“It will now be easier for applicants to compare lenders, so standing out from the competition is going to be more important than ever,” says John Seroka, principal and brand strategist for Seroka. “TRID offers lenders a way for their brand to rise above the rest.”
Seroka, a brand development and strategic communications firm specializing in the mortgage industry, is introduced a new initiative at the MBA’s 15th annual convention and expo, currently underway in San Diego, Calif., to help lenders take full advantage of what the firms sees as the “hidden marketing opportunities” that the TRID requirements offer.
The TRID rules require lenders to send borrowers the standardized CFPB Home Loan Tool Kit as well as the Loan Estimate and Closing Disclosure at specific times during the application process. The Seroka initiative helps lenders take advantage of these TRID requirements and use them to gain maximum benefit and exposure for their company.
According to Seroka, lenders will be able to create easy to understand materials that summarize TRID documents; develop a strategy that leverages TRID requirements; audit TRID communication materials to ensure marketing is borrower-friendly and differentiate lenders with each TRID touch point.
“It’s a great opportunity,” Seroka told MPA. “Once you step back and take a look at it from a lender’s point of view, it is an opportunity to build some great touchpoints between the borrower and the lender and the realtor and the lender.”
“This effort is designed to help lenders use TRID touch points as opportunities to showcase their brand and position their company as a leader,” says Patrick Seroka, CEO and certified brand strategist. “Our aim is to facilitate a favorable brand impression by providing lenders with easy-to-understand borrower-facing materials that summarize TRID documents.”
Almost everyone has been bashing TRID about the restrictions and costs that it is imposing on the industry – but one company is taking the glass half full approach, recognizing the hidden marketing opportunities that the new regulations present.