January 29th, 2019

According to NAR, 88 percent of all buyers and 98 percent of millennials finance their homes. In other words, most buyers will still want and need to engage a loan officer or a mortgage company. With that, knowing the appropriate topics to avoid as a lender can be crucial for your mortgage company’s success on and off social media. For example, certain topics are important to avoid when using different social media platforms in order to remain professional in the mortgage industry.

Topics to Avoid

• As a lender, it’s essential to keep the information given from the buyer confidential. Personal information should never be discussed on social media platforms or posted about publicly. Just as you’d expect a doctor to keep personal information private, homebuyers will expect the same from you.
• It’s also crucial as a lender to never give financial advice outside the job scope. By doing this they are participating in roles that a lender isn’t licensed to perform. This could ultimately cause a wide range of legality issues for not only the loan officer but the mortgage company as a whole.
• Being a professional in the mortgage industry calls for double checking your sources. As a lender, resourcing and retweeting content that isn’t verified lacks credibility.  You don’t want to stir the pot by sharing an inaccurate post, creating an opportunity for negative comments and ultimately making a bad name for yourself. It’s important to become a potential homebuyer’s “go to” mortgage expert.
• Talking negatively to customers or even your competition is a big no no. Discussing information such as the loan applicants low credit score is an unfair statement to make and creates a poor professional persona.  There is no reason to make a borrower feel judged or unworthy of their loan. It is the job of an LO to create a smooth process; it is not their job to talk down to a homebuyer. With that being said, be cautious on the way you say things.
• Leave out all discriminatory terms and slang. Professionals should never should never imply gender, race, religion, age as a main focus for purchasing a home.  While this type of behavior in unacceptable all of the time, it is especially frowned upon as a professional. This goes hand in hand with creating an overall bad image of yourself in the mortgage industry.
• Creating social media accounts and then not being active on them. This is just as bad as not having a social media account for your business, if not worse.  For all you know, an angry potential homebuyer that was denied has been trashing your name all over your accounts, and it’s there for the world to see. The world will then also see that you ignored a prior client.  It looks bad all around, so it’s best to avoid it. If you know you won’t keep up with your social media accounts, it would be best to outsource your social media marketing, or not create accounts at all.

These topics to avoid are costly mistakes in the mortgage industry and can affect the lenders reputation. Knowing your lender is important and trusting them is even more critical.

It’s Never Too Late

If you’re thinking that you’ve made some of these mistakes don’t worry, it’s not too late to fix them  Responding to negative comments appropriately and being active on social media platforms can positively reflect your company and boost services. This will encourage the idea that you’re a honest and trustworthy lender so that the buyer isn’t mislead.  

Overall, consider following other companies and individuals within mortgage industries to increase your connections. Keeping up with the popular topics in the mortgage industry can help you stay updated and keeping an outlet for more connections.