LoanTek, LLC, a Bankrate company based in Boise, Idaho, is encouraging its loan officers to stop calling their Millennial customers, and text them instead. LoanTek is a mortgage pricing engine platform catering to retail mortgage lenders.The company’s blog describes Millennials as the texting generation and cites a poll by RealityMine from 2018 that states Millennials attribute one-third of their cell phone use to texting. More broadly, a 2017 Gallup poll showed that for Americans under 50, texting is the most common form of communication.
Furthermore, according to research released by Open Market in 2019, 75% of the 500 Millennials polled said they could live without the call function on their mobile device, as long as they could still text. Also, 76% preferred texting over verbal phone communication due to scheduling convenience, 63% responded that phone calls are more disruptive to their daily lives than texts, and a shocking 19% of Millennials polled admitted to never checking their voicemails.
On top of text messages being viewed as less likely to interrupt work schedules, they often elicit a quicker response than emails or voicemail messages.
Now the most populous generation, Millennials will likely soon become the largest home buying generation. Loan originators must adapt to the changing communication preferences of their customers, or risk losing them to originators who will.
Millennials are the driving force behind lenders movement toward a more streamlined and simplified digital mortgage process. If you need further convincing, ask your Millennial customers directly which type of communication they prefer. The odds are increasingly good they are more inclined to shoot a text than pick up the phone.
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