Monthly Roundup | ChatGPT, Meet Mortgage

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Let’s make your job a little easier. The Empire Learning Mortgage Monthly Roundup newsletter brings you mortgage industry tips, market know-how, and CE updates—all in one quick email.

🗣️ Quote of the Week

“The future belongs to those who learn more skills and combine them in creative ways.” – Robert Greene (Author)

🚀 Featured Article

ChatGPT, Meet Mortgage

Unless you’ve been living under a rock, you’ve heard the buzz about Artificial Intelligence – from ChatGPT writing content with ease to AI algorithms crunching numbers. But what does it all mean for mortgage loan originators? Are robots coming for your job, or can they actually help you close more loans? Let’s explore.

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📱 Text > Email

If you’re not texting your clients, you might be missing out. Consider this: text messages boast about a 98% open rate (versus roughly 20% for email), and the majority of texts get read almost immediately (within moments of buzzing your client’s phone). In contrast, emails can sit unopened in an inbox for hours or days.

That means a quick “Got your application – talk at 2pm?” text isn’t just more likely to be seen – it’s likely to be seen right away, giving you a fast-track to your borrower’s attention.
What’s more, many borrowers – especially younger ones – actually prefer texting over emails or phone calls. One recent industry report found 80% of consumers want to text with their lender, and nearly half of Gen Z and Millennials say they’d switch lenders if texting isn’t an option.
In other words, offering a text message update or reminder can be a big win for client satisfaction. It feels personal and instant, showing clients you’re on the ball and respecting their time.
So next time you need to confirm an appointment or send a status update, try shooting a friendly text. (Just make sure you have the client’s permission to text – and never share sensitive info over SMS!)

🧑‍🤝‍🧑 Buying a Home With BFFs

Here’s a fresh trend – more friends (and siblings) are teaming up to buy homes together to combat high prices. In fact, “co-buying” was on the rise in 2023: 14% of buyers purchased a home with a friend, and another 12% purchased with a relative who wasn’t their spouse.

Don’t be shocked if two buddies or brothers walk into your office looking to co-sign one mortgage. With home prices and rates still high, pooling resources can make the impossible dream of homeownership possible for these unconventional buyer groups.
Co-buying can be tricky – hello, extra paperwork and some frank money conversations! As an MLO, you might need to guide your friend-clients through decisions like how to split costs, title the property, or plan an exit strategy if one wants out.
It's recommended to draft a solid co-ownership agreement that spells out the “what-ifs” to prevent future headaches (and heartaches).
If you can smoothly navigate these pairs (or trios) of buyers through the process, you’ll tap into a growing niche – and maybe even save a friendship or two with your expertise.
Helping friends become homeowners together (while keeping their friendship intact) can be incredibly rewarding and a great referral opportunity for you.

⌚ The 7 p.m. Rule

Ever feel like you’re on-call 24/7? You’re not alone – a growing number of loan officers are setting gentle boundaries. For example, some now politely decline client calls after 7 p.m., letting clients know upfront that they’ll respond first thing in the morning if it’s not urgent. The shocking part? Clients are often fine with it, as long as you communicate clearly and still deliver great service.

In fact, some industry pros suggest establishing an “after-hours” cutoff in the evening and providing an emergency number for truly urgent needs, so you can unplug at night while still giving clients the support they need.
Set the expectation early, and you might be surprised by how understanding clients can be. Happy loan officers who have mastered work-life balance.
It might sound crazy in today’s always-connected world, but protecting your evenings or family time can actually make you a sharper loan officer during the day. Think about it – if you’re glued to your phone 24/7, burnout can creep up quickly.
But if you recharge and have a life outside of work, you’ll come back each morning more focused and energetic for your clients. You’ll likely find that a well-rested, less frazzled you can provide even better service and close even more deals in the long run!

🎯 Quick CE Tip of the Week

✅ Bite-sized "Power Sessions"! Instead of waiting until the last minute to knock out those hours, try turning CE into a mini-challenge each month. For example, set a goal to complete one course module over your morning coffee break or during a short afternoon work lull. By breaking it into bite-sized “power sessions,” you’ll not only breeze through your credits but also actually remember—and use—the material. Empire Learning’s self-paced CE courses have topics that fire you up, whether it’s mastering AI-driven underwriting or exploring the latest in alternative financing. Treat each module as a chance to learn one new trick you can put into practice the very next day!

→ Start a Bite-Sized Power Session Today!

📈 Market Highlight

🔥 Did You Know? As we head into June, the national housing market is a mixed bag of challenges and opportunities – but overall, things are looking more stable than the roller-coaster of a few years ago. Here’s a quick snapshot of what MLOs are seeing out there.

→ View Full Market Highlight

💡 Feedback Welcome!

We'd love your feedback. The lifeblood of any good business is figuring out what their customers truly care about — the best MLOs also learn this about their clients.

If you have any thoughts, ranging from what topic should be discussed in next month's newsletter to more in-depth ideas on how the CE experience can be the best it can be, please reach out via the email link below — we're truly all ears.

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Happy Learning,

— The Empire Learning Team
www.empirelearning.com