Mortgage Advertising Seen as “Not Credible” by Two-Thirds of Population
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More than Two-Thirds of Americans polled by Harris Interactive think that the advertising you see coming out of the mortgage industry is not credible. This would have been a surprise for me as I rarely watch much television these days, but a case of the summer time flu and kids in the house found me camped in front of the television for a couple of days.
All of the advertising that was around last year is still there. The 500 dollar mortgage garbage and sucker loans still must be sucking people in because they are advertising the heck out of them right next to the personal injury attorneys and “will take any credit application” car dealers.
If I was a mortgage broker these advertisements would drive me insane. First they are creating a huge distraction for the novice mortgage borrower creating false expectations that according to recent news reports rarely could be satisfied. And it puts all mortgage brokers into the same category as the sleazy car dealers that have burned so many people.
To all my mortgage broker friends out their, how do you cut through this chaff with first time borrowers coming into your office?
Given all the negativity surrounding the sub-prime mortgage marketplace, it is no surprise that consumers have questioned the credibility of the current marketing and advertising for mortgage products. Just one-third of US adults (34%) view the advertising and marketing of mortgage products as credible, with the majority (66%) viewing it as not credible. In fact, one in five adults (22%) report that they view the advertising and marketing of these products as ‘not at all credible.’ via Harris Interactive
Hat-tip – Paul at Lenderama
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