Now e-Book
Advisor Now e-BookAdvisor Now e-Book
Advisor Now e-Book
 
CFA Institute Wealth Management Conference 2013
CFA Institute Wealth Management Conference 2013CFA Institute Wealth Management Conference 2013
CFA Institute Wealth Management Conference 2013
 
Grar presentation, 9 8-10
Grar presentation, 9 8-10Grar presentation, 9 8-10
Grar presentation, 9 8-10
 
Everybody Wins Big!
Everybody Wins Big!Everybody Wins Big!
Everybody Wins Big!
 
Selling Power Magazine
Selling Power MagazineSelling Power Magazine
Selling Power Magazine
 
Everybody Wins Big!
Everybody Wins Big!Everybody Wins Big!
Everybody Wins Big!
 
Everybody Wins Big
Everybody Wins BigEverybody Wins Big
Everybody Wins Big
 

Recently uploaded

一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
taqyea
 
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Suomen Pankki
 
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
mayaclinic18
 
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
28xo7hf
 
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
How Non-Banking Financial Companies Empower Startups With Venture Debt FinancingHow Non-Banking Financial Companies Empower Startups With Venture Debt Financing
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
Vighnesh Shashtri
 
在线办理(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证完成信一模一样
在线办理(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证完成信一模一样在线办理(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证完成信一模一样
在线办理(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证完成信一模一样
5spllj1l
 
5 Tips for Creating Standard Financial Reports
5 Tips for Creating Standard Financial Reports5 Tips for Creating Standard Financial Reports
5 Tips for Creating Standard Financial Reports
EasyReports
 
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Donc Test
 
International Sustainability Standards Board
International Sustainability Standards BoardInternational Sustainability Standards Board
International Sustainability Standards Board
Kumar Ramaiah
 
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
5spllj1l
 
The state of welfare Resolution Foundation Event
The state of welfare Resolution Foundation EventThe state of welfare Resolution Foundation Event
The state of welfare Resolution Foundation Event
ResolutionFoundation
 
Fabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio ProblemFabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio Problem
Majid Iqbal
 
Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...
Labour Market Information Council | Conseil de l’information sur le marché du travail
 
Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...
Labour Market Information Council | Conseil de l’information sur le marché du travail
 
Ending stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across ScotlandEnding stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across Scotland
ResolutionFoundation
 
RMIT University degree offer diploma Transcript
RMIT University degree offer diploma TranscriptRMIT University degree offer diploma Transcript
RMIT University degree offer diploma Transcript
cahyrnui
 
falcon-invoice-discounting-a-strategic-approach-to-optimize-investments
falcon-invoice-discounting-a-strategic-approach-to-optimize-investmentsfalcon-invoice-discounting-a-strategic-approach-to-optimize-investments
falcon-invoice-discounting-a-strategic-approach-to-optimize-investments
Falcon Invoice Discounting
 
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightnessWhat's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightness
Labour Market Information Council | Conseil de l’information sur le marché du travail
 
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaNew Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
Amit Kakkar
 
Unlock Your Potential with NCVT MIS.pptx
Unlock Your Potential with NCVT MIS.pptxUnlock Your Potential with NCVT MIS.pptx
Unlock Your Potential with NCVT MIS.pptx
cosmo-soil
 

Recently uploaded (20)

一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
 
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
 
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
 
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
 
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
How Non-Banking Financial Companies Empower Startups With Venture Debt FinancingHow Non-Banking Financial Companies Empower Startups With Venture Debt Financing
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
 
在线办理(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证完成信一模一样
在线办理(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证完成信一模一样在线办理(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证完成信一模一样
在线办理(UMASS毕业证书)马萨诸塞大学阿默斯特分校毕业证完成信一模一样
 
5 Tips for Creating Standard Financial Reports
5 Tips for Creating Standard Financial Reports5 Tips for Creating Standard Financial Reports
5 Tips for Creating Standard Financial Reports
 
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
 
International Sustainability Standards Board
International Sustainability Standards BoardInternational Sustainability Standards Board
International Sustainability Standards Board
 
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
 
The state of welfare Resolution Foundation Event
The state of welfare Resolution Foundation EventThe state of welfare Resolution Foundation Event
The state of welfare Resolution Foundation Event
 
Fabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio ProblemFabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio Problem
 
Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...
 
Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...
 
