By Keith Kelly
Shocking but true: Gen Y is now shopping for and buying homes. Are you ready? This article explores mobile mortgage apps and how they can help your credit union attract Gen Y shoppers, which generates mortgage leads and adds youth to your membership base.
Gen Y is the largest generation born since the Baby Boomers. They are technologically sophisticated and immune from most traditional marketing and sales strategies because they’ve lived with technology since early childhood.
Gen Y borrowers offer credit unions a real opportunity to lower the average age of membership and bring additional mortgage loans into the portfolio. The key is tapping into Gen Y’s fast paced lifestyle. Credit union executives nationwide are asking how they can compel this new generation of homebuyers to finance their new home purchase with them and the answer might just be: Use mobile mortgage apps. Your credit union can learn about mobile mortgage apps by researching the latest trends and studying the apps currently available in the marketplace.
I find the best way to learn about trends in mobile apps is asking people on the street what they use and, in this case, the people on the street I am referring to are the retail loan officers who typically work on commission for correspondent lenders. Retail loan officers are on the front lines of the mortgage loan skirmish, forging relationships with the best brokers, builders and financial planners in the country. In fact, they probably compete directly with your loan officers.
These professionals face Gen Y homebuyers on a daily basis. They know how important it is to reach this newest generation of home shoppers before they begin to search or as they’ve just started looking for homes. Gen Ys usually do both by surfing the Internet.