Selling Loans in Cyberspace

By Cooley, Scott | Mortgage Banking, December 1995 | Go to article overview

Selling Loans in Cyberspace


Cooley, Scott, Mortgage Banking


Many companies are rushing to build marketing sites on the Internet. Mortgage lenders are building home pages and getting comfortable with the idea of nabbing new business over the Net.

Traditional marketing techniques are going the way of the deep-sea diver who was heading to the surface only to meet his ship, which was sinking. In other words, expect some changes in the immediate future.

Incredible advances in communications technology are rapidly changing the way business is being done now and the impact will be even greater in the future. Traditional selling techniques are being changed and, in many cases, are made obsolete by the Internet and other on-line services. The Internet is forcing the mortgage industry to rethink its marketing strategies.

Members of the industry also are raising some valid questions regarding the Internet. What role will it play in mortgage marketing? Why will consumers use it to find you? What will they expect? What will your results likely be? What is it not good for? How will its use support your existing methods for originating loans? How can you get started?

No longer is it a question of if you will have a presence on the Internet but when. Today, virtually every major corporation and thousands of small businesses have set up shop on the Internet, and more specifically, the World Wide Web. What's even more amazing is how many web sites, or "home pages," are currently under development.

A home page is simply the first page of your company brochure. From the home page, you can use a mouse to jump to an unlimited number of other pages containing content your customers will find helpful. It's similar to an index in a book where you can search topics and choose the topic desired.

As the technology industry goes, so goes the rest of the business world. It was the technology industry that first made prolific use of PCs, that used local area networks, that embraced e-mail, and has now embraced the Internet.

It's amazing how quickly things change. Just a few months ago, computer programmers would search magazines and request demo disks and brochures for software tools they needed. Today, it's taboo to request printed materials or demo disks. Every programming tool provider includes its Internet address in its advertising. Programmers can download any demonstration programs, research product details, ask questions and, in short, find everything needed. Brochures are virtually obsolete. While it always takes time before nontechnology industries adopt these ways, it inevitably happens.

Forty million households

No doubt you have seen the constant barrage of Internet-related articles in the press. Internet addresses are even being included in TV commercials. More than 40 million households (40 percent) have PCs, and a large percentage of these have access to the Internet. Recent statistics show there are more than 30 million users with access to the Internet. Just recently, America Online, CompuServe, Prodigy and Microsoft Network (built into Windows 95) have all added Internet access capabilities for their users.

So why is it so important for mortgage companies to consider the Internet? The Internet is the perfect medium for consumers to research and learn about everything related to the homebuying process. Some of the most popular sites on the Internet are locations where consumers can research products before making a purchase decision.

Already, hundreds of thousands of consumers are using the Internet to search for homes, shop mortgage rates and learn everything they need to know about buying and financing a home. Like the technology industry, it is only a matter of time before every mortgage company lists its Internet address in advertisements.

A better way to advertise

Imagine your local newspaper real estate section with all of those ads for your competition and with a couple of them featuring their Internet addresses. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Selling Loans in Cyberspace
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.