Ending stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across ScotlandEnding stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across Scotland
 
RMIT University degree offer diploma Transcript
RMIT University degree offer diploma TranscriptRMIT University degree offer diploma Transcript
RMIT University degree offer diploma Transcript
 
falcon-invoice-discounting-a-strategic-approach-to-optimize-investments
falcon-invoice-discounting-a-strategic-approach-to-optimize-investmentsfalcon-invoice-discounting-a-strategic-approach-to-optimize-investments
falcon-invoice-discounting-a-strategic-approach-to-optimize-investments
 
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightnessWhat's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightness
 
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaNew Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy Visa
 
Unlock Your Potential with NCVT MIS.pptx
Unlock Your Potential with NCVT MIS.pptxUnlock Your Potential with NCVT MIS.pptx
Unlock Your Potential with NCVT MIS.pptx
 

Gen Xwhitepaper

  • 1. 7701 York Avenue South | Suite 250, Edina Minnesota 55435 Using Self-Service Mortgage Sites to Attract Generation X Home Buyers A White Paper from Dexma, Inc. The housing market may be in the Given the fact that mortgage lending doldrums, but the long-term outlook for can increase deposits and lead to better the industry is looking good as Generation customer relationships, you might expect all X – those born between 1965 and 1979 community banks to offer mortgage loans – enter their peak home-buying years. to their customers. But running an effective mortgage operation today requires the This demographic group, made up of about community bank to meet Gen Xers where 62 million people, is a lucrative market well they’re at: online; and most community worth pursuing by community banks and banks don’t offer the kind of sophisticated other financial institutions. According to a online presence required to effectively reach recent National Association of Realtors® and serve these Web-savvy borrowers. (NAR) Profile of Buyers and Sellers, the average homebuyer is now around 41 years Generation X: First on old; among first-time buyers, the median age is 32. In just the next two years, 37 the Internet percent of Gen Xers and 27 percent of Of all buyers who used the Internet to search “Echo-Boomers” (those born after 1979) say for a home, 42 percent were 34 years or they plan to buy a home, compared to just younger. The Internet is the fastest growing 13 percent of Baby Boomers and 6 percent channel for mortgages, with 70 percent of of seniors. loan seekers going online to shop for rates. According to the National Association Studies show that banks that hold the of Realtors®, the Internet is used by 80 mortgage will sell, on average, twice as percent of homebuyers to find information many additional bank products to that on properties or communities; 61 percent customer as banks that don’t have the of first-time buyers used the Internet mortgage relationship. Moreover, the “frequently.” mortgage application process captures more customer information than any other bank Gen Xers were the first to adopt the product, providing a pool of data for cross- commercial Internet and trust online selling other products and services. information sources over traditional ones. www.dexma.com | 1.888.831.0955
  • 2. and mid-sized banks that are hoping to attract Gen Xers’ business. Despite all of the money and effort that larger banks spend on branding, very few have attracted loyal Gen Xers. In fact, sheer size and slick advertising (usually an advantage) could very well work against these larger institutions. Gen Xers are savvy to the point of being cynical – they just want to know what’s in it for them. They understand there’s always an angle, and there’s no such thing as a free lunch. If you offer a competitive rate and make it easy for them to work with you, you’ll attract their business. Make it a fast transaction and a quick close, and you could well have their next transaction as well as their friends’ business. Tech Tools for Gen Xers A consumer-facing mortgage website that incorporates They’re also used to having a wealth of information a lender’s loan program information, products at their fingertips. While online, they’re not only and prices is the perfect tool to engage the Gen X searching for properties, they’re also shopping for homebuyer. Lenders can use this presence to reach out mortgage rates. The original “latch-key” generation, to anyone who’s online and seriously shopping for a Gen Xers are self-reliant and used to handling things mortgage. themselves. It’s not a surprise that many are filling out applications without assistance and seeking online A simple, yet sophisticated point-of-sale technology is approvals. As a group they like and respect companies essential for lenders that are developing new channels that allow them to act independently, with minimal of business with banks, brokers, builders, realtors, human interference. and other business partners targeting homebuyers of any age. Technology is the glue that binds lenders Speed is also important, as Gen Xers are used to with business partners who can help grow mortgage getting quick answers to their questions. Today’s business in whatever communities or markets they “snack” mentality means your sites must provide rich choose. content in miniscule, bite-size pieces. Tell them what they’re going to get by clicking and show it to them visually, with images that engage them. The more you Gen Xers Dominate 1st Mortgage Market enable them to customize their content, the better. So 11% your mortgage website must give serious homebuyers Gen X (22-42) the answers they’re looking for quickly, and enable repeat visitors to log in for future reference. Move the Gen Y (13-21) Gen X homebuyer quickly through the homebuying 45% Boomers (43-60) process, rewarding them with instant approvals and Silent (61-78) detailed customized rates and information. 43% In the ‘80s and ‘90s, Gen Xers saw their parents laid off by companies they had worked for their 1% whole lives. For this reason, this generation tends Source: Data from 1,200 Dexma lender customers to distrust institutions and brands and is unwilling to give loyalty easily. This is good news for small- www.dexma.com | 1.888.831.0955 2
