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108 which is based in Los Angeles. He manages the brand's digital marketing initiatives, as well as the company website, social media channels, and other online platforms. Tesch is passionate about all things marketing and works to stay ahead of the ever-changing digital marketing landscape. Deborah Speed is the Marketing Com- munications and Public Relations Manager for Castle & Cooke. Her primary responsibilities include handling internal communication needs, as well as interactions with the com- munity and media. Speed has a background in finance branding and communications, with experience in technical writing and data analytics. LRES to Servicers: Know Which Loans Have HOAs By Damon Paxson Which properties in your portfolio are tied to a Home Owner Association (HOA)? It may seem like an easy—or even irrelevant—ques- tion to answer, but many servicers surprisingly do not know. And that lack of awareness can result in diminished returns and portfolio risk. At the end of the life of the loan, when ser- vicers are about to liquidate, foreclose, or sell the property, they must be aware of whether the loan is associated with an HOA so they can communicate with and retrieve critical data from the HOA. In fact, the U.S. Housing and Urban Development Department (HUD) now expects servicers to have an established relationship with the HOA to ensure the bor- rower is current on all payments. In HUD's Mortgagee Letter 2013-18, it states at the very bottom of one of the HOA- related clauses a very important point. And because it's positioned at the end (almost as an afterthought), many servicers overlook it or do not pay much attention to the point. It states, "FHA expects servicers to: (a) implement pro- cedures that will result in them being notified when mortgagors default on HOA fees, and/ or (b) establish escrows for HOA fees." at expectation changes everything. It puts more pressure on the servicer to establish a working relationship upfront with the HOA and notify the borrower in the event of any defaults. If servicers do not include the HOA as part of their foreclosure notice and communicate with the HOA in a timely manner, it could result in litigation and/or loss of revenue, because the servicer is out of compliance with foreclosure proceedings. And remember, In light of these findings, lenders must realize their online presence will likely be their first impression to a potential borrower. In or- der to establish trust and capture the attention of these borrowers, they'll need a strong digital brand identity. at means having visually appealing and informative websites, engaging social media feeds, and user-friendly online platforms. Testing the Brand Once the millennial consumer is convinced of a lender's brand legitimacy, they are likely to test the waters through social media. For lenders, it is not enough to simply be online— they need to be active online. When working to gain traction, consistency is key. Social media followers expect and appreciate regular engagement and unique, interesting content. Remember, social media is not simply a place to spew out promotional pieces about products and services. Millennials want substance, such as information that will simplify the mortgage process and help them in their decision-making process. e idea is to not only satisfy a borrower's digital appetite but to also entice them into coming back for more. Effective social media users humanize their brands, engage with their audiences, and create a distinctive tone, all while providing content that "stops the scroll." When social media is done well, millennials will notice. A Personal Touch While the importance of digital brand establishment and social media engagement is paramount when marketing to millennial bor- rowers, there is still a need for quality customer service and in-person interaction. Ellie Mae's research indicates that while many millennials like to begin the loan process online, they pre- fer to finish with face-to-face communication. is suggests lenders need to have a seamless transition between online engagement to good old-fashioned personal customer service. For this reason, abandoning traditional forms of communication and customer outreach in favor of a completely digital model doesn't make sense. A chatbot can only take a relationship so far. Developing online resources that complement and enhance real- life consumer interaction is the best recipe for success. At the end of the day, millennials will be the ones driving the housing market. When it comes to marketing to this group in an increasingly digital world, it's worth getting it right. Jake Tesch is the Digital Marketing Manager at Castle & Cooke Mortgage, LLC, California Hilary Marks Woman Owned Business BRE# 01730451 www.WESALECA.com 909-529-3707 HILARYREO@yahoo.com CALIFORNIA LA Mortgage Firm Weighs in on Marketing to Millennials By Jake Tesch and Deborah Speed As the largest generation in U.S. history, millennials have rapidly become an economic force to be reckoned with. Commonly defined as people born between 1980 and 2000, mil- lennials are the first generation to come of age during a time of digital revolution. is gives them a unique perspective that influ- ences every aspect of their lives, from social engagement to global activism to financial interaction. Today, millennials comprise the largest group of consumers in history. As such, many companies are re-evaluating their aging busi- ness models and making necessary adjust- ments to keep up with the younger genera- tion's expectations. e mortgage industry is no exception—especially as millennials enter their peak homebuying years. With that in mind, mortgage lenders should be focusing on methods that attract and engage these potential borrowers through digital platforms. To be effective, however, it's important to understand the purchasing trends of young people. Product Research Before making purchases, millennials will typically research the product or service on the internet. According to Ellie Mae's 2017 Bor- rower Insights Survey, 30 percent of millennial homebuyers begin the process of buying a home online. Ellie Mae also discovered that 25 percent of millennials found a lender through an online search and an additional 23 percent completed some portion of their application online as well.

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