  • 3. Consumers who go online to a rich, transactional mortgage website are rewarded with a wealth of information. If they’re new and inexperienced, they can read all about the homebuying experience on the site; most sites enable lenders to easily configure and customize Web content to fit their process and products. Mortgage calculators enable homebuyers to make informed decisions on product options and rate trackers allow them to set a desired interest rate or monthly payment, automatically sending an e-mail when it’s available. Product and rate quotes are customizable for borrowers based on their specific loan information as well as product eligibility rules. Consumers should be able to see the interest rate, discount points, estimated closing costs, monthly mortgage payment (P&I) and APRs for a variety of products before making their selection. Effective websites also feature a mortgage application that takes just minutes to complete, as well as online disclosures. Qualified applicants are rewarded with a “genuine” pre-approval decision and lender-branded approval letter for suitable first mortgages and equity loans. If they haven’t already found a home, homebuyers can use this approval letter to shop for a home with confidence. Loan App's Submitted in One Session Loan App's Submitted After Hours 15.8% 18.3% One Session 8 a.m. - 5 p.m. Multiple Sessions After Business Hours 84.2% 81.7% Source: Data from 1,200 Dexma customers www.dexma.com | 1.888.831.0955 3
  • 4. Boosting Customer Service with Technology Some lenders haven’t developed a robust website and loan documents such as approval letters and presence because they think it doesn’t support their disclosures. Today, online disclosures can be delivered focus on personal service. and accepted online, eliminating the time delay as well as the hassle and costs of printing and mailing. In fact, a successful website can help loan officers and In some platforms, users can upload documents into other lender employees provide better, faster service an electronic file cabinet where they can be updated, to consumers. Loan officers can take the consumer’s viewed and printed, thus reducing time, paper and the application over the phone or in person, filling out the hassle of tracking down documents. online application. Then, while the potential borrower is waiting, the loan officer can e-mail or hand them Elegant website design is not as important as speedy an approval letter and explain specific underwriting performance; if the site is too slow, many visitors guidelines and the information that’s required to will just click away to look for a site that responds complete their loan. more quickly. Therefore, it’s essential to look for a technology partner that can optimize your website’s performance. The rewards of a fast, self-service website Mortgage Website “Must-Haves” can actually be measured in dollars and cents: a web transaction costs the lender an average of 25 cents, • Current Interest Rates while Gartner Group estimates a phone call will cost • Calculators the lender closer to $5 or $10. • Quick Qualifier Banks that effectively deploy today’s mortgage • Online Application for 1sts & 2nds technology will be able to attract and retain more • Log-in for Returning Visitors mortgage business from Gen Xers—as well as any borrower who’s comfortable with the Internet. Lenders • Info. for First-Time Homebuyers with transactional websites have much higher pull- • “Instant” Online Approvals through rates, because they enable consumers and loan officers to complete the loan origination process anytime and anywhere they have Internet access. In addition, your loan officers will get their own “workbench” where they can see all of the loans in Get more information about their pipeline and where each application is in the mortgage origination technology process. The beauty of a fully integrated system is that once the data is in the system – whether the outsourcing with Dexma consumer or the loan officer entered it – it’s there and Dexma can help you close the generation gap and doesn’t require re-keying, which saves a lot of time appeal to Gen X and Y homebuyers. Our solution, and maintains data integrity. Ideally, services such as the Dexma Lending Suite, will help you build a appraisal, flood, title and mortgage insurance are also strong mortgage presence that appeals to online integrated into the system, so ordering these services borrowers while enabling you to provide better, is just a few clicks away. Later, community banks can faster service. We have helped our customers use this “single view of the customer” to drive deep increase their loan volume, decrease their relationships with borrowers. origination costs and improve productivity. Furthermore, originators and homebuyers should Visit Dexma today at www.dexma.com, be able to communicate with each other in real- or call 1-800-831-0955. time and view the loan file, underwriting conditions www.dexma.com | 1.888.831.0955